After two particularly difficult years during which the bipolar markets swung between major highs and deep depressions, 2017 looked like it would be calmer, stronger and more positive; in a word, better. It was in fact better, driven by a synchronised rise in growth in developed countries and in company earnings and forecasts, but complacency set in alongside this real economic synchronisation. Complacency on the part of central bankers with their (too?) accommodating policies, and above all complacency from investors who treated the euphoria and stress just the same to reach ever higher peaks.

... Download the entire document below.