With market volatility hitting multi-decade lows, junk bond yields also at record lows, the median price / revenue ratio of S&P 500 constituents at a record high well - beyond 2000 levels, and the most strenuously overvalued, overbought, overbullish syndromes we define, I'm increasingly concerned about the
potential for an abrupt «
air pocket» in the prices of risky assets that could attend even a modest upward shift in risk premiums.