Well, maybe not quite Seinfeld’s “insanity later”, but things might soon start to get more interesting. The U.S. election, an expected Italian referendum and the re-starting of the U.S. Federal Reserve’s (Fed) tightening phase could knock markets out of their summer languor. The U.S. equity market is still worryingly expensive, profit growth is lackluster and long-term interest rates are still extraordinarily low. Asset markets are precariously priced and vulnerable to shocks. It’s a low-return world where the ability to dynamically allocate between asset classes is becoming increasingly important.