Black swans are a well-known concept in financial markets. But it is perhaps their grey cousins that we should be paying more attention to. In this article we distinguish between the two types of swan and explain why we perhaps need to spend more time on the grey variety.
The concept of the black swan was made popular by Nassim Nicholas Taleb, who described it as an event which is unpredictable to the observer and which has major and far-reaching consequences.
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