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Victor Haghani: Lessons From the Missing Billionaires
The Long View
Value of Reflection in Learning from Historical Events
Taking the time to reflect and deeply analyze historical events such as LTCM can extract valuable lessons. Rushing to produce immediate responses may result in overlooking crucial insights. Despite the LTCM incident, the financial industry has witnessed a persistent trend of highly leveraged hedge funds engaging in relative value trading. This trend persisted over the last 25 years, fueled by post-LTCM profitability, decreasing market liquidity, and increasing risk exposure. Limited lessons seem to have been learned from LTCM, with a continued lack of substantial changes in risk-taking behaviors and market dynamics.
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