# The Situation at Situational Awareness

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 6 Aug 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/d01c2fe8-15b4-4f42-b079-b49e0157ad46/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

Situational Awareness, a hedge fund run by a 24-year-old hailed as “Nostradamus of AI”, swelled to $45 billion in assets until a mix of highly leveraged bets, short sellers and a market swoon threw it into crisis. On today’s Big Take podcast, Bloomberg’s Katherine Burton and Hema Parmar join Sarah Holder to discuss how risky bets led the fund to the brink and whether the episode speaks to broader vulnerabilities among hedge funds investing in AI. Read more: • The 24-Hour Race to Salvage Situational Awareness’ AI Bets • Bloomberg Opinion: Hedge Fund’s 439% Return Should Have Been the Warning • Situational Awareness Returns to Investing With $400 Million Bet Listen to Money Stuff Podcast: No Kiddie Pool We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Katherine Burton and Hema Parmar; Edited by Jeffrey Grocott. Fact-checking by Victor Swezey and Laura Newcombe; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:09] Speaker 2: Basically, the thing this investment firm will be will be
[0:11] Speaker 2: kind of like, you know, bring trust on AI. It's
[0:12] Speaker 2: gonna be all that situational awareness.
[0:14] Speaker 3: This is Leopold Ashenbrenner in June twenty twenty four. Ashen
[0:19] Speaker 3: Brenner is about twenty two years old here. He's just
[0:22] Speaker 3: left a job at Open Ai and published an essay
[0:25] Speaker 3: series laying out his predictions for how AI will transform society.
[0:30] Speaker 3: And he's telling his friend, the podcaster Dworkesh Bettel about
[0:34] Speaker 3: a new investment fund he's starting that's going to go
[0:36] Speaker 3: all in on the technology.
[0:38] Speaker 2: We're gonna have the best situational awareness in the business.
[0:40] Speaker 2: You know, We're gonna have way more situational business than
[0:42] Speaker 2: any of the people manage money in than you know,
[0:44] Speaker 2: New York. Yeah, definitely going to.
[0:45] Speaker 3: See situational awareness. Is what ashen Brenner had called his
[0:48] Speaker 3: essay series. It's also what he names his hedge fund.
[0:52] Speaker 3: Both are built around the same simple thesis. He believes
[0:56] Speaker 3: AI is about to get a lot more powerful that
[0:59] Speaker 3: will reach a or artificial general intelligence by as early
[1:03] Speaker 3: as twenty twenty seven. And he also believes that the
[1:05] Speaker 3: companies building AI infrastructure are about to get a lot
[1:10] Speaker 3: more valuable.
[1:11] Speaker 2: I think this investment firm is going to just be
[1:13] Speaker 2: betting on AGI, you know, betting on AGI and superintelligence
[1:16] Speaker 2: before the decade is out taking that seriously, making the
[1:18] Speaker 2: bets you would make, you know if you took that seriously. So,
[1:21] Speaker 2: you know, I think if that's wrong, you know, firm
[1:23] Speaker 2: is not going to do that well.
[1:24] Speaker 3: But he tells Patel he plans on doing well.
[1:27] Speaker 2: Obviously you can't, you know, not blowing up as sort
[1:30] Speaker 2: of like you know, task number one and two or whatever.
[1:32] Speaker 3: And over the next two years, Situational Awareness did extremely well.
[1:38] Speaker 3: In the first half of this year, it posted returns
[1:40] Speaker 3: of over four hundred percent, and by the beginning of
[1:43] Speaker 3: last month it had an estimated forty five billion dollars
[1:47] Speaker 3: in assets. What is it about this twenty four year
[1:50] Speaker 3: old that was so intriguing to investors? Why do they
[1:53] Speaker 3: trust him with all this money?
[1:55] Speaker 1: I think it's just because of what he wrote.
[1:57] Speaker 3: That's Catherine Burton, who covers hedge funds for Blue.
[2:00] Speaker 1: He clearly had no investment training at all, and clearly
[2:05] Speaker 1: no risk management training at all. So I think it
[2:09] Speaker 1: was just that they thought he saw something about the
[2:12] Speaker 1: future and AI that they said, sure, why not throw
[2:16] Speaker 1: a few bucks his way.
