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lenders were so desperate to make loans that they asked for almost no proof that Three Arrows would be able to pay. “One of the last calls we did someone lent me almost a billion, off a phone call,” he said. “That was uncollateralized. That’s where the system was. People needed to get dollars out the door.”

4.9 percent allocation to bonds, which are intended to protect against unexpected deflation and to provide near-term

Hedge funds—Funds that invest mostly in publicly traded equities but have the ability to take both long (i.e., buy a stock) and short (i.e., bet that a stock will decline in price) positions.

Public equities—Stocks that trade on public market exchanges.