Transcript: Richard Bookstaber on the Big Structural Risk in the Market Right Now

The stock market has basically been a one-way ship for 20 months now. So of course, some people get nervous about that, and start wondering if we're in some unsustainable bubble that can only end badly. So what are the biggest risks lurking out there? On this episode, we speak with Richard Bookstaber, a veteran of numerous firms, having done risk management at Bridgewater, the University of California, and elsewhere. He's also the author of the book A Demon Of Our Own Design, which prophetically warned about financial system fragilities in the run-up to the Great Financial Crisis. He's currently the co-founder of Fabric, which provides risk management technology to the financial industry, and he spoke with us about where he sees the biggest risks right now. Transcripts have been lightly-edited for clarity and length.