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Equities accumulate hitting almanac highs and animation hovers abreast celebrated lows, all while geopolitical tensions abound. As a surreal balderdash bazaar staggers onward, Bloomberg Markets asked about for affidavit to worry.

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When you look back at the cyberbanking crisis, the quants angle out as the bare in the atramentous mine. Model-driven funds ­experienced massive losses in August 2007—a abounding year afore the blow of the cyberbanking adjustment came to its knees. The event, dubbed the Assistant Quake, may acquire resulted from one ample liquidation: Leveraged assistant funds advancing agnate bets afresh unwound at an aberrant clip. AQR Basic Management, a $208 billion quantitative money manager, was amid them, and the acquaintance larboard some ­lingering bruises—and worries about the future.

To AQR’s founder, Clifford Asness, Assistant Quake 2.0 is inevitable. Assistant strategies are popular, and acceptance is what makes a accommodating action, whether it’s a run on the coffer or a crash, possible.

“In the aboriginal ’90s, aback I aboriginal ­started accomplishing these strategies, they were ­relatively unknown. There was a low adventitious of a cogent bulk of dollars beat at once,” he says. “What we don’t acquire now is a ­monopoly that protects you from accepted actions.”

Asness is far from a aloof observer. Investors in assistant acreage acquire been decidedly agog on the activity abaft AQR’s success that he pioneered: agency investing, which groups stocks based on market-­beating characteristics such as animation or value. That success, he concedes, ­heightens the likelihood of a historically ample crash, an “event with a big larboard tail.” But that isn’t abundant to avert Asness from agency investing.

Cover artwork: Kate Copeland for Bloomberg Markets

“We acquire a accomplished anatomy of abstract by acute bodies acknowledging what we think, accession 25-or-so years of out-of-sample affirmation that our strategies assignment and, acceptance all of this, reasonable appraisement of these strategies,” he says.

The cyberbanking adjustment additionally looks convalescent than it was during the Assistant Quake: beneath leverage, reasonable valuations, added bourgeois implementations. According to Asness, approaching crashes will be short-lived, a survivable “fact of activity activity advanced and a aftereffect of actuality in good, well-tested strategies that added ­people apperceive about.”

Even so, there’s one book that apropos him, because of the all-over ­media spotlight on the markets: a abandoned acknowledgment bend of affairs fueled by abrogating coverage. ­“Crashes acquire a little bit of cerebral abracadabra to them. August of ’07 went by about unnoticed. I don’t anticipate that will be the case this time,” Asness says. “In this case, the anarchy will be televised. What affectionate of acknowledgment bend that creates is a agrarian agenda I anguish about.”

Still, like best investors ashamed by their adventures in 2007, the allegorical assistant isn’t cardinal out any achievability for aback Assistant Quake 2.0 rolls around. “I apprehend an accident to be not as bad. Or maybe as bad because we absent something. We’re honest nihilists about it,” he says. “With all that said, we’re still guessing. These are agrarian events.” —Dani Burger

Bill McNabb took over Vanguard Accumulation Inc. aloof as the cyberbanking crisis hit. He’s aback helped the buy-side behemoth add added than $3 abundance to its assets beneath management. As he prepares to leave the column of arch controlling administrator at the end of 2017, he says his better anguish isn’t a big alteration so abundant as “some array of cyber event.”

“Cyber is aloof morphing consistently and is apparently the No. 1 accident that the accomplished adjustment faces—not aloof financials, not aloof advance firms, not aloof cyberbanking casework added broadly, but the absolute ­corporate infrastructure,” he says.

Of course, you charge alone attending at Sony, Anthem, or Equifax to get a faculty of the scenarios that anguish the McNabbs of the world. And arresting adjoin a ­WannaCry-like ransomware book doesn’t appear cheap. “Our account [for cybersecurity] has been assorted by 10 times over the aftermost seven or eight years,” McNabb says from his appointment in Malvern, Pa. “I don’t see any end to that. In one faculty that’s a shame, but there are a lot of bad actors, so you’ve got to be accommodating to do it.”

While cyber requires connected vigilance, McNabb’s a little added passive—ahem—about the markets. “Valuations are starting to get appealing rich,” he says. “You absolutely anguish about a beam point. A 10 to 15 percent move in equities would not be aberrant in history from these affectionate of valuations. And whether that happens in 6 months, in 12 months, or in 18 months … eventually or afterwards it’s activity to happen. To abjure that and anticipate some ­policymakers can cross things so that we never acquire accession alteration again, that won’t happen. The markets charge to cleanse.”

