巴黎银行-拉丁美洲-投资策略-市场修正和风险溢价模型：我们看到它的到来-20180205-11页

Pleaserefertoimportantinformation&authorsattheendofthereport&MARDisclosureLatamStrategy05February2018www.globalmarkets.bnpparibas.comMarketcorrectionandriskpremiummodel:wesawitcoming?Thisisafollow-uponourpublicationfrom04January:Riskpremiumupdate:Ourmodeladvisescaution?Backatthatpoint,wearguedthatthecombinationofalowperceivedrisk()andlowriskpremium()suggestedahighlikelihoodthatacorrectionwouldtakeplaceintheshort-term.?Whilethecorrectiontookonemonthtomaterialize,thesell-offhasfinallytakenplace:fastanddeep.?Weupdateourmodelsafterthelatestmoveinthemarket.Bothmodels’valuesseemnormalizednow.Wecontinuetoholdhedgesforourexistingcoreallocations,though:marketpositioningcontinuestoposearisk.RiskandriskappetiteWeassumethatriskisstructural,whileriskappetiteiscyclicalandchangesrapidly.Drivenb