Insights: Margin Spiral

Insights: Margin Spiral

 The collapse of a “relative-value” hedge fund strategy likely resulted in a spiraling of market dislocations, margin calls, and forced liquidations of leveraged hedge funds during the Wuhan coronavirus period.  For years, highly leveraged “relative value”...
The FOCUS Newsletter: April 2020

The FOCUS Newsletter: April 2020

 The world is different now than it was three months ago. It was also different after 9-11. A week after 9-11, the financial markets in the U.S. reopened. One week after that, the market bottomed. It felt bad, there was great uncertainty, a war was starting, and...