Milli,
There is no comparison between Lehman and Glencore in terms of scenarios besides a cursory glance.
During the Lehman moment, the market was at the height of the leverage play among banks, miners, corporate funds, retail funds etc. EVERYTHING was inflated from stock markets globally to properties to ALL commodity prices.
This time around, the Commodity boom deflated in a controlled manner initially with Coal and moved across each Steel related base metal in a 'death by a thousand cuts' manner. The last intensely affected asset class is Stock market all taking their turn. Hardly a recipe where EVERYONE rushing for the same exit?
I am not painting a rosy picture and technically ASX200 in bear territory and so is almost all developed stock markets. Value has come back if you are not the doom and gloom bear or else it is straight to bonds I suppose.
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