Patrick Mueller expects markets to start pulling back even if we see gains next week, arguing that we’re overdue. He’s rebalancing his portfolio, looking at international equities and fixed income, along with around 20% cash to “pounce” on opportunities. He stresses that investors should pay attention to credit; he believes consumers are worse off than the mainstream story says. Consumer debt is “another bubble that we want to be watching out for” in addition to the “AI bubble.”

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