AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
4min chapter
Roger Lowenstein, Author: "When Genius Failed"
Alpha Exchange
The Unwind of Morgan Stanley
I love this term, the central bank of volatility. I make the point on the firm's foray into non-core strategies. So it's a bond arb house, but they start getting into risk arbitrage and then also into equity volatility. Day after day after day, they were losing beyond what any of their computed calculations in these models based on past experience. They really believed that the market was acting irash,. at one point I said that Merryweather was like a band waiting to embrace his lover if only he can land his plane in a storm.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode