Tail Risks And Sideline Cash

The biggest tail risk is now a credit crunch accompanied by a global recession. That's according to the April vintage of BofA's closely-watched Global Fund Manager survey, released on Tuesday. Eagle-eyed panelists now better understand the risk of a contraction in bank lending after witnessing just such a contraction late last month. I'm just joking. But as usual, I do feel compelled to remind readers that the idea of preemptive tail risk-spotting is somewhat paradoxical, which is why the tail