Keep pulling the thread on Brian Portnoy.
The hedge fund Archegos Capital Management, run by Bill Huang, grew its assets to $20 billion from a few billion dollars using leverage and aggressive trading before it collapsed.
Brian Portnoy's firm advises financial advisors to allow clients to have 'cowboy accounts' for speculative trading, typically comprising 2-3% of their total assets.
Barry Ritholtz suspects the collapse of Archegos Capital Management was partly due to its capital being 'purposeless,' meaning it was accumulated for its own sake without a plan for its use in life goals or philanthropy.