Jack

[Morning Brew ☕️ @MorningBrew]

World's Wealthiest Comparison—

1. Elon Musk: $1.1 trillion

2-5. Larry Page + Sergey Brin + Jeff Bezos + Larry Ellison: $1.08 trillion

Insanity.

[Jack @ObiwonTrader]

@JackThompsonFOX

[Jack @ObiwonTrader]

@JohnDoeKnowsGuy prob like 50k no more... no one wants to buy a business thats relieant on the owner, he leaves so does the biz... all these talks about mulitples and EBIT mean nothing. Real world buyer looking for a system in place, consistent workflows, organized, repetable and scalable

[Jack @ObiwonTrader]

@unusual_whales Get ready for market correction lol

[Out of Context Human Race @NoContextHumans]

I’ve never seen anything more accurate

[MJTruthUltra @MJTruthUltra]

This aged well for Swalwell and his wife

I keep thinking his poor wife, but, in the back of my head, the thought keeps popping up — maybe it was a swingers thing the were both part of.

Or not, then back to poor wife.

[Jack @ObiwonTrader]

@MJTruthUltra 😅😅

[Elon Musk @elonmusk]

NASA Artemis passing close to the Moon

[Sawyer Merritt @SawyerMerritt]

Difference in quality between NASA and SpaceX’s launch livestreams.

[Sawyer Merritt @SawyerMerritt]

NASA’s Artemis II livestream really makes you appreciate @SpaceX’s launch broadcasts.

Bad camera tracking, no onboard cameras, countdown timer disappeared, NASA even showed people in the crowd instead of stage separation lol. The screen also blacked out twice during the first 10 seconds of the launch.

[Molly O’Shea @MollySOShea]

Sequoia's @shaunmmaguire on Why Elon's TERAFAB is Underrated:

"I’m gonna sh*t on a lot of other investors for a second."

“I’m watching people come in with what I’d call 8th grade level education on the industry, trying to make definitive statements.”

"I’ve been obsessed with semiconductors since I was a little kid. I literally bought Nvidia shares in the IPO in 1999. I was obsessed with semiconductor fab as a kid, got really deep into the chemical processes that go into making wafers."

"People are assigning way too low a probability that it will work.”

Hill & Valley Forum 2026 (@HillValleyForum) / @elonmusk
. . .

“I think it’s underrated because I think people don’t think it’s gonna work.

Like I think a lot of people view it—and again, this is a systems-level problem—and I’m gonna just go get sh*t on a lot of other investors for a second. It’s been pretty wild for me as chips became all the rage again.

To brag for a second, I’ve been obsessed with semiconductors since I was a little kid. I literally bought Nvidia shares in the IPO in 1999. I was obsessed with semiconductor fab as a kid, got really deep into the chemical processes that go into making wafers.

If you think about the silicon industry, from the mid-50s to the mid-90s, the bottleneck was actually chemical steps. It was not lithography—it was making ultrapure wafers, which require 20+ chemical steps.

Then it flipped to lithography, and EUV became probably the hardest single step in semiconductor manufacturing.

But there’s all these investors that, three years ago, had never done anything in hardware, had never thought about semiconductors, that are brand new and think that they’re experts.

I’m not trying to say I’m an expert—there’s a lot I need to learn—but I’ve at least been paying attention to this field for a very long time.

And I’m watching these people come in with what I’d call eighth-grade-level education on the industry, trying to make definitive statements around what the bottlenecks are, what’s gonna be hard.

They’re basically just parroting each other.

It reminds me a lot of when people were trying to assess the likelihood of reusable rockets working in 2014, or Starlink working in 2019–2020, where everyone would tell me to my face: it will not work.

Or when people were saying self-driving will never work. Especially with camera-only—where Elon was a contrarian doing camera-only rather than vision plus lidar.

All these things fit the same pattern of people thinking superficially when they’re brand new to a field, then having strong opinions on how things are gonna work.

And I think that on TERAFAB, people are assigning way too low a probability that it will work. I personally feel confident that it will. Timeframe—there are questions—but I’ve thought through all the different steps.

Almost everyone, when you talk about TERAFAB, they’re like, ‘but what about EUV?’ And EUV is something they first learned about in the last 18 months.

It’s comical to me."

[ₕₐₘₚₜₒₙ @hamptonism]

The mathematics behind apps like Shazam:

[WOLF Trading @WOLF_TradingX]

Life after requesting a payout on multiple accounts

[Harrison Krank @HarrisonKrank]

You can hear the genuine pride in Donald Trumps voice when he called the Team USA Hockey Team

[Jack @ObiwonTrader]

Very interesting

[Triple Net Investor @TripleNetInvest]

JUST IN: Chamath Palihapitiya makes a big claim that Warren Buffett’s insane pre 2000 returns may have benefited from access to information asymmetry not available to the public

Here's what he had to say:

"In 2000, we introduced the law called Reg FD. And what was the point of Reg FD?

It was basically that if you're a CFO, you cannot talk to an individual stock manager and tell him something that you then don't tell everybody else. Essentially inside information.

That used to be not illegal. I won't say that it was legal. I would just say that used to be not illegal.

You call your CFO buddy, he says, "hey, how you doing?"

He goes, man, "Quarter was a blockbuster."

You would go and buy the stock.

And starting in the 2000s, it became illegal. And there used to be these networks of information arbitrage that took advantage of this.

Now, this is an example of Warren Buffett's returns, pre and post Reg FD. Now, what do you see?

His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he probably on the margins lost a little bit.

So this is the single best investor in the world. This is what happens when you have information symmetry. So it's just meant to explain that markets when there's asymmetry. Billions and billions of dollars will be made in asymmetry.

The prediction markets today, unless they are regulated out of existence or shut down, will look like the stock market pre-Reg FD."

[Jack @ObiwonTrader]

@MartinShkreli When and where in SF?

[Bill Ackman @BillAckman]

Frightening that @Tim_Walz was almost one heart beat away from our presidency. Crazy.

[Jack @ObiwonTrader]

@elonmusk How is this real ? And nobody seems to care

[Jack @ObiwonTrader]

@RobSchneider That’s agent pimento @brooklyn99

[Jack @ObiwonTrader]

can @realDonaldTrump tweet some tariff plans again, i need to make my money back on these puts. :)