So, the ugly duckling has turned out to be a black swan after all, and an angry, market-savaging one at that. I need not go into too much detail – unless you really are the most zen of investors, you cannot have failed to notice the heavy falls suffered by global indices this week, triggered not just by the economic threat of the Covid-19 response, but the huge Saudi boost to oil production that saw the price of oil plunge by 30 per cent in a day – its largest since the 1991 Gulf War.
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