JPM: There are no cheap assets at the moment

Richard Madigan, Chief Investment Officer of the Private Banking Unit of the Investment Bank J.P. Morgan has bad news for investors. And it is - no asset seems cheap at the moment.
Madagan, which manages assets of $290 billion of private customers, and a total of more than $1 trillion in general, believes that the main challenge for investors today is the diversification of expensive markets and how to manage the higher customer expectations.
Yesterday, the stock saw a certain return after the record highs, which is seen as the first symptom of risk exposures among investors, and according to some experts, may be a precursor to a more serious adjustment.
The strategy among investors to buy on any index drop was the most profitable in the past three to five years, but the question is when will it stop working properly?
Some experts, such as GS, have made comments last week that the US economy and markets may be close to their peak. A similar thesis was taken up by other market observers.
Still, the foundation for the economy and companies remains strong, concludes Madigan. So, the biggest challenge for the manager right now is still the proper management of investor expectations. And the latter are quite high.