Once Risk-On Switches to Risk-Off, the Bottom Is Far Lower Than Anyone Believes Possible
by Charles Hugh-Smith So here we are, witnessing the switch from risk-on to risk-off in real time. All bubbles share common characteristics: during the euphoric expansion, participants are richly rewarded for buying every dip and for confidently embracing the belief that this time it’s different. (Exactly how it’s different changes from bubble to bubble, but the core mechanism is … Read more