FIX FUNDAMENTALS

“Hilariously, the name I remain the longest in terms of benefiting from AI is Apple. Right? Because they're just gonna use somebody else's and sell it, and they've got all the devices, so you're gonna have to play by their terms. I still don't remain totally certain that these companies aren't incinerating huge amounts of CapEx that they will never get back and that the end value will ultimately be in the hands of the consumers.”

“I think Hyper Liquid could be a winner of this cycle, by the way. That's my exposure to crypto primarily today. I think they're taking share from incumbents. They've got good execution. They got the $24.07 trading. Hyper Liquid has been the manifestation of twenty four seven markets. When the talks broke down, I look at what the S and P contract was doing. So you can it's unlocked twenty four seven markets, for the really, for the first time.”

“I think what this whole tiff has shown, it truly highlighted the good, the bad, and the ugly of crypto that we've seen for a very long time. The good news is is that, generally speaking, our markets are pretty transparent. The bad thing is that in the crypto markets, we've seen plenty of conflicts of interest over the years. And then the ugly is, like, all the crypto Twitter, like, screaming at each other, which does not create the best conditions for a project who's trying to appeal to institutional investors.”

“MicroStrategy is a capital markets issuance machine. It is almost like a ninth wonder of the world. They've got all these tranches, like stretch, STRC, and STRF, where they have an a contractual obligation to pay out billions of dividends. They have an obligation to make those payments, but the assets don't generate free cash flow. The only way, at some point in the future, they'll be able to generate the cash to deliver to those bondholders is by selling their common stock. That's called dilution.”

“I do think this move by CENTCOM over the weekend was just clever, if not brilliant. It was exquisitely timed moving these destroyers through the Strait Of Hormuz during these negotiations when the IRGC can't even convene to formulate a policy. So if you take a step back, Iran was able to close the straight up from Moose through what I call the Kaiser Sose maneuver. If you guys have seen Usual Suspects, the guy is, like, everywhere and nowhere. What CENTCOM just did to introduce another meme was the I am the captain me now. Like, this is my straight now.”

“I think this is incredible marketing for Anthropic. It reminded me of, like, y two k, for those that remember, which was a big nothing burger. When Claude released Mythos or announced the release of it, even that's disputed by it. Some say it doesn't even exist. Claude back to Kaizo Sose. Mythos is a Kaizo Sose. They're they're dealing mythology. They've got this legendary concept, and they're, selling it from fear.”

“Most interest in crypto happens at all time highs and they're tops, by the way. So I don't know that there's much signal from the perceptions that are being shared out there. It's almost all the time. It's the most interest shows up at the exact worst time. People are running for the hills at the best time. There's very limited interest right now, which is you know, that's contrary and constructive.”

“I would start with pain points and problems. The main issue with the category from an entrepreneurial perspective is that people keep chasing the shiny object. We're gonna tokenize stocks and take out BlackRock. As opposed to say, for example, we've got this $5,000,000,000,000 asset class called private credit, and people can't get real time measurement of delinquency, non accruals, payments, loan performance data, credit quality. It's crying out for a solution. We gotta get out of Star Trek future and say, what are the problems today with banks and credit and money movement?”