In the investment space the debilitating risks are the unexpected ones, the so-called black swan events. While the catalyst for the recent global market crashes was the Covid-19 pandemic and uncertainty around its impact, the world’s economy had been slowing for some time, says Philip Bradford, chief investment officer at Sasfin Asset Managers.

"The long-running bull market had to come to an end at some point. Covid-19 merely accelerated this and ensured the rout was more severe."

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