I don't have a strong opinion on Dean's post (though many people are confusing his purely descriptive post for a normative claim) - but judging by the reaction, it's a textbook case of @paulg's "what you can't say."
It struck a sacred belief held by almost all investors today.
.@jenniferchayes changes a room before she says a word. A mathematician, computer scientist, and builder of institutions, she meets the world with fierce curiosity and a huge smile. I photographed her at UC Berkeley for New Heroes. @UCBerkeley@BerkeleyCDSS@theNASEM
https://t.co/s109Elkj8e
The best hedge is often no hedge at all!
When you buy “protective puts”, you’re purchasing a depreciating asset with a negative expected return. Every day that passes, time works against you. If nothing goes wrong, the option slowly loses value until it eventually expires worthless.
The problem is that volatility isn’t the same as risk. A falling stock price doesn’t necessarily mean a falling business. If the underlying company continues to grow its intrinsic value, the temporary decline is often just noise.
A hedge protects you from market volatility. A great business protects you from permanent capital loss. Given the choice, I’d rather own the great business 100% of the time. 🌹
Almost half the copper the United States mines never touches a smelter. It comes out of the Arizona desert through piles of crushed rock, some of it barely half a percent copper, with sulfuric acid dripping through the top while gravity pulls the metal down over weeks. The acid dissolves it straight out of the stone into a blue solution that pools in a lined pond, and solvent extraction and electrowinning turn it into pure cathode right on site. One new Arizona project pencils out at a cash cost of $1.34 a pound, working 513 million tons of ore that averages 0.52% copper. I manufacture chemicals. The economics still catch me off guard. Ore this poor was worthless before solvent extraction scaled up in the 1980s, too lean to smelt without burning money. A lot of it just sat in waste dumps. America is down to two primary copper smelters from sixteen in 1976. Every GPU rack, motor, and transformer in the AI buildout runs on copper. The country now covers a real share of that demand by running acid through the rock it used to ignore.
The Top Hedge Funds of 2026 (So Far)
Stock-pickers dominated the list, highlighted by Whale Rock at 72.5%.
Tiger Cubs also made their presence known. Of the top 10 funds, Tiger Cubs took home three spots. Lone Pine led the pack with a 43% return. Light Street, the top-performing Tiger Cub of 2025, trailed behind at 37%.
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This is the most phenomenal political add I have ever seen. It doesn’t just apply to North Dakota, it applies to every town, city and State in America.
Make it go viral.