Goldman: watch your tail

GS Cross Asset: "we think procyclical assets do not yet fully reflect the strong recovery we expect. However, our Risk Appetite Indicator has been close to all-time highs since February. The asymmetry for adding risk is worse and there is more vulnerability to shocks. From elevated RAI levels both right- and left-tail risks are limited and there is more negative skew in returns, pointing to higher risk of corrections"