No, he's right. The problem with taking huge spread positions is that mark-to-market p&l can be volatile and illogical, and if you can't recapitalize, you won't

No, he's right. The problem with taking huge spread positions is that mark-to-market p&l can be volatile and illogical, and if you can't recapitalize, you won't be able to hang on until the spread goes your way. > They were always winning Give me a break.