The History of a Scandal: Metallgesellschaft Revisited with Kevin O’Reilly
The HC Commodities Podcast
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Was It a Bad Hedge?
The 1987 stock market crash was caused by an academic strategy called portfolio insurance. Morgan: The banks at the time certainly had the intellectual capacity or capital to understand how to correct and model that sort of exposure. It's only five, six years later that you have a situation where call it a company, call it a strategy, call it an individual, but they embark on something that causes untold havoc.
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