[2:18] Speaker 3: Catherine has been tracking the rise of Ashen Brenner's fund
[2:22] Speaker 3: and its unceremonious fall because last week situational awareness blew
[2:29] Speaker 3: up and in the insane quolitary that we've seen the
[2:32] Speaker 3: last month, he was on the wrong side of things, and.
[2:35] Speaker 4: We are seeing the pain really flow through the Spain.
[2:37] Speaker 3: You know, we had to pull back in AI and
[2:39] Speaker 3: a lot of people got hurt. By the end of July,
[2:43] Speaker 3: the funds forty five billion dollars in assets had shrunk
[2:47] Speaker 3: to an estimated ten billion dollars. It was a stunning
[2:50] Speaker 3: reversal of fortune brought on by the hedge fund strategy
[2:54] Speaker 3: of using a lot of borrowed money to make big bets.
[2:59] Speaker 3: In other words, situational awareness was over leveraged, says Bloomberg's
[3:04] Speaker 3: hedge fund reporter Hemma Parmar.
[3:06] Speaker 4: So there's a lot of layers of risk bundled up,
[3:08] Speaker 4: and leverage is especially concerning because it just magnifies everything.
[3:18] Speaker 3: I'm Sarah Holder, and this is the big take from
[3:20] Speaker 3: Bloomberg News today on the show The Rise and Fall
[3:24] Speaker 3: and bailout of situational awareness, what it means for investors
[3:29] Speaker 3: and whether the fund is a bell weather for the
[3:31] Speaker 3: AI trade or a high risk outlier. Catherine Burton and
[3:43] Speaker 3: Hemma Parmar, thanks for joining us, Kathy, what's the situational
[3:48] Speaker 3: awareness secret sauce? What's supposed to set Leopold Aschenbrenner's fund
[3:52] Speaker 3: apart from other hedge funds in the space The.
[3:54] Speaker 1: Knowledge of which companies would succeed because of AI and
[3:58] Speaker 1: which would fail because of AI. I think he sold
[4:01] Speaker 1: it on that he knew he could figure out which
[4:03] Speaker 1: companies were going to be the winners and which we're
[4:05] Speaker 1: going to be the losers.
[4:06] Speaker 4: He had also had quite significant private positions in AI
[4:10] Speaker 4: focused companies as well too.
[4:11] Speaker 1: And the returns. Then people started seeing the returns, that's
[4:14] Speaker 1: the real thing. They saw that he was up a
[4:16] Speaker 1: few hundred percent the first year and at the peak
[4:20] Speaker 1: this year four hundred and some one percent.
[4:22] Speaker 2: Wow.
[4:23] Speaker 3: So what kinds of investors get involved in the beginning?
[4:26] Speaker 2: Yeah, I know.
[4:26] Speaker 4: So it's interesting because with traditional hedge funds we typically
[4:29] Speaker 4: see pensions and Damond's foundations, those sorts of institutions. This
[4:34] Speaker 4: firm situational awareness gathered their capital from less likely individuals,
[4:39] Speaker 4: so not the traditional sort of big institutions that write
[4:44] Speaker 4: sizeable checks, but rather a lot of founders and individuals,
[4:48] Speaker 4: so founders of private companies like Stripe or founder of
[4:52] Speaker 4: a hedge fund, d one Capital, Dance Sunheim was an investor,
[4:56] Speaker 4: according to the Wall Street Journal's report, So we see
[4:59] Speaker 4: a lot more elecon valley types of investors writing checks
[5:03] Speaker 4: than say a sovereign wealth fund.
[5:05] Speaker 3: And what were some of those bets that situational awareness
[5:08] Speaker 3: made on AI? What were some of the companies that
[5:10] Speaker 3: they put the brunt of their investment into?
[5:12] Speaker 4: So it was an es Kehiinex was one of them,
[5:15] Speaker 4: a number of other AI focused companies.
[5:17] Speaker 1: And he had a big, a big, big stake in
[5:20] Speaker 1: anthropic five billion dollar steak, a five billion dollar steak
[5:23] Speaker 1: and one that everyone knew was going to pay off.
[5:25] Speaker 3: And for a while these bets were paying off. Right,
[5:28] Speaker 3: he was effectively posting gains that were higher than the
[5:31] Speaker 3: gains of the AI companies that made up the fund.
[5:34] Speaker 3: How did he accomplish that? It comes back to leverage, right.
