There is something decidedly Black Swan-ish about the unlikely confluence of events we are now witnessing.

I sense there are a few more shoes to drop (e.g. some significant forecast earnings misses, secondary/tertiary impacts of the global supply chain slowdown, amongst others) that will amplify the tremors we can already detect.

Fragile models may have already been invalidated in ways we’re not yet seeing, nor adapting to.

“The coronavirus outbreak amplifies two vulnerabilities: structurally weak global growth and less effective central banks. It is becoming harder for markets to treat such fragilities as being beyond the immediate horizon, especially with a host of other uncertainties not far behind, including the recurrence of trade tensions, growing realisation of the impact of climate change, technological shocks, political polarisation and changing demographics.”