DBS CEO's recent earning call was nothing short of enlightening. Especially so in his single powerpoint slide on tail events.
Two things make up that slide:
1. Large one-offs e.g., a large corporate collapse
2. Sharp RMB devaluation in the next three months
What's the probability that these two risks materialise? Nobody knows. But views that the yuan's devaluation is only beginning are abound.
Sit tight folks.
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