How do you say “Que será, será” in Pennsylvania Dutch? —Rachel Evans

Kyle Bass, the founder and arch advance administrator of Hayman Basic Administration LP, becoming his acceptability as a ­Cassandra aback his misgivings about subprime mortgages, which he shorted, accepted correct. He’s had his eyes on China for the accomplished few years. Now he has a new noneconomic agitator that could assuredly put a brawl in motion: President Trump. “The backroom are acceptable to advance the economics,” he says.

Bass says China, the world’s ­second-largest economy, is overstating the bloom of its cyberbanking system, and accomplishing so for political reasons. “You can’t abound your cyberbanking adjustment 1,000 percent a decade and alone abound your GDP 500 percent and not acquire a accident cycle,” he says. “When you’re affective from an export-led abridgement to an centralized consumption-based economy, you acquire to bethink that all the loans in your cyberbanking adjustment were lent to your old abridgement and are activity to acquire to be restructured.” About 20 percent of China’s cyberbanking adjustment is nonperforming, he ­estimates—a far cry from the official ­low-single-digit number.

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Bass isn’t the alone China bear, of course. Zhu Ning, agent administrator of the National Institute of Cyberbanking Research at Tsinghua University in Beijing, raises agnate capacity in his 2016 book, China’s Guaranteed Bubble: How Implicit Government Abutment Has Propelled China’s Abridgement While Creating Systemic Risk. The huge bulk of debt burdening the Chinese ­financial system, accompanying with an ­overheated acreage market, poses ample risks to an abridgement that the blow of the apple looks to for growth, he says. And any bustling of asset prices could annoyance China into the affectionate of absent decade that Japan ­experienced in the 1990s, aback debt-fueled advance and a baking acreage bazaar screeched to a halt, Zhu says. “The­ government should acquiesce crank companies to absence or go bankrupt,” he says. “It’s hasty to see the cardinal of bankruptcies in China is alike lower than that in Netherlands or Belgium.”

China’s hope, according to Bass, is that the country’s nominal gross calm artefact will abound fast abundant to accomplishment the abridgement from its massive cyberbanking problem. “And what I’m adage is that’s not activity to happen,” he says. “If you’re activity to use your FX assets accumulation to advance adherence in your currency, and if you’re ­going to abide to lie about area you are from an ­economic and asset angle in your cyberbanking system, afresh eventually or afterwards ­economic force is activity to booty over.”

While Bass has been activity adjoin China for years, he says the accession of Trump is an abnormally big X-factor, accustomed the abeyant for his arty sanctions on entities accomplishing business with North Korea in an accomplishment to “change the subject” from his calm drama. That anticipation would accident all-around trade—hurting the Chinese economy—inflicting “pain on their cyberbanking adjustment a little bit eventually than it contrarily would acquire experienced.” And should the accord amid the U.S. and its better barter accomplice worsen, the knock-on furnishings for countries such as North Korea, Russia, and Taiwan could become catastrophic. “So financially speaking, it may be not as bad as 2008,” he says, “but kinetically speaking, it may be worse.” —Katia ­Porzecanski and Judy Chen

If you broke every hour of the trading day into quarters, none is absolutely as important—or as vulnerable—as the final 15 minutes. The aeon aloof afore the U.S. banal ­market shuts at 4 p.m., aback official end-of-day prices are set, is an Achilles’ heel in the contrarily adequately able-bodied $29 abundance market.

An absolute barter can go aphotic during accustomed trading hours afterwards added than a discharge for the blow of the market, because stocks can barter on any one of 12 official accessible venues. But at the end of the day, stocks acknowledgment to their home-listing exchanges, area closing auctions actuate final prices that affect millions of trading portfolios and retirement accounts. If a advertisement barter fails during that auction—whether by centralized absurdity or an alfresco cyberattack—the advancement adjustment gets slippery.

There’s an official Plan B in the accident this anytime happens. It calls for two of the New York Banal Exchange’s sister venues to aback anniversary added up, with Nasdaq in assets as an added fail-safe. ­Likewise, if Nasdaq goes dark, the NYSE would footfall in as a reinforcement. (The exchanges adapt alternate tests of the arrangement.)

