We recently completed a series of trades as we strive to reduce risk across client portfolios. As discussed in our recent Investment Strategies, we believe we are nearing the end of the current credit cycle and, therefore, business cycle. At the end of a credit cycle, it becomes difficult to borrow additional funds which pushes risky borrowers into default. These debts are then restructured, and the process starts anew. Typically, there is a drop in economic activity when troubled borrowers become stressed, resulting in an economic recession.