Josh Kan

Ohio born, NY living #highhandicapper I guess I have to say, my opinions are my own, but that seems obvious.

[Mario S. @covered_call]

Dave is right - USVC yet another grift in the world of retail-accessible VC. I went through the 56-page prospectus and its even worse than the tweet suggests:

1. Fee stack: 3.61% gross annual expense ratio, capped net at 2.50%. Underlying SPVs/VC funds charge another 1–2.5% mgmt + 20–30% carry on top. You're paying 3+ layers of fees before any return hits your account.

2. The prospectus states twice, verbatim: "The Investment Adviser has no previous experience managing a closed-end, registered investment company." The adviser was formed Dec 2023 and rebranded from "Strawberry Tree Management" to "AngelList Asset Management" last November.

3. Portfolio manager Ankur Nagpal is compensated on AUM growth, not performance. Straight from the prospectus: his Carry acquisition earnout "includes contingent payments tied to USVC's growth in assets under management." Textbook non-traded REIT incentive structure.

4. AngelList gets paid three times on the same dollar:
• 1% advisory fee to AngelList Asset Management
• Up to 5% of profits to Platform Advisor LLC (AngelList affiliate)
• Fund admin fees to Belltower Fund Group (AngelList affiliate)

5. NAV is sponsor-marked - the adviser is its own "valuation designee." Prospectus disclaimer: "Fair value prices are necessarily subjective in nature…no assurance that such a price will be at or close to the price at which the security is next quoted or next trades."

6. "5% quarterly redemptions" is marketing. Reality: Board can cancel any offer, can offer less than 5%, can repurchase at a discount to NAV, and oversubscribed offers prorate. Straight from the doc: "Shareholders should not rely on being able to tender the full amount—or any—of their Shares."

7. Naval frames it as "VC for everyone." The prospectus describes a non-traded CEF with sponsor-marked NAV, AUM-linked manager comp, three layers of affiliate fees, and gated discretionary liquidity.

Retail doesn't need access to private markets this badly.

[Josh Kan @JoshK_i_am]

@sdSaaSlinger DM me for a hiring screen with a recruiter. Doubling SaaS co in data and ai

[Montreal Expos @Montreal_Expos]

The Montreal Expos are exiting the baseball space. During Q2 and Q3 2026, we will transition to acquiring high-performance GPU assets. This is all part of our long-term vision to become a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider.

[Gokul Rajaram @gokulr]

Congrats @HightouchData team for the successful entry into the AI marketing space. Excellent example of how to build a compound startup starting with a single product. 🚀

[The Ways of A Gentleman @Gentleman_Ways]

Write it on your heart
by Ralph Waldo Emerson

Write it on your heart
that every day is the best day in the year.
He is rich who owns the day, and no one owns the day
who allows it to be invaded with fret and anxiety.

Finish every day and be done with it.
You have done what you could.
Some blunders and absurdities, no doubt crept in.
Forget them as soon as you can, tomorrow is a new day;
begin it well and serenely, with too high a spirit
to be cumbered with your old nonsense.

This new day is too dear,
with its hopes and invitations,
to waste a moment on the yesterdays.

[Josh Kan @JoshK_i_am]

@moneyfetishist Action Bronson is an NYC chef and rapper with a pretty signature style. @AccidentalBron is an account of people accidentally sounding like his lyrics

“laughing about you in cars about meetings you’ll never be in” is the vibe

[Josh Kan @JoshK_i_am]

@moneyfetishist S-tier rant and an Accidental Bronson bar to end it all. This is poetry

[Josh Kan @JoshK_i_am]

@_ShantanuKul @chrispisarski A champion has a seat at the table, if they don’t, then you likely have a coach.

[Josh Kan @JoshK_i_am]

@courtne That’s Ron, not Ryan. Show some respect

[Douglas A. Boneparth @dougboneparth]

When you’re dead, you don’t know you’re dead. The pain is felt by others.

The same thing happens when you’re stupid.

[Jay Alto @theJayAlto]

you pity the moth confusing a lamp for the moon, yet here you are confusing a screen for the world

[Gordon 🐂 @GordonGekko]

Turns out he was right

[Josh Kan @JoshK_i_am]

Congrats to all the IU basketball/ND football fans that plague the state.

[Josh Kan @JoshK_i_am]

Third Eye Blind halftime show? Fire the CFP into the sun.

[Josh Kan @JoshK_i_am]

@UESgolf Hinsdale/Clarendon Hills/Western Springs > North Shore in Chicago burbs.

[Josh Kan @JoshK_i_am]

@Tomjones890392 @ded_ruckus Usually something snarky like that

[Josh Kan @JoshK_i_am]

@jjen_abel You know ball

[Josh Kan @JoshK_i_am]

@jjen_abel They can’t buy the soap to fill the dispensers in the office bathroom for $10K a month, let alone in a year.

[Josh Kan @JoshK_i_am]

@thaAdamLittle Capacity & productivity are the only levers. If productivity can grow as capacity grows you can assume strong pmf and many things are well executed; marketing, hiring, enablement, revops…go work at these companies.