Speaker A
Josh: I can't believe we're filming this episode. The poster child of Silicon Valley, Josh: investing, Leopold Aschenbrenner, has kind of been dethroned.
Analysis of Leopold Aschenbrenner's rise and fall in AI investing, exploring leverage risks and market dynamics.
Ask about this video. Answers come from its transcript only — with the timestamp, so you can check them.
Generated from the transcript and can be wrong — check the timestamp.
Key Takeaways
- Excessive leverage (4X) can rapidly destroy even highly successful funds during market downturns.
- Leopold's AI infrastructure investment thesis was largely accurate despite the fund's liquidation.
- Market dynamics, including interest rate changes and competitor actions, can accelerate forced liquidations.
- Situational awareness and risk management are critical in high-stakes investing.
- Young investors can achieve remarkable success but must be cautious about leverage and market timing.
What the video covers
- Leopold Aschenbrenner, a young AI-focused hedge fund manager, grew his fund from $225M to $45B with a 1600% return.
- His fund was heavily leveraged at 4X, controlling a nominal $100B portfolio on a $45B book.
- Leopold's investment thesis focused on AI physical infrastructure (compute, GPUs, memory) and shorting AI software applications.
- Market conditions, including rising interest rates and oversupply, triggered a rapid liquidation of his positions.
- Citadel and other market players contributed to selling pressure, accelerating the fund's downfall within 20 days.
- Leopold closed all public positions after a single block sale by July 30th, marking a dramatic collapse.
- Despite the liquidation, Leopold's AI infrastructure thesis remains directionally correct according to the hosts.
- The episode discusses the dangers of excessive leverage and the importance of situational awareness in investing.
- The timeline of events was tracked in real time via social media and news reports, including a viral Financial Times article.
- The hosts reflect on Leopold's youth, impressive run, and the lessons learned from his fund's collapse.
Chapters
- 00:00Introduction and Leopold's Rise
- 01:45Leverage and Fund Size Explained
- 02:57Leopold's AI Thesis and Predictions
- 04:40Market Conditions and Unraveling
- 06:25IPO Impact and Leverage Risks
- 07:32Liquidation Timeline and Market Pressure
- 10:00Social Media and Public Reaction
- 12:37Reflection on Leopold's Legacy and Lessons
Full Transcript — Download SRT & Markdown
Speaker A
Josh: Like the dude got wrecked.
Speaker A
Josh: As to set some context, 20 days ago, there's this kid in mid-20s,
Speaker A
Josh: Leopold Aschenbrenner. We filmed many episodes about him. He was running the
Speaker A
Josh: best performing hedge fund on earth. It was up 1,600%. He ran it up from a few
Speaker A
Josh: hundred million dollars to $45 billion.
Speaker A
Josh: And then the market learned two things. One, that he was on leverage and two,
Speaker A
Josh: that he was getting closer to his liquidation prices.
Speaker A
Josh: So what does the market do? It hunted those positions and got him liquidated,
Speaker A
Josh: only for one man to come in and swoop up the entire position of his fund in
Speaker A
Josh: one single transaction. And now, as I understand it, Ejaz, every single one
Speaker A
Josh: of his public positions is closed.
Speaker A
Ejaaz: It's gone. That's it. It is gone. It's gone.
Speaker A
Josh: Overnight, it happened so fast. This is unbelievable.
Speaker A
Ejaaz: Yeah. And I think it's important to kind of like set some context.
Speaker A
Ejaaz: Who on earth is this guy and like how all of this unravel? We're going to get
Speaker A
Ejaaz: into all of that on this show. But on your point of leverage,
Speaker A
Ejaaz: Josh, like it wasn't just like any amount of leverage. This guy was 4X levered on the entire fund.
Speaker A
Ejaaz: 4X is crazy. So the nominal value that he was levered at was $100 billion.
