Lehman Squared

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

—George Soros

West Side Story and Romeo and Juliet

“Feels like watching West Side Story when you’ve already seen Romeo and Juliet. Two stories that at first sight may look totally unrelated but to me are, in essence, the same story.” That is how I feel about the Global Financial Crisis that shocked the world in 2008, which I call “Lehman 1.0” and the next crisis ahead, which I call “Lehman Squared.”

Most people are quick to rightfully point at the differences. “Diego, one of the stories takes place in Italy, the other one in New York City. One took place centuries ago, and the other one ...

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