Systemic risk. If everyone is making riskier bets for a significant, then those who do right may be outcompetes for long enough that they go by the wayside whi

Systemic risk. If everyone is making riskier bets for a significant, then those who do right may be outcompetes for long enough that they go by the wayside while the risk-takers dominate. Then when the “black swan” comes the risk averse are already gone. Oh and the system is full of TBTF entities.