5 ms·
Just because people are rich doesn't make them geniuses. But it takes a special kind of "genius" to turn $16B in $10M.
by coldcode 10y ago
Just because people are rich doesn't make them geniuses. But it takes a special kind of "genius" to turn $16B in $10M.
- thaumasiotes 10y agoThe kind of genius who builds a huge leveraged position in something and is then legally compelled to sell over 95% of it within one month? I wonder what that sort of fire sale would do to the value of your holdings?
- maxander 10y agoWell, yes, the kind of genius that would be apparently blindsided by financial regulation while he goes about causing massive disruptions in a crucial market. Really, the whole story sounds like some guys from Texas got rich and started playing with finance without having lost the "hide everything under the mattress" mentality.
- deleted 10y ago[deleted]
- tedunangst 10y agoSomething about that doesn't quite add up. At one point they owned 6 billion in silver. They had another 10 billion in futures on top of that? At what price? In theory, they could still cover that position. There's some numbers here and there in the article, but not enough to really recreate their paper position.
- leakybit 10y ago$16 billion in assets, but they were on margin with only $1 billion in cash.