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A single best idea.

We've been doing this a few years, and it's now getting the weirdness meter, the surveillance

weirdness meter, is off the chart.

And I don't mean to be inflammatory, and I'm not predicting anything about equities, bonds,

currencies, or commodities.

But the uncertainty out there, let me, I want to go through this. I think it's so, so important.

There are three words in economics, risk, uncertainty, and ambiguity. Let me start with

ambiguity, which is the least important, Douglas North, Nobel Prize winner, Washington, University of St. Louis.

Ambiguity means a couple different things.

And it's sort of like in microeconomics where something can happen and it cuts either way

and it's ambiguous which way it cuts whatever chart you're looking at or thought you're

looking at, frankly algebraic equation, but also ambiguity around institutions.

And it's just an uncertain feel because of the ambiguous nature of institutions. And then

there's risk, which is a measurable doubt, a measurable probability, a measurable uncertainty.

And now everybody's tossing around the word uncertainty.

I mean, I'm hearing it about every seven minutes on the show.

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