Subprimal

In early 2002, the investment community is in a state of suspended animation. Share prices plummet as the “technology bubble” bursts, and corporate scandals fill every headline. Equities and debt become toxic with the fall of Enron, Global Crossings, WorldCom, Adelphia, and other high-flying corporate giants. Moving quickly, the Federal Reserve lowers key interest rates. Wary investors sit on cash and seek direction.

A small glimmer of opportunity emerges. Limited in other investment opportu...