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Strait of Hormuz 2026: Tail Risk Mispricing & Liquidity Illusion | GP/LP Analysis — 3 Red Flags | EP05 T2
Season 2 Episode 5
The shipping insurance data prices the risk. The options market prices the risk. The institutional portfolio allocation does not. The gap between th…
2 months ago
Enron 2001: Off-Balance-Sheet SPVs & Circular Collateral | GP/LP Analysis — 3 Red flags | EP04 T2
Season 2 Episode 4
The SPVs were described in the footnotes. The CFO's conflict of interest was approved by the board and documented in the minutes. The circular collat…
2 months ago
Argentina Default 2001: Sovereign Financial Repression & Rollover Risk | GP/LP Analysis — 3 Red Flags | EP03 T2
Season 2 Episode 3
The rollover risk was in the IMF data. The maturity profile was in the treasury disclosures. The convertibility trap was in the central bank reserve …
2 months ago
Trump Taj Mahal 1991: Fee Extraction & Related Party Transactions | GP/LP Analysis — 3 Red Flags | EP02 T2
Season 2 Episode 1
The Taj Mahal's debt-to-revenue ratio made repayment mathematically impossible from the first day of operation. Three red flags were in the bond offe…
2 months ago
LTCM 1998: Prime Brokerage Leverage & Tail Correlation | GP/LP Analysis — 3 Red Flags | EP01 T2
Season 2 Episode 1
Two Nobel Prize winners. One hundred and twenty-five billion dollars in exposure. The Federal Reserve forced to intervene. LTCM's models predicted ev…
2 months ago
Invitation Homes 2012-2019 : The Distressed Asset Window & The Single-Family Rental Securitization│File 011 T1
Season 1 Episode 11
The federal government deployed seven hundred billion dollars to stabilize the banking system with an explicit promise to protect everyday homeowners…
2 months ago
Rich Dad Poor Dad 2012 : The Entity Shielding Architecture & The Isolated Corporate Wallet│File 010 T1
Season 1 Episode 10
The best-selling personal finance book in history was published by a company that went completely bankrupt. When the corporate liquidation took place…
2 months ago
Archegos 2021 : The Total Return Swap Architecture & The Invisible $160B Position│File 009 T1
Season 1 Episode 9
Six of the largest investment banks in the world were lending billions of dollars to the exact same client at the exact same time. Each institution b…
2 months ago
FTX 2022 : The Backend "allow_negative" Architecture & The Manufactured Token Collateral│File 008 T1
Season 1 Episode 8
There was one line of code. One function, buried deep within the backend software of the world's fastest-growing cryptocurrency exchange, that quietl…
2 months ago
Lehman Brothers 2008 : The Visible 31x Leverage & The Repo 105 Liquidity Illusion│File 007 T1
Season 1 Episode 7
The leverage ratio was right there on the first page of the balance sheet. Thirty-one point seven times equity. It was not buried in a footnote or hi…
2 months ago