HE WAS 24. HIS AI FUND REACHED $45 BILLION. THEN LEVERAGE TOOK OVER. “We’re definitely going to do great on investing.” That was Leopold Aschenbrenner before his fund gained 1,551% and became one of Wall Street’s biggest AI stories. Asked about the risk of an investment firm collapsing, he said: “It blew up. That’s sort of the bear case.” Then his own fund lost 67% in one month. “Vulnerability begetting more vulnerability,” he later called it. During his wedding week, the fund sold billions in stocks, repaid its borrowings and removed all leverage. It survived - and remained up around 80% for the year. Being right about the future means little if you cannot survive the path there. Five minutes reading his full story could save you from repeating his most expensive mistakes. The article is below.