Sublime

Determined to protect his newfound wealth, Berlekamp bought top-rated municipal bonds, but a rumor in the spring of 1986 that Congress might remove the tax-free status of those investments crushed their value. Congress never acted, but the experience taught Berlekamp that investors sometimes act irrationally.

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One topic Musk researched for Nicholson was Latin American debt. Banks had made billions in loans to countries such as Brazil and Mexico that could not be repaid, and in 1989 the U.S. Treasury secretary, Nicholas Brady, packaged these debt obligations into tradable securities known as “Brady Bonds.” Because these bonds were backed by the U.S.

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