We will explore this in more detail in this weekend’s note, but I did want to explain why I remain bearish on U.S. risk even after this week has seen stock prices drop further and credit spreads rise. Last weekend we raised many issues in You Ain’t Seen Nothing Yet. The main thrust of the piece was the Market Risk of Deglobalization. We highlighted the risk that the focus on trade flows is causing capital flows to reverse. American Exceptionalism created conditions where global capital flooded into the U.S. That helped asset prices of all varieties (public and private, stocks, ... The American Brand