Good morning. Bill Huang, whose Archegos hedge fund blew up spectacularly a few years ago, has been found guilty of fraud. I still have the same question about Hwang I have always had. How could he have thought that his crazy plan was going to make money in the end? Send your theories: robert.armstrong@ft.com.

The Nvidia sceptics

Before discussing whether it remains wise to own Nvidia shares, take a moment to consider where expectations for the company stand. Here is a picture of historical and expected earnings per share. It also shows where earnings per share expectations were a year ago: