Recent quotes:

Pandemic dodged, but black swan looms

Billionaire investor Hamish Douglass says he is confident the coronavirus outbreak will not develop into a global pandemic that will roil the global economy, but has warned that the probability of a black swan event such as a cyber attack, terrorist attack or pandemic is increasing. The founder of Magellan Financial Group, who spoke to AFR Weekend before he took the stage in front of 2500 Magellan investors at an event in Melbourne, said he had been impressed with the Chinese government’s response to the crisis. “Could you imagine if something like this actually broke out in the United States?” Douglass said.

Greece Saunters Across the Autobahn

In the new Greek finance minister's (pretty great) macho bluster, in the new Greek prime minister's condescending lectures to the German people, in the unquenchable Greek thirst for magazine cartoons of German leaders in Nazi uniforms -- in all of it you see the soul of the Berkeley pedestrian. It's only the source of Greek self-righteousness that is obviously different: The Greek people think the German people should feel shame for the sins of their past, and an obligation to expiate those sins.

Once in 3 billion years? Fix your model.

The Oct. 15 gyration, when Treasury yields fluctuated by almost 0.4 percentage point, was an “unprecedented move” that would have serious consequences in a stressed environment[…] Treasuries are supposed to be among the most stable securities. […]It’s just a matter of time until some political, economic or market event triggers another financial crisis, he said, without predicting one is imminent. The Treasuries move was “an event that is supposed to happen only once in every 3 billion years or so,” Dimon wrote. A future crisis could be worsened because there “is a greatly reduced supply of Treasuries to go around.”