Article: The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing

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The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing

Antoine Gara,  28 March 2021

Up until recently, the website of Archegos Capital Management, the firm behind a reported $30 billion financial firesale that is battering stocks worldwide, contained a giant image of Central Park. The vista displayed on Archegos’ webpage was a fitting homage to the views of its offices atop a Manhattan skyscraper on 57th street, until the site was taken down as the firm gets liquidated.

Archegos was a giant in U.S. financial markets, apparently holding tens of billions of dollars in securities, including massive exposures to companies like ViacomCBS, Discovery Communications and Baidu. It traded with Wall Street’s largest brokerages, and was headquartered at an expensive address housing many powerhouse investment firms. But when it came to routine financial disclosures, Archegos was virtually non-existent.

Forbes searched for a trace of Archegos on the Securities and Exchange Commission’s repository for securities filings, called EDGAR, short for Electronic Data Gathering, Analysis, and Retrieval. Amazingly, almost nothing came up. Continue reading “Article: The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing”

Article: The Lesson Of GameStop: Investing Is Not A Game

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The Lesson Of GameStop: Investing Is Not A Game

Taylor Tepper,  03 February 2021

In a matter of days, GameStop has gone from being a dying retail chain to the latest obsession of media and markets. Along the way, the GameStop saga has morphed into a lesson in American populism, an allegory of Main Street taking a pound of flesh from Wall Street.

To recap: Video game retailer GameStop was struggling to survive even before the pandemic struck, and Covid-19 only worsened its ailing condition. Hedge funds on Wall Street smelled blood and took out massive bets that the company’s shares would drop, maybe even to zero—so-called short trades or short positions. Continue reading “Article: The Lesson Of GameStop: Investing Is Not A Game”

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?