Tilney's Godding: What is stopping us from being positive on equities?

We could be caught off guard by political events or natural disasters, but otherwise growth is healthy, earnings are broadly improving, monetary policy is accommodative and inflation benign. Despite all this good news, two things hold us back from being significantly more positive on equities. One is that monetary policy is probably inflecting; the other is that valuations do not offer much margin for error.  'A potential sea change event': ECB to halve €60bn bond buying programme However, any tightening of monetary policy is likely to be extremely slow, and we would argue that val...