For more content like this, signup for my email list below mailchi.mp/e4a4254d3361/r…

Am impressed by Kyle & Co + Galaxy team They oriented PIPE fundraise language in discussing locked SOL to prevent as much front running as possible, allowing them to get the best execution. Galaxy then executed during the weekend to prevent Trad from participating. This now

JP Morgan on Fed rate cuts this morning: When the Fed cuts rates with the S&P 500 within 1% of an all time high, it results in an average return of +15% over the next 12 months. Furthermore, according to our research, 1-month performance is more spotty, with stocks ending lower

2 years of MBA < Wisdom in these 3 pages. 1. Convexity 2. Antifragility 3. Optionality 4. Trial-and-error 5. Uncertainty 6. Payoff 7. Nonlinear 8. Tinkering 9. Heuristics 10. Asymmetry Don't ruin the essence by asking ChatGPT to summarize it.

How do you go about discounting purchase price multiple to account for customer concentration? Curious about your rule of thumb, mental model, etc.

I'm long SOL, JTO, and LDO. Under my current reading, SEC just tacitly approved all assets with a CFTC-regulated futures listing or at least 6 months. They also explicitly stated how staked ETFs would be considered under the new rules. I believe the market hasn't fully processed

The SEC approved generic listing standards for commodity-based ETPs, including spot crypto ETPs: sec.gov/newsroom/speec… and sec.gov/newsroom/press…

what's your best pitch right now that is *not* primarily a play on AI/data centers Ticker plus 1-3 sentences

I think the reason this is hard to comprehend is because “1GW” means absolutely nothing to most people. Every time you read that just replace it with: “600 football fields filled with cables, fiber, pipes, generator sets, transformers, chillers, switchgear, cable trays, fuel

This doesn’t look good folks. Feels like we have a nasty period of bleeding ahead of us. Don’t be the guy who didn’t sell $900,000 because he needed $1,000,000, now has $100,000. If you made life-changing money, change your life. That’s the best advice I can give.

This Ivy League Econ professor Kenneth S Rogoff is a pompous arrogant buffoon, here’s one that is extraordinary Tad Smith. Taking career and reputation risk as an Ivy League educated (Princeton and Harvard), Corporate CEO, and finance professor, to admit publicly that he didn’t

Something I’ve been thinking about lately is what do people think Iren’s long term competitive advantage is say past 2030 when more data centres come online/ potential grid upgrades happen? Or do people think the opportunity is more short term while demand/supply balances exist?

“I could buy any house in the world, and I don’t want any other house than the one I’m in.” — Warren Buffett That single line captures a kind of wealth that money can’t measure. As Naval Ravikant once said, “It’s your unlimited desires that are clouding your peace and happiness.

James Lavish absolutely CRUSHED this week's newsletter. This is the single best thing you'll read all day, week, month. I learned a lot about a topic I thought I already understood. jameslavish.com/p/why-qt-is-de…

Druckenmiller nailed this The present is already priced. You have to position where the fundamentals are going That is why I leaned into AI & space in 2023 when it became clear compute would become a utility & defense would expand beyond Earth See it early & size it correctly

Most investment strategists like to talk about how expensive or cheap specific stock markets are without any context for their profitability. E.g., the US is expensive at 21.4x PE and Japan is cheap at 15.9x PE. However, the forward ROE of the US is 21.3% vs Japan 9.8%, more

I built a quick/imperfect basket I call the "obvious AI trade" in order to have a simple proxy to track both categorical rotations amongst AI, as well as sentiment on The Most Important Trade in public markets right now. It's a separate account in an ~equal weighted basket with

If you took P&L to the realized column from May to August, you had a cushion through the volatility of Sept & October and so are now positioned to play offense through year-end when others are scrambling to get losses back. Continues to be some of the best advice given to PM’s.

If you’re like many of the people I work with, you’re probably described as “intense.” Intense people get things done. They’re also hard to live with. Let’s talk about how you can use this gift in your work, while not blowing up your life at home. drgurner.substack.com/p/intensity-an…