Advisers should be forming judgments about the likelihood of developing market crises and discussing them with clients.
Although markets regularly have periods of falling prices, it seems easy to focus on the upside, directing relatively little effort towards spotting the next crisis. Press coverage seems short-term, with negative events rapidly forgotten. While discussions with managers tend to concentrate on the positives and the potential for downward market moves can seem neglected.
Q G Rayer (2017), The fundamentals of market crises: avoiding a financial black hole, Investment Week, https://www.investmentweek.co.uk/investment-week/opinion/3012856/the-fundamentals-of-market-crises-avoiding-a-financial-black-hole, 4 pages, 29 June 2017.