The extraordinary increase in equity markets and home prices since 2019 and the tightening of financial conditions leave investors exposed to a major correction. This is the time for caution and prudence. Excessive market values of equities and rampant speculative excesses are at levels not seen in modern times. Many expect that the end of the pandemic, reopening of economies, tight labour markets and excess consumer savings will push markets higher, but the warning signs are hiding in plain sight. Proceed with caution, the best offence is a great defence.