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Searching for black swans

How do we address the real risks in the system?

This was a profitable company, with blue chip customers, which was suddenly trading for less than half the value of our cash on hand. “I feel as strongly as I did in 2008 that because tens of trillions of dollars and thousands of financial careers are predicated on the systemic risk not happening, it is very hard to ‘see’ the true enemy and even harder to act proactively to protect yourself. Which is maybe the biggest problem that the world has right now, that the people who are most aware of the true enemy to the global economic system find themselves in a position where it is career suicide to do anything about it.”

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