CSLA, Like Gundlach, Warns Of "Nasty Surprise" Amid Negative Rates

Are markets headed for a nasty surprise? While even some enlightened professional investors prefer to live in the world of passive delusion – actively trying to see no evil, hear no evil – the risk managers in the crowd, including CLSA, focus on logic and explore all primary probability paths. Good research – and journalism – is at its best when it follows the story where it leads and doesn’t filter out the negative; it treats the audience like the intelligent people they are and assumes they can handle the truth. Where this leads CLSA might not always a pretty spot,…