28/7/17: Risk, Uncertainty and Markets

I have warned about the asymmetric relationship between markets volatility and leverage inherent in lower volatility targeting strategies, such as risk-parity, CTAs, etc for some years now, including in 2015 posting for GoldCore (here: And recently, JPMorgan research came out with a more dire warning:

This post was published at True Economics on Saturday, July 29, 2017.