This isn't the time in the cycle to take excessive risk. The easy money has already been made. Astoria's 2019 playbook is as follows: late cycle economic forces + desynchronized global growth + a deteriorating earnings cycle = the need for more defensive posturing across stocks and bonds. Astoria has been vocal about owning higher quality stocks in 2019. Why? Companies with above average ROE/ROA and increasing profitability should be rewarded in an environment when earnings are declining...
