A new paradigm emerges, with new stars

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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, "Who could