Leopold’s Fall
Situational Awareness and Amaranth 20 Years Apart
Steve Cohen, a hedge fund manager, shared his three key rules for survival in the market: liquidity, leverage, and concentration. Leopold Aschenbrenner, the manager of Situational Awareness, had all three. The fund's assets peaked at $45 billion in early July, but within a month, it suffered significant losses. Cohen's revelation about the dangers of combining these three factors became a grim reality for Aschenbrenner's fund.
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