The Long Term Capital Management Crisis

Tiger had a massive short on the yen, which people borrowed in and then use the proceeds to invest in other high yield currencies because interest rates were so low. The yen becomes, he says it dried up like the Sahara becomes illiquid and it costs Robertson $3 billion. He comes back from that, but it's sort of the first shot in 1998, whereas currency bets his macro bets go against him. And this really then then leads us to this moment in early 2000.