Leopold: Very Much Still in It
Happy Friday.
The current thing in tech and business is still the Situational Awareness blowup.
Today’s Lineup
- Numerai Founder Richard Craib at 11:30 AM
- Founders Fund Partner Trae Stephens at 12:00 PM
- BRINC Founder & CEO Blake Resnick at 12:35 PM
Run of Show
Leopold: Very Much Still in It
After the chaotic sale of the Situational Awareness public equity book to Citadel yesterday, it wasn’t looking good for Leopold Aschenbrenner, but today things are looking much much better. According to a letter sent to LPs, the fund survived the 67% drawdown and is still up 80% year to date. Going aggressively long the AI trade was very much the pitch from the beginning of Situational Awareness, and the core thesis seems completely intact. The AI buildout is continuing along trend lines, model progress is advancing as well, lab revenues continue to balloon, but the market is not a smooth trend line and Leopold called out short sellers (“adverse trading in names associated with us” to quote him).
There’s still a ton that needs to happen in order to build back and actually “fight another day” but Leopold clarified that the fund is still very much still in business. “The fund was not shut down, liquidated, or transformed into a private-only fund.” What does the next iteration of Situational Awareness look like? Less leverage? More diversification? We’re going to find out in a couple of quarters when the 13Fs start dropping.
What a story. Excited for the next chapter. — John
Clip Spotlight: Martin Shkreli on the Situational Awareness blowup
Martin Shkreli says funds were already shorting Situational Awareness stocks as early as Monday in anticipation of Leopold getting liquidated, which only accelerated the collapse.
“Some players were already positioning on Monday and Tuesday, looking to shoot against the fund.”
“That’s when you know somebody has to liquidate, and the best thing for you to do — unfortunately, sadly Darwinian — is to go sell all the positions you have…
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