The Starling Compendium

In investing, risk has many faces, but all risks have one thing in common: uncertainty over the future course of events. Markets change, the economy evolves, policy responds, and exogenous shocks can come from anywhere. Most recently, markets were shocked by vulnerability in the banking sector, which itself was precipitated by extraordinary monetary easing in response to the pandemic, followed by aggressive monetary tightening in order to rein in runaway inflation.