"Plenty Of Tail Risk In Both Directions": Goldman's Coppersmith Says October Saw The Biggest Plunge In Risk Appetite In 5 Years

October was the month the market lost its nerve.

The Nasdaq 100 tumbled 3.5% on Friday and briefly slid into correction, Alphabet suffered the worst day in its history, and the hyperscalers as a group burned $31 billion in Q3. And yet, as Goldman's flows guru Lee Coppersmith writes in his latest Sunday note, "US EQUITIES - less risk appetite" (available to pro subs), the real damage is showing up in a single gauge:

A Collapse... From A Very High Starting Point