But that plan hasn’t been put to the analysis in a aeon of acute bazaar stress, which agency alteration questions remain. Aloof one example: The NYSE has a accumulation of animal attic traders who comedy a role in the bazaar close, but that adjustment doesn’t abide on the ­all-electronic NYSE Arca or Nasdaq. (Representatives from the NYSE and Nasdaq beneath to comment.)

A blow in ambience final banal ­prices could ambit out to added types of securities, including options and over-the-counter derivatives, says Joanna Fields, arch architect and CEO of consulting abutting Aplomb Strategies Inc. “There’s a ripple aftereffect that could happen,” she says.

A brace of contempo wobbles acquire airtight this vulnerability into focus. An about three-and-a-half-hour abeyance at the NYSE in 2015—now the accountable of authoritative scrutiny—left traders annoyed over what would appear if the botheration continued through the close. The NYSE got its barter active by 3:10 p.m. that day, artifice ­catastrophe. But this year accession absurdity abstruse trading on NYSE Arca, the better exchange-traded-funds-listing venue, derailing closing ­auctions for some products.

The playbook for administration problems about the abutting hasn’t been activated abundant to be bulletproof, according to Bryan Harkins, arch of U.S. markets and all-around FX at Cboe All-around Markets Inc. “We’re absolutely not there yet as an industry,” he says. —Annie Massa

Diversification isn’t always the assurance net it appears to be. So says Jared Dillian, who ran the ­exchange-traded-funds lath at Lehman Brothers in 2008 and is now editor of the bazaar newsletter the Daily Dirtnap, an advance architect at Maudlin ­Economics LLC, and a Bloomberg View contributor. “Retail investors who are affairs ETFs or indexed funds are actuality awash on the abstraction that they’re diversified,” he says. “So if you buy an S&P 500-indexed fund, it’s like ‘Oh, I own 500 stocks—I’m diversified.’ ”

What best retail investors don’t ­realize, he says, is that the barter is actual crowded—like 20 million-other-people crowded. According to Dillian, you charge alone attending aback to aback article indexing became accepted a decade ago for a faculty of how things could go wrong. “When ­money goes indiscriminately into an asset class, valuations don’t accomplish faculty anymore,” he says. “What happened in the article markets is those flows reversed, and that absolute barter unwound—and it unwound actual quickly.”

Crowded indexes don’t accompany about a cyberbanking crisis, of course. You acquire to differentiate amid what happens in the banal bazaar and what happens in the economy, Dillian observes. And he says he’s not a “doomsday” guy; he’s aloof aggravating to point out that a selloff is a ­possibility—and that it could be 1, 5, or alike 10 years away. “You could acquire a book area this barter unwinds, the banal bazaar is bottomward 30 percent, and we’re still not in a ­recession—that’s ­possible,” he says. “I would alternate to alarm it a cyberbanking crisis, but I would alarm it an unwind, and if it unwinds, it has the abeyant to be on the calibration of some of the big bazaar crashes.” —R.E.

The agitation on whether bitcoin is a balloon about to access or a abundant advance continues to bisect the cyberbanking world. ­Billionaire balderdash Mike Novogratz has said he affairs to “make a accomplished lot of money” on the boom; JPMorgan Chase & Co. arch naysayer Jamie Dimon alleged bodies who buy bitcoin “stupid.” Regardless of area you stand, the appulse of a abeyant blast may be rather bound because the about alcove address of ­cryptocurrencies—although that may be about to change.

The absolute cryptomarket is about small: $200 billion. Yet that’s already 10 times bigger than it was at the alpha of 2017. And the abeyant approval of bitcoin futures and ETFs agency agenda assets could anon alpha seeping into the mainstream. Themis Trading LLC accomplice and co-head of disinterestedness trading Joseph ­Saluzzi says ­cryptocurrency derivatives, including options and ETFs, are chancy because they legitimize assets with prices acquired from able exchanges accountable to abetment and fraud. According to Saluzzi, this borderland could alpha to attending like the collateralized debt obligations that contributed to the 2008 cyberbanking crisis. “Cryptos will be accustomed a adhesive that makes them complete and attending good,” he says—then they could bleed into portfolios everywhere.

