Man FRM Early View

August 2017

MAN FRM

One of the difficulties of commenting on financial markets in real-time is that the magnitude of the importance of events is only truly apparent in hindsight. In February 2007, HSBC warned that bad-debts from their sub-prime mortgage book would be higher than expected. That month the S&P 500 Index fell by around 2% but then rallied back to fresh highs over the next four months. Of course, from our current vantage point it is now easy to draw a causal path from that point through to the collapse...

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