nomura bears

it’s becoming increasingly evident to many that April 2 “Liberation Day” is not “clearing” much of any "event-risk" · …Instead, it’s being perceived as a spring-board for further policy uncertainty via tariff retaliations, rhetoric escalations, or (hopefully) concessions…because this is good for nobody, as a clear “Growth Shock” catalyst which ultimately fattens left tail “Hard-Landing” / “Recession” -risks · For those who have to be invested in Equities, there’s been a clear (and intuitive) “Low Beta” (Defensives, Low-Vol”) / “Up in Quality” (Size, Strong Balance Sheet) / “Value” (“Cheap stuff”) -trade ahead of the “Liberation Day,” all of which helped to insulate (and even perform) during the first wave of this Equities selloff since mid Feb’s ATH’s in SPX Source: Nomura Vol · Nevertheless, it is somewhat disturbing that we aren’t seeing the same “return dispersion” across R1k that we experienced during said last iteration of the Equities selloff.