Where are markets headed? Never ask anyone this question. Because nobody knows. If anyone answers, he is simply guessing. Period. Listen to all (friends, RMs, fund managers) but you must apply your judgement and focus on asset allocation for clients. Rather than predicting markets, the important question to ask is about the risk appetite of clients, their time horizon and their comfort. Long term averages are powerful numbers and equities offer the best long term returns. That's proven. So, follow processes rather than markets.