‘Transient Or Persistent’: What Does Credit Know That Everything Else Doesn’t?

On Friday, in "Credit Disagrees With U.S. Stocks (Again): Who’s Right?", I highlighted a new Goldman piece that documents the underperformance of IG (CDX in this case) versus equities. At the beginning of that short post, I referred folks back to a discussion of the "hierarchy of vulnerability" as delineated by Deutsche Bank's Aleksandar Kocic earlier this year following the February market tumult: There is a sense in which credit is perhaps more vulnerable than stocks as central banks conti