Ian Eliason

Co-founded VC fund at 22. Structured immunotherapy spinout ($350M in contracts). Advised 12 companies through 110M in raises.

[Ian Eliason @IanEliason]

https://t.co/yq7ufuELKT

[Ian Eliason @IanEliason]

@alxberman SCRAPE

[Ian Eliason @IanEliason]

@tim_yakubson STACK

[Ian Eliason @IanEliason]

@davidfigeira Aff

[Ian Eliason @IanEliason]

More Money Than God (Sebastian Mallaby, 2010). Five frames worth keeping:

1. Each enduring hedge fund is built around one cognitive lens. The lens is the franchise.
2. The 1992 sterling trade: Druckenmiller built the position; Soros sized it at conviction. Two roles, one framework.
3. Tiger Cubs inherited the research framework. The portfolios that came out of it were entirely their own.
4. Edge degrades. Understanding what the next edge looks like is the durable skill.
5. Hedge fund history is research history dressed up as performance history.

Amazon (aff):

[Ian Eliason @IanEliason]

The frame is the only thing that travels.

[Ian Eliason @IanEliason]

If you allocate capital, choose firms by the durability of their research framework. Last year's returns are noise.

[Ian Eliason @IanEliason]

Seth Klarman's Margin of Safety trades at $2,000+ used. Baupost's actual positions are secret. The market pays for the framework. The positions are commodity.

[Ian Eliason @IanEliason]

@troyaitken_ STACK

[Ian Eliason @IanEliason]

@KirkeMannik01 REVOPS

[Ian Eliason @IanEliason]

Stanley Druckenmiller deployed the same macro framework across three vehicles: Duquesne (his own hedge fund, 1981–2010), Quantum (lead PM at Soros's, 1988–2000), and his family office (post-2010). For twelve years he ran Duquesne and Quantum simultaneously. The framework was constant. The capital pools changed.

[Ian Eliason @IanEliason]

Howard Marks's memos on credit cycles still circulate at 2026 institutional reading lists. His specific Oaktree positions from 1998 do not. The framework compounded. The positions closed.

[Ian Eliason @IanEliason]

https://t.co/jWFDRXjXP4

[Ian Eliason @IanEliason]

https://t.co/yq7ufuELKT

[Ian Eliason @IanEliason]

Frameworks compound. Specific positions don't.

[Ian Eliason @IanEliason]

The returns are the receipt.

[Ian Eliason @IanEliason]

The Most Important Thing (Howard Marks). Five frames worth keeping:

1. Second-level thinking. First-level: "good company, buy." Second-level: "everyone knows it's good. What's already priced in?"
2. Risk is permanent capital loss. Volatility is market noise.
3. The pendulum swings between extremes, never sitting at the average.
4. Being too far ahead of your time is indistinguishable from being wrong.
5. You can't predict. You can prepare.

Amazon (aff): https://t.co/B0fnMqVKa8

[Ian Eliason @IanEliason]

@jack_9947 CODE

[Ian Eliason @IanEliason]

@WhizzTrades MAXX

[Ian Eliason @IanEliason]

The product of an investment firm is research conviction. Investing is the mechanism that converts conviction to cash.

[Ian Eliason @IanEliason]

@andrew_nfx funded