Turkey's $20 Billion Fund Collapse Explained
Patrick Boyle 33:35
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In September 2026, Turkey's investment fund industry collapsed, after funds run by Tera and Pusula failed to meet redemptions and regulators froze and liquidated 131 funds holding about $20 billion of savings belonging to more than 455,000 investors. In this video, Patrick Boyle looks at how Emre Tezmen's Tera, which hoped to become "the Goldman Sachs of Turkey," reported returns of more than 66,000%, how funds buying thinly traded Borsa Istanbul stocks allegedly inflated their own valuations, and how money market funds that savers treated as cash ended up exposed to inflated shares through reverse repo loans. We also cover the warnings from MSCI and Turkey's finance minister, the arrests and political fallout from what Turkey's justice minister has called "Ponzi-like schemes," what Bernie Cornfeld's Investors Overseas Services and Bill Hwang's Archegos Capital tell us about market manipulation and leverage, and why weak institutions and tiny fines let bad actors drive out honest businesses. Along the way, we try to track down the "notorious malevolent forces" that Tezmen blamed for the collapse.
Hilmi Güvenal Substack: https://hguvenal.substack.com/p/where-is-the-830-billion
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website: https://www.onfinance.org
Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social
Business Inquiries ➡️ sponsors@onfinance.org
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
In September 2026, Turkey's investment fund industry collapsed, after funds run by Tera and Pusula failed to meet redemptions and regulators froze and liquidated 131 funds holding about $20 billion of savings belonging to more than 455,000 investors. In this video, Patrick Boyle looks at how Emre Tezmen's Tera, which hoped to become "the Goldman Sachs of Turkey," reported returns of more than 66,000%, how funds buying thinly traded Borsa Istanbul stocks allegedly inflated their own valuations, and how money market funds that savers treated as cash ended up exposed to inflated shares through reverse repo loans. We also cover the warnings from MSCI and Turkey's finance minister, the arrests and political fallout from what Turkey's justice minister has called "Ponzi-like schemes," what Bernie Cornfeld's Investors Overseas Services and Bill Hwang's Archegos Capital tell us about market manipulation and leverage, and why weak institutions and tiny fines let bad actors drive out honest businesses. Along the way, we try to track down the "notorious malevolent forces" that Tezmen blamed for the collapse.
Hilmi Güvenal Substack: https://hguvenal.substack.com/p/where-is-the-830-billion
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website: https://www.onfinance.org
Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social
Business Inquiries ➡️ sponsors@onfinance.org
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
Category (YouTube): Education
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