I’ve never met Leo, and from all I can gather he was an exceptional student. Well above top 1%. Probably > 1/10,000. That said I don’t think he was a “student of finance.” I asked ChatGPT to name the top 25 investing books of all time. And then asked what percentage of those books discussed leverage and tail risk. The answer below. Quite unusual to chose a career where you are smart at everything else perhaps, but ignorant about one of the most discussed elements of the practice. You have to be willfully uneducated. It’s dangerous to talk about this execution as anything other than reckless and careless. Simply because that’s the only lesson the future investors need to hear. Nothing surprising happened here. Just what you would expect from running a portfolio that leveraged. Was just a matter of time. Very “simple” math.

Druckenmiller's advice to young people who want to get into finance: "if they're going in it for the money, they should go elsewhere." "there's too many people in the business like me that just love the game and the passion. and they're not going to be able to outwork the people that are passionate." "and it's not a fun game if you're losing." the people who survive long enough to compound real returns are the ones who genuinely enjoy the research, the building, the debugging at 2 AM. if you're only here for the P&L, the first extended drawdown will end you.

Link to article at ETF.com about SpaceX and the Index shenanigans. etf.com/sections/equity/spac…

A powerful El Niño may be brewing for 2026: one of the strongest in recorded history. Scientists are raising the alarm that one of the planet’s most disruptive climate patterns could return with force next year. Multiple climate models now suggest a major El Niño event is likely to develop in 2026, with some projections indicating it could rival or even surpass the devastating 1877 event — widely regarded as one of the most extreme on record. El Niño occurs when a large area of unusually warm water builds up across the equatorial Pacific. This excess heat alters global atmospheric circulation, triggering widespread shifts in weather patterns far beyond the ocean itself. The impacts of a strong El Niño are often severe and far-reaching. Past events have caused simultaneous crop failures, intense heat waves, prolonged droughts, catastrophic flooding, coral bleaching, and fishery collapses across several continents. The 1877 super El Niño, for example, contributed to massive famines and an estimated tens of millions of deaths in regions including India, China, Brazil, and parts of Africa. What makes a potential 2026 event particularly concerning is that it would unfold on an already warming planet. Global ocean temperatures have been running unusually high for an extended period, and many areas are already facing water stress, extreme heat, and climate-related crises. Adding a powerful El Niño on top of this background warming could push systems to the breaking point. While El Niño affects different regions in different ways, bringing heavy rains and floods to some areas and severe drought and heat to others, its global footprint tends to strain food production, water resources, energy systems, and public health simultaneously. Forecasters emphasize that predictions can still change, and the final strength of the event remains uncertain. However, growing agreement across climate models has increased confidence that a significant El Niño is forming. ["Atmospheric Code Red: 2026 Super El Niño Now Trending Toward Record-Breaking Intensity." Severe Weather Europe]