Yeah. Calling something a five-sigma event loses meaning if there haven't been anywhere near enough time intervals (here: market days) to validate that thesis.

Here is a decent paper on the topic of n-sigma events: https://arxiv.org/pdf/1103.5672.pdf

Not just that, you have to define the independent units. A 1 in 35M event is crazy over 35M days. It's less crazy over 35M trades. Without knowing which it is, 1 in 35M doesn't say anything.

Tenev's "Black Swan" comment is even more ludicrous given that we are currently in the midst of the COVID pandemic which made the Black Swan phrase trendy and known.

Other recent black swans:

- Texas freezing over - Beirut explosion

It seems as though these "black swan" events are happening more and more rapidly.

I'm pretty sure that Martin Shkreli would be on the side of the investors and put money in.