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So am I reading this right: If I have $1m of Tesla stock, and I borrow $1m to buy crypto, that’s zero “net borrowing,” because the stock is “liquid” so I can just repay the loan at any time. Then they both go down by 50%. Now I need more “liquidity,” i.e. to borrow more money, which apparently grows on trees.

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Right- looking at this point at the end of the post:

> If FTX had been given a few weeks to raise the necessary liquidity, I believe it would have been able to make customers substantially whole

It sounds like he's saying "if we just had time to find new bag holders, our customers wouldn't be screwed!"

Yup. And even as I read my own comment, I can hear someone saying, “The long-term thesis remains sound!” and “Lots of other funds had similar losses!” and “How were we supposed to know, it was a perfect storm!” Meanwhile building bubbles upon bubbles upon bubbles.

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