Great write up, amazing work bringing this story to light. Perhaps the lesson is that Odlum in his early days had an eagle eye for where his exit was for every asset turn and in his later years perhaps lost focus in this area and got caught in a liquidity trap. Some parallels here to Archegos where towards the end of their days they ended up with larger positions in less liquid investments where an obvious exit didn’t exist. Ofcourse Archegos is also a story of leverage and over-concentration, however there is some analogue in my view.

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