Nope not my thoughts, instead these come from Byron Wein of Blackstone and there are several points within his commentary in regards to margin pressures in the US, Europe’s valuation and Japan’s Abe-economics, see below for a snippet and the link for the full article.

I established three new categories, long-only United States and long-only Europe at 10% each and long Japan at 5%. To provide funds for these new positions I trimmed 5% from emerging markets, 5% from hedge funds, 5% from real estate and 5% from non-conventional high yield, and I eliminated the 5% cash position. 

Source: Blackstone