Black Swan

It's A 'Turkey' Market

"You can try and fool yourself that weak earnings growth, low interest rates and high-valuations are somehow are justified. The reality is, like Turkeys, we will ultimately be sadly mistaken and learn a costly lesson..."

The Era Of Complacency Is Ending

"The strategy of selling volatility has been so profitable that promoters tout it to investors as a source of 'steady, low-risk income'... Nothing could be further from the truth..."

Consumption Exhaustion

"Despite policymakers’ lack of regard for this burden, it is important to keep in mind that, as debt accumulates and consumers become less capable of repaying those debts, deleveraging ensues. This means that households will become unable to sustain the lifestyle to which they have become accustomed. Whether debts will be resolved through repayment or default, economic progress will falter."

Volatility Makes A Comeback

"The strategy of selling volatility has been so profitable that promoters tout it to investors as a source of 'steady, low-risk income'... Nothing could be further from the truth..."