"Turbo Encabulator" the OriginalYouTube video by Dave Rondotyoutu.beQuantian4. Everyone (including me) underestimated the leverage being used. Because the assets on the 13-F were roughly in line with Form ADV assets + PnL, people assumed 1ish leverage (appropriate give the volatility!). Apparently the actual number was closer to 4, which is about Bill Hwang levels.