Citadel Bought Situational Awareness's Book "With Conviction." It Sold 80% of the Risk in Three Weeks.

Griffin's own letter names the exit. The trade was never the conviction call the market read it as.

Griffin’s own letter proves the market misread the July 30 trade. My read: distributing the risk was the plan from day one. Citadel says so itself. The receipt is public: more than 80% of the risk gone in three weeks, while the stocks Citadel exited kept rallying without it.

Photo: Federal Reserve Board · Public domain, adapted · via Wikimedia Commons

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This piece is also a film: sixteen minutes working Griffin’s own letter against the block trade tape, the capital base arithmetic worked on screen against both of Citadel’s measures, and the Q3 falsifier stated on camera with its date.

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