> The winning strategy is to pretend you are committing to the group (so as to maximize the time you have) while selling as fast as you can. See also: Bill Hwa

> The winning strategy is to pretend you are committing to the group (so as to maximize the time you have) while selling as fast as you can. See also: Bill Hwang's Archegos Capital. No, the consortium members actually made money by slowly unwinding LTCM's trade book. It's not clear that a fire sale of LTCM's collateral by a rogue counterparty would have done the same, and at best might have just minimized their losses had LTCM completely collapsed.