Evaporating liquidity, collapsing demand and accounting ambushes; the conjunction of this unholy trinity in 2009 is making fundamental credit analysis more important than ever. Yet this intense environment should play to our strengths. . We have always considered fundamental credit analysis as a necessity, not a luxury.. If we are aware of the threats coming, we can be prepared to avoid the dangerous securities – and invest in solid companies at extremely cheap, even once-in-a-lifetime, prices. Living in interesting times isn’t a curse. Happy New Year! 

Read: 'Unholy Trinity' here