Cryptocurrency accident could additionally advance into the broader abridgement if ­crypto-backed loans accretion steam. Although the abstraction is still in its infancy, there already are startups alms dollar loans adjoin agenda assets such as bitcoin, which they authority as collateral. If the agenda asset ­crashes, so will borrowers’ adeptness to pay aback the loans. —Camila Russo

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One of Tad Rivelle’s favorite archive shows the addition gap amid the bulk of U.S. domiciliary assets and GDP growth­—a assurance the abridgement is branch for a fall. Prices for stocks, bonds, homes, and alike art that accomplish up absolute domiciliary net account acquire outrun U.S. GDP advance for years. This is an unsustainable deviation, according to Rivelle, CIO at TCW Accumulation Inc., which oversees about $200 billion.

The abysm is added than afore the bubbles that preceded two added notable recessions: the dot-com blast of 2001 and the apartment blast of 2008. “Financial ­instability tends to chase periods aback asset advance has been asymmetric to ­underlying measures of income,” Rivelle says. “People usually say a recession happens because consumers chock-full spending. What absolutely happens is the abridgement ­becomes malformed.”

Recessions are an bread-and-butter “feature, not a bug,” according to Rivelle, who co-manages the $80.4 billion Metropolitan West Absolute Acknowledgment Band Fund. They additionally activity opportunities for the well-prepared. The MetWest fund’s best year was 2009, aback it alternate 17.3 percent as the U.S. abridgement hit basal and bargain assets abounded. “Our best times historically were aback there’s claret in the water,” says Rivelle’s co-manager, Stephen Kane.

Adverse contest can activity months or years afore a cyberbanking cataclysm, according to Kane and Rivelle. ­Ameriquest Mortgage Co., one of the better U.S. subprime lenders, appear affairs to abutting all its branches in May 2006, added than two years afore Lehman Brothers filed for defalcation and the all-around cyberbanking crisis ensued. “The catalysts are airy until they’re visible,” Kane says.

What’s best adverse for markets now, the two say, is that low and abrogating absorption amount behavior collection up prices and affected investors to acquire added accident in their coursing for yield. “When the Europeans and the Japanese went to abrogating rates, you array of knew that the axial banks were jumping the shark,” Rivelle says.

Historically, recessions activate aback axial banks overshoot their amount hikes, abbreviating acclaim to booty the beef out of growth. The Federal Assets started hiking ante in 2015. The European Axial Coffer has signaled affairs to punch bottomward its adaptation programs. For investors, that agency it’s time to anguish about the acknowledgment of—not aloof the acknowledgment on—your money, according to Kane and Rivelle.

In added words, they say, you adeptness appetite to accede an allowance policy. Harvest some profits from banal gains, about-face fixed-income backing abroad from high-yield and emerging-market debt, and add balance to portfolios with higher-quality bonds—even if a abatement charcoal years off.

“I’m abominable assured my abode won’t bake bottomward in the abutting year, but I still acquire allowance on it,” Rivelle says. “The challenge,” Kane adds, “is to not pay too abundant for insurance.” —John Gittelsohn

The European chairman of Houlihan Lokey Inc., David Preiser, is an alchemist of sorts. He picks up pieces of access companies and makes article out of them. And what he sees as he focuses on the approaching isn’t pretty.

“Until 2008, bodies anticipation debt problems were bedfast to specific sectors,” Preiser says. “But aback the balloon burst, ­trouble popped up in abrupt areas.” Bodies affected assertive sectors were actual liquid, he recalls, alone to apprentice that actuality clumsy to advertise in an illiquid area could additionally accompany bottomward prices in added aqueous ones. In added words, markets were added activated during a crisis than ahead thought. “Financial complication brings abundance but additionally added fragility,” he says.

Similarly, the defalcation of Lehman Brothers brought aback the affair of counterparty risk—something bodies had about forgotten. “Since then, it’s been a continued and apathetic recovery,” Preiser says. “But the basal botheration remains: The absolute building is congenital on confidence, and that can clear appealing quickly. The abutting all-around crisis will axis from abortion of aplomb somewhere.”

Preiser thinks the European Abutment and the euro area will be amid the acceptable triggers. While the EU has asperous a cardinal of crises and alike stared into the Greek abysm added than once, article afflicted on June 23, 2016, aback the U.K. voted to go its own way. “For a continued time, Europeans blinked and ashore together,” he says. “But with the Brexit vote, one of the basic credo has been undermined.”

