HFRXEMN

As we showed one week ago, it has been a deplorable year not only for the broader market, but for some of the marquee "hedge" fund names, who once again have shown they "hedge" only in name. We followed up with a report on the world's largest hedge fund, Bridgewater, whose Pure Alpha strategy we further showed has gotten slammed in the first two weeks of February, losing a whopping 10% in half a month.

By now all of our readers should be familiar with JPM's head quant Marko Kolanovic whose unblemished track record of accurate market calls is not only second to none, but is the equivalent in absolute value terms of Dennis Gartman's consistently wrong calls, which is why we won't spend time introducing him.

Instead we cut right to the chase with the highlights of his latest note released moments before the market close today, in which he lays out the biggest risks to the market, which are as follows: