当全世界同时去杠杆
1929, LTCM, 2008, Archegos: on the way up, leverage makes everyone look like a genius.
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
Real stories from 1929, Long-Term Capital Management, the 2008 financial crisis and Archegos, told not as history lessons but in search of one shared pattern.
On the way up, leverage makes everyone look like a genius, until asset prices start to fall.
讲几个最刺激的真实故事：
不把它们写成金融历史课，只寻找一个共同规律：
上涨的时候，杠杆让所有人看起来像天才。直到资产开始下跌。
This book is general education, not investment, tax or lending advice.