It's Tuesday, March 30th. Welcome to Market Glory. I'm Chris Hill with me today.

The Chief Investment Officer, Andy Cross. Good to see you.

Hey, you too, Chris. Thanks for having me on.

We've got news from PayPal. We have a project in the works over at Facebook.

But I want to start again with our KGO's capital because now we are starting to get more details

in terms of how much leverage this family office was using.

Some of these trades were levered up reportedly 20 to one.

Shares of Credit Suisse are down again today as its losses are piling up.

And I want to get to the banks in a minute. But when you look at this whole story

and all of the different pieces, what stands out to you?

Well, Chris reminds me in some ways what happened with long-term capital management back in 1998

with the unwinding of that disaster, highly levered hedge fund run by exceptionally smart people,

apparently smart people, at least smart on paper people.

And that was far more levered than this one. The family office here at KGO's apparently levered somewhere

and they ate to one overall. But like you said, some trades up to 20 as one, 20 to one,

which means for every $100 in equity they had, they had $800 in investments.

So banks were willing to basically lend them $700 to lever up their investments.

So massive amounts of leverage and that has ripple effects as we're seeing clearly now.

So it reminds me a little bit of that, but it's different because this is a family office

which sounds so innocuous. It sounds so faint.

It just sounds like some small person or maybe a couple people in an office managing some family money

that's been around for a long time. Well, this is Bill Wang associated with Tiger Management

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