The increase in the global geopolitical risk index has not affected global markets. The general tone remains bullish despite a surprising “neutral” view shown in CNN’s Fear and Greed Index. Investors may say they are neutral given the elevated valuations and the global uncertainty, but most asset managers’ positioning is exceedingly bullish and concentrated on very cyclical sectors like banks and technology. The main reason for this striking contrast between explicit concerns and positioning is a clear consensus of central bank easing as the norm. Global money supply is expected to grow much faster than nominal GDP ... (full story)