What could derail over-stretched markets?

In a recent survey of investors, when asked about their assessment of current valuations, the majority of respondents concluded that equities were overvalued. However, when asked about their current asset allocation, an equally large majority confirmed they had an overweight position in equities. This combination of over-stretched markets and crowded investor positioning presents an appropriate backdrop for an assessment of the key risks to consensus views on the major economies and financial markets. It goes without saying that, at any point in time, there will be a number of potenti...