I vividly remember a meeting in late 2007 with the head of a major US bank

The executive drew an inverted U in response to me asking where financial markets stood.

I immediately asked about the bank’s risk positioning. “Max risk on” was the rather surprising answer.

The bank needed “unambiguous evidence” that the markets were turning before altering its strategy.

In the event, the bank had to be rescued in the 2008 financial crisis.

Mohamed El-Erian 25 May 2021

WAITING FOR THE LAST DANCE

“So long as the music is playing, you’ve got to keep dancing. We’re still dancing.”

Chuck Prince, former chairman and chief executive of Citigroup, interviewed only a month before the music stopped 2007.

Englund