This post really uncloaks your knowledge of investing. No offense intended.
The US market is propped by over valued tech companies in the NASDAQ. If the cost of borrowing increases - US sets the rate of international borrowing - there will be a rotation into defensives - utilities, fastfood, banks etc.
You would think 50% of the Magellan portfolio is already geared here (Hamish has stated it is 50% defensive) and will benefit from a potential huge rotation into these stocks.
Bonds and gold have got nothing to do with it.
Above is not financial advice and my opinion only.
Ann: Video update from Chief Investment Officer and Chairman, page-42
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