“U.S. equities first are comparatively cheap but more importantly flows are beneficial to them.
Portfolios have too much concentration in developed countries’ stocks and bonds relative to other assets. The key thing is going to be diversification. Most investors have too much dollar denominated assets or too much of their portfolio in developed countries. I don’t think that they have typically much gold in their portfolio. Gold is a form of money. The main theme now for investors is that if they diversify their assets into other assets, I think other assets will perform better. It will also lower the risk of their portfolio.”