Historical lesson58
Historical lesson
The battle for Volkswagen
The lesson of invisible risk and the cost of excessive leverage
Porsche’s attempt to take over Volkswagen in 2008 combined shares, derivative positions and substantial borrowing. The lesson concerns the difference between economic exposure and control, and the limits of risk set before the euphoria of possible profit.
The ability to survive the worst scenario must always rank above the temptation of the greatest possible profit.
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