What I Learned This Week

Retail-investor euphoria will come to tears and cause a long-term cultural, political and regulatory reckoning for financial engineering.

Last weekend, Sullimar Capital Group founder Bill Brewster shared a tragic personal story with his Twitter following. His poignant words resonated deeply with us: This is still really raw and I have more questions than answers. But, it’s very important and intersects with what I speak about here. Hopefully my family’s tragedy can help another family avoid tragedy…My cousin in law was interested in investing. He opened a Robinhood account. And, he seemed to be enjoying the markets. As many of us do, or have done, he got interested in options. He believed he had “no margin” selected on his account…So, he began buying and selling options. Fast forward to sometime this past week and his account…

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