The New Fragile

We are living in a fragile interim period between the Great Financial Crisis and another crisis that is likely to be no less (and may possibly be even more) severe.

As there is no sign that policy authorities recognize the dangers of the fragile environment they have created, we need to assume that they will continue on their present course until the fragile system breaks again. This note argues for the creation of robustness in asset selection and portfolio construction to survive in this difficult environment.

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