Hi Nicolas,
Cannot agree more with your final conclusion pro anti-fragile crisis alpha investments as a remedy, gaining from increased insecurity and resulting volatility. It seems to be as obvious and foreseeable as the turn around of interest rates, due after falling for 40 years. As the great Samuelson said, markets are micro-efficient but macro-inefficient.

How has this worked out in Japan? Is this comparable at all as it was still surrounded by a much larger expanding world?