In one of the few benefits of increasing age: The older you get, the more times you’ve blown off your eyebrows in the lab and the less shocked you are when things that "can’t happen" … happen.

The markets today, a bunch of kids under 50, are jaw-dropped — so whacked upside the head they can’t even find the big river in Egypt. They’ve spent their whole working lives back-testing risk models back to the Civil War (between Athens and Sparta), absolutely certain of what can and cannot happen, leveraged to the eyeballs based on those boundaries.

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