To put it into context, this was when everyone thought there were basically little or no tail risks to worry about anymore – Europe had been squared away by European Central Bank President Mario Draghi's promise to do "whatever it takes to save the euro," U.S. economic outlooks were improving, and fears of a "hard landing" in the Chinese economy were steadily fading.
Needless to say, against that backdrop, we got some pretty interesting submissions.
One of them was from Gabriel Sterne, an economist at the frontier markets brokerage firm Exotix.
Sterne submitted a chart that wasn't being talked about too much at the time.
Cypriot deposits.
Here's what Sterne told us:
Pea-size
Prescient.
Below is the chart.