Add these two charts to your list of things to totally ignore... Peak Credit Complacency: US High-Yield Corporate Bond risk is once again below the 400bps level - which in the past has not held long... h/t @Pierpont_Morgan And Peak Equty Valuations: The Shiller CAPE is now in the top 3.9% of all occurrences since 1881 - probably a good time to Buy the record highs? h/t @DonDraperClone * * * Bonus Chart: As far as complacency in credit markets is concerned, we hope this helps explain the level of cognitive dissonance...