[Leopold's Situational Awareness fund collapse](https://www.cnbc.com/2026/07/31/why-leopold-aschenbrenner-situational-awareness-hedge-fund-imploded.html) happened because momentum reversed hard enough to trigger historic margin calls — not because the market tanked. The system stayed stable. But here's what nobody's pricing in: prime brokerage margins just got tighter across the board.

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