The S&P 500, as well as virtually all other risk-on assets, are running from high to high in a frenzied rally.

The index is up around 40% from the April lows without a pullback greater than 3% in many months – this is a very rare rally, indeed.

For us there is nothing else to do than to sit back and enjoy the ride while a major bubble is forming.

Our investment strategies are well positioned in all the best areas.

To me, the most sensible way to participate in a bubble, which we all know will inevitably collapse at some point, is to view all investments from a risk perspective.

Risk management is paramount to ensure that we get to keep the majority of the gains that are piling up in an increasing frenzy.

All our strategies use a systematic exit to guarantee this without a need to attempt to time the exact top.