The final element of the world’s collective bet is rooted in the belief that excessive market risk-taking has been tamed. But a protracted period of policy-induced volatility repression has convinced investors that, with central banks on their side, they are safe – a belief that has led to considerable risk-positioning in some segments of finance.
世界集体赌注的最后一项是认为市场的过度冒险行为可以得到遏制。但长期的、政策导致的波动性抑制让投资者相信，和央行站在一条战壕里是安全的——这一观点导致金融业的某些细分领域堆积了巨大的风险。