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Episode 107: Sebastian Mallaby on How Venture Capitalists and Hedge Funds Achieve Success
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Hedge Funds and VC
In 1992, the UK had a policy of linking its exchange rate to that of other European currencies. George Soros and Stan Druckenmiller were immediately 15% up on their trade. And they made a billion dollars, you know, kind of overnight when the peg broke. This has not been in the news since around 2001 2002 because central banks got smart. They realized that defending currency pegs of that sort is untenable as hedge funds can mobilize almost unlimited amounts of capital to trade against you. So I think that risk of policy upset from hedge funds has gone down but it's still very real.
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