Analysis: An opera of canaries

Although they have been treated by many market participants as isolated and unrelated shocks, three recent episodes – the collapse of the cryptocurrency exchange FTX, the failure of Silicon Valley Bank and the UK pension fund crisis in autumn 2022 – should more realistically be seen as accidents waiting to happen and harbingers of more market disruption to come – what I call “canaries in the mine”. In this latest article I explain what binds these three episodes together and why they won’t be the last such disruptive events investors will face before the “Everything Bubble” finally deflates. The collective noun for canaries is an opera, hence the title. This is the link to the article.