Archegos, which managed about $10 billion of Hwang's family money, used mostlyto rack up $50 billion worth of exposure to a number of single stocks.
"The SEC likes disclosure. They think companies deserve to know if somebody owns more than 5% of the stock," Beer said."It looks like, investment banks, by virtue of the swaps, were specifically colluding with a guy who specifically didn't want people to know that he was buying up the stock." The reason is"because hedge funds generate alpha often from two sources: factor rotations and single-stock positions," Beer said, adding that factor rotation is much less risky than placing long or short bets on single stocks.
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