The Bernie Madoff Market

Just how implausibly calm were markets in 2017, you ask? Put differently, just how unusual is it for risk assets to rally in a fashion so predictable that you could set a clock by it? Well, we're glad you asked. 2017 was so unusual, the gains so predictable, the consistency so implausible, that if global equities were a fund, regulators would suspect it might be a ponzi scheme.   "Those of us expecting greater market turbulence in 2017 could not have been more wrong," SocGen's Andrew L