In peace prepare for war, in war prepare for peace

When Sun Tzu penned The Art of War in around 500BC, he described the role of strategy. He differentiated strategy from planning. While planning involved working through an established list, strategy involved the implementation of quick and appropriate responses to changing conditions. Planning works in a controlled environment, he said; but in a changing environment – when competing plans collide, creating unexpected situations – strategy was essential. I am struck by the similarity between this statement and the current difficulties of managing bonds while living through the eurozone...