Stocks May Be Asleep, But Credit Is Passed The F*ck Out

Stocks May Be Asleep, But Credit Is Passed The F*ck Out

On Monday evening I flagged a piece out from Morgan Stanley, whose Andrew Sheets and co. note that large equity drawdowns are not, contrary to popular belief, tail events. "Start at any date since 1950,and the likelihood of the S&P 500 being 15%+ lower after 12 months is 8%," the team wrote, before cautioning that "that ignores an important scenario." "What," Sheets asks, "if stocks drop more than 15%, only to recover before the year is out?" Well as it turns out, the answer is that the l
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