Surviving Credit Suisse: the capital stack attack

Surviving Credit Suisse: the capital stack attack
Credit Suisse chair Axel Lehmann. (Image: Getty)
David Chaplin
Last year provided an invaluable history lesson for investors, Credit Suisse chair Axel Lehmann notes in the 2023 Global Investment Returns Yearbook sponsored by the now-defunct bank. Lehmann says the “historical perspective has been crucial” in divining the reasons behind the deeply negative market experience of 2022 and preparing for what comes next.“With expectations seemingly conditioned by the more recent past, many investors have been reminded the hard way in 2022 of a few of the Yearbook’s basic long-term lea...

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