We overvalue people we don’t know and undervalue those we do.

Great El Segundo video. Special place.

Message received

“Hard to believe that a little company started in a warehouse in El Segundo is going public for the largest IPO ever.” —@elonmusk

I’ve had the privilege of investing in SpaceX five times. Thank you to Elon and team. People ask what I’ll do with the proceeds. The answer is simple: reinvest into the next generation of hard tech founders in Southern California. From El Segundo to Oceanside, I’m your guy.

Why not you next?

Big morning in El Segundo. Congrats to @elonmusk and the entire SpaceX team. You did it.

This week in Southern California, the lifeguards absolutely kicked ass. I saw multiple serious incidents where they clearly saved someone’s life. Their skill and courage are easy to take for granted until you see them in action. Tip of the cap to all of you.

That happened yesterday in Malibu. Photo by Billy Watts.

I’ve talked to 3 hardware entrepreneurs in the past week who aren’t filing patents because it’s a “instruction manual” to be ripped off by the Chinese.

You could fix the US residential real estate market with a comments section on Zillow.

“When one thing becomes cheap, something else becomes valuable.” —@pmarca

The Wedge got nutty today and might be even gnarlier tomorrow. Who says it never gets heavy in Southern California? Photos from Grant Ellis.

I’ve been investing in secondaries for more than a decade, and I’ve never seen this combination of enthusiasm and lack of financial discipline. The notion that private markets are some guaranteed venture capital trapdoor to returns is misguided. Unless you’re invested in a category-defining company, capital can be impaired just as quickly as in public markets. SpaceX and the frontier AI labs have raised the rim to 20 feet. Their unreal success has distorted expectations for everyone in the asset class.

Unitree was valued at $1.7B in June 2025. Figure was valued at $39B in September 2025. Both valuations are off. You decide.

As promised, Southern California south swell is absolutely PUMPING right now. About to paddle myself! Get some.

Big Tuesday at The Wedge.