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Nice article as usual Jamin!. Yesterdays market action was rather odd…..every stock turned almost on queue at approx 11:15 am. Don’t fully appreciate why, maybe quants programmatic trading. But for sure volatility like that is rarely predictive of stability in the market and perhaps directly implicates the long tail as you suggest. Just wonder what the massive amount of programmatic trading does to any thesis?

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Another great report. When tail events are on the table, its informative to look at multiples over a very long period to identify the lowest trading range. Love to see Saas multiples over a 20 year period and understand the valleys.

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