At first glance it may seem investors are acting sensibly by increasing their equity exposure while eschewing more defensive asset classes.

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For example, a conservative investor should have fairly low return expectations given the defensive asset allocation that an advisor would recommend.

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Though Israel so far has not done so, it must insist that if it is to give up the defensive asset of the Golan Heights, there must be not only a demilitarized zone on the Golan, but also a reduction of Syria's armed forces and missiles, and a dismantling of its arsenal of chemical warfare.

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