"It's you who are telling me; opening my eyes to things I'd looked at so long that I'd ceased to see them."-- Edith Wharton, The Age of Innocence
Risk happens fast.
We all knew that last week was coming, that last week was inevitable.
I (prematurely) cautioned in January-February (and in the ensuing months) that this market day would come -- a day in which the liquidity, so necessary to recover the world's economies from the Great Decession, would come to an end. Or, at the very least, I suggested that its ending would begin to be discounted well in advance of the triggering event.
I worried that a period lies ahead in which both stock and bond prices fall at the same time, breaking the correlation of the last few years.
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