3 ms·
Sounds like they have a couple billion in inventory. No matter how you slice it, they were speculating on housing inflation.
by engineer_22 5y ago
Sounds like they have a couple billion in inventory.
No matter how you slice it, they were speculating on housing inflation.
- stickfigure 5y agoNo, not at all. They were trying to set themselves up as a market maker. They did not want to hold a position. They screwed up and got behind, which incurred the risk of the market moving against them (it did). Matt Levine's Money Stuff column covered this in detail. Incompetence, not villainy.