Steve Chiavarone doesn¡¯t want to scare anyone, but what he remembers most from the last banking crisis was how sure most people were that it wouldn¡¯t happen.
At his New York office in early 2008, Wall Street¡¯s best and brightest ¡ª ¡°strategist after strategist after strategist after strategist,¡± recalls Chiavarone, now senior portfolio manager at Federated Hermes ¡ª paraded through to say that even if a recession hit, it¡¯d be shallow and short.
That¡¯s not, of course, how things played out. A few months later, ¡°you¡¯d go to your office every day and something that you never thought would happen would happen,¡± he said.
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