Same point I made in FT Adviser last year: retail does not need institutional firepower. It needs rules that still work when the trade goes against you.
Leo and SALP are the public version of the failure of risk management. SALP is Situational Awareness LP, his fund.
He was following half of our advice - yes be long beta…
But missed the risk management part.
His view was what got everyone excited. The risk management step looks like it never got written down or even thought about.
A lot of people just lived a quieter version of the same thing. Momentum unwinds. The view still made sense. The market did not care.
If that was you, the useful move is not another post mortem.
On a short call we go through how you actually run things now… how you pick ideas, size, hold, cut. We look for the blind spots. The aim is simple… stop the same unwind teaching you the same lesson twice.
Because it WILL happen again and you have to be ready.
Twenty minutes. No pitch deck.
David Belle