Speaker A
Ejaaz: Do you know how much money you need to borrow to be levered to $100 billion
Speaker A
Ejaaz: on like a $45 billion book? It is just absolutely insane.
Speaker A
Josh: A lot more than it should have been.
Speaker A
Ejaaz: Way more, way more than he should have been. Okay, so who on earth is Leopold
Speaker A
Ejaaz: Ashenbrenner? I'm sure you've heard this name, but just a brief kind of recap.
Speaker A
Ejaaz: Leopold Ashenbrenner was the wee age of 23 years old, so this was two years
Speaker A
Ejaaz: ago in 2024, when he left or rather got fired from OpenAI on the Super Alignment AI research team.
Speaker A
Ejaaz: And he decided to write a 165-page essay on what he thought the next decade
Speaker A
Ejaaz: of AI is going to look like.
Speaker A
Ejaaz: And turns out he's the only guy that was bang on with every single one of his predictions.
Speaker A
Ejaaz: And people love the essay so much that he raised a fund, a small amount of around $225 million.
Speaker A
Ejaaz: And over the course of two years, he rode that up 1,600% to the tune of $45 billion.
Speaker A
Ejaaz: Now, it is one of the most impressive runs of any investor.
Speaker A
Ejaaz: But the fact that he did it at the age that he had with no, zero trading experience,
Speaker A
Ejaaz: by the way, is just phenomenal.
Speaker A
Ejaaz: And the fund was based on two main pieces. Number one, that the physical AI
Speaker A
Ejaaz: infrastructure was going to be one of the best investment opportunities out
Speaker A
Ejaaz: there. Compute, GPUs, memory, all those kinds of things.
Speaker A
Ejaaz: He was very early on the trade. He called the trend very early. The second thesis is,
Speaker A
Ejaaz: applications, software, he was going to be short. He didn't believe that companies
Speaker A
Ejaaz: like Microsoft or whatever, their software was going to be worth anything in
Speaker A
Ejaaz: a world where AI models can just absorb all of those things. That was the sure bet.
Speaker A
Ejaaz: But things started to unwind around six weeks ago when his thesis that held
Speaker A
Ejaaz: strong for two years started to waver. Markets started to recede.
Speaker A
Ejaaz: There was the global war that was happening. There was a few kind of like oversupplies
Speaker A
Ejaaz: happening in terms of funding.
Speaker A
Ejaaz: And things started to go a little wry.
Speaker A
Josh: Yeah, it was messy. I'd say it took about 20 days to go from like absolute
Speaker A
Josh: legend to fully liquidated. It was like this happened very rapidly.
Speaker A
Josh: And it was kind of marked in a way by that July 10th ringing of the bell of SK Hynix.
Speaker A
Josh: This was like this huge IPO moment where everyone was very excited.
Speaker A
Josh: And it very much marked that top tick in terms of where the market was for Leopold in particular.
Speaker A
Josh: So that was early July. You can think like July 10th is when it started.
Speaker A
Josh: We're now sitting here August 3rd recording this. You'll be listening to this August 4th.
Speaker A
Josh: In this month, a lot kind of happened. And it starts with the memory trade.
Speaker A
Josh: We know Leopold is very risk-on with the memory trade, so much so that he was
Speaker A
Josh: using, like you mentioned, four times leverage.
Speaker A
Josh: And just a brief explainer for those who don't understand leverage.
Speaker A
Josh: At four times leverage, a roughly 17% move against your portfolio erases about
Speaker A
Josh: two-thirds of the equity.
Speaker A
Josh: So for every $1 you put down of money, you borrow three more.
Speaker A
Ejaaz: You control $4 of stock. If you're down like 25%, I think he wipes the entire
Speaker A
Ejaaz: book. Like you're done. It's just a 25% move.
Speaker A
Josh: Exactly, 25%. But the problem with this is that the people who are loaning you
Speaker A
Josh: money don't want to lose the book.
Speaker A
Josh: So they're going to start to claw back that equity prior to it reaching zero.
