The Stock Market Is Underestimating Downside Tail Risks; Goldman Hedge Fund Honcho Warns

As Goldman's Bobby Molavi noted earlier, the last couple of weeks have been a strange mix of calm, panic, pain, hope, fear, more panic, more pain and some confusion.

It is rare that the asset management industry across public/private, systematic/fundamental or hedge/long have had to try and navigate regime change, geopolitical upheaval, conflict and conflict escalation, domestic political shifts, transformational tech, tech disruption in a period where cross asset correlations and cross asset volatility are shifting this much and this quickly.

The number of cross currents that are at play and affecting markets and asset prices feels unprecedented.

The geo-political and macro impacting the economic and micro more than ever.

Fundamentals competing with themes and narratives.

Positioning and sentiment moving markets with a velocity that is hard to manage.