Thoughts on Leopold going tits up - big lesson in this
As someone who has been invested in a handful of Leopold investments before he came onto the scene, want to share my thoughts on what I believe happened here. Leopold is obviously a brilliant mind and was able to identify a lot of these themes/trends before almost everyone else. But having a brilliant mind and understanding the ruthless nature of capital markets are entirely different things. As of last year (iirc, firing this at the hip btw so may get some things a bit wrong) he was directionally long with shares and options. That is great, and he had a phenomenal year. The first sign of concern was the 13-f this spring where we saw a bunch of puts and other shorts, even some on software (which had already been taken to the woodshed), and at this point the fund had became a bit of an over levered clusterfuck It’s been disclosed that citadel was the (gracious) recipient of his liquidated book. They also announced their belief a rate hike was coming earlier this week. I’m fairly confide
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