The Death of Risk
The Rising Premium for Life, Part 1
linch.substack.com
Decades of deregulation and debt taught every institution to manage risk instead of producing value. The result is an economy that still moves trillions but cannot take a risk that isn’t pre-approved by a template. Even rebellion has an application form now.
Chor Pharn • Human Surplus and Its Leftovers - By Chor Pharn
No wonder people hunker down and avoid committing. The macro risk is gone; nobody is seriously worried about global nuclear conflagration. [1] We’re worried about comparatively micro risks, though: financial instability; the grinding risk of having more debt and fewer assets than the previous generations; the fear of relentless social atomization —... See more
Byrne Hobart • Optionality is for Innumerate Cowards
The interesting thing about financial markets is that so many systematic strategies are operating today. The reliance on experience and discretion is becoming less and less of the overall makeup of things. Passive flows are obviously taking over a lot and the active space is turning more systematic. To be fair, the market has become significantly
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