How a concentrated, leveraged memory book turns a July drawdown into forced liquidation 1 concentratedlong 2 single-factordrawdown 3 amplificationinto margin call 4 forcedliquidation 5 laggingdisclosure mem A mem B other positions broker's claim waterline = memory-book markdown amber line = maintenance margin green wedge = equity headroom two names ≈ 80% of fund margin call A B market-maker buys the book on the call June 30 · peak July · forced sale 13F filed 45-day lag 13F Reveals the June 30 accumulation only after the damage, not a failed cycle
2 · single-factor drawdown
1 · concentrated long · headroom
within headroom