Gradually, then suddenly - John Hussman

“In the face of a breathtaking disconnect between Main Street and Wall Street, largely based on overconfidence in free money, my sense is that there remains a crisis ahead that will emerge ‘gradually, then suddenly,’” he wrote, referring to Ernest Hemingway’s famous quote from “The Sun Also Rises” about going bankrupt, “gradually, then suddenly.”

https://www.marketwatch.com/story/beware-of-these-widely-held-stocks-when-the-market-crisis-gradually-then-suddenly-emerges-fund-manager-warns-2020-06-11

https://englundmacro.blogspot.com/2015/02/lysande-peter-doyle-former-imf-staffer.html