Part 3/7:
In contrast, Fitzpatrick defines a grey swan as an event that investors are somewhat aware of and predict could have severe consequences. Such situations are not complete surprises; rather, they are foreseeable issues that may escalate in a manner that reflects the surprising nature of black swans once they occur. For instance, recent international trade tariff disputes can be classified as grey swan events, where the outcomes are acknowledged yet details pertaining to their duration and impact remain unclear.