Somewhat interesting reading that turned into a bit of a rabbit hole! Leithner's fundamental point isn't wrong: MQG uses leverage to invest, so it makes big money in good times and gets hammered in bad times. That's pretty much every single bank though.
I was keeping an open mind until I got to the point where he criticises MQG, a bank, for supporting fiat currency...wtf? Then I get to the comments and he goes all climate denialist...then I google his PhD and it sounds mostly like political science...then I see he's been a guest speaker for the (in my view) libertarian nutters, the Mises Seminars.
Personally I'm happy to write Leithner off as a crank and I absolutely wouldn't want him managing my money. MQG is leveraged so if there's a recession it's SP will get hit hard, he's not wrong about that, but that seems about as trivial an observation as you could make about an investment bank.
MQG Price at posting:
$191.35 Sentiment: Hold Disclosure: Held
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