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This Frenchman describing Buc-ee’s is the only thing you need today (IG: Erosbrousson)

I’m at the bottom of a multi-layer SPV and am looking forward to the SpaceX IPO in much the same way a golden retriever looks forward to a car ride: - thrilled to be involved - no clue how cars work - unsure if going to the park or getting neutered

If the Knicks can come back from being down 30 points, your portfolio can come back from being down 30%.

Love hearing the perspective of the FIFA fans coming to visit the US. God bless the USA!

Eat less than you burn. Move more than you sit. Give more than you take. Spend less than you earn. Listen more than you speak. Create more than you consume. This is how you live a damn good life.

With unprecedented investor demand for the largest IPO in history (SpaceX), it's worth remembering a simple lesson: A great company doesn't always make for a great investment at any price. The median major IPO lost 31% in its first year & suffered a 53% drawdown along the way.

McConaughey just stumbled into the most studied result in game theory and presented it as a hunch about being a good neighbor. In 1980, a Michigan political scientist named Robert Axelrod ran a tournament. He invited mathematicians and economists to submit strategies for a game where you repeatedly choose to cooperate with someone or screw them over. Fourteen entries, some hundreds of lines of code. The one that won was four lines: cooperate on the first move, then copy whatever the other person just did. He ran it again with 62 entries, everyone knowing it had already won. Nobody could beat it. The traits that made it win: never defect first, punish defection, forgive fast, stay predictable. "Slowed down, let her in" is line one of that program. Here is the part Matthew got right without knowing the math. The reason cooperating first wins, and doesn't just feel nice, comes down to what theorists call the shadow of the future. Be generous to a stranger you'll never see again and you eat the cost for nothing. Be generous to someone you'll keep running into and the move pays itself back across every interaction left to come. He thought he was playing a one-shot game with an anonymous driver on a highway. He was playing a repeated game with a neighbor. Same road every day, same faces, decades in front of both of them. That is why the favor returned in 15 minutes, and why it keeps returning. A highway full of strangers looks like the one place generosity gets wasted. In a small enough world there are no strangers, only people who haven't repaid you yet.

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Take a step back and think about what is actually happening. OpenAI, Anthropic, and xAI are building the most consequential technology in human history. All American companies. All funded by private capital. All terrified of each other. No government mandated this. No committee planned it. No five-year industrial strategy allocated the capital. Competition did it. Every few weeks a better model ships because someone in a free market decided they could not afford to be second. The supply curve of intelligence shifts right with every release. Demand expands to meet it, because every price drop unlocks use cases that were impossible a year earlier. And the price of intelligence keeps falling anyway. Demand is exploding and prices are still collapsing. That only happens when competition forces supply to move faster than the market can absorb it. This is capital allocation at its purest. Hundreds of billions deployed voluntarily this year alone, priced by risk, disciplined by the threat of obsolescence. That is not an accident. That is the system working exactly as designed. There is a lesson there.

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Tom Hanks shares the best advice he’s ever received “Throw deep. If you’re gonna do it, do it” “If you have the chance, do it. Don’t pause. If you’ve got an instinct, go at it”

Leonardo da Vinci's greatest paragraph

Trading is not an intellectual activity. It's an emotional one. The decisions that cost you money aren't analytical failures. They're emotional ones. Fear. Greed. Ego. The inability to pull the trigger. The inability to let go. Over-intellectualising pulls you toward analysis and perfectionism and away from the one thing that actually matters: taking risk. The best traders don't eliminate the emotional side. They learn to work with it. Ignore it at your peril — it's always there, and it will always find you.

"The S&P 500 has notched up over a thousand all-time-high closes in its near-seventy years of live history. What normally happened next? Perhaps unsurprisingly, most of the time, another all-time high came soon." S&P Global

Yesterday, VOO, the Vanguard S&P 500 ETF, surpassed $1 trillion dollars in assets. The first ETF to hit this milestone. IVV and SPY are in second and third place; they are all S&P 500 tracker ETFs. @EricBalchunas @JSeyff @DaveNadig

As we head into June with the S&P 500 at the highest level it has ever traded at, just remember this is the only month to never see the ultimate peak for the year.

Was not ready for Eric Church to deliver the best commencement speech I’ve ever heard. Six guitar strings. Six pillars of a life. Faith. Family. Spouse. Ambition. Community. You. Tune them when you’re whole, not just when you’re broken. Watch the whole thing.

Good morning from SanO.

Happy Mother's Day!