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Lower volatility is not the same as lower risk

Apart from some pockets within innovation sectors, notably in the US and China, exuberance has been thin on the ground.

CONVENTIONAL wisdom has it that we are nearing the end of the party as far as the current cycle goes. Asset returns have been strong since the financial crisis. On the surface, this would suggest that a healthy degree of risk-seeking has been taking place. But the punch bowl at this party is...