Wall Street has historically underestimated tail risk. I'm curious under what model this is a "once in 3 billion years" sort of move. Basically, financial mar

Wall Street has historically underestimated tail risk. I'm curious under what model this is a "once in 3 billion years" sort of move. Basically, financial markets don't behave as a normal distribution, and black swans are a lot more likely than their 7-sigma probabilities would suggest.