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Die globale Liquidität hat den tiefsten Stand seit vier Jahren erreicht, und so richten Banken und Regierungsbehörden ihre Aufmerksamkeit zunehmend auf das Risiko einer Finanzierungslücke. Wird das Risiko ernst genug genommen?
Gareth Gore
Die Hybris galt zwar schon bei den alten Griechen als Verbrechen, aber die Finanzmärkte strafen Arroganz besonders streng. Als der Markt auf die russische Finanzkrise im dritten Quartal 1998 reagierte, bröckelten die bis dahin rentablen Handelsstrategien des Hedgefonds Long-Term Capital Management (LTCM) schon nach einigen Tagen. Nach einem Monat waren die Vermögenswerte des Fonds in Höhe von $4,7 Milliarden fast vollständig vernichtet.
Rückblickend wissen wir, die Händler waren zum
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