Stock market gains have been exceptional for the past 2-3 years. All Asset Classes are at an historic high. It is unlikely that this trend can continue. The bull market in bonds looks like coming to an end as QE “Quantitative Easing” ends; while this will be damaging to bond prices it could have even greater effects on equities. In addition; inflation could return as commodity prices raise in a booming world economy. When all of the above factors are taken into account the risk appears to be downward rather than upwards and for this reason pension holders and investments should be de-risked to protect gains.