The New Normal, previously believed to be bell-shaped and thin-tailed in its depiction of growth probability and financial market outcomes, appears to be morphing into a world of fat-tailed, almost bimodal outcomes.
—
PIMCO | Investment Outlook - Towards the Paranormal
It’s entirely possible that Bill Gross is the only person in the world who thought that the New Normal was “bell-shaped and thin-tailed”.
(via felixsalmon)
(via felixsalmon)
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