> 3) This is the craziest part to me. Writing the swaps meant the the bank had to replicate the position they sold by purchasing shares and options to hedge. T

> 3) This is the craziest part to me. Writing the swaps meant the the bank had to replicate the position they sold by purchasing shares and options to hedge. The volume of hedging activity is what pushed the price of the stocks up, then VIAC decided to take advantage of the high share price by doing a share offering, VIAC gapped down 7-8%, and Bill Hwang lost $20B. I wonder if the recent pullback in growth stocks is due to other family offices also gaining massive exposure via swaps, swaps that are being quietly unwound. Though, another round of panic selling by prime brokers would likely be obvious like Archegos blowing up was. Family offices should definitely be reined in, make them equivalent to hedge funds and call it a day.