It’s never a question of If, only When will we see a significant left-tail event in risk assets. Here’s why large equity-market declines are not rare; and why that particularly matters for UHNW portfolios.
There is an old belief in investing that fundamentals eventually matter. Cash flows, valuations, business models and the steady arithmetic of earnings growth once formed the backbone of rational equity allocation. Today, that principle feels like an antique displayed in a museum of common sense.
