Mehmet Günay

Trader

[Mehmet Günay @mcgunay]

@Paperboy2009 @Biohazard3737 $CELGZ was the abraxis cvr, not the bristol one.

[Mehmet Günay @mcgunay]

@stomping_llama I mean, I don't disagree but the fact that shares out is such a lagging metric. I know of people who traded a ton of HUBC on the volume and the only datapoint at the time was 1.3m outstanding so if you're a compliance person trying to figure out if you need to file or not.....

[Mehmet Günay @mcgunay]

@trq212 how do you change the sub dir that the agent is working in?

[Mehmet Günay @mcgunay]

@peterkto https://t.co/Fuz8JShiNG

[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.

[Mehmet Günay @mcgunay]

@peterkto funny timing, I signed two SPV's yesterday

[Mehmet Günay @mcgunay]

@6_Figure_Invest @min_the_mouse Yes:

[Mehmet Günay @mcgunay]

@dirtcheapstocks I was one of the (many) buyers. It was a more complex situation than you make it out to be.

[Mehmet Günay @mcgunay]

@ljp0101 @bennpeifert You need to clarify your scenario more- Why is the option market maker short? AFAIK the bona fide market maker exceptions don't apply to Options MMs but most likely can "long sell" without borrowing under the deem to own exception.

[Mehmet Günay @mcgunay]

@valwithcatalyst I figured it out, needs to be done directly through agent.

[Mehmet Günay @mcgunay]

@valwithcatalyst Have you been able to exercise? DTC saying the warrants have not been moved to PTOP so can't be exercised for the B&S payment.

[Mehmet Günay @mcgunay]

@orrdavid A full service brokerage that specializes in otc names can help you source liquidity. They're off market trades

[Mehmet Günay @mcgunay]

@KevinLMak I actually think OP's software is showing C as in "Closing" not "C" as in cash. The actual trade conditions were "@6 X"

@ Regular Trade
6 Closing Trade
X Cross

[Mehmet Günay @mcgunay]

@KevinLMak I've really enjoyed the content you put out and always had a nagging feeling that your named sounded familiar and finally realized that you were in charge of RITC which i participated in 2011. Set me up for a career in trading!

[Mehmet Günay @mcgunay]

@EscapeVlcty @AndrewRangeley and losing money on the borrow

[Mehmet Günay @mcgunay]

@ArrakisGlobal @AndrewRangeley I suspect that's probably right for non-cross listed names.

[Mehmet Günay @mcgunay]

@ArrakisGlobal @AndrewRangeley Tons of companies much larger than DIDIY.
TCEHY first one that comes to mind.

[Mehmet Günay @mcgunay]

@Biohazard3737 you can run Bloomberg Anywhere on a mac if you end up going that route. https://t.co/5pUGdt593f

[Mehmet Günay @mcgunay]

@b_kochkodin @FinX_Tabloid too bad you got the details wrong...

[Mehmet Günay @mcgunay]

@OddDiligence selling shareholders, repurchase by ndaq yadda yadda