Today, many people are saying that @LeoATracker is done for. His fund was liquidated and acquired by Citadel, and the market immediately surged back. As soon as the news broke, the market quickly shifted into “popcorn mode” 🍉 and schadenfreude, with countless people discussing how this once-celebrated “genius” had fallen from grace. I understand why many feel a complex, even slightly vindictive emotion when seeing someone who rose to fame at a young age come crashing down. To be honest, I initially felt a hint of that myself. But after calming down and thinking it through, I believe he is fundamentally different from SBF. First, he did not commit any crimes. SBF’s problem wasn’t investment failure—it was alleged criminal activity, which ultimately cost him his freedom and left him with almost no chance of a fresh start for decades. Leopold, on the other hand, suffered a massive investment loss—and at the very end, he got caught in an old man’s trap. Second, he still holds two of his most important cards. He retains his stake in Anthropic. He is engaged to Anthropic’s Chief of Staff and still possesses top-tier connections and resources within the AI ecosystem. These are advantages that most people could never replicate. Third, he is still very young. Time itself is the most valuable asset. For a genius in his twenties, a major failure isn’t necessarily an endpoint—it could become the most transformative experience of his life. Experiencing failure early is far better than experiencing it late. Having lived through the FTX collapse, and then riding the rollercoaster from millions to over $400 million—and falling just as quickly—is an experience shared by only a handful of people worldwide. This kind of insight cannot be learned from books or taught in classrooms. If this setback hasn’t broken his spirit entirely, then the next time he rises again, he may be even more formidable than before. I’m looking forward to his comeback.