Speaker A
Josh: And that's when you see this cascading liquidation of events. And this was caused...
Speaker A
Josh: Initially by the market sell-off in memory and then it just went a little bit
Speaker A
Josh: further and faster from there. Uh, you'll notice that there was this entity that
Speaker A
Josh: goes by the name of Citadel that did flag earlier in the week
Speaker A
Josh: that hey, we think interest rates might actually increase.
Speaker A
Josh: And what does that mean for the market? It adds further selling pressure, so there was all this pressure
Speaker A
Josh: downward on his positions and because he was leveraged it creates a lot more
Speaker A
Josh: pressure on those positions and it required him to raise more money. So in early
Speaker A
Josh: July around this time there were rumors that Leopold was looking to raise a
Speaker A
Josh: little bit more money for the fund.
Speaker A
Josh: I'm not sure if he actually got there, but basically July 24th comes,
Speaker A
Josh: he writes a letter to his investors admitting the damage.
Speaker A
Josh: Word gets out that he has been damaged. Those rivals press his known positions.
Speaker A
Josh: The brokers that he loaned his money from, they want cash. And then by July 30th,
Speaker A
Josh: the whole book sells in one single block and he's fully out of the market and
Speaker A
Josh: that's what happens and it was really this like unbelievably devastating thing
Speaker A
Josh: I would imagine for the fund.
Speaker A
Josh: Um, because it just happened seemingly out of nowhere and everyone went from
Speaker A
Josh: like oh my god this guy's a genius to oh my god wait he just lost all of his
Speaker A
Josh: money. Well, perhaps not all of it but a lot of the portfolio got wiped out.
Speaker A
Ejaaz: Absolutely, Josh. Um, I feel like this timeline could play in a movie like the
Speaker A
Ejaaz: Social Network or something like that, so I'm gonna spend crazier.
Speaker A
Josh: It is nuts.
Speaker A
Ejaaz: Like I saw this entire thing unravel on my timeline, right, in real time.
Speaker A
Ejaaz: And so I'm going to share some of the tweets that kind of, I'm going to take
Speaker A
Ejaaz: you guys through this journey and run you guys through this entire timeline.
Speaker A
Ejaaz: So the original tweet that went viral was news broken from the Financial Times.
Speaker A
Ejaaz: And the title is a little demeaning. It's Leopold Ashenbrenner's situational
Speaker A
Ejaaz: awareness seeks to raise capital after the AI route. Now, that was the,
Speaker A
Ejaaz: I think it was the start of July that you just referenced, Josh,
Speaker A
Ejaaz: where it was like, okay, things are getting a little weird.
Speaker A
Ejaaz: And I watched the Martin Shkreli interview on TBPN.
Speaker A
Ejaaz: And he basically said he got approached by someone like a random intermediary
Speaker A
Ejaaz: saying, hey, do you want to buy $100 million of Anthropic shares at a really steep discount?
Speaker A
Ejaaz: And he just kind of like sat back in his chair and he was like,
Speaker A
Ejaaz: is this Leopold? Because there's no other fund out there that would,
Speaker A
Ejaaz: you know, do this in their right mind.
Speaker A
Ejaaz: And then from Martin Shkreli himself, he goes, I have a hearing rumors that
Speaker A
Ejaaz: SALP, which is Situational Awareness LP fund, is down more than 50% month to date.
Speaker A
Ejaaz: After it was being up around 200%. Now, the reality is even worse. E
Speaker A
Josh: But I mean, in a way, like you made it to the big leagues. Like he ran up this Josh: fund from a couple hundred million dollars to 45 billion.
Speaker A
Josh: And now you're going to have to fight with the big dogs. Josh: And Ken Griffin has done this before. He did this. What was the oil company?
Speaker A
Josh: Enron, I think it was. That went out of business. Josh: It was unbelievable. So Ken Griffin is actually worth highlighting here in the Josh: story because he is, I mean, a remarkable bailout investor in a way.
