It’s neither helpful nor accurate to characterize last week’s banking crisis as a “black swan” event.
Author Nassim Nicholas Taleb introduced the term black swan in his 2007 book called “The Black Swan: The Impact of the Highly Improbable.” Black swans in the stock market are sudden, awful, unpredictable and extremely rare—such as a market crash. They are not, as Taleb complained in an interview with the New Yorker several years ago, “any bad thing that surprises us.”
This article was originally published by Marketwatch.com. Read the original article here.