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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.