By Don A. Steinbrugge, CFA via

Some events are true black swans – for example, the September 11th terrorist attacks or the tsunami in Japan – one-off events that create immediate financial panic, but may or may not exacerbate underlying economic vulnerabilities.

However, political events that we saw in 2016 – Brexit, the election of Donald Trump in the US and the Italian referendum – are different in that these are manifestations of underlying forces of populism that have been building for years.

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