Risk is the Trigger

We’ve been on the road this week. From EM fund managers to multi-strategy PMs to private clients to bankers to journalists, you’ve all had the same body language. You know what’s going on, but it doesn’t sit right. You told us how and why you were right, but you’re not happy about it.

This has been the mood ever since the February VIX blow-up. You were expecting a stock market correction; you thought Facebook was overvalued; you know US interest rates are going higher; and you couldn’t hold Russia/Argentina/Turkey with . . .

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