10 Tuesday AM Reads
My Two-for-Tuesday morning
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Archegos Appeared, Then Vanished Start with a lot of money. Borrow a lot more money. Use all that money to buy a ton of small stocks, cornering the market and pushing up their prices. Prices go up, you have more equity your positions automatically deleverage. You use that to borrow more money and plow it back into those stocks, pushing them up more. Repeat forever? (Bloomberg)
see also
Purposeless Capital Money without a goal is mere lucre. Capital without a purpose is simply currency awaiting mischief. Without a purpose, money is merely an entry in an accounting ledger. But capital tied to a useful purpose has magical powers. (The Big Picture)