Frank Mackey

@timber001 You should read his book. Surely the answers must be in there.

Serious question for my BtCbRo frens, $29.7M just got stolen from my cold card. Was gonna sell at the top last Oct, but Larpasare told me I’d be a moron to do so. Then he told me it was “unconfiscatable” and my life savings was safe. It’s all gone now. What should i do?

@Pregory1 @FNazis85244 @mk4_lul @ceterispar1bus I’d make him follow me around everywhere to tell me the time whenever I ask so I don’t have to wear a watch anymore. Excited to see what you do here as the possibilities are endless.

@NarrativeCombat @FNazis85244 @mk4_lul @ceterispar1bus Google says I can make him my indentured servant for a maximum of 7 years, but we’ll see what the courts have to say about that. I will change his legal name to “Mildew” and make him do all my grocery shopping.

one of the most insane threads i've seen on here

@Pregory1 @FNazis85244 @mk4_lul @ceterispar1bus I believe this man now owes you his entire life.

@FNazis85244 @mk4_lul @ceterispar1bus R.I.P. young Skywalker.

@DollarBiscuit Pigs get slaughtered so others can eat.

Citadel, as viewed by the vulgar

When in doubt, always blame the sHoRt sElLeRs!!!! Because every story needs a villain & surely it’s not the fund manager who got himself into this mess in the first place. Speaking of villains, everyone wants to make Citadel one here but it’s actually the hero. Phew.

@OHare888 He’s right but that lesson extends well beyond just alts.

HULK is 💯

@lord_fed Yes x.com/NarrativeComba…

Situational Awareness had plenty of leverage. Just not much situational awareness.

@dampedspring How does raising new capital dilute existing LPs?

My only comment on Leopold is from experience of closing down a fund. (Our problem wasn't losses it was a terrible job by our administration and our own back office to book our trades in an auditable fashion which caused an audit delay and redemptions) Leopold had a margin call but that's not the big problem. He's liquidated his public book and paid off his margin and his shareholders who didn't subscribe in the last 3 months or so are up money. BUT all LP's now own a very different book. When we were faced with redemptions we sold perfect slices of our entire book and avoided side pockets. Selling the illiquid stuff was a challenge of course but the last thing we wanted was to force our remaining and loyal LP's to become massively exposed to our illiquid book while our redeeming clients (no longer clients) got out from proceeds from our liquid book. Why would you treat your loyal investors so poorly? Just from press coverage of this event it appears the liquid book was liquidated to cover margin and likely if excess equity remained in that book that cash raised will pay redemptions. LP's that stay will hold private illiquid assets only. That's a radical shift from what they used to own. Besides this perhaps they have less confidence in the team? Will they want to hold? Here's the thing. If you are an LP now you are staring at other LP's and when you are an LP of a fund with no liquidity you know that getting out first is best. Remember there are many many hedge funds and investment vehicles that you can replace your Leopold investment with. This isn't an investment decision this is a game theory redemption cycle thing. The fund needs to raise new capital if it can and that will dilute you. If it can't raise new capital redemptions pressure will cause a responsible fund to gate you. While the risk is now mostly gone. The leveraged holding of illiquid private stocks and the redemption dynamics make this a very difficult story.

@kdubbsy @ebitdaddy90 Should make it a dark comedy

@ebitdaddy90 Jesse Eisenberg is 42 years old. It’s not 2010 anymore.

I think we need a Margin Call sequel. Starring Jesse Eisenberg as Leopold and Michael Douglas as Ken. I would watch the shit out of that.

Financial markets are no place for friends. They are ruthless and uncaring, and frankly don’t work otherwise. In a land of big bad wolves, Kenny G is a fucking dragon. Leo didn’t manage his risk so he burnt him to a crisp.

@Hindsight101LLC I get all of my stock picks from GeoX.

Fintwit has to be one of the least accountable places. You can be wrong and cause massive capital destruction and yet if your loud and you call out actual professionals that have far better track records then whose calling them out their audience grows. It's actually insane

@Newsandstuff4me @lilbabygandhi I/P broke progressive brains like COVID broke conservative brains

Citadel whenever markets get weird.

FinTwit should brace itself for an onslaught of “Leopold lacked situational awareness” jokes.

@girthybologna @Linus200712345 Many such cases.

@Linus200712345 This is the case of someone excelling at something and then being abismally dog shit at another. The guy is too far gone.

Okay that explains it

Remember… Those that can’t, teach, or sell subs on how YOU can… Never Forget

@ray_bon_ @Hindsight101LLC Devastating

@Hindsight101LLC I'm sorry to hear this

Tucker Carlson's favourite "political scientist", John Mearsheimer, and his ATROCIOUS predictions on the war in Ukraine: Feb. 2022: "I don't think Russia is going to invade." Sep. 2023: "The Ukrainians are doomed to lose." Jan. 2024: "It's ridiculous to think Ukraine can hold the line in 2024." Apr. 2025: "It's unimaginable Ukraine will hang on beyond 2025." Jul. 2026: "The Russians are slowly moving forward." The Jim Cramer of foreign policy predictions.