Because in a world in which markets no longer are affected by fundamentals, and reflect nothing more than what politicians (and their Wall Street lobbies) believe the "fair value" of risk assets should be, it is likely that any fat-tail events will emerge not out of the markets, but out of politics (and perhaps out of central banks, although it is a safe bet that the world's central planners will merely do much more of the same). The chart below summarizes the geopolitical hotspots of the coming 12 months, which together with everything else are no longer reflected in asset prices courtesy of the central banks completely destroying the market's discounting function.
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Source: Deutsche Bank