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Reddit / WSB-Jul 30, 10:12 PM
Fund Manager's Collapse: A Lesson in Market Reality
A brilliant fund manager who identified trends early failed to understand the ruthless nature of capital markets. After a strong year being directionally long, the fund became over-levered with puts and shorts, leading to liquidation.
Why it matters: Citadel reportedly received the liquidated book, and the manager's firm recently predicted a rate hike.