Black Swan Sightings

Jill Claman of Fox News interviews investment guru David Swensen, who has guided Yale`s endowment ($20 billion last summer) to (until recently) consistently (and, to my mind, suspiciously) gigantic returns (17.8% per year for ten years):

Claman: Isn`t it fair to say right now we face what some call a Black Swan event? This term “Black Swan” indicates that something we rarely ever see. Has it taken you by surprise?

Swensen: You`re absolutely right to characterize it as the Black Swan event. By the nature, the events have to take people by surprise.

Don`t blame me, it was a Black Swan!