Speaker A
Josh: Ken Griffin is the type of guy that will never get a phone call, Josh: but perhaps like once every five to 10 years, he'll get the phone call and it Josh: will make him tens of billions of dollars every single time.
Speaker A
Josh: He's the guy that you could call to bail them out. Josh: If anything goes wrong, if you are on the edge of bankruptcy, Josh: you call up Ken, he'll send his guys over and he'll take care of it.
Speaker A
Josh: I know with that Enron story, at least I remember the story because it was so Josh: amazing how he took a bunch of his top investment guys, put them Josh: on a plane and flew them over to go actually be at the office and work overnight
Speaker A
Josh: to process all the books to see where the value was in the business and what Josh: he discovered is that a lot of the value was in.
Speaker A
Josh: A few key people that were kind of managing the infrastructure that truly understood the business.
Speaker A
Josh: So he extracted those people. He started his own thing with them. Josh: And then the rest of the company was kind of sold off to someone else.
Speaker A
Josh: And it was having a really tough Josh: time. It didn't do well. But Ken and the team, I mean, what does it say?
Speaker A
Josh: The team built Citadel's commodity trading and made 30 plus billion dollars Josh: so far where the UBS who bought Enron, they had to shut down Enron, Josh: which was the business that it bought.
Speaker A
Josh: So Ken Griffin has done this before. He is the guy that you call leopold called Josh: him it seems like he's always kind of at the center of some sort of you know Josh: interesting cultural moment i remember the last one for for the people who were
Speaker A
Josh: involved in crypto it was the um, Josh: oh what was this it was like the nash gamestop not game it was gamestop partially Josh: and then there's the other the constitution.
Speaker A
Ejaaz: That's oh the constitution yeah yeah Josh: Yeah see he's part of so many things all these cultural moments it's like okay Josh: the gamestop moment he was in the constitution he was in like when people were Josh: buying the constitution it's just like ken griffin is always there lurking in
Speaker A
Josh: the shadows and capitalizing on this. Ejaaz: So i think that comes in i think when it's like always disastrous right like Ejaaz: like i love that it's like yeah it's like the the game stop thing when Ejaaz: capital was getting squeezed he was like all right i'll i'll bail you out for
Speaker A
Ejaaz: 10 billion dollars but like i think he got Ejaaz: recurring percentage of their revenue from that fund for the immediate future Ejaaz: and like for the long foreseeable future as well so he just like had passive Ejaaz: income coming from this like billion dollar plus fund and then the other one
Speaker A
Ejaaz: I think I remember was the Amaranth thing. Ejaaz: This was before my time. I think I was like a little baby, but I read up about Ejaaz: this. And it's this guy, almost Leopold-esque.
Speaker A
Ejaaz: And he was trading gas futures, Josh. And he made like a similar return back then.
Speaker A
Ejaaz: And then he flew too close to the sun, blew up and sold his entire book to Ken Ejaaz: Griffin. So actually, I think Ken has made the most money from these disaster Ejaaz: situations. Just a shock.
Speaker A
Josh: Yeah, he's top dog. I mean, people are going to quickly learn when you get to Josh: that size. Like you're going to have to deal with the big boys.
Speaker A
Josh: You're getting calls from J.V. Morgan. You're getting bought out by Citadel. Josh: I mean, this is the reason why these behemoths that exist today.
Speaker A
Josh: Was leopold wrong or did he just get wrecked. Ejaaz: Look at this chart josh you tell me look at this chart and you tell me that's so brutal Josh: Okay so upon liquidating his entire position, Josh: all of his holdings were up an unbelievable amount this is one day right this
Speaker A
Josh: is one day nebius one of his largest holdings up 27 percent iron Josh: up 26 and a half percent bloom energy which we filmed an entire episode on up Josh: 25 percent in a single day even sk heinic.
