Richard Bookstaber on the Big Structural Risk in the Market Right Now

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 6 December 2021

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The stock market has basically been a one-way ship for 20 months now. So of course, some people get nervous about that, and start wondering if we're in some unsustainable bubble that can only end badly. So what are the biggest risks lurking out there? On this episode, we speak with Richard Bookstaber, a veteran of numerous firms, having done risk management at Bridgewater, the University of California, and elsewhere. He's also the author of the book A Demon Of Our Own Design, which prophetically warned about financial system fragilities in the run-up to the Great Financial Crisis. He's currently the co-founder of Fabric, which provides risk management technology to the financial industry, and he spoke with us about where he sees the biggest risks right now.

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0:41.7	Hello and welcome to another episode of the AdLots podcast. I'm Joe Weisenthal.
1:00.4	And I'm Tracy Alloway.
1:02.4	It feels like we're in a little bit of a moment of volatility. I mean, obviously,
1:07.3	the last 18 or 20 months now have been this sort of extraordinary bull run,
1:13.6	full on, grab for risk, etc. I have no idea whether that's coming to an end or not.
1:18.4	But it feels like with the Fed and inflationists, we're in a little bit of a wobble here.
1:23.9	Yeah, so we're recording this on the 1st of December. And one of the more interesting things
1:28.4	about the past week or so is that the wobbles started even before we had the sort of discovery
1:36.9	or the big kerfuffle around the new COVID variant, Omicron. And it also started before we had
1:44.8	the Fed really start to signal that it was looking to potentially taper and raise interest rates
1:51.2	at a faster pace than the market had been anticipating. And this is really interesting to me,
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