Matt Levine

speaker

4,268 appearances 11 recordings 1 series first heard Jun 2026 last heard 3d ago

Matt Levine’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 11 in all, peaking in Jul 2026 with 5.

Appearances

newest first · ▶ plays the moment

Money Stuff: The Podcast · No Kiddie Pool · 31 Jul 2026 podcast

Like some of these memory stocks will like go up a thousand percent. voice-verified

You're going to have a little too much. voice-verified

I'll go down a little bit. voice-verified

And if you are constantly running at, I don't know what his leverage was, but let's say three times leverage. voice-verified

If you have 10 billion of your own money and you're making $30 billion of bets and you're constantly scaling up the bets as you make more money, then this will always be fragile. voice-verified

And at some point there'll be a drawdown and you'll have to pay back your debt and you will get margin calls and your prime brokers will make you sell your positions and you will be blown out of these long-term bets because you had essentially short-term financing. voice-verified

Which is kind of what hedge fund margin debt is. voice-verified

Right. voice-verified

And if you think of what Citadel does, I mean, they do a lot of things, but the deep thing they do is think about this. voice-verified

The deep thing they do is think about if something bad happens, how do we survive? voice-verified

How do we make sure that our funding doesn't get pulled? voice-verified

And so some of that is... voice-verified

Having contracts that say, you know, instead of like we can get a margin call and blown out in 24 hours, it's like, you know, we have longer term debt. voice-verified

Big hedge funds issue bonds for these reasons. voice-verified

But some of it is like just having a risk culture and a reputation of not getting blown up so that your prime brokers will not worry about you. voice-verified

Whereas if you're like a 25-year-old who started hedge fund two years ago, your prime brokers will worry about you. voice-verified

And if you get a margin call and you're like, I need more time, guys, they'll say no. voice-verified

So I do think that what I wrote today is that situational awareness is essentially in the business of thinking about the long-term future of AI, which has been a great business for them until two weeks ago. voice-verified

Citadel is in the business of thinking about funding risk. voice-verified

And the funding risk blew up situational awareness, and now Citadel owns their bets on AI. voice-verified

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