думаю многим интересен дальнейший расклад по главному риск-бенчмарку. думаю многие обращают внимание на мнение Колановича из Дж.П.Моргана:
The S&P 500 P/E (2016) multiple has already re-rated to ~17.5x. Investors have re-levered and adjusted their positioning, with Macro funds, L/S Equity strategies, Volatility Targeting and Risk Parity portfolios having already increased their exposure to equities. While trend following strategies (CTAs) have covered all of their equity shorts, they could go outright long equity and push the market higher if the S&P500 rises and holds above ~2,100 level

Since the beginning of the year, 2016 S&P 500 EPS declined by 6% to $119.53 (vs. JPM EPS target of $120). Our framework implies an earnings trend that may be at the cusp of reversing, assuming further decline in USD and stabilization in negative GDP revisions. Based on 2016 GDP of 1.6% (JPM Estimate) and current levels of USD (TWI) and oil, the model implies EPS of $120. Under a more positive scenario—if GDP were revised up to 1.8% and USD declined by another 5%, it would imply an EPS of ~$123. Under a more negative scenario—if GDP were revised down to 1.4% and USD increased by 5%, this would imply an EPS of ~$118.

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