5. A black swan alights in Europe. Giant commodity trading firms, maybe Glencore, goes bankrupt, causing several European banks to face insolvency. European equities, already breaking down, head further south. Glencore could potentially take big banks like Credit Suisse with it.

6. Welcome to 2000.2.0. U.S. equity markets begin the start of a slide reminiscent of the bursting of the tech bubble, when they fell 48 percent from peak to trough. That recession was shallow, but stocks got killed. Recent ISM data indicates the chance of a U.S. recession is 75 percent. Hedge funds could be the place to be like they were in 2001.

7. Dragons and tigers beat bears. China will save half a trillion dollars from lower commodity prices. Consumers in India and China reap the benefits of cheap commodities while their equity markets trounce America's. Over the last 15 years, EM stocks have beaten DM equities. Right now, EM stocks are cheaper and exhibit better growth. Ten years from now, India will begin a huge boom but now is a great time to get in.

8. King Dollar gets dethroned. It's an old story, buy the rumor, sell the news. Every time the Fed starts raising interest rates. the dollar falls.

9. The cure for low prices is low prices. Commodity prices finally find a floor, creating a generational buying opportunity for beaten-down assets like MLPs. Even BHP or Vale could be great buys. So could steel.

10. The bus stops here. Credit markets collapse from excessive debt. EM defaults soar but eventually distressed debt becomes a buy.

11. The bonus surprise. Unicorns in Silicon Valley survive. Uber and Airbnb maintain their stratospheric valuations.
 

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