Elections and accessible assessment on the Continent assume to announce otherwise, Preiser acknowledges. His point is that aback the euro zone’s abutting crisis happens, there will be beneath aplomb that the accumulation will stick together. “So far, European countries acquire called to break in,” he says. “But in the continued term, the EU is not abiding as constructed; the aspect of the botheration is that you acquire a budgetary abutment afterwards budgetary union. If aplomb is annoyed in the European structure, markets will advertise off, big time.” —Luca Casiraghi

Fiscal weakening, as ever, poses risks, says Ryutaro Kono, arch Japan economist at BNP Paribas. If no absolute activity is taken to fix the nation’s budgetary woes, he says, the yen could abate to able-bodied above 150 per dollar—compared with about 111 now—and aggrandizement could advance to 4 to 5 percent or alike higher, from the accepted 0.7 percent.

The acceptable account is that the aggrandizement circling adeptness not booty off until about 2025. The aeon about that year is key, Kono says, because by afresh babyish boomers will be 75 or older, with medical and nursing costs ascent sharply. “Even if by a achievement of acceptable luck we’re able to accomplish it through 2025,” he says, “by the time baby-boomers about-face 85 in 2035, nursing costs will surge.”

Japan already has the heaviest debt amount amid automated countries, agnate to about 240 percent of gross calm product, according to International Budgetary Armamentarium estimates. One accessible added activate of yen weakness would be credit-rating downgrades of Japanese banks and of the government itself. Kono says that would accomplish it difficult for lenders to borrow adopted currencies and force them “to advertise yen to buy dollars, aloof as they did during the 1998 cyberbanking crisis” in Japan.

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“The better botheration is that as a aftereffect of budgetary activity that keeps absorption ante badly low, budgetary conduct is weakening, and that may be announcement budgetary expansion,” Kono says. Should the government not act until afterwards aggrandizement has already accelerated to 4 to 5 percent and the yen is far weaker than 150 per dollar, it may acquire to accession the sales tax to as aerial as 25 percent. As it is, Prime Minister Shinzo Abe has delayed appropriation the burning tax to 10 percent from 8 percent.

A crisis in Japan could accelerate ripples through the all-around economy. The all-around market, for example, adeptness activate to appeal college absorption ante to atone for captivation bonds of added countries that are additionally saddled with an crumbling citizenry and ample accessible debt. —Takashi Nakamichi

“Don’t abolish oil aloof because it smells like yesterday’s trade,” says Sir Michael Hintze. The British-Australian arch of CQS U.K. LLP, the barrier armamentarium he founded at the about-face of the aeon now account $14 billion, warns the one affair that could alter the­ cachet quo assumptions about all-around advance is a redux of cratering crude.

“Such an accident has the abeyant to atom a added contagion,” he says. Hintze credibility to $35-a-barrel oil as that activate point. That amount may not feel imminent—and he ­emphasizes that he doesn’t see this ­scenario animadversion out anytime anon because of the contempo developments in the Middle East—but that doesn’t accomplish it improbable. The 64-year-old Hintze, a basic of the appointment ambit and a affiliate of the Vatican Coffer board, says investors will acquire hell to pay if they about-face a dark eye to what accession spell of oil beneath $30 can wreak on the all-around cyberbanking system.

Worse still is the accident that amount akin proves sticky, which could appear if suppliers such as Saudi Arabia and Russia accumulate pumping oil to ammunition their budgetary compulsions. Such a book would bassinet U.S. activity producers with low acclaim ratings and blemish their adeptness to appear acceptable on their dues. And with acclaim investors heavily apparent to those companies, the consistent actuation to advertise and afresh blitz to accommodate losses could advance to added genitalia of the cyberbanking system. Add to that the cardinal of ETFs that acquire become arresting acclaim investors, Hintze says, and you acquire a accent point to be alert of. —Sridhar Natarajan

A somewhat obscure corner of the U.S. cyberbanking markets, one active abysmal aural the accouterments of the debt markets, is about to become the alone bend of its kind.

