Apparently Sebastian Mallaby's recent editorial, on which I commented yesterday, in the Wall Street Journal, was part of a well-orchestrated publicity campaign for his new book.
I didn't catch the book's name, but Mallaby was stumping for it on CNBC yesterday morning. When pushed, he made the same lame arguments about average hedge fund leverage on air that he did in his Journal editorial.
Mallaby wasn't any more convincing in person than in print. I didn't hear him address the over-leveraged hedge fund disasters, such as LTCM. Nor how the highly-leveraged hedge funds' dumping of positions in 2008 contributed to the market's downward shear.
From what I saw and read, Mallaby appears to simply ignoring the evidence that doesn't fit his particular hypothesis.
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