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> He'd be up huge if he held, but he 'paper handed'. Is he a dumb guy

ive come to believe its often a matter of solvency, theres only so long you can keep that money invested before people start wanting/needing it back. Especially with large economic shifts that weve been seeing.

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I don’t think solvency was an issue here but another way of getting to the same place is that he felt he could deploy the capital more effectively elsewhere. He made a bet on Netflix because he thought he had some alpha. After he lost a third of it he had less faith in his original thesis and thus his allocation priorities changed.

Or at least that’s the story he’d want to tell

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