Forget credit this is the golden age of PE secondaries

Most logical acquiror given they own the leading data asset in the space (few know) It is crazy / sad for such an iconic company to flame out like this, but Regeneron will be a good home for the business

The Queen of Software Investing She built the $1T growth equity industry. No tech background. No network. Just vision, grit and cold calls. Thread

5 consumer discretionary (ie, cyclical) businesses cherry-picked to perfection during a consumer softening period to smear an entire category?

someone at this JPM panel said the future of healthcare interoperability is going to end up being teleoperated humanoid bots sending faxes to each other to get information

If you measure it in $ABVX stock instead of dollars it looks even worse

Nvm software is still very much alive!

I feel bullish here. If all of the big tech CEOs are this consistently bullish on AI spend, I view it as a signal that they know something the markets don’t. Given the massive sell-offs, tomorrow feels like a great time to go long

Prediction: this will get turned around and approved in 2026

Twitter slowly coming to the realization that if 50% of society becomes the permanent underclass, then everyone becomes permanent underclass

Odd take imo. Token cost will obviously decrease over time (that’s what all the capex is for, and there will be more)!

Is it just me or is the vibe shifting from “enterprise SaaS is dead bc vibecoding” to “we will all have agentic layers plugging into and orchestrating the legacy SaaS” Long $CRM, $WDAY, maybe even $CSU

There is simply no way to unseat the dollar right now. Trust in the US Treasury is absolute, meaning: 1) Govt gets to continue injecting treasuries at low rates 2) T’s are the most liquid market in the world for holding FX reserves Flywheel is powered by this network effect!

I am also long the idea of G&A savings across the economy from AI getting funneled into S&M, which $META captures Not sure about unmonetized Reels / Threads (feels like plenty of ads shown there), but agreed on low price for this level of quality and growth

These were always just marketing gimmicks for the labs and were never going to find PMF. There is only so much persistent demand for AI-ified photos of your friends kissing Obama on the cheek. I dont think this necessarily signals a bubble pop

Prediction: there will be more human software engineers in 5 years than today. I’d expect them to work in-house across the economy — as opposed to at software companies — as the cost of developing software (time and money) decreases dramatically

The issue with thinking the market is 15 turns (50%!) too low on terminal value is that if the market never ends up agreeing with you (see: moving the goalposts), the only way to make your hand is to hold the assets to… infinity, which does not jive with closed-ended funds

Would love to hear the community’s thoughts on Manus as a tool for coding agents. Harvard Business School gives us licenses, and so far had an easy time making a simple agent that pulls class materials. I like that the agents live in .py files, which makes sense to me. #Manus #claudecode