‘When The Largest ETF Buyer Exits, Nobody Wants To Catch A Falling Knife’

One of the inevitable (indeed, intentional) consequences of QE and accommodative monetary policy more generally was that investors were driven out the risk curve and down the quality ladder in search of yield. This is such a familiar refrain that it wouldn't even bear mentioning at this point were it not for the fact that it's now reversing - with entirely predictable consequences. Assets of all stripes have performed poorly in 2018 and the proximate cause is the withdrawal (however gradual) o