What lessons have been learnt over the decade since Lehmans collapsed? (Part I)

Four-part Big Question special

In the first of this four-part Big Question, industry leaders and commentators reflect on the last ten years and discuss how the financial system has improved since the Global Financial Crisis (GFC), where more work needs to be done and what could trigger the next crisis.

Ryan Dobratz (pictured) and Jason Wolf, lead portfolio managers of Third Avenue's Real Estate Value strategy Rise of passive strategies The collapse of Lehman Brothers reinforced our long-held view that investments in common stocks should be focused exclusively on well-capitalised businesses trading at discounts to the value of the real assets underpinning their operations. To wit, a company with a strong financial position can not only withstand inevitable market dislocations, but likely emerge stronger and more valuable in its aftermath. Ten years removed from Lehman, it seems t...