Changing the topic and thinking out loud a bit. We should have an “acid test” for company-level risk. Whatever Marc decides upon should be able to identify risk in various companies that have collapsed. A good example is FXCM , instantly put on life-support by government policy reversal. FXCM deals in FOREX which is high leverage, but is there anything on the books that would indicate such risk?
FXCM is also a good response for anyone that believes Black Swans are rare events.
Steve