Proper forest management requires clearing dead brush, protecting high-risk areas, and conducting controlled burns. As January 2026 approaches, marking the one-year anniversary of the devastating Southern California wildfires that destroyed over 16,000 structures, we examine the mistakes made and how those lessons apply to the financial markets. Much like forest fires, risk can be mitigated but not eliminated. Our longstanding view that the delay in COVID-era bankruptcies would eventually materi...
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