“We’re approaching all of this with great caution,” says Ted Parkhill. He discusses diversifying into international equities and the question marks in the U.S. market. He’s avoiding IPOs, citing risk, but thinks the SpaceX story “has merit” as the company is widely expected to debut this year. He’s “surprised” how hard Bitcoin fell recently, he calls it “over-reactionary” and he’s particularly watching Asia’s crypto markets. His firm is short global bonds and commodities.