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Three Takeaways From the Archegos Disaster

The New Titanic In March, the hedge fund Archegos struck an iceberg. In just two days, the highly leveraged fund went from “business as usual” to total collapse. Performance rapidly degenerated; the fund was unable to meet margin calls; its bankers seized its collateral; the fund was out of business. Archegos lost everything. Although Archegos was held only by founder Bill Hwang’s family, its saga offers broad investment lessons. The Perils of Investment Courage Victories can be hazardous...
Jack Bogle Matt Freund Hwang Viacom Credit Suisse Bill Hwang Best Advice

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