A beautiful, and philosophical little note from SocGen FX analyst Sebastien Galy, which he just blasted out to clients.
Winds accelerated sharply and the pier in front of our building is now a third under water (see picture). There are still folks having a walkabout. Why not? it’s a once in a lifetime opportunity…. In the insurance field, they call it a catastrophe process.
Once you reach certain thresholds, things start to break down explosively (a dam) or snowball (literally as it is used in modelling avalanches as far as I remember from some colleagues in my university days).
Galy sent along this picture of Manhattan, taken from his place in Hoboken:
Photo: Soc Gen, Sebastien Galy