[5:37] Speaker 1: Yes, like any hedge fund, they go to a bank,
[5:40] Speaker 1: they say, can you lend us money to make our
[5:44] Speaker 1: bets bigger, and they used the stocks that they own
[5:48] Speaker 1: as collateral or the companies that they own as collateral.
[5:51] Speaker 1: And the banks look at their returns and say, sure,
[5:55] Speaker 1: a lot of big companies he traded in, you know,
[5:58] Speaker 1: with big liquid company, and so they lend him money
[6:02] Speaker 1: like four or five times leverage. So that means that
[6:06] Speaker 1: the peak, he could have been managing around two hundred
[6:10] Speaker 1: billion dollars on his forty five billion dollars of net assets.
[6:14] Speaker 3: That amount of leverage. Is it typical for the industry?
[6:17] Speaker 3: Did it raise any red flags?
[6:19] Speaker 1: I think it started to. Usually as a long short
[6:23] Speaker 1: stock fund would be more like two times.
[6:27] Speaker 3: Would be more normal. So yes, it was a lot
[6:31] Speaker 3: when you are four or five times leveraged. As situational
[6:34] Speaker 3: awareness was what happens when your assets fall, say forty percent.
[6:39] Speaker 4: So leverage basically amps up everything. It amps up the
[6:42] Speaker 4: gains that you can make if you make an investment,
[6:44] Speaker 4: but it can also it will also amp up the
[6:46] Speaker 4: spiraling downward pain that you'll face, and so that's why
[6:51] Speaker 4: it's so risky. And then on a short bet, if
[6:53] Speaker 4: you're amping up those bets, you will have to cover
[6:56] Speaker 4: that bet, and there's an infinite amount of money you
[6:58] Speaker 4: can lose on a short bet.
[7:00] Speaker 1: The damage is a lot worse. And then the banks
[7:02] Speaker 1: come to you and say, hey, we need more collateral
[7:06] Speaker 1: because these things are going in the wrong direction. And
[7:08] Speaker 1: then they have to come up with the cash, which
[7:11] Speaker 1: means selling things in their portfolio, which sins on the
[7:14] Speaker 1: prices of those things normally, and then the spiral goes
[7:18] Speaker 1: faster and is bigger.
[7:20] Speaker 3: Whereas if you're using your own money, there's a down week,
[7:23] Speaker 3: you can kind of wait it out. See maybe in
[7:25] Speaker 3: two years this will pay out, but lenders are not.
[7:27] Speaker 1: They're not going to be patient yet because it's their money.
[7:30] Speaker 1: So that's the vulnerability of barring a lot of money,
[7:33] Speaker 1: and that's what happened to this fund.
[7:36] Speaker 3: At the beginning of last month, it seemed like Situational
[7:38] Speaker 3: Awareness was in a pretty good spot. It had forty
[7:41] Speaker 3: five billion dollars worth of assets investments from the likes
[7:44] Speaker 3: of Jane Street, the Stripe co founders, as you mentioned,
[7:47] Speaker 3: but you and your team reported there were signs that
[7:49] Speaker 3: Wall Street was getting anxious even in July. What were
[7:52] Speaker 3: those signs?
[7:53] Speaker 4: So a lot of hedge funds and Broadley investors have
[7:55] Speaker 4: been concerned for a while about the kind of CAPEX
[7:58] Speaker 4: spending that we're seeing when it comes to the big
[8:00] Speaker 4: tech companies and their AI expenditures. So those worries have
[8:04] Speaker 4: been growing as situational awarenesses prominence has grown too. You
[8:08] Speaker 4: see a lot of funds really tracking what investments situational
[8:11] Speaker 4: awareness was making and looking closely to see what stocks
[8:15] Speaker 4: they were trading.
[8:16] Speaker 3: In a client letter, Ashenbrunner sent last week, he blamed
[8:20] Speaker 3: short sellers for targeting the fund. How big of a
[8:23] Speaker 3: factor were short sellers here?
