We are witnessing the largest real-time, Pavlovian experiment in global capital markets that’s ever been conducted. Since 2009, we haven’t seen an equity market drawdown greater than 25%. The problem is the almost universal consensus that Quantitative Easing (QE) has been directly responsible for this. Therefore the classical conditioning is that as long as this continues, there is a permanent floor under risk assets. Now that the Fed has begun to reduce its asset purchases, or Quantitative Tightening (QT), this floor will be tested.