April 2023: Portfolios have been alert to the dangers of a liquidity crisis for some time. Now that it has arrived, our task is to analyse how events are likely to play out. Certainly, it doesn’t appear to be a repeat of 2008. It isn’t quite like 1929 either. Reaching for either of those investor playbooks would be a mistake. But, as Jonathan Ruffer notes in his latest quarterly review, past circumstances can be instructive.