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The Tail Risk of Zero Interest Rates
I think that if you look at interest rates higher than 3% of term as a discount rate, then equities are in trouble because I'm not priced with that. So this is where you're going to look at structurally, equities arein trouble. But I think that many things will, the equity would be the last one to grow up and get into trouble first. Nemesis: Do you still eat squid ink pasta? And where's the best squid ink pasta?"Nemesis: If you want good squid ink pasta, no pasta, you don't go to Lebanon. There's no major recipes is the best."