Leopold is Back! Big Tech Earnings, Defense Tech Deep Dive | Richard Craib, Trae Stephens, Blake Resnick
Summary
TBPN analyzes Leopold Aschenbrenner’s letter clarifying Situational Awareness LP’s recent drawdown, confirming the fund sold its public equity book to Citadel to remove leverage but remains operational. The hosts discuss the distinction between this managed risk event and a total blowup, noting the fund is still up 80% year-to-date. Guest Richard Crave from Numerai joins to explain the difference between levered beta and true alpha in quantitative finance.
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