My two cents on "Situational Awareness"- I'm sure Leopold was a smart fellow. I'm optimistic he will find something worthwhile to do to contribute towards society. And while I see a lot of grave dancing, he is yet a young man who deserves second chances. However, there is one thing I will stand by with stubborn conviction and you can hold me to: and that is my belief that he should never manage institutional client capital ever again. Listen to the below exchange, and watch his demeanor as Dwarkesh asks about how to avoid blowing up as so many hedge funds get either the the timing wrong, or approach with too much theory mindset. After a series of hurried affirmations, he starts by responding: "Yeah, I mean look obviously, you can't ... you know, not blowing up is sort of like task number one and two, or whatever" For any trained stewards of client capital, this is the ONLY phrase you need to have heard to realize everything you need to know from this two hour interview. You don't need to know his IQ, his pedigree, his experience. You know the only thing that matters. He doesn't care about the golden rule of money management. He is going to blow up. As an RIA with fiduciary duty and standard of care, not blowing is, in fact, task number one. It is the only task. There is no other task, and it is definitely not a "whatever." There simply remains no ambiguity in the human mind as to what the job is. Now, listen to his answer one more time. There is something else here you probably missed the first time. He starts by saying "Yeah I mean look obviously you cant..." and then stops and pivots. Take a moment to think about what you think he was going to finish this sentence with if he didn't just realize that he probably should not finish that thought? Finish his sentence, I dare you. And now you know why it was obvious that he was going to blow up. One more thing- I debated whether I wanted to post this or not. It's always really painful for me as a PM to watch others blow up in the industry, because I know how much client capital has been damaged (and other collateral damages in the service providers). However, recently there has been a trend of internet personalities who celebrate these kinds of misadventures by justifying risk taking. We must stop celebrating this culture of charlatans. There are so many public figures that I see online, who simply have no business of managing client capital, vying for attention where they play the very same game. In fact, the people who often come out defending Leopold are more likely that charlatan than not. Because anyone who understands the solemn gravity and incredible privilege of managing client capital knows that what Leopold just said in this video is so horrific to the professional investment management industry. Allocators must be more mindful of who they choose to build trust with. The best allocators know that belief and trust are not the same asset. So good luck Leopold! I genuinely believe you are a smart, capable, and well-intentioned person-and excited to see what you will do next. We've never lived in a more exciting period in society to affect incredible change and contribution. Refocusing your energy towards what you are actually really good at and deeply care about, is the highest form of effective altruism you can do for others. In fact, it's probably the highest form of situational awareness there is.