Goldman Sachs - "In our view, European equities look attractive on a stand-alone basis for investors with at least a one-year horizon, whereas the risk/reward is more balanced on a three-month horizon. We argue that current valuations offer some degree of cushion against tail risks, which admittedly remain high. We estimate a 14% chance that the real total return will be minus 10% or worse over the next 12 months. This is below the historical average risk of 19%."