If you're running risk at Leopold's prime broker, somewhere in your account docs sits the big red button...the power to margin call Situational Awareness and force liquidate it's positions.
Indeed, the Situational Awareness fund is highly levered, collateral halved, and every anon on this app has been spouting that Leopold is cooked. Liquidation notices, forced unwinds, the works.Except...you open the account and see a fund that made 439% net YTD June.So, if Situational Awareness fell 50% this month, it's up roughly 170% YTD. If it fell 70% (a genuine Lehman-level catastrophe), it's still up about 60%. Which is why, even in the disaster scenarios, the fund sits above its high-water mark = Leopold's fee engine never stopped running and isn't about to. Yes, Leopold's risk is through the roof, but even that worst case 2026 scenario still beats the best year most fund managers will ever have.Rather than Leopold's emails going berserk with angry investors, it'll be the complete opposite where his already diligenced AI bulls will be wanting to give him fresh money. Lows will ultimately be bought and I'm pretty confident that Leopold will somehow time things better than most fund managers.Ultimately, Leopold will be fine and will raise capital at better terms than the risk-on market we saw in Q1 and the start of Q2.The copyright of this article belongs to the original author/organization.
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