Hello! You’ve reached part 2 of our 5 part series “25 Sayings on Vol and Risk”. Over the first half hour episode, we kicked off with the first 5. Over these 30 minutes, we shall explore sayings 6 through 10. The task at hand is to make headway on our sayings, and, hopefully, entertain you a bit in the process. My goal, share some of what I’ve written down on the back of napkins over the years to help me tie together what I’ve observed and experienced in markets. Through these aphorisms as one might call them, I’m hoping to give you some stuff to chew on and expand your thinking on matters of risk. Here are our second five: 1. “The next crisis to occur is the one that happened longest ago” 2. “There are no bad securities, only bad correlations” 3. “Equities are short the straddle on rates” 4. “In markets, it’s move fast and things break” 5. “Greenspan was right, sort of”