It has been 15 years since the collapse of Lehman Brothers. In light of that event, Il Sole 24 Ore analyzes the current situation characterized by other crises, such as those triggered by the pandemic and the war in Ukraine. Among the managers consulted to provide an overview of the current landscape is also our CEO Alessandra Manuli, who emphasizes the risk of investments in illiquid assets: ‘It remains to be seen if some of the illiquid strategies did not entail risks equivalent to those the market tested in 2008,’ is her warning.