As investors (and the risk asset markets they inhabit) have recovered from their deep trough of panic, Credit Suisse believes the recovery has followed a somewhat predictable pattern back to euphoria. The trouble is, based on the last 3 'panic' scenarios of 1982, 2002, and 2008, the current wall-of-worry has been scaled to now euphoric levels, and the equity market looks to be at an important inflection point.
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