Worked in the business for 30 years. Here's my observations on Wall Street:
Wall Street is a land of many “very smart” people and some “others” as well.
One day, a couple of rocket scientists go into a room. When they come out they have a new “thing” that only they understand but it makes their firm mega-bucks. With their new-found wealth the rocket scientists retire to some new venture.
The competitors see what’s happened and they create their own version of the “thing” and they too start making mega-bucks as well. The thing works fabulously until, one day, it doesn’t.
It seems, with the rocket scientists gone, no one understood the risk but they sure loved the money.
Now, there is gnashing of teeth and wringing of hands by the “others” who run the firms. They fire entire floors full of people who had absolutely nothing to do with it and swear to anyone who will listen, “Never again.”
Then, one day, a couple of rocket scientists go into a room…
Moving the goalpost.
Buying Archegos is not buying bitcoin.