Series
When Finance Breaks
The collapses that quietly built the system every investor uses today. Most finance content treats them as cautionary tales. This series treats them as pattern recognition.
5 episodes
Episodes
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Episode 1
LTCM Explained: The Nobel Price Hedge Fund Collapse
Two Nobel laureates, a flawless model, and a fund that lost 90% in four months. What LTCM teaches about the tail risk no model can price.
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Episode 2
Lehman Brothers vs FTX Collapse: How $58 Billion Vanished From Audited Balance Sheets
Same off-balance-sheet trick, same audit pass, fourteen years apart. Why 'audited' does not mean safe.
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Episode 3
Synthetic ETFs: Why You Might Be Exposed to Counterparty Risk
A synthetic ETF does not own what it tracks. It owns a promise from a bank. Usually that is fine — here is when it is not.
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Episode 4
UK Gilt Crisis 2022: How £70 Billion Almost Broke Britain (Explained by a Banker)
A pension strategy designed to reduce risk nearly destroyed the UK bond market in 72 hours. How LDI turned safety into a margin call.
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Episode 5
Credit Suisse AT1 Bonds Explained: How $17 Billion Was Wiped to Zero (By a Banker)
Swiss authorities wrote CHF 16bn of AT1 bonds to zero while shareholders were paid. The mechanical trigger never fired — a regulator's judgement did.
