Leopold致LP信：AI持仓接近永久性资本损失

👀Leopold’s complete letter to his LPs

• “We came closer to permanent capital impairment than is acceptable to us.”
• “These dynamics are essentially similar to a bank run: vulnerability begetting more vulnerability.”
• “Many AI names drew down by half or more, while our positive L/S spread reversed violently.”
• “Positions rapidly moved against us and market liquidity dried up.”