Staring down the actual Declaration of Independence before stepping into the octagon as an underdog to beat the piss out of an undefeated fighter in front of the world is an extraordinary level of legendary
throwback to when intel crashed 25% in a single day to an 11 year low and the CEO was literally posting prayers on the TL
now they’re trading at half a trillion and posting hype edits
mandate of heaven
There are hundreds of Japanese stocks trading at 1 to 2x cash flow, with land carried on the books at 1965 acquisition cost, run by 75-year-old presidents who have hoarded cash for 30 years and are now, finally, being forced to do something about it by activists, the Tokyo Stock Exchange, and a generational handoff that is sending shares from founding fathers to daughters who do not want to run forklift-spring factories in Gifu Prefecture. You build a basket of 30 to 50 names, sized small, hold for a decade, and let the math do the work. The only thing standing between you and the trade is a brokerage account, a translation tool, and the willingness to do the unglamorous work that almost no other American investor will bother to do.
it is an unwritten rule of life that after every prolonged period of hardship and uncertainty, there is going to be a period when you are going to achieve quantum leaps across multiple areas of your life. the only requirement is that you do not give up on yourself
@DavidSacks All of this hinges on the revenue generation of ~$25-30bn/year. If there’s an overbuild or demand flattens, you’re going to see huge compressions here
SAM BANKMAN FRIED PICKED EVERY WINNER OF THE 2020s AND HIS LAWYERS SOLD THEM ALL AT THE BOTTOM.
If the FTX estate hadn't panic-sold its assets during bankruptcy, SBF would be sitting on a $114 billion empire today. Instead, he is watching the greatest trades of the decade from a prison cell.
The data is almost impossible to believe:
- Anthropic: $82.3 billion (165x) SBF bought an 8% stake for $500M. The estate sold it for $1.3B in 2024. Today, that stake would be worth over $80B.
- SpaceX:$15 billion (75x) A massive stake liquidated early to pay creditors.
- Solana: $5.1 billion (27x) SBF was an early backer at $8. The estate offloaded a massive chunk at $64.
- Robinhood: $4.9 billion (8x)
- Genesis Digital: $3.5 billion (3x)
The Latest "Missed" Fortune: CURSOR
In 2022, Alameda Research wrote a tiny $200,000 check for a 5% stake in the AI startup Cursor. In April 2023, the bankruptcy estate sold that entire stake back for exactly what they paid: $200,000.
Yesterday, SpaceX announced a deal to buy Cursor for $60 billion.
That "worthless" 5% stake would be worth $3 billion today. That is a 15,000x return that vanished because the lawyers wanted a quick exit.
SBF was a genius at picking generational winners and a criminal at managing their money.
The lawyers recovered $18 billion for users. If they had just held, they would be sitting on $114 billion and the most valuable venture portfolio in history.
$MAPS for 57m of market cap, you get: 57m of net cash, 65m NCAV, 71m TBV, and an operating business that generated 40m in EBITDA last year
G&D style net-net at an earnings inflection point re: rescheduling
NFA
When simulation becomes the norm, it weakens the human capacity for discernment. As a result, our social bonds close in upon themselves, forming self-referential circuits that no longer expose us to reality. We thus come to live within bubbles, impermeable to one another. Feeling threatened by anyone who is different, we grow unaccustomed to encounter and dialogue. In this way, polarization, conflict, fear and violence spread. What is at stake is not merely the risk of error, but a transformation in our very relationship with truth.