For anyone who missed it, Leopold Aschenbrenner’s fund, Situational Awareness, reportedly peaked at close to USD45 billion before losing roughly 67% in July. The trade was essentially long AI infrastructure, short parts of software, and reportedly running at close to four times leverage. It worked spectacularly well until it did not. Then the longs cracked,…
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The markets never take a holiday
After a short break meeting friends, partners and interesting people along the way, I’m finally back at my desk. Well just in time for the markets to remind us that they never take holidays. Technology stocks have suffered a sharp correction and at the same time, geopolitical tensions have continued to intensify, adding another layer…
Some things never change
My latest piece on the technology sector without all the technical jargon or complicated charts has just been published in The Armchair Trader newsletter. I was connected to the publication through a long-time friend and partner, which is how this little collaboration came about. Established in 2010, The Armchair Trader is a UK-based financial publication…
Analogies in action
Transcendental Meditation (TM) is often described as a simple, natural, and effortless technique, yet its effects are profound. To help convey the essence of TM and make its principles more accessible, a variety of analogies are commonly used. These analogies draw on everyday experiences and familiar concepts, allowing us to better understand how TM works…
Back on the road!
I will be away over the next one week or so meeting a few people, so the blog will be taking a short break. That said, I know myself well enough. If I find a quiet moment in an airport lounge, on a train, or somewhere in transit, I will probably end up writing something…
Back to school
Most people in this business only talk about their winners. I have been doing this for 30 years. I have had losses. Real ones and well, the kind that cost money and time. Most people in this industry bury those stories. Nobody builds a personal brand on the trade that did not work. Here is…
Where wisdom meets wealth
I periodically recycle old posts on my blog to ensure that new clients can benefit from valuable content they may have missed and this post is one such example. I recently asked my capable partner to pull together some data on our global clients, and the results tell an interesting story about age and wealth….
“No, I don’t know the bottom”
You had better hide that statement from your spouse. The bears are celebrating and what started as a rotation into defensive sectors is beginning to look like a broader correction, and we believe the weakness could continue for a while. If that happens, even some of our highest-conviction trades may come under further pressure. A…
What the World Cup reminds me about investing
Like billions of people around the world, I have been following the FIFA World Cup and after 30 years in the industry, however, I have realized I have an occupational hazard. Whatever I’m watching, I somehow end up relating it back to investing. Watching the tournament has reminded me that football and investing share more…
Why is Transcendental Meditation “expensive”?
While in India a couple of years ago, I engaged in a rather long conversation with an experienced meditator and teacher from France to inquire about the ease of introducing Transcendental Meditation (TM) in her home country. She pointed out that the initial reluctance of individuals to delve into TM often stems from cost considerations….