I may previously have referred to my age and poor hearing. At the very end of today’s audio you referred to being long but retain... discipline.  Could you please repeat the important word(s) between retain and discipline?

I must say that the whole audio is a brilliant summary of the present situation.

Eoin Treacy's view

Thank you for your kind words and I’m delighted your enjoyed the Audio. The portion of the talk leading up to this piece had been discussing the yield curve spread and how it has contracted significantly but is still a fair way from becoming inverted, suggesting a US recession is not imminent. For context I thought I had better reproduce a transcript of the entire last minute of the recording.

“Provided these breakouts are sustained, that we could be moving into a more consistent advance again where valuations really do get overbought. And of course the best thing to do is to be long, but to retain money control discipline, to remain cognizant of the fact that we are in the third psychological perception stage, so it will not last forever, but to enjoy it while it lasts and to exit when what could be a very consistent advance becomes inconsistent.”