Part 2/7:
First, let's clarify the term black swan. Coined by finance author Nicholas Nassim Taleb, a black swan is characterized as an unpredictable event that carries significant consequences. These events are often rare, unforeseen, and result in substantial market disruption. Examples include the attacks on September 11 and the financial crisis of 2008, where the sudden nature of occurrence took everyone by surprise, leaving alarming repercussions in their wake.