It’s the dagger you don’t see that kills a bull market

Bloomberg/Joe Nocera/3-2-2020

“The greatest risks, [Nassim NIcholas Taleb] believes, aren’t the ones you can see and measure but the ones you can’t see and therefore can’t measure. But I think another factor is at play, which is the complacency that comes from living in a period that makes you forget that times were not always like this one.”

USAGOLD note:  Sometimes the black swan exposes, even releases, other dangers that have been lying in wait. Perhaps, as many have suggested, that is the case with the coronavirus – perhaps not.  Time will tell.  On the complacency issue, we are reminded of Benjamin Franklin’s maxim – “By failing to prepare you are preparing to fail.”