S-Curve Capital

CFA, CMT | ~38% CAGR since 2015 | frmr Value Investors Club | you have just 900 months on earth - are you all in? | Entertainment only; not financial advice

[S-Curve Capital @SCurveCapital]

@josef21m @neel_epochal @danroberts0101 Everything in life is sales: every ER, every public appearance, every IR comm.

Companies that do it well command a premium.

[S-Curve Capital @SCurveCapital]

@OneBasketweaver Don’t disagree. Can’t get any slower. They learned to build the plane and now they’ll fly it.

[S-Curve Capital @SCurveCapital]

$IREN

I feel like Robinhood in reverse: stealing from the financially illiterate to enrich myself.

If you’re focused on negative EPS with large one-off impairments and not F-12 with a high degree of operating leverage, you’ve missed the asymmetry and I can’t save you.

[S-Curve Capital @SCurveCapital]

@bitcoinbutcher1 Ha, maybe I got a little too revved up.

It’s rare there’s this much disconnect between my perception and the market’s

[S-Curve Capital @SCurveCapital]

@william26694 I think there are many overlapping factors, poor communication being the first.

[S-Curve Capital @SCurveCapital]

@bitcoinbutcher1 @matthew_sigel @danroberts0101 🙏

[S-Curve Capital @SCurveCapital]

@JarronJackson4 @stckpkr7000 @EndicottInvests Quite the visual there 😅

[S-Curve Capital @SCurveCapital]

@Freedom_By_40 😂 I’m not going to tell you how to live your life, Freedom.

[S-Curve Capital @SCurveCapital]

Sorry to be so blunt, but I’m euphoric today. I can barely contain myself while others are losing their lunch.

[S-Curve Capital @SCurveCapital]

@Shepher05365963 @Invst_Informant Thx. usually post only when I have signal which means not often, so the algorithm works against me, unfortunately.

[S-Curve Capital @SCurveCapital]

$IREN

Understand where we are: these are the final capitulations of the Class of ’25 - the retail crowd that FOMO’d in on the run to $80, only to sell just before, once again, the easy money returns.

[Daniel Roberts @danroberts0101]

Right way to think about it. Two layers here, think of them as IREN DC and IREN Cloud. IREN Cloud pays IREN DC for capacity, same as any neocloud leasing from a data center owner. So lenders would underwrite our data centers the way they'd underwrite any DC with a neocloud tenant. i.e. on the credit standing behind the lease agreements. At Horizon, that includes Microsoft on a five-year term. Data centers unencumbered today with GPU debt sitting on the Cloud side of the ledger. The first facility will answer rate and leverage better than I can here but hopefully that's helpful.

[S-Curve Capital @SCurveCapital]

@Steves1349 Way to stick with it. It’s not been the vertical line up that many had hoped.

[S-Curve Capital @SCurveCapital]

@Lucelex Preaching to the choir

[S-Curve Capital @SCurveCapital]

🎯 I'm seeing the field clearer than I ever have (with receipts) on $IREN, $MSTR, Bitcoin. My indicators have been unsustainably accurate lately.

June 3
Buy Bitcoin ($59k)

June 25
Buy $MSTR (pico bottom)

June 26
Not buying $IREN yet ($49)

July 28
Buy $IREN big (pico bottom)

[S-Curve Capital @SCurveCapital]

@neel_epochal @moninvestor Funny, I had a post scheduled this morning to say basically this… just deleted as I couldn’t have said it better myself.

Re-rate now comes on execution… and if you believe IREN that we will hit double digit billions of ARR next year we will re-rate.

[S-Curve Capital @SCurveCapital]

@BTCYESPLS I was also surprised at how judiciously they’ve tapped the ATM - brighter days ahead.

[S-Curve Capital @SCurveCapital]

@BKnight221 Ha - don’t disagree

[S-Curve Capital @SCurveCapital]

$IREN

The Good: website didn't brick for the EC. Progress. The ATM wasn't being tapped as hard as I thought.

The Bad: Is this a funeral? I think Dan yawned at one point. I know it's early, but if this is the most exciting opportunity on the planet, let's show some enthusiasm!

[S-Curve Capital @SCurveCapital]

@CDavidFloyd I don't totally disagree. I honestly thought it was being tapped harder, given the price action and cash on hard.

It's a double-edged sword though. The bullish take is we don't potentially get another (even larger) ATM in 4Q now.

[S-Curve Capital @SCurveCapital]

Adding some here around $38

[S-Curve Capital @SCurveCapital]

Time is on our side... on to next quarter.