Gray Pigeons, Meet Gray Swans
As said on this blog way back in April: I’m Adopting “Grey Pigeons”
Why? Because the concept of black swans is one of the most overwrought notions in recent financial memory. Now the Economist is getting in the act:
Gray Swans: Why Frugal Firms Keep Piling Up Cash – The Economist
Mind you, they’re seeing gray for slightly different reasons, but the logic remains: black swans are black swans for their rarity. For the market to have all sorts of little shocks, ebbs, flows, and unexpected events is status quo.