Hello, Welcome to the 35th issue of Allison’s Ode to the Second Moment, a newsletter about the risks criminals face in dark places...and pensions too. Dark Market risk premium As regular readers know, I have a yen for studying risk in unusual places. The market on the dark web fascinates me. The dark web is a corner of the Internet that you can only reach anonymously. Once there, you can find online bazaars peddling drugs, stolen credit cards, weapons—you name it. There are levels of dark; as you go deeper, it gets more sinister. I have only visited (for research purposes) the first level, which is mostly a marketplace for drugs—primarily cannabis products, cocaine, MDMA, and stimulants.