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Nassim Taleb, author of "The Black Swan," the famed treatise on the risks related to improbable events, aired concerns over the state of the market in a recent interview with Bloomberg.

"The clock is ticking and we are in black swan territory," he told Reuters this week. Universa is a $16 billion hedge fund specializing in risk mitigation against "black swan" events ...

"That's when you enter black swan territory," he said. "Black swans always lurk, but now we're in their territory." Instead of pointing to a specific catalyst, he said the risks in the market stem ...