Sophisticated investors have been planning for months, if not years, for the next financial crisis and will be ready to pounce when it happens. According to a recent report, Petr Kellner of PPF hasn't been doing anything else but crisis-planning. Since the last crisis, his wealth has risen by 158%, to $15.5bn, so you could say he has a proven track record. He's no doubt heeding the admonishment of CNB Gov. Jiří Rusnok (which we mentioned on Tues.): "We must recognize that we live in a time replete with uncertainty. Each person must try to minimize the risks on his or her own level." For Kellner it might mean loading up on debt, so that when the trouble comes, he owns the bank (as the saying goes). For mere mortals, the strategy might be the opposite: Reduce the debt, so that the bank doesn't own them. Those who don't have an entire team to do spreadsheets for them might at least take out a calculator and estimate what a crisis could mean for their mortgage payment.