One of the most counterintuitive things about leverage is that being right eventually doesn’t guarantee survival today. Imagine two £100 million funds holding the same assets. - Fund A holds £5 million in cash. - Fund B holds £20 million in cash. - Both suddenly face a £10 million margin or collateral demand. Fund A must sell assets into a falling, illiquid market. Fund B can meet the demand with cash and keep its positions. If prices later recover, both investment theses may have been correct b
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