My biggest concern for this year is that there are clearly a non insignificant % of institutional investors (and also increased participation from retail investors) primed to bail out of the market at any hint of “bad” news which can compound issues when they happen. The volatility this year seems likely to be wild.

Despite the headline this is not bankers moving to London but people rebalancing assets to non-US stocks. Which have been doing very well recently especially given the weakness in the dollar.