Daily Snapshot

Daily Snapshot – 29 March 2021

There's a moment in the Hangover where they finally piece together how it is that they got to the point where the movie starts (in a trashed Vegas hotel room with a baby in the wardrobe, a tiger in the bedroom, one guy missing a tooth and the groom nowhere to be found). Financial markets in a similar state of chaos today (The Hwangover?) as Archegos Capital, a NY based firm that manages the private wealth of the hedge fund manager Bill Hwang, was reported to be at the centre of a massive margin call with c$20bn of stock sold to the market late on Friday and in Asia overnight. Massive leverage with absolutely no hedge once again a good idea until it isn't.

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