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Factories, hotels, apartment buildings, public utilities, bond funds, and pay-in-kind sovereign debt provided tens of millions worth of income to be ploughed back into the Trust year after year and cushioned the balance sheet so that trading losses never reached the bottom line.What Arthur had sold was almost everything with any kind of real risk attached to it. Hugh had built up a latticework of moderately risky investments that theoretically hedged against each other’s losses. But Arthur knew that what they really did was insulate the portfolio from its own gains and exacerbate its losses. When the market went up, the portfolio went up a little bit more. When the market went down, the portfolio hemorrhaged money. Arthur cleared out everything that wasn’t rock solid and replaced most of it with derivatives and synthetic instruments. These instruments carried much bigger risks than more traditional investments, but the risks were often hard to understand and therefore easy to ignore.. Over the next eight laps, I had lost all but two runners. One I didn’t recognize, and the other was, surprisingly, Roc. The guy I didn’t recognize was a smaller guy who looked suspiciously like he could be one of the members on the cross-country team. I suspected he was a ringer Coach Hope had brought in.The thing that confounded them was that I used my speed training drills where I would run at a steady pace for a period of time, and then increase the tempo by ten percent. I would then slow back to my normal pace. If you hadn’t practiced it, your legs would soon be gone. It was designed to push your limits and improve your speed. I could tell at the twenty-five minute mark that Roc was done. Cross-country boy was breathing hard. That was when I began to really push it.According to the unwritten rules, if you were a slower runner you had to stay out in the outer lanes, so by now the whole track was covered in football players in various forms of distress. Cross-country boy lasted two.
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