A couple of years ago, I put on a pair trade for a “sophisticated” client. One side was the anchor – multi-strategy and income, built for ballast. The other was the satellite – more aggressive positions in AI and China, built for growth. The aggressive side hit a rough patch and suffered losses. That was…

I’m not the most active person on LinkedIn, more of a quiet observer who scrolls now and then. I do make new connections occasionally (selectively, of course). At the risk of upsetting some people, LinkedIn can sometimes feel like a stage where many are more interested in “showing off” than sharing real insights or adding…

Pranayama, an ancient practice rooted in the Vedas and detailed in Patanjali’s Yoga Sutra, a foundational Hindu scripture from around 200 B.C., involves breathing exercises designed to clear physical and emotional blockages, freeing the breath and allowing the flow of prana, or life energy. Typically, Pranayama is practiced before meditation to prepare the mind and…

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,…

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…