"That thing that rich people do where they turn money into more money. Can you teach me how to do that, Jack?” - Tina Fey, 30 Rock Jack, “With my eyes closed.”
Joined June 2020
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28 Dec 2021
I’ve been blessed to spend time with many of the world’s great investors.
20 years ago, I made a point to hunt down the best. Many are now popular on Fintwit - Nick Sleep, Li Lu, Chuck Akre. Others should be - Chris Hohn, Larry Robbins, and more.
For🎄: 12 lessons I learned🧵👇
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Jun 12
I give Elon plenty of sh!t…
…but, at least for today, if you aren’t in awe of what he’s accomplished - SpaceX, Tesla, PayPal - you’ve lost the plot.
To. The. Moon. 🚀
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Jun 12
Today is GREAT day to be Tar Heel - especially for those in the UNC endowment’s investment office.
A bunch of others endowments too.
But, UNC?
Hot damn.
They finna go buy some basketball players. $SPCX
May 12
The world has no idea how GIANT a position the entire Endowment & Foundation industry has in SpaceX.
There is at least one major endowment that has a 20% SpaceX position and MANY others with 5-10% (on a look-through basis at $900B valuation).
At $1.5T, things get wild...
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Compound248 💰 retweeted
Jun 11
May markets give us a gift and sell these down to 10X earnings on this narrative🙏
Jun 11
I remain in awe at how many well-intentioned and intelligent financial professionals have no idea how the card networks ($V and $MA) work or what they charge.
(Not referring to Thomas…)
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Jun 11
I remain in awe at how many well-intentioned and intelligent financial professionals have no idea how the card networks ($V and $MA) work or what they charge.
(Not referring to Thomas…)
Jun 11
Bill Gurley says Visa and Mastercard will be "heavily threatened" by stablecoins.
From The Knowledge Project this week:
"Those two companies have two of the highest operating margins in the history of business. They have like 60% operating margins, and they're duopolies, and they were created by the banks. So the whole industry is kind of stuck in this world where they make a lot of money because it is this way. But there's zero reason why it should cost 2 or 3%. Just zero.
In America, if I want to send you 50 bucks digitally, I've got to go through ACH, which is 3-day settlement, which is part of this regulatory capture bullshit... If you have a Coinbase account, you can put your money in a USDC stablecoin and earn 4%, and within seconds immediately transfer money to someone else for pennies...
At this point, I think stablecoins will get there faster than the government will be able to do it."
$V $MA
Agree or disagree?
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Jun 11
KKR be like, “dammit, why didn’t I think of that first?!”
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Compound248 💰 retweeted
Jun 11
Why is anyone surprised that the not-for-profit turns out to not know how to profit 😅
Jun 11
* OPENAI CONSIDERS DRASTIC PRICE CUTS, ANTICIPATING WAR FOR USERS WITH ANTHROPIC @WSJ
But, @sama, your B2B products have customer lock-in right? Right?!
You wouldn’t go scorched earth to steal revenue at massive losses only to have a fungible product, right?
Ofc not.
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Compound248 💰 retweeted
Jun 10
The 7 "stages of grief" for a growth investor 😂
h/t @compound248
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Jun 9
Today is the kind of market day where I almost trick myself into thinking I may be good at this business.
But then I remember Everything is Factor, and today is just another day where Factor dominates.
But maybe...
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Compound248 💰 retweeted
Jun 9
Absolutely incredible and, frankly, massively inspiring. Love seeing stuff like this.
Jun 8
Holy sh!t, Leopold, you f*cking legend.
270% first five months of this year for his Situational Awareness fund.
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Compound248 💰 retweeted
Jun 8
Bro nailed it as hard as it can be nailed.
Basically hit an outcome on par with Paulson CDS trade without having negative carry.
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Compound248 💰 retweeted
Regardless of how this ends, this is generational talent.
Many old heads will try to cope vs being reflective about the opportunities they missed.
Jun 