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Luke Kawa
Sherwood News (head of markets)
First call on the ledger
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else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
On SK Hynix's record 15% one-day drop and Korea's $9B single-stock leveraged ETF boom. He notes margin loans on top of leveraged products is 'leveraged squared' @21:23 and says of the selloff 'big moves make sense, given the volatility you had on the way up and the leverage that we know was in the trade' @17:37. Rising equity funding costs signaled the strain.
“that was a big bell ringing saying, hey, the system cannot accommodate all this demand for leverage on semiconductors. And in particular, these memory stocks.”
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