It's Monday March 29th. Welcome to Marketfoolery. I'm Chris Hill with me today. Jason Moser. Good to see you. Good to see you. How was your weekend?

Um, how we can't be good? Yeah.

We can't be good. Looking to, you know, ease into spring break here. Beautiful weather.

Uh, we're going to talk semiconductors. But we got to start with...

I don't know where to begin.

This is a complicated story. Let me start there. This is a complicated story. And there are, I think, ripple effects for us as individual investors.

So let's start with the context that over the last six months, shares of discovery communications and Viacom CBS have done quite well.

They've been bit up. I think they've, you know, roughly doubled over the last six months. Over the past week, however,

both of those stocks have been cut in half due to forced selling by the firm that had been buying it up.

And I will also add that today shares of credit Swiss are down 15% because they said they face a highly significant and material hit to first quarter results after an unspecified fund had defaulted on margin calls to credit Swiss and other banks.

Um, and this is a firm I'd never heard of until today. I think a lot of people have not heard of it until today.

Archie goes or archie goes. I think it might be archie goes. Archie goes. There you go. The third way. Archie goes capital management.

So this is a family office and that's not a quaint term that is an official designation.

And apparently they'd just been amassing all of this stock and reportedly had ownership stakes of both discovery and Viacom north of 10% that was not disclosed because they did not have to disclose it.

Um, and now we've got two of the most exciting words in investing and that's margin call.

Um, there are a lot of different ways we could go with this. Um, start wherever you like.

Okay. Yeah. I mean, there are there are a lot of a lot of things that play here. And to your point, yeah, Goldman, Sacks, Morgan Stanley, Deutsche Bank, Credit Suisse, there are a number of banks that served as brokers.

Let's go with archie goes. I may be wrong, but I'm just going to stick with that at least it'd be consistent.

And that ultimately meant that they were, you know, they were the banks of processed trades and went cash and securities to this fund.

And I think it was something, I mean, this was a highly leveraged fund. I mean, I think they were, they were managing somewhere in the neighborhood of $10 billion or something like that, but had $30 billion worth of exposure.

Uh, due to, uh, short positions and margin and whatnot. So, uh, wow, yeah, there are a lot of different ways we could go with this. So ultimately, what this and thinking about this all morning.

Um, it, it, there's so much to unpeel here that I feel like it went itself very, very well to, to a David Letterman style top 10 list. Do you remember back in the day of the letterman show the top 10, the top 10?

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