It's different this time - really

The advent of the structured credit market has changed investors' understanding of risk. What's more, the triggers for widespread losses will not be the same this time round


In recent months, I have written several columns lamenting the razor-thin spreads on offer to investors globally. All my suggested catalysts for change - central bank tightening, corporate downgrades, stress in the mortgage market - have come and gone with credit spreads marching tighter all the while.

Any bull market this persistent raises questions about structural change. Sir John Templeton quipped that the four most dangerous words in investing are 'it's different this time'. In the credit

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