25歲AI股神自述複盤：脆弱性引發擠兌，願承擔全部責任

Editor's Note: The celebrity AI hedge fund Situational Awareness was forced to complete a position sell-off this week. In response to various conspiracy theories and fund management issues behind the incident, founder Leopold Aschenbrenner published an open letter yesterday to review the events. The full text is as follows:

Dear Partners:

This month we have let you down. We almost faced permanent capital loss, which is unacceptable to us. Although we ultimately found a solution that protected both the fund and the investors, our original intent in managing the fund was always to avoid getting into such a situation.

Volatility is the price of long-term investment returns. Over the past two years, despite occasional significant pullbacks, we have still achieved outstanding performance. But our fund must always maintain a structure where even in the face of losses, we can continue to move forward.

I will do everything in my power to ensure that we learn the necessary lessons from this experience.

The current situation is as follows:

· The portfolio experienced a significant drawdown in July, and the recent extreme volatility in core holdings over the past week has exacerbated the situation. Many artificial intelligence stocks experienced a decline of up to half or more, and our originally positive long-short spread reversed sharply. Despite the unusually turbulent market in July, we always adhere to higher investment standards, regardless of market conditions.

· Subsequently, we began to see increasingly unfavorable trading in stocks associated publicly with us. This dynamic is essentially akin to a bank run: vulnerability leading to greater vulnerability. We worked to keep the portfolio within risk parameters, but as positions quickly turned against us, market liquidity dried up, making this increasingly difficult.

· Late Wednesday/early Thursday, we took decisive action to protect limited partners' (LP) funds. We sold part of the public investment portfolio through block trades to eliminate all fund leverage and prevent further losses. All short positions have been closed, and reliance on portfolio financing has been halted. We now manage a fully paid public investment portfolio (holding long stock positions and fully paid long option positions, with no margin/clearing risk). This action restored the fund's stability and allowed us to preserve our private positions.

我願為這些事件承擔全部責任。

需要明確的是，就我們基金的表現而言，這個月理應非常慘淡：當人工智能股票大幅下跌，而人工智能的技術/業務基本面卻在改善時，我們的基金虧損幅度自然也在意料之中。我們樂於接受波動，但這絕不應該危及基金的權益。

該基金並未關閉、清算或轉型為純私募基金。我們將繼續以混合型公募和私募基金的形式運作，一如既往。然而，在吸取此次事件的經驗教訓的同時，我們將繼續以全額繳付的方式管理我們的公開募股。最重要的是：我們採取了必要的措施，為應對未來的挑戰做好準備。

未來幾周，我將著重推進必要的變革——涵蓋投資組合管理、風險團隊以及所有層面的監督——以確保未來更高的韌性。人工智能可能會在未來幾年持續加劇市場波動。這些事件給我們留下了慘痛的教訓，但我致力於確保它們能成為我們組織和我個人未來發展的寶貴經驗。我向各位承諾，我們絕不會浪費從這些事件中吸取教訓的機會。

關於投資組合本身：我們對當前的投資機會非常樂觀。儘管價格大幅下跌，但其基本面卻在加速增長。

感謝各位的耐心和合作。我已全力投入——幾乎我所有的資金都投入到了這個基金中——我將盡全力證明，本月的種種經歷讓我成為了一位更睿智、更穩健的投資者。下周我可與各位進行一對一的電話會議，詳細討論上述所有事宜。

作為中期更新，我們目前未經審計的月度累計淨業績估計為-67%，年度累計淨業績估計為+80%。最終數據將按照我們正常的報告流程公布。

我們將於下周召開一次小組電話會議，分享更多細節。

一切順利，

Leopold

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