Three Arrows (Right to the Chest)

Last week we noted that Three Arrows Capital (3AC), a prop shop headed by the once-beloved Su Zhu and Kyle Davies, was on the brink of exiting the industry. Well, if you have been following our daily market updates, you know by now that this did indeed happen, and 3AC unleashed chaos of leverage unwinds on its way out the door.

In the past week, we witnessed yet another bout of forced selling, leading to a magnitude of liquidations that rivaled the leverage unwind experienced over a month ago when Luna/UST blew up.

Some Combination of Madoff and Long-Term Capital Management