Howard Marks Kills Bitcoin

Bitcoin sold off after Howard Marks’ memo or it could have something to do with rumors of China closing exchanges. In any case, Howard Marks put out another highly read worthy memo where Bitcoin is a major component.

Leverage Up When You’re Down?

This post will investigate the idea of reducing leverage when drawdowns are small, and increasing leverage as losses accumulate. It’s based on the idea that whatever goes up must come down, and whatever comes down generally goes back up.