A black swan that everyone talks about for six months

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The chart above comes from Michael McDonough at Bloomberg Intelligence.

I am delighted by the idea of a “black swan” event that has an actual date attached and that everyone is talking about for months and months on end. And that pros are “buying protection” against a few weeks before, as though they possess some sort of magical foresight that a billion market participants must have missed.

It’s beautiful. Carry on, you magnificent bastards.

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