Excuse Me, But Your Tails Are Getting Fatter

I talk quite a bit about tail risk. One of the biggest mistakes an investor can make is to assume that financial markets follow a Gaussian (i.e. normal) distribution. Put simply, the data does not support that contention. Indeed, the idea that there is something called "normal" when it comes to markets is to assume that when the waters are relatively calm, we're all operating in some kind of magical equilibrium. But that's an illusion. Low volatility is just market participants fooling themse
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2 thoughts on “Excuse Me, But Your Tails Are Getting Fatter

  1. In other words we know more than we did and our choices have possibly changed, until the next bit of info reveals itself. This is going to possibly get interesting.

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