A leading trader from a top Wall Street firm is maintaining what he calls a "responsibly bullish" stance on the markets right now. But here's the catch—he's also sounding the alarm that tail risks are expanding. What does that mean? Basically, while the overall outlook stays positive, the probability of extreme market moves (both up and down) is creeping higher. It's that classic scenario where you're optimistic but keeping one eye on the exits. The fat tails he's referring to signal that wild swings could materialize faster than usual, even if the base case remains constructive. For traders and investors, it's a reminder that position sizing and risk management matter more than ever when volatility lurks beneath a seemingly calm surface.