Having been a consistent proponent of selling any equity rallies over the last 3 months we are starting to soften this approach. Whilst caution is still prudent, we feel that sentiment is turning and that Equities are poised to resume their bull run. That is not to say of course, that they are on a one-way trip, but there are now more reasons to buy any dips than to sell into any rallies. We expect to see rising bottoms on any dips, with more potential visible on the upside. One of the lessons from the Swiss National Bank ‘Black Swan’ event of January 2015 is that complacency is harmful, but overall there are more reasons to feel positive, and for that positivity to be maintained in the medium term.