[8:25] Speaker 1: We have reported that apparently they weren't as big a
[8:28] Speaker 1: factor as the funds said they were or suggested they
[8:32] Speaker 1: were in their letter. But the mechanism for how it
[8:35] Speaker 1: worked is if you wanted short then you would go
[8:38] Speaker 1: and borrow the shares and then sell them so that
[8:41] Speaker 1: pushes the price down. And so if they thought that
[8:44] Speaker 1: he was going to explode, then they would keep selling
[8:48] Speaker 1: the shares in the hopes that the price would go
[8:50] Speaker 1: down and then they would buy them back at a
[8:51] Speaker 1: cheaper price.
[8:54] Speaker 4: As the markets began spiraling, as the short beets hindered,
[8:57] Speaker 4: the stocks of situational concerns grew. When you look at
[9:01] Speaker 4: the leverage that was placed and users we've been talking
[9:05] Speaker 4: about that made matters far worse for situational Things really
[9:09] Speaker 4: came to a head at the end of the month
[9:10] Speaker 4: when the firm was getting these margin calls and now
[9:15] Speaker 4: needs to find some cash fast, and they have a
[9:18] Speaker 4: lot of money in their private book, which ideally you
[9:20] Speaker 4: don't want to touch if your fund, if you've got
[9:22] Speaker 4: five billion dollars worth of entropic and you have money
[9:25] Speaker 4: in their public stock portfolio. And as they were trying
[9:29] Speaker 4: to figure out where to get some liquidity in order
[9:32] Speaker 4: to meet the margin calls, the firm had conversations about
[9:35] Speaker 4: potentially selling some of their anthropic stake, which is very coveted,
[9:39] Speaker 4: or selling some of their stock portfolio.
[9:49] Speaker 3: So how might a twenty four year old hedge fund
[9:51] Speaker 3: founder come back from a thirty billion dollar wipeout. We'll
[9:55] Speaker 3: be right back with Emma Parmer and Catherine Burton just
[10:10] Speaker 3: to walk through this kind of death spiral that situational
[10:13] Speaker 3: awareness was in. Tech stocks were sliding, lenders wanted out.
[10:17] Speaker 3: The fund met the margin calls by liquidating stocks, which
[10:20] Speaker 3: makes them lose even more value, and that's what sort
[10:23] Speaker 3: of triggers the situation where Ashenbrenner needs a way out.
[10:26] Speaker 3: So Kathy, what was his plan to save the fund?
[10:30] Speaker 1: It was sort of too pronged. On the one hand,
[10:32] Speaker 1: he was exploring ideas of selling some of his private companies,
[10:36] Speaker 1: especially Anthropic, because that's supposed to go public later this year,
[10:40] Speaker 1: so everyone knew that's a winner. And at the same time,
[10:43] Speaker 1: he was talking to some hedge funds to buy a
[10:46] Speaker 1: big chunk of his portfolio all in one go because
[10:49] Speaker 1: that would stop the bleeding, and do that at some
[10:52] Speaker 1: sort of discount. So there was a fight amongst some
[10:55] Speaker 1: major firms about who.
[10:58] Speaker 3: Was going to buy it and who ends up winning
[11:00] Speaker 3: that fight.
[11:00] Speaker 1: Ken Griffin was the one that ended up winning that fight.
[11:03] Speaker 1: Ken Griffin runs a giant hedge fund called Citadel, which
[11:07] Speaker 1: runs about seventy billion dollars. He started it from more
[11:10] Speaker 1: or less from his dorm room at Harvard, so he
[11:13] Speaker 1: too was a young guy. There have been other times
[11:16] Speaker 1: in history, dating back to a fun blow up Slayer's
[11:20] Speaker 1: fund called Amaranth, that he stepped in and bought their positions.
[11:24] Speaker 1: He's done it several times, mostly successfully.
[11:28] Speaker 3: So how did Ken Griffin and Citadel come to the
[11:31] Speaker 3: table and buy this portfolio?
[11:33] Speaker 1: Of stocks. Well, Ken likes to step in when there's distress,
[11:37] Speaker 1: and so he went to the firm or his people
[11:40] Speaker 1: went to the firm and started talking. And as I said,
[11:43] Speaker 1: there were other hedge funds. Millennium had talked to them.
[11:47] Speaker 1: I think Jane Street had talked to them, but Ken
[11:49] Speaker 1: came in and they negotiated apparently throughout the night. Ken
[11:54] Speaker 1: eventually won the trade with a discount of around ten percent.
[11:58] Speaker 3: And what's in it for Citadel just buying these tagging
[12:02] Speaker 3: AI stocks for cheap?
