- The next market correction is likely to be driven by risky debt in credit markets, as investors seek higher yields from junk bonds, rather than issues within the equities market itself. - There is a global glut of funds seeking yield in risky corporate and sovereign debt, distorting prices. If there are defaults, it could cause liquidity issues and force selling of other assets. - While not expecting a crisis like the GFC, the chief expects a 10-20% correction from unsustainable valuations, driven by factors like rising US interest rates, though the long-term bull market may continue.