This is the most misquoted bit in that whole fiasco. He apparently had to sell every liquid thing in the portfolio. What’s left is allegedly just some highly illiquid paper assets that they’ve also been trying to unload. The present value of those is iffy at best and may well also plummet before they can be cashed in. That “80%” can’t be realized right now in any traditional sense.
No matter how you slice it the whole sequence of events last week was an unmitigated disaster. He’ll likely never manage other people’s money ever again.
alt Hacker News
This is the most misquoted bit in that whole fiasco. He apparently had to sell every liquid thing in the portfolio. What’s left is allegedly just some highly illiquid paper assets that they’ve also been trying to unload. The present value of those is iffy at best and may well also plummet before they can be cashed in. That “80%” can’t be realized right now in any traditional sense.
No matter how you slice it the whole sequence of events last week was an unmitigated disaster. He’ll likely never manage other people’s money ever again.