Some investors try to turn these cycles to their advantage by systematically selling their winners and buying their losers. In other words, selling high and buying low. It sounds like a recipe for success but like everything in investing, tricky to get right in practice. Right now, that would mean selling expensive US stocks, particularly in the technology sector, and piling into underperforming regions such as the UK and Europe. High valuations in key markets mean that we are in a new “cycle” and investors need to reposition themselves, says Joe McDonnell, Neuberger Berman’s head of portfolio solutions EMEA. “We support continued cyclical rebalancing, and this should be relatively positive for the UK, Europe and Japan, versus the US.”