Deutsche Bank: “The Probability Of A Negative Shock Is High”

In case you needed a reminder of just how long it's been since this market has had a meaningful pullback, allow Deutsche Bank to illustrate the point with one rather sobering visual: So you know, we're in the 91st percentile versus history here, a laughable figure versus both the average since World War II and versus the ex-recession average over the same period. How likely is that to change, you ask? That is, how likely are we to see, as Deutsche puts it, "a negative shock"? Well, pretty l