Speaker A
Ejaaz: But i mean even the salt to wound that closed out into this Josh: By midday. It came up 16%. So his entire portfolio absolutely ripped, which signals to me.
Speaker A
Josh: And I mean, based on everything that we've been saying too, I mean, Josh: the day before this happened, we filmed an episode saying the market's wrong Josh: because we were watching the sell-off and we were trying to make sense of why
Speaker A
Josh: the market was selling these things off so dramatically. And I think now we Josh: kind of have an answer. People were hunting Leopold's positions.
Speaker A
Josh: As soon as he got liquidated, as soon as those positions closed, Josh: the entire market ripped. And I think it's a testament to.
Speaker A
Josh: To leopold in the fact that he was right it's just he was right with leverage and unfortunately Josh: with leverage you are never truly secure you are never truly safe even if you're Josh: right if you're right in the wrong way it's just as equal to being wrong and
Speaker A
Josh: that's kind of where he fell here but i think Josh: directionally he is right and now we have to re-evaluate this question like Josh: hey is this a good time to actually deploy money into these companies because
Speaker A
Josh: look they're doing well we just saw all the earnings reports from companies like google whose Josh: cloud margin revenue is going through the roof their capex is going through Josh: the roof they're so much that their cash flow negative for the first time in
Speaker A
Josh: company history so all these large cap companies are spending, Josh: huge amounts of money we know where that's going it's going to land power shell Josh: it's going to the chips it's going to the memory it's going to all the infrastructure
Speaker A
Josh: required to build these tokens and who are the people that are responsible for Josh: this well we're looking at the list on screen right now so it seems like Josh: leopold is right he's probably going to try to run this back as best he can i'm sure,
Speaker A
Josh: people shouldn't lose too much trust in him i mean that's like a touchy thing to say but Josh: he wasn't wrong he was only wrong in terms of how he went about it hopefully Josh: this is the learning experience and as we move forward the thesis still stands
Speaker A
Josh: and it can kind of continue along this journey of being that like, Josh: poster child for the ai investment trade.
Speaker A
Ejaaz: Yeah. I want to give the other side of the coin here, which is like, Ejaaz: what if Leopold is wrong?
Speaker A
Ejaaz: And there is a convincing enough argument that he might be. And this is not Ejaaz: something I prescribe to, but I Ejaaz: want to give that for the bears that are watching this show, right? Okay.
Speaker A
Ejaaz: So if you remember earlier in this episode, I said his thesis were two parts.
Speaker A
Ejaaz: One, that AI physical infrastructure was going to keep going up because the Ejaaz: demand is way higher than anyone can conceivably think of.
Speaker A
Ejaaz: And number two, that he was going to be short software applications because Ejaaz: AI model companies or labs like Anthropic and OpenAir are just going to absorb Ejaaz: them, right? They're just going to get the model to train and do the thing that
Speaker A
Ejaaz: Microsoft's application can do, and then just replace Microsoft, right? Ejaaz: But like you just said, Microsoft just had their earnings report, Ejaaz: and it is the best that they've had.
Speaker A
Ejaaz: It's a record earnings investment for goodness knows how long at this point. Ejaaz: And that's been a continuing trend across most software applications that Leopold Ejaaz: was actually short in his most recent 13F findings, cybersecurity stocks, Ejaaz: and a number of other ones, they are actually all up over the last couple of months.
Speaker A
Ejaaz: You know what hasn't been up over the last month, up until maybe like market Ejaaz: open of like last week? It's these memory stocks, man.
Speaker A
Ejaaz: It's the AI physical infrastructure. NVIDIA actually is up 0.33% over the last month and a half.
