following the logic of currency speculators who later attacked exchange-rate pegs everywhere from Britain to Thailand, Marcus saw that, whether or not revaluation happened, devaluation was inconceivable. This made betting on the Saudi currency a hugely attractive one-way gamble: There could be no guarantee of winning, but there was a near guarantee of not losing. So Marcus took huge positions in the riyal, leveraging himself up with borrowed money and sleeping perfectly soundly. In March 1975, Saudi Arabia abandoned its dollar link and revalued. Marcus made another killing.38
