Black Swans: Frequent Once-in-a-Lifetime Crises Randal Allen, John Volpi Lone Star Analysis Addison, TX rallen@lone-star.com, jvolpi@lone-star.com ABSTRACT Nassim Taleb (Taleb 2010) labels black swans with the following attributes: rarity, impact, and retrospective apparent predictability. However, Benoit Mandlebrot (Wright 2007) claims gray swans are events of…