Back in August 2007, when I was heading Merrill Lynch’s Europe, the Middle East and Africa division, there was a day when the markets defied logic. Equity prices shot up while the spreads on some riskier bonds also widened. Debt should not become more expensive at the same time as share prices are rising. My gut told me that a crisis was imminent so I adjusted our books significantly and dramatically.
2007年8月，我还是美林证券(Merrill Lynch)欧洲、中东和非洲部门负责人的时候，有一天市场违背了逻辑。股票价格上涨，而一些较高风险债券的价差也扩大了。股价上涨时，债务不应该变得更加昂贵。我的直觉告诉我，即将爆发危机，所以我对持仓进行了大幅调整。
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