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CovfefeAnon's profile
Covfefe Anon
Covfefe Anon
Covfefe Anon
@CovfefeAnon

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Covfefe Anon

@CovfefeAnon

Not to be confused with 2001 Nobel Peace Prize winner Kofi Annan. 54th Clause of the Magna Carta absolutist. Commentary from an NRx perspective.

Joined July 2017

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    1. tantum‏ @QuasLacrimas Jan 26

      LTCM lost $4.6B in 1998 on equity of $4.7B and $124.5B borrowed; received a $3.6B bailout to ensure it could liquidate its positions in an orderly fashion

      3 replies 2 retweets 36 likes
      Show this thread
    2. tantum‏ @QuasLacrimas Jan 26

      The funds supposedly in danger this time are not anywhere near as large as that, but I suppose if their portfolios significantly overlap it’s not impossible that something similar could happen again

      1 reply 1 retweet 15 likes
      Show this thread
    3. Covfefe Anon‏ @CovfefeAnon Jan 26
      Replying to @QuasLacrimas

      The problem (as always) is the threat of cascading failure as they liquidate positions in instruments that are held by other institutions.

      1 reply 0 retweets 2 likes
    4. J.‏ @PresentWitness_ Jan 26
      Replying to @CovfefeAnon @QuasLacrimas

      Seems unlikely here. I doubt a large institution would be wrapped up in naked shorts like this. Probably isolated to a few hedge funds a little too desperate for yield.

      1 reply 0 retweets 1 like
      Covfefe Anon‏ @CovfefeAnon Jan 26
      Replying to @PresentWitness_ @QuasLacrimas

      Not the shorts, the other positions that have to be liquidated. For example, they closed out a big position in Alibaba already.

      6:34 PM - 26 Jan 2021
      • 3 Likes
      • Velo tantum
      3 replies 0 retweets 3 likes
        1. J.‏ @PresentWitness_ Jan 26
          Replying to @CovfefeAnon @QuasLacrimas

          Yeah, barely affected BABA though.

          0 replies 0 retweets 1 like
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        1. tantum‏ @QuasLacrimas Jan 26
          Replying to @CovfefeAnon @PresentWitness_

          right, that’s why i hedged(!) by allowing possibility that eg all these short companies are long alibaba

          0 replies 0 retweets 0 likes
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        1. Velo‏ @VeloMontaigne Jan 26
          Replying to @CovfefeAnon @PresentWitness_ @QuasLacrimas

          Honestly Im thinking buying up what they have to close out at firesale prices is the next big opportunity also selling gme puts. have you seen the premiums on those things?

          0 replies 0 retweets 1 like
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