As of this past July the current US economic expansion is now the longest since World War II. And while there is little evidence to suggest it is over, we do need to consider that it is closer to its end. Let's be clear, recessions are difficult to predict. But then again, in the context of asset allocation it isn't as black or white as whether we are in a recession or not. There are multiple shades of grey. And we may want to consider how to position during the transition from one to the other.