GOLDMAN SACHS: Stocks and bonds are expensive, so we prefer cash

What a turnaround that it's been for markets since the Brexit vote. From fear to frenzy, the recovery in risk assets from the lows struck just eight days ago has been amazing to watch. How, given Brexit was going to lead to the unraveling of the European Union and throw the global economy into disarray, have financial markets managed to brush it off in a Teflon-like manner? According to Goldman Sachs' portfolio strategy research team, there's a simple explanation: while Brexit will likely drag o...