Speaker A
Ejaaz: So like, there's a lot of things that are going on here that could potentially Ejaaz: hint that Leopold's thesis is wrong that being said i don't think that that is correct personally Ejaaz: purely because of all the demand that the likes of microsoft amazon hyperscalers
Speaker A
Ejaaz: are seeing on the cloud service side of things that's going to drive more memory Ejaaz: demand it's going to drive more gpu sales from Ejaaz: nvidia from amd it's going to drive more cpu sales from intel and the infrastructure
Speaker A
Ejaaz: play is very much still there now the question is Ejaaz: is it already priced in? And that honestly is something that I can't answer Ejaaz: because I don't know what people have invested in or like how much of their
Speaker A
Ejaaz: money they've invested. Ejaaz: If you look at our friends in Korea who are housing two of the memory giants, Ejaaz: they're all leveraged up, they're all borrowing from their banks.
Speaker A
Ejaaz: So I don't think we've quite seen that extent here in the West. Ejaaz: But I do think we are in a position where like it could go up, it could go down.
Speaker A
Ejaaz: I don't know. But over the long term, I do believe infrastructure is still very Ejaaz: much in demand and Leopold will ultimately end up being right, Ejaaz: which is a very, very expensive lesson to learn on your wedding weekend.
Speaker A
Ejaaz: And I hope that the guy makes it out because like he's still, Ejaaz: he's 25 years old. And I've seen a lot of people like hating on him.
Speaker A
Ejaaz: And like, listen, I understand, I get it. He's lost a lot of money.
Speaker A
Ejaaz: It was very irresponsible. Ejaaz: But to pull something off, to have the returns that he had, he's still 80% up Ejaaz: on the air. If you want to kind of take that number at face value, Ejaaz: he's beaten a lot of the traditional head front still, right after this entire
Speaker A
Ejaaz: drawdown. And I hope he learns from it. Ejaaz: And I think that he probably will and his thesis will play out.
Speaker A
Ejaaz: The next thing is RSI, recursive self-improvement. Josh, maybe we need to do Ejaaz: an episode on that, I think.
Speaker A
Josh: Yeah, we're going to talk about that and many other things. There's a lot of Josh: moving pieces now that are happening.
Speaker A
Josh: And when we look at the market, it's like we don't really know where things Josh: are going. So the best you could do is guess.
Speaker A
Josh: And we've seen these guesses with like many, many multiples on the revenue of these companies.
Speaker A
Josh: It's starting to compress a little bit. We're starting to see that because of Josh: the uncertainty. A lot of these companies are at capacity in terms of the bandwidth Josh: that they can create. So the only surprises can come really from the downside
Speaker A
Josh: as opposed to the upside. Josh: And there's a lot of these like market forces that are at play that are pushing against Josh: this thesis at least in terms of the the memory companies the ai companies like
Speaker A
Josh: when you think about china they're getting much closer they're starting to turn Josh: these tokens into commodities if they do they're fighting Josh: an energy war with the u.s instead of an intelligence war with the u.s that makes things kind of,
Speaker A
Josh: slightly in their favor but i do agree on like the infrastructure trade at least Josh: we need so much more power we need so much more memory we need so much more Josh: tokens and assuming that continues to hold true um you got to assume that leopold
Speaker A
Josh: will be there so like nothing but respect for the guy sucks uh. Josh: That's a bummer sorry to hear that you know what could have helped leopold is Josh: if he was perhaps using i mean ledger have you heard of this because if you
Speaker A
Josh: are building with ai agents you're probably worried about security and an agent with unchecked access Josh: is a problem um you can think of a portfolio with leverage is a problem similar Josh: types of problems except Josh: ledger is protection to help you solve this problem ledger lets the agents propose
Speaker A
Josh: it lets humans approve and then ledger signers enforce so there's this three-step Josh: process that works with cloud code codex Josh: cursor it's open source it's available today it works with all the things that we Josh: work with there's basically this thing called the ledger agent stack and it
Speaker A
Josh: fixes this using open source tools that allow you to engage with agents and Josh: then tell them exactly how you want things done approving them along the way Josh: so thank you so much to ledger for sponsoring this episode
Speaker A
Josh: hopefully leopold can find his own version of ledger and yeah uh you can find Josh: the link in the description down below at developer.ledger.com.
