How to lose $17 billion in a few days...
Convince yourself that your leveraged beta is great "alpha" and continue making overly risky bets with only a sliver of equity to absorb the losses. Oh yeah, and pass the blame when the bankers finally wise up and pull the plug on your margin.
How can anyone do that? Hey, if you're awesome enough, you don't even have to have more than a single web page for your multibillion-dollar fund.
Read the whole thing at the WSJ. Here's a brief sample: