Ivan Valentino

[Guardian Research @thegresearch]

https://t.co/srpBFiXC0r

[Ivan Valentino @_ivanvalentino]

👀

[The Kobeissi Letter @KobeissiLetter]

We truly are witnessing history right now.

It's clear that the period we are in now will be referenced for decades to come.

The S&P 500 has added +$10 trillion in 29 days, semiconductor, AI stocks are surging 100%+ in weeks, and the Trump Administration is up +550% on Intel.

When we began emphasizing the need to own assets to win in this market over 12 months ago, this is exactly what we meant.

While inflation is back and the labor market has weakened, it simply does not matter right now.

In fact, the return of inflation has only intensified the scramble for yield and hard assets that can preserve purchasing power.

Look at the data: just 5 stocks have accounted for ~50% of the S&P 500’s total gains since April 1st.

These same tech giants driving the market higher are gaining even more momentum amid rate cuts, deregulation, and historic inflows into equities.

Asset owners are experiencing one of the greatest wealth expansions in modern history while everyone else is being left behind.

Our 12+ month thesis has materialized.

[Orange Book 🍊📖 @orangebook]

There are three types of people who suddenly "disappear": those who are ashamed of who they are, those who have everything they want and understand the value of being low profile and private, and those who have a newborn to attend to.

[Stuart Blitz @StuartBlitz]

VC vs. founder

[Boring_Business @BoringBiz_]

This was an eye opener from Jensen Huang

When asked whether he would rather relive his 20s or be 20 years old today, this is what he had to say:

"I thought our 20s were happier than these 20s. I think everyone deserves some time to be oblivious, and not wear all of the world's problems on their shoulders on Day 1

We are raising a generation that is very cynical and too informed

They are cynical, not because they are inherently cynical. They are cynical because they see so much stuff. It is too much stuff

You have to build up some internal reserve of optimism. You have to build up some reserve of goodness."

[Naval @naval]

What you create is an honest reflection of who you are.

[Chamath Palihapitiya @chamath]

If you’d like to get rich or stay rich, I’d encourage you to develop the ability to change your mind.

Most ideas are shitty. So staying fixated on shitty ideas creates an anchoring bias that will weigh you down to the mediocrity of the masses. Learn to change your mind and skate to where the puck is going to be.

Others who can’t change their minds will constantly remind you of a former opinion. Ignore them. They want you to be down there with them so they can feel better about themselves. Don’t fall for it!

[Naval @naval]

If you don’t commit to meaningful work, life will fill your time with busywork.

[Ian Cassel @iancassel]

I have investors occasionally reach out about the fund. Many are good people, but they still lead with an impersonal - "Send me your letters, historical performance, pitch deck, etc, etc."

I always respond, "No, I'm not sending anything right now. The minimum investment is xyz. We've beaten the S&P since inception. We invest in illiquid securities so I view our letters as our IP so we don't share with non LPs. I'm happy to send additional information after we have a conversation first and see if we would be a good fit for each other."

80% of the time I get no reply back, but the right type of investor always understands this and we start a dialogue like a normal relationship. Talking and getting to know each other.

I think many emerging managers have a hard time because they give away too much in the beginning to transactional investors. Don't lower yourself and provide "everything" to everyone that shows any interest.

If you are beating the market, take pride in what you've accomplished. Communicate in a way that attracts the type of investor you want, and turns away the ones you will regret taking.

PS - A word of warning, my approach turns away 99.9% of institutional investors. But this is fine, this isn't who I'm trying to attract.

[Naval @naval]

Visit all the places, eat all the food, read all the books, make all the friends, gather all the fame, support all the causes, build all the products, earn all the money...

...to see that the quality of your life is what it is when you are doing nothing.

[Andrej Karpathy @karpathy]

I took delivery of a beautiful new shiny HW4 Tesla Model X today, so I immediately took it out for an FSD test drive, a bit like I used to do almost daily for 5 years. Basically... I'm amazed - it drives really, really well, smooth, confident, noticeably better than what I'm used to on HW3 (my previous car) and eons ahead of the version I remember driving up highway 280 on my first day at Tesla ~9 years ago, where I had to intervene every time the road mildly curved or sloped. (note this is v13, my car hasn't been offered the latest v14 yet)

On the highway, I felt like a passenger in some super high tech Maglev train pod - the car is locked in the center of the lane while I'm looking out from Model X's higher vantage point and its panoramic front window, listening to the (incredible) sound system, or chatting with Grok. On city streets, the car casually handled a number of tricky scenarios that I remember losing sleep over just a few years ago. It negotiated incoming cars in tight lanes, it gracefully went around construction and temporarily in-lane stationary cars, it correctly timed tricky left turns with incoming traffic from both sides, it gracefully gave way to the car that went out of order in the 4-way stop sign, it found a way to squeeze into a bumper to bumper traffic to make its turn, it overtook the bus that was loading passengers but still stopped for the stop sign that was blocked by the bus, and at the end of the route it circled around a parking lot, found a spot and... parked. Basically a flawless drive.

