MARKET UPDATE: How Situational Awareness Blew Up, Will Rates Nuke Us, What’s Next?
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The lesson here is the worst thing you can do in trading or frankly in life is to be dead right and sitting on your ass on the sidelines with no exposure because you got kicked out. You got marginalized somehow.
Jonah. Wow. Crazy day in the market. Amazon up 15%. Google up six. Apple down 10. Leopold blowing up. Fed hawkishly not doing anything. This is this is a hell of a market. This is the greatest game ever. This is finance at its best. Did Ken Griffin kill Ashenbrenner? Are we done with this sell off? Are we going higher? All of this and more on the podcast.
You know, I'm really glad that it didn't happen sort of by accident on Wednesday. I hope you're okay, by the way. Because, man, did a lot happen yesterday. What a wild, wild market we are in. First of all, we got to talk about Leo Ashenbrenner. No, Ken Griffin didn't kill him. He killed himself. The same way that
Ken Griffin didn't help.
No. Mean, put it this way. I dispute that. I say Ken Griffin helped him more than anybody else helped him. Like I heard Millennium bid on his portfolio as well. Citadel paid the best price, so they helped him out, frankly. Right? Like, he would be worse off if he hadn't had Ken Griffin in the world. Ken Griffin paid him the best price. But like, this is a story as old as, you know, running 10x leverage on FTX and getting liquidated or bitmax. This is just, if you You know, people were treating Leo Aschenbrenner like he was Jesus Christ, because he was a nerdy guy who, you know, had a good acad
I mean, look. The way that the way that this works is a lot more let's call it complicated and also more simple than most people expect. Did did Ken Griffin himself first of all, did Ken Griffin himself do anything? Probably not. Ken's probably on a yacht somewhere sipping champagne. I don't I don't know how I don't know how active he is in in these types of in these types of used to be. He used to be extremely active. I don't know how active
These guys get involved on the big leaflets. Like, at DRW when we would be liquid, we were
bidding Don Don's Don's sort of a different beast. Do you think Ken is Ken is genuinely involved
on something of this size? The way that it works at all the firms I've worked at including at Don's was and I'm sure it's the same incidental. I'm sure the way it works is the opportunity comes along. Usually at the second highest level or the highest level like Leo probably contacted, you know, Izzy and Ken directly or through some through their prime broker, like maybe Goldman Sachs reached out and or JPMorgan, whoever they prime with, then the top guy will bounce it down to the desk that has the most knowledge about pricing those things. That desk is gonna be an, it's called a fire drill, r
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