February 2026

Regular readers of this column may be aware that I have an arguably unhealthy fascination with black swans.  To quote the late Donald Rumsfeld, these known unknowns and unknown unknowns can be pesky…at best and pretty horrible at worst (he wasn’t as dumb as people thought he was, was he?).  

Black Swans and fat tails are

It has worked its way into our cultural gestalt that every problem deserves a solution, created, crafted, implemented and enforced by our increasingly paternalistic government.  Our government, for its part, endlessly tells us that indeed, yes, it is the solution to…pretty much everything.  We, in the finance community writ large, are often the object of the government