By Michelle Celarier, Editor
As 2007 comes to a close, it is apparent that a paradigm shift
is underway in the markets - perhaps across the entire globe.
Just a year ago, many managers speaking at the Absolute
Return Symposium were looking ahead to a benign credit
environment for 2007, as both interest rates and defaults were
low and the economy was humming along.
It's easy now to see how out of touch with reality many on
Wall Street and in the greater financial community were. In
hindsight, some of the most embarrassed players are now asking,