On November 3, 2023, Citizens Bank collapsed. Its closure marked the fifth US bank failure of 2023, the most bank failures in a single year since 2017. After a few years of calm, people in the US rediscovered a hard truth: Even the safest assets and most trustworthy institutions can fail. Risk abounds — sometimes, in the most unlikely places, like US treasuries or auto loans. In the spring, it was Credit Suisse. In the fall, it was China. Next year, maybe it’ll be CLOs or commercial real esta...