Wall Street has had more than its share of drama over the last three decades. However, what started to unfold two Fridays ago with Bill Hwang’s Archegos family office had grizzled Wall Street veterans staring, stupefied, into the abyss.
Bill Hwang, one of the disciples of the famed hedge fund manager, Julian Robertson’s Tiger Fund (known as “Tiger Cubs disciples”), managed last week to complete a career hat-trick of destroying investor wealth, violating securities law (although, to be fair, his 2012 settlement with the SEC for insider trading was neither an admission of guilt or innocence), and blowing holes in Wall Street bank financial statements!
On Friday March 26, the stocks of nine bellwether Chinese, Canadian, and U.S. companies saw block sales (very large transactions that are often negotiated outside the market before being reported) go through the market.
continue reading »