For context, I'm used to going out for a brief test drive around the neighborhood to return with 20 clips of things that could be improved. It's new for me to do just that and exactly like I used to, but come back with nothing. Perfect drive, no notes. I expect there's still more work for the team in the long march of 9s, but it's just so cool to see that we're beyond finding issues on any individual ~1 hour drive around the neighborhood, you actually have to go to the fleet and mine them. Back then, I processed the incredible promise of vehicle autonomy at scale (in the fully scaleable, vision only, end-to-end Tesla way) only intellectually, but now it is possible to feel it intuitively too if you just go out for a drive. Wait, of course surround video stream at 60Hz processed by a fully dedicated "driving brain" neural net will work, and it will be so much better and safer than a human driver. Did anyone else think otherwise?

I also watched @aelluswamy 's new ICCV25 talk last week (https://t.co/RdaM23kvez) that hints at some of the recent under the hood technical components driving this progress. Sensor streams (videos, maps, kinematics, audio, ...) over long contexts (e.g. ~30 seconds) go into a big neural net, steering/acceleration comes out, optionally with visualization auxiliary data. This is the dream of the complete Software 1.0 -> Software 2.0 re-write that scales fully with data streaming from millions of cars in the fleet and the compute capacity of your chip, not some engineer's clever new DoubleParkedCarHandler C++ abstraction with undefined test-time characteristics of memory and runtime. There's a lot more hints in the video on where things are going with the emerging "robotics+AI at scale stack". World reconstructors, world simulators "dreaming" dynamics, RL, all of these components general, foundational, neural net based, how the car is really just one kind of robot... are people getting this yet?

Huge congrats to the team - you're building magic objects of the future, you rock! And I love my car <3.

[Kaz Nejatian @nejatian]

On my first day at work, I shared with the Opendoor team a copy of my personal blueprint - I am sharing this with you all today as well.

https://t.co/apSnKJrGW0

[Andrej Karpathy @karpathy]

Agency > Intelligence

I had this intuitively wrong for decades, I think due to a pervasive cultural veneration of intelligence, various entertainment/media, obsession with IQ etc. Agency is significantly more powerful and significantly more scarce. Are you hiring for agency? Are we educating for agency? Are you acting as if you had 10X agency?

Grok explanation is ~close:

“Agency, as a personality trait, refers to an individual's capacity to take initiative, make decisions, and exert control over their actions and environment. It’s about being proactive rather than reactive—someone with high agency doesn’t just let life happen to them; they shape it. Think of it as a blend of self-efficacy, determination, and a sense of ownership over one’s path.

People with strong agency tend to set goals and pursue them with confidence, even in the face of obstacles. They’re the type to say, “I’ll figure it out,” and then actually do it. On the flip side, someone low in agency might feel more like a passenger in their own life, waiting for external forces—like luck, other people, or circumstances—to dictate what happens next.

It’s not quite the same as assertiveness or ambition, though it can overlap. Agency is quieter, more internal—it’s the belief that you *can* act, paired with the will to follow through. Psychologists often tie it to concepts like locus of control: high-agency folks lean toward an internal locus, feeling they steer their fate, while low-agency folks might lean external, seeing life as something that happens *to* them.”

[Victor Madu @GOAT_vicc]

Your environment can 100% ruin your potential.

[The Icahnist @TheIcahnist]

Sam Zell’s entire playbook in one line

The best deals are starved for investors

Zell built billions on that truth

[Orange Book 🍊📖 @orangebook]

You just need to take a good look at all the older people who didn't get to live the life they wanted, and it will become obvious that the causes are always the same, generation after generation:

[James Clear @JamesClear]

It doesn’t make sense to continue wanting something if you’re not willing to do what it takes to get it.

If you don’t want to live the lifestyle, then release yourself from the desire. To crave the result but not the process, is to guarantee disappointment.

[signüll @signulll]

a century ago, the richest guy alive couldn’t get penicillin, air conditioning, or instant global communication.

today, a minimum wage worker has access to those things. so, what *exactly* is wealth today?

[Patrick OShaughnessy @patrick_oshag]

A very powerful question to ask