Speaker A
Ejaaz: Can we end this with a meme? Josh: You got one? Ejaaz: Let's see. Por favor. Yeah, I got one.
Speaker A
Josh: We named the fund situational awareness, but lacked the situational awareness Josh: to sell when we were up 2200% in two years.
Speaker A
Josh: That's pretty good. Ejaaz: That's pretty good. Some of these memes are so good, dude.
Speaker A
Josh: It brings me pain because it's like, yeah, dude, obviously. But also, Josh: I mean, oh shit, I would stay rose gone too. Just with less leverage. Don't use leverage.
Speaker A
Ejaaz: Everyone knows. The lesson here is stay away from leverage, guys. Ejaaz: Or if you're going to use leverage, certainly don't do 4X on a $45 billion book.
Speaker A
Ejaaz: What are you doing? You don't need $100 billion. Ejaaz: Just you're already one of the best performing headphones in the world.
Speaker A
Ejaaz: Like, just chill out. But we will keep track of everything that is unraveling.
Speaker A
Ejaaz: When Josh and I filmed the last episode covering the Leopold story, Ejaaz: which was literally a few days ago, the news was breaking as is.
Speaker A
Ejaaz: And as we wrapped up recording, all of this stuff came out. Josh: So we were like, oh my God, we need a whole episode.
Speaker A
Ejaaz: We were like, we need to do another episode. So this is that episode.
Speaker A
Ejaaz: So if you enjoyed it and you are listening to this on YouTube or Spotify or Ejaaz: Apple Music, wherever you are, please give us a rating, leave us a comment.
Speaker A
Ejaaz: It helps us out massively. We've been hearing from a lot of you. Ejaaz: I got accosted in the street, Josh, from another fan that walked up.
Speaker A
Ejaaz: Dude, that's crazy. I was like, well, he goes, hey, you're that podcast guy.
Speaker A
Ejaaz: Like you were speaking about this episode. Ejaaz: We're making moves. But I do say like if you see us in the street, Ejaaz: like we would love to say hi to you. Like we don't know.
Speaker A
Ejaaz: We haven't met too many of our listeners that aren't, I guess, Ejaaz: extended family and friends. So please come out to us, say hello, Ejaaz: leave us a comment if you would like.
Speaker A
Ejaaz: It helps us out massively. Is there anything else? Josh: We're covering both coasts now. I came back from SF. Eden is now in SF.
Speaker A
Josh: We're just like, we're going bi-coastal. We're getting the show done either Josh: way. if you did enjoy this.
Speaker A
Josh: Don't forget, one of the most important things you could do is give us a new Josh: listener. Share it with a friend who might also enjoy this. That really goes Josh: a long way. And then, yeah, if you ever do see us, say hi. I mean, that'd be pretty cool.
Speaker A
Josh: It's fun to see the numbers on the screen translate to people in the real world.
Speaker A
Josh: So that's always a really good time. I hope you get recognized more. Josh: You should just like, I don't really, I'm not super familiar with SF, Josh: but like you should just go to like the hotspots, Ejaz, and just kind of sit
Speaker A
Josh: there and try to aura farm. Like, let me know if anyone comes up to you and Josh: says hi and just like report back how many fans we actually have.
Speaker A
Ejaaz: Hey, maybe I'll see Leopold at a cafe at this point, dude. I think the dude's Ejaaz: down bad. Maybe he'll be down to have a conversation. Well, wish him well for me if you do, Josh: Because I really hope he pulls it together. I hope that this fund manages to
Speaker A
Josh: claw its way back, because I'm sure it will. Josh: And yeah, that's Leopold's story. So thank you all so much for watching, Josh: as always, and we will see you tomorrow on the next one.
Topics:Leopold AschenbrennerAI investinghedge fund collapseleverage riskSilicon Valley investingCitadelsituational awarenessAI infrastructurememory trademarket liquidation
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