"You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes." - Morpheus, Matrix, 2000 This week I have learned a thing or two about managing risk in a zero sum game and like good old Morpheus I am realising that I want stay in wonderland and I do want to see how deep the rabbit hole goes. Anyway, let's take a breadth, I am coming to that

I thought I'll start this note away from SARS Cov-2 but very much on the same thread. Yes guys, I am talking about narratives. Narratives have been dominating trading for a while, like the Vanguard fund that makes you a steady return every year...Yeah, right! Look at your Vanguard fund now. That's the power of narratives; if you plant it, it will grow. We see this in the Covid-19 "it's just the flu" narrative to the "herd immunity narrative" onto the "it only affects the old