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A black swan comes home to roost in this illustration of the 2008 crash. State Street Global Advisors research found top money managers feared another tail-risk event like Lehman’s bankruptcy. Another term for tail-risk events was popularized by academic Nassim Taleb’s 2007 book: The Black Swan.
A black swan comes home to roost in this illustration of the 2008 crash. State Street Global Advisors research found top money managers feared another tail-risk event like Lehman’s bankruptcy. Another term for tail-risk events was popularized by academic Nassim Taleb’s 2007 book: The Black Swan.
(Anthony Jenkins/The Globe and Mail)

Will a black swan put an end to this bull market?

Ho-hum. Another new record for the Dow. And the TSX. And the S&P 500. The markets just won’t quit. It’s great for everyone who owns stocks. But as each old record falls, I grow increasingly nervous.

Stock markets don’t go up forever. Sooner or later, they crack. The question that keeps eating away in the back of my mind is when will it happen this time?