Methodology
- When a hedge isn't a hedge: the Situational Awareness collapse
A large AI fund reportedly lost 67% in a month running 4x leverage. Its long and short legs were the same bet — so the leverage landed on gross exposure, not net.
- What a bank Treasury knows about risk that your portfolio doesn't
Institutions don't manage risk by guessing weights. They measure how assets move together, size by volatility, and budget for the tail. Here's the plain-English version.