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Black Swan.
We’ll get back to this later.
What we’ve seen in the past week is not a “black swan” event. It felt like one and had many of the earmarks of a “black swan” event but it was not.
It will be interesting to read what financial advisors will call it. So far, I’ve seen no label. I have at least one name for it.
It’s more akin to March, 2020, and it is interesting that in both cases it occurred under the same president — five years apart. Neither were “black swan” events. Again, Cline has it right. Having said that, there are stark differences between March, 2020, and April, 2025.
I was reminded of “black swan” events when reading Eric H. Cline today, page 171.
The one word that keeps cropping up in the conclusion: trading. I think there’s more than a few pundits who need to read this book.
Never stop reading.
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