Loading ...He’s absolutely spot on – but the markets can remain irrational longer (one day, in this case!!) than he could remain solvent.
I was short a gold miner a couple of decades ago. The pit wall had collapsed, and it was so obvious that they were insolvent, as they couldn’t meet their hedges. But the brokers called in the short before it got too expensive … all legal, read the small print etc. Still, infuriating.
UK Gilts. What an oxymoron. Nothing ‘gilt’ about them. ‘Guilty’, maybe, of all sorts of misconceptions.