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 monthsRecordings per month over the last 12 months — 11 in all, peaking in Jul 2026 with 5.
Appearances
Right.
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If situational awareness had kept their AI bets...
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They'd probably be an $80 billion fund in a year, right?
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It's just like you can't, you're not able to weather this volatility.
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I mean, like their equity value is not zero.
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So if they had non-callable leverage, right?
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Like if they had issued bonds to finance these positions, like if they had issued like 10-year non-callable, non-puttable bonds, like they would just have the money and they'd be fine.
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I do think that- The answer can be both, I guess, right?
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Yeah, it's like, I thought about this sort of thing a lot in the crypto world.
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This is what Three Hours was up to in crypto.
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There are a lot of people who think they're doing a liquid markets trade, but are kind of doing a venture capital trade.
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And if you're funding a venture-
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in crypto this was more obvious because like people were putting money into like you know things that had just been invented right but like situational awareness was making a long-term bet on like a market going from like almost nothing to enormous and so to have that bet pay off you need to see it through for the long term like you could be wrong for a while right and
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They were really right for a while, which they just levered up the bet, and that worked out poorly.
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To make a long-term bet like that, you need long-term funding.
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The other thing that is crazy to me is their returns in their first two years were 1,000%, which is too good.
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It's too good.
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If they had not had any leverage, they would have returned, I don't know, 200%.
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Like, oh, it would have been so good.
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And then they'd be fine, right?
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Showing 2141–2160 of 4,268 · page 108 of 214
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