Long-term investors can survive euro crisis

European politicians’ game of chicken has put the world at incredible risk. But investors that flee risk assets completely could be the biggest losers, warn portfolio managers in the US. On the one hand, “The return of capital is more important than the return on capital,” says Jeffrey Schoenfeld, CIO at Brown Brothers Harriman in New York. He says many clients, including central banks, have been tightening investment guidelines to avoid credit risk, even via counterparties. But…