Peter Fitzgerald

“In late 2008, I wrote the following for this magazine: ‘Capital preservation is key in the current market, where volatility is a euphemism for losing money. If you fail to preserve capital, the eventual recovery is irrelevant as you will have simply lost too much... We have a defensive positioning and are in no rush to change.’ As we head into September, I find it worrying that what I wrote in 2008, shortly after the Lehman collapse, is now so relevant again. In a way the problems are more serious as companies may be in better condition but sovereigns certainly are not.”