A time for caution in global markets?

We are entering a period of capital preservation and lower returns. Be cautious, be safe

Most of the more seasoned investors I speak with globally are very cautious on markets today. They feel there are more risks than opportunities, and most, especially those running proprietary capital are sitting on large cash balances. This puts them at odds with the current mood in global capital markets. Most indices globally are near their highs, investor sentiment seems to be optimistic and earnings are booming. Analysts remain very bullish on the growth outlook for their companies. Consensus still sees no recession in the US before late 2020 at the earliest. If true, there can still be significant upside