Stephen Vafier

wringing the humanity out of stocks

[Pat Grady @gradypb]

"more code" ≠ "better product"

[Spenser Skates @spenserskates]

We're now regularly shipping new features again with @statsig

It's amazing to see how excited customers are by the product!

[Patrick OShaughnessy @patrick_oshag]

Holy moly. Haven’t seen that in a long time. This was how I got a taste for sharing stuff. That list of 50k people or so built up from reading books obsessively for ten years was what made the podcast launch possible. 571 of those people listened to episode one. Years of book emails to get 571 listeners haha.

[daniel bakalarz @danbakalarz]

Jefferies hosted a call today with David and Lago following the $nu announcement. My most important takeaways from their notes:

• Lago initiated the transition in late 2025 for personal reasons, with no link to performance, strategy, or any disagreement with management or the Board.
• Lago will stay on as a strategic advisor, continuing to support leadership and key projects, including ongoing involvement in internal initiatives.
• Importantly, Lago remains a significant shareholder, and alignment with the company remains strong.

• Organizational evolution underway: i) Separation of global vs. local CFO roles, ii) ongoing hiring of local finance leadership (e.g. Brazil, Mexico) to meet regulatory and operational needs
• Management framed broader C-suite changes (~4–5 out of 18 roles in the past 12–18 months) as necessary to support the next phase of growth, particularly as the company scales internationally, with recent changes already contributing to improved execution and growth acceleration (e.g. 1Q performance).

• On recent concerns around credit losses and delinquency in Brazil, management reiterated no change vs. Q1 messaging and remains comfortable with current trends.
• Management explicitly clarified that CFO transition is unrelated to Brazil credit performance, with CLA levels viewed as healthy and recent trends driven by seasonality and ongoing growth.

• Expansion strategy remains disciplined: ~10% of resources allocated to new bets (e.g. US expansion), and strict guardrails to manage risk in new geographies
• More broadly, resource allocation follows a structured framework: ~70% core markets (Brazil/Mexico), ~20% adjacencies (e.g. Colombia), ~10% new initiatives.

Lago – Personal Remarks & Transition:
• Described the past 7 years as his best professional experience, expressing pride in what has been built.
• Decision driven by a desire to rebalance after an intense period and pursue entrepreneurial opportunities, while maintaining alignment with Nubank.
• Will remain a large shareholder and strategic advisor, with no intention to compete with the business.

Q&A Highlights:
• CFO Brazil search: ongoing for several weeks; expected to take a few months, with confidence in finding a strong candidate.
• Management reiterated that leadership transitions are part of scaling a high-growth, global platform, and comparable companies have undergone similar evolution.

[Stephen Vafier @svafier]

@patrick_oshag @domcooke @colossusmag Oliver Samwer

[Eric Carlson @EricCarlso16600]

https://t.co/AKp29ainsS

[Stephen Vafier @svafier]

@spenserskates @clairevo @brian_scanlan @intercom Excited to see the resulting reacceleration growth curve look like this

[Spenser Skates @spenserskates]

@vinaygo is looking to develop Agent Analytics with a few companies. Please let him know if you want to use it and you can get one of the best engineers at Amplitude working directly with you to build what you want!

[liemandt @jliemandt]

This means the world.

Credit to @tylercowen for the idea that stuck with me before I became a principal: the highest-return thing a teacher can do is raise a student’s expectations of themselves.

We built Alpha School around that exact idea.

[TBPN @tbpn]

"Go all the way until it hurts. If you're doing something and it's easy, it's not valuable." - @travisk

"If anyone says a strategic thing was easy, I'm like, 'You messed up. You could have gone way further. More competitive advantage. More differentiation. Get it together.'"

[Stephen Vafier @svafier]

@0xferruccio how are you getting the screen recordings? user opt in or recreating based on DOM-based session replays?

[Stephen Vafier @svafier]

@frankdotlee @jkkorn @danshipper Very helpful context, thanks

[Stephen Vafier @svafier]

@frankdotlee @jkkorn @danshipper can you explain this to an ignorant investor? what is a simple example of pre-analyzed data?

[Stephen Vafier @svafier]

@Amplitude_HQ @JacobNewma22350 @frankdotlee @dazzeloid @willdjthrill @EricCarlso16600 I've tried registering a few times but haven't received a confirm/invitation yet. Can you help with this?

[Stephen Vafier @svafier]

@Alfred_Lin Spenser Skates will end up being the canonical example here.

[Stephen Vafier @svafier]

“I have a high risk tolerance for betting on myself. Most people pretend they’re good at it, but they’re not.”
—William Hockey

[Alex Konrad @alexrkonrad]

Profile: Plaid co-founder William Hockey is building a 'durable' unicorn at Column, his startup with $200M in revenue and a valuation of (maybe) $6B. His bigger fight: a new financial 'Cold War' with China.

I spent months and 100+ hours reporting, writing and editing this piece, the first edition of The Upstarts Profile.

We go deep inside one of Silicon Valley's most interesting, low-profile startups -- used by Brex, Mercury, Ramp and many more.

And we give a first look into what Hockey and co. are doing in emerging markets, where as a proud American, he says China is "eating our f***ing lunch."

https://t.co/gIzyBjD6cB

[Alfred Lin @Alfred_Lin]

https://t.co/FC94GCchfp

[Stephen Vafier @svafier]

@collision "...The payment is deducted from a stablecoin balance and automatically converted into the local currency."

What is average markup to mid-market FX rates?

[Stephen Vafier @svafier]

@Nirmal_Utwani Ha, I like the preroll ad for Amplitude while waiting for earnings webcast to begin