To anticipate the last major stock market crash, paying close attention to the credit markets was critical.
"The credit market was well ahead of the game when it came to the global financial crisis. They saw it coming faster and earlier than the equity guys did," says Alexander Funds managing director Chris Black, who worked offshore as a bank credit trader in the lead-up to the panic of 2008.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
