Vụ 'đánh rơi' 20 tỷ USD trong 2 ngày diễn ra thế nào?

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Archegos Capital Management, the $10 billion firm that collapsed spectacularly last month, never publicly disclosed any stock investments. Even for a firm whose structure and strategy came with fewer regulatory requirements, that was a remarkable achievement.

Money managers with $100 million or more in stocks are generally required to declare what securities they are invested in every quarter. But Archegos, a so-called family office that managed the fortune of the former hedge fund manager Bill Hwang, did not publicly file such a document — called a 13F — in its eight-year history.

The lack of a paper trail is uncommon for a firm with so much money, according to securities experts.

...Archegos stayed largely under the radar until it fell apart last month. As a family office — a firm generally created to handle the investments of a single wealthy person and a small circle around them — it did not have to register as an investment adviser with the S.E.C., because it did not manage money for outsiders. Also, the firm frequently employed a kind of derivative — called a swap — that allowed it to invest heavily in the stocks of certain companies, including ViacomCBS, without owning the shares itself.

But Archegos invested substantial sums in plain vanilla stocks, according to a person briefed on Mr. Hwang’s portfolio and tax filings made by the Grace and Mercy Foundation, the charity Mr. Hwang founded and supported with some of his vast wealth.