PREVIEW

... rices of two similar instruments diverged, and exiting when they converged again.

This was often likened to pruning. No matter how many branches a tree has, they all spread out from a thick central trunk. In the same way, you cut profits from price fluctuations around a “core value.”

There was nothing inherently wrong with this strategy. Sure, extreme leverage and the Russian moratorium could be pointed out as issues, but they weren’t enough to be the primary causes.

The ...

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