[12:03] Speaker 4: Yeah?
[12:03] Speaker 1: Absolutely, And I think on the bet that once the
[12:06] Speaker 1: thing was settled, they would go up, and in fact
[12:09] Speaker 1: they did go up a lot.
[12:13] Speaker 3: So what is the status of situational awareness today? What's
[12:17] Speaker 3: the value of the remaining private stakes that the fund
[12:21] Speaker 3: has left?
[12:22] Speaker 4: So a situation still runs at least ten billion dollars,
[12:25] Speaker 4: A lot of that is in the private stakes. The
[12:27] Speaker 4: stocks that they have remaining that they did not sell
[12:30] Speaker 4: to Citadel have likely stored because the market calmed down
[12:34] Speaker 4: a lot and rallied in the wake of the news
[12:35] Speaker 4: of the deal. And if we look at the Citadel
[12:37] Speaker 4: side of things, their fund was basically flat before the deal,
[12:42] Speaker 4: and now with this deal having snapped up this huge
[12:45] Speaker 4: portfolio of stocks at a discount. The fund is up
[12:48] Speaker 4: nearly six percent for the month alone, which is more
[12:51] Speaker 4: than they've made u to date so far until this deal.
[12:54] Speaker 4: So it's definitely been something of a win for Citadel,
[12:57] Speaker 4: kind of a win win. Yeah. Yes.
[13:00] Speaker 3: And what did Leopold Ashenbrenner say to his investors after
[13:03] Speaker 3: all this went down? How is he trying to spin this?
[13:08] Speaker 1: He said, my bad. Basically, he said that for the
[13:13] Speaker 1: time being they would continue without leverage. They still had
[13:17] Speaker 1: a public book. He didn't say how big it was,
[13:20] Speaker 1: but everything would be done with cash, shorts and longs,
[13:23] Speaker 1: so he would not borrow any money in the public book,
[13:27] Speaker 1: and that he still had all his private investments and
[13:30] Speaker 1: so he would carry on with that.
[13:32] Speaker 3: And how do situational investors stand after the last couple
[13:37] Speaker 3: of weeks.
[13:38] Speaker 4: Well, it really depends when you got into the fund.
[13:41] Speaker 4: If you were an early investor, if you got in
[13:43] Speaker 4: even earlier this year, in January, let's say, then you
[13:47] Speaker 4: should be fine. Your fund may still be up eighty
[13:50] Speaker 4: percent or more going back. But if you are an
[13:53] Speaker 4: investor that got in the past couple months, then you
[13:56] Speaker 4: really face the brunt of those losses. You were exposed
[13:59] Speaker 4: to the declining, You were exposed to selling a big
[14:02] Speaker 4: chunk of a portfolio at a discount. Investors in the
[14:06] Speaker 4: fund this month were down nearly seventy percent in the
[14:10] Speaker 4: month alone. So if you got it in the last quarter,
[14:12] Speaker 4: let's say you're not in a great position.
[14:15] Speaker 3: I'm wondering what the takeaway is here, because this has
[14:18] Speaker 3: been a really dramatic collapse. It has sort of okay ending,
[14:23] Speaker 3: I guess, but you know Ashen Brenner of course, is
[14:25] Speaker 3: part of the camp of people saying AI is a
[14:28] Speaker 3: great bet, it's going to pay off eventually. On the
[14:30] Speaker 3: other side, you have investors like Ray Dalio who are
[14:33] Speaker 3: saying AI is a bubble. How does situational awareness fit
[14:37] Speaker 3: into that broader conversation about like how good of a
[14:40] Speaker 3: bet AI is right now and whether there is bigger
[14:43] Speaker 3: pain ahead for AI investors.
[14:45] Speaker 4: So we're seeing something of a split between how hedge
[14:48] Speaker 4: funds are looking at AI and most funds take like
[14:51] Speaker 4: a side. So we do see a lot of funds
[14:53] Speaker 4: that are very bullish on AI clearly situational co two.
[14:58] Speaker 4: There are all other funds that are fun more cautious
[15:01] Speaker 4: so if we look at Viking Global, they are quite
[15:03] Speaker 4: intentionally stepping away from AI and not having that exposure.
