“The Downside Tail Has Grown”

In all my many years observing and analyzing markets, I don't know that I've ever seen expectations so disconnected from anything that even approximates reality. Here we sit at historically elevated multiples... (Charts: Goldman) ... with an 11 handle VIX... In short, everyone seems determined to convince themselves that Trump's economic policies will revive growth even as there are signs that some of the President-elect's agenda (e.g. the imposition of punishing tariffs) might very well