Archegos And The Fastest Loss Of Wealth In History


What's going on guys. It is thursday april first and instead of bringing you some fun cheesy fake story. I decided to go in the exact opposite direction. Today we're going to be talking about leverage corruption and cheap money the fastest wealth in history. We are talking about arche ghost. This is a story that many of you have been following for coming on a week. Now it is certainly one of the crazier macro stories. I've ever covered here. It involves a traitor with dubious past a group of investment banks coordinating takedown double crossing margin calls and an eraser of fortune. Thanos style tens of billions gone in the seeming. Snap of a finger on the one hand. This is the story of an individual trader. A twenty year icarus who finally flew too close to the sun on the other. It's a story of a market as a whole a market. That is made money. Extraordinarily cheap which normalized extreme risk especially in the form of leverage. Let's start with the man at the center of the story bill. Bill's career started under the tutelage of the legendary hedge fund manager julian robertson in one thousand nine hundred eighty julian robertson founded tiger management. One of the earliest hedge funds. Tigers run is the stuff of legends building from eight million in start up capital in nineteen eighty two over twenty two billion in the late nineteen ninety s when robertson unwound and shutdown the fund. In two thousand. He started the next phase of his career which was investing in the funds of his former employees the so-called tiger cubs to be clear. This isn't like one or two funds. We're talking about thirty five to fifty of the world's top hedge funds rob citron's discovery stephen mandl's lone andreas halvorsen. Viking philippe lafont kuwata management which you may recognize as the lead investor in dapper labs new three hundred and five million dollar round from this week and one of those hedge funds from the tiger cubs was called tighter asia management and came from bill hong

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