Zero-day-to-expire options exploded since mid-2022, at times causing derivatives to amplify moves in underlying assets.
Healthy balance-sheets at the corporate and consumer level suggest a subdued level of systemic risk, he said.
Professional investors have started 2023 mostly frustrated as they watch all the trends from last year reversing.
Their skepticism echoes a large swath of Wall Street pros.
Last year's market rout ended a decade-long stretch where stocks gains overwhelmed wage gains.
There are signs that corporate demand is picking up pace as companies emerge out of an earnings-related blackout.
Optimism that the finish line in the Federal Reserve's rate-hiking cycle is in sight has emboldened bulls across assets.
Gone are the days when the tech mega caps easily fall into the category of fast-growing corporations.
Fourteen times the S&P 500 has completed the 20% plunge into a bear market. In just three of those episodes did the American economy not shrink within a year.
Blackstone's Wien, a former Morgan Stanley strategist, has put out his annual “surprises” list since 1986.
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