Writing In The Eye Of The Storm
The worldwide credit crisis hit; two of the world's largest investment banks disappeared; and other large institutions suffered huge losses and struggled to survive. In the midst of this, Stowell realized he would need to rewrite the book, which was about one-third finished. "It was exciting, but distracting," Stowell says. It is a world in which leverage has dropped substantially, risk tolerance is lower, and extremely complex financial instruments have fallen out of favor. "This means a potentially lower earnings profile, but also less risk, so this is probably a good thing," Stowell says.