As of the end of June 2026, genius trader Leopold's fund, Situational Awareness, had a net return of 439% this year. But within just one month, the fund ran into a crisis. Clearly, this fund used leverage, and the leverage wasn’t added at the bottom but gradually increased—possibly even adding leverage during the downturn to bet on a reversal rather than a rebound. Otherwise, it wouldn’t have faced a crisis. The stock market geniuses of the first half of the year are falling one after another...