MacroVoices #366 Louis-Vincent Gave: Staying Humble in Troubling Times
Macro Voices
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COVID Crisis - Exogenous and Endogenous?
The markets are not always great at anticipating those, right? If you look at pre World War I, the markets were rallying into World War I. And like even the bond markets was rallying pre Pearl Harbor and then obviously everything changed after that. You really have two kinds of crises in markets: exogenous shocks and endogenous shocks.
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