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The Primary Risk of Leverage
A lot of these bubble assets, if there existed a term structure on a forward that was not directly treatable, let's say i gave you this promise that i will give you gamestop shares in two years, but you can't trade it. You know that people's basically demand for the assete has been pulled forward to instant. And that is one of primary price pressures. An you could even view this under the leverage lens as the primary risk of leverage. If your primary risk fom leverageis volutility, then you cannot afford to wait.