The great deleveraging has just begun

Institutions will have to sell for hundreds of billions.
Sell.
Satyajit Das is a risk consultant and author of Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives (2006, FT-Prentice Hall).

Equity markets believe the worst is over. Banks also seem to have convinced themselves that the worst is behind us. An alternative and, arguably, better view of the current state of the financial crisis is that stated by Winston Churchill: “this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

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