One of the best calls of Adam Kibble’s long career in funds management came not from chasing returns into the peak of a cycle, but from walking away well before it.

It was in the mid-2000s when Kibble ran a global bond fund for Macquarie that was stacked with mortgage-backed securities and derivatives. The strategy was flying and outperforming “significantly”, delivering 15 per cent of alpha over several years. But by 2006, something had shifted.