“2008 was a perfect storm of over leverage. And the reason why it all hit the fan is multiple things were coming to a head at once. It was residential mortgages, the market was faltering. Right now we have consumer debt, which is about to pop. We’ve got student loans, which has always been about to pop. And then we have a regime where we’re not sure if rates are going up or down. The best part about financial crises like 2008 is that you don’t know when they’re going to happen. So you always have to have some safety of positioning in your portfolio because is eventually going to hit the fan. It’s not a matter of ‘if’, it’s ‘when’.”