[15:08] Speaker 4: They've been worried about all the things we're kind of
[15:10] Speaker 4: seeing this month. So while we are seeing pain sort
[15:13] Speaker 4: of trickled through some of the other funds like Whale
[15:16] Speaker 4: Walk and Co, two firms that have less exposure and
[15:19] Speaker 4: are taking the other side of that trade clearly are
[15:21] Speaker 4: going to do a little bit better.
[15:22] Speaker 3: There's also this whole part of the story, which is
[15:25] Speaker 3: that Situational Awareness was over leveraged. So I'm wondering how
[15:28] Speaker 3: much of the story is about over leveraging versus over exposure.
[15:33] Speaker 1: Yeah. I mean, basically, any meltdown like this is usually
[15:37] Speaker 1: caused by leverage, and so probably it would have been
[15:41] Speaker 1: fine if he hadn't been so leveraged. Like Emma just
[15:45] Speaker 1: mentioned a company called Whale Rock and they had a
[15:48] Speaker 1: bad month, but not anything that was existential. So it's
[15:53] Speaker 1: really all about the leverage and the lack of risk management.
[15:55] Speaker 3: Yeah. Yeah. Aaron Brown, a crypto investor, wrote for Bloomberg Opinion,
[15:59] Speaker 3: and he pointed out that the simple fact that Situational
[16:01] Speaker 3: Awareness reported a four hundred and thirty nine percent return
[16:04] Speaker 3: in July was quote a warning, not a triumph, whose
[16:07] Speaker 3: arguing essentially that the risks of being overleveraged and overexposed
[16:10] Speaker 3: are real, that those kinds of gains aren't a product
[16:13] Speaker 3: of good strategy but basically dumb luck. Do you have
[16:17] Speaker 3: any indication of how many other investors and hedge funds
[16:21] Speaker 3: are out there with these kinds of high leverage AI bets.
[16:25] Speaker 4: Situational feels like an outlier in that regard. We've seen
[16:28] Speaker 4: the leverage story time and time again in our industry,
[16:30] Speaker 4: and we've seen blow ups tied to leverage. So institutions
[16:34] Speaker 4: and larger players tend to really notice when we see
[16:37] Speaker 4: the leverage to this degree in a concentrated portfolio, and
[16:39] Speaker 4: I think that's why we've seen some cautiousness around the institutions.
[16:43] Speaker 4: It's not the kind of thing we see to this
[16:44] Speaker 4: degree with a lot of hedge funds that are of
[16:47] Speaker 4: size and Gothie.
[16:49] Speaker 3: What is the biggest lesson here?
[16:51] Speaker 1: I think they are sadly the same, the same lesson
[16:55] Speaker 1: for every blow up, which is, if your manager is
[16:59] Speaker 1: using an outsized amount of leverage, then it's quite possible
[17:03] Speaker 1: that you're going to have a blow up. I mean,
[17:06] Speaker 1: this time, the banks were able to survive this. They
[17:09] Speaker 1: all got out, they all got their money back, but
[17:12] Speaker 1: we've seen times when they haven't and not actually just
[17:16] Speaker 1: the importance of risk management, which I mean, you could
[17:20] Speaker 1: have a young portfolio manager, but if you don't have
[17:24] Speaker 1: people that know the markets around him, then that's really
[17:28] Speaker 1: an issue.
[17:29] Speaker 3: At the end of last week, Ashenbrenner wrote a letter
[17:31] Speaker 3: to his investors saying, quote, we took the steps that
[17:35] Speaker 3: were necessary to fight another day. He said he was
[17:38] Speaker 3: determined to draw the quote necessary lessons from this and
[17:42] Speaker 3: make sure the fund can stay alive even after taking
[17:45] Speaker 3: a loss. Late yesterday, EMMA reported that situational Awareness was
[17:50] Speaker 3: back at it. According to people familiar with the matter,
[17:53] Speaker 3: it had put four hundred million dollars behind an unnamed
[17:56] Speaker 3: privately held company in its portfolio. Fund declined to comment.
[18:08] Speaker 3: This is the Big Take from Bloomberg News. I'm Sarah Holder.
[18:12] Speaker 3: To get more from The Big Take and unlimited access
[18:14] Speaker 3: to all of Bloomberg dot Com, subscribe today at Bloomberg
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[18:27] Speaker 3: Thanks for listening. We'll be back tomorrow.

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