Swans, by all accounts, are graceful. They glide across the water with their heads held high and an almost regal posture. Under the surface, however, swans kick rapidly, creating bubbles and turbulence, in stark contrast to their poised visible demeanor. Similarly, since February 2016, global equities have risen in a somewhat graceful, unabated manner which has, at times, been in contrast to the action under the surface. Whether through sector or regional rotations or through sell-offs in individual equities, turbulence has been occurring, but it hasn’t hasn’t always been easy to see because it has not happened at the headline index level.