Investors wondering if markets will allow them to find better entry points should consider that potential pullbacks are likely to be shallow given passive investors are still under-risked, Morgan Stanley says. 
Strategists led by Michael Wilson write equity market isn’t just looking through the risks, it has already priced the risks, as indexes and subgroups already suffered enough price/valuation damage in March. 
Bloomberg's Nathan Hager speaks with Mike Wilson for more details. They touch on earnings, the Federal Reserve and geopolitical risks to the markets