Come mid-2018, aloof one entity—the Coffer of New York Mellon Corp.—will be amenable for ensuring that about $2 abundance of balance financed by alleged repurchase agreements are austere and acclimatized anniversary and every day. JPMorgan Chase, its abandoned longtime rival, has adopted to avenue the business, in allotment because regulators blame for banks to addition basic and cut advantage fabricated the affairs cher and onerous. So while Coffer of New York already was the ascendant of the two—accounting best afresh for 80 percent of bazaar share—there’s no Plan B anymore.

Even as Coffer of New York has bashed billions into convalescent and advance its technology and systems, some investors anguish that any abiding abeyance could attenuate the country’s debt markets. Not alone do repos abutment clamminess in the $14.3 abundance Treasury market, but the costs they accommodate additionally helps grease the auto of trading in assets as assorted as stocks, accumulated bonds, and currencies.

“A distinct point of abortion in the U.S. government-collateralized repo market, which is huge and is about the ­liquidity agent for the country, is a little bit ­unnerving aloof in itself,” says Adam Dean, managing administrator at Square 1 Asset ­Management Inc. “It’s not an ideal ­situation.” —Liz Capo McCormick

You ain’t seen nothing yet, says Deepak ­Gulati. The CEO and CIO of Argentiere Basic AG sees the abutting crisis accepting a broader appulse than the last. “Risk premia are at the everyman ever, and in some cases you are now actuality paid to booty allowance on risk,” says Gulati, who oversees about $1.2 billion. “Premia cannot bead abundant further.” Simultaneously, he adds, risk-­reward from owning animation is college in abounding advance classes than alike in 2007.

Volatility in disinterestedness markets is mispriced, Gulati says. A shock could account article to falter and animation to acceleration quickly. What’s more, the ­market has aught aegis to the downside, he says, because everybody is attractive for yield. As a result, any adverse furnishings will be amplified.

While the aftermost crisis “was all about greed, the abutting crisis will be about need,” he says. “Back afresh we had about 15 advance banks aggravating to accomplish profit. Now it’s bags of bazaar participants hunting for yield. And that’s ­because we’ve pushed Grandma into baneful investments. Aback those leveraged trades unwind, and they will end eventually, investors will get hurt.” —L.C.

Before he says anything else, Dan Fuss wants to accomplish one affair clear: He’s an ­optimist. Still, there’s one affair the­ ­veteran broker with 59 years of acquaintance in the bazaar has noticed afresh that gives him pause. It’s about how the U.S. is alteration the way it wants to chronicle to adopted counterparts. He’s starting to faculty a growing tentativeness amid audience in Asia, in particular. “They’re apprehensive what’s happening, aloof like abounding of us are,” says Fuss, who helps baby-sit $261.3 billion in assets as carnality administrator of Boston-based Loomis, Sayles & Co. “They’re starting to accomplish some decisions that commonly would acquire been advance in U.S. assets and they’re not—they’re advance elsewhere.”

It reminds Fuss of 1973-74, the affliction aeon for markets he’s encountered in stocks or bonds. In ­February 1973, afterward the Watergate break-in the year before, the U.S. Abode of Representatives appointed a baddest board to investigate President Richard Nixon for “high crimes and misdemeanors.” By the time Nixon accommodated in August 1974, U.S. stocks had collapsed 25 percent in aloof over two years. “Distrust in the political action was very, actual severe,” Fuss says. “Discussing this with abounding of our association these days, they don’t absolutely accept that: How can that advance to a buck market? But I apperceive what it acquainted like at the time. It was awful. Will this be that? I absolutely don’t anticipate so, but as it was happening, I didn’t anticipate it was activity to be that bad.” Overall, Fuss, like others, has been afraid at how abiding markets acquire been recently.

While it’s difficult to adapt for geopolitical disruptions, one affair Fuss is aggravating to amount out is the best advance activity at a time aback ante are assuredly ascent from bogus lows. For its part, Loomis Sayles has cut the ability of its funds. For example, the abutting has bargain the ability of its band armamentarium by half, to 6.5 years; continuance is now alike beneath than that, at 3.2 years.

The $13.3 billion Loomis Sayles Band Armamentarium additional its affairs affluence to added than 20 percent of absolute assets, up from beneath than 2 percent two years ago. The idea, Fuss says, is to buy any appropriate acclaim or area on the bargain already it ends up demography a hit.

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As for the abutting crisis, he’s aboveboard in acceptance that he’s never apparent one coming. So his warning: Don’t accept anyone who says they have. —Nabila Ahmed

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