This article is a part of a series in which leading commentators explore innovative scientific, medical and epidemiological approaches to the Covid-19 pandemic
The writer directs JW Scannell Analytics
Suppose a bank decided to pick winners for its loan book by lending only to companies with suitably visionary chief executives and disruptive strategies. And then it turned out that the only firms visionary and disruptive enough to borrow money were ice cream manufacturers. The bank might realise it had made an inadvertent bet on the weather. It would need to hedge the risk with subprime umbrella bonds.
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