To explain our philosophy and investment approach, we often use an analogy: comparing economic and market cycles to the seasons of nature. As in nature, the economy and capital markets tend to move in cycles, and different asset classes tend to do better than others depending on where we are in the cycle, i.e., which season of the market we are in. Importantly, our Seasons of the Market framework shows that to capture all phases of a full market cycle, a multi-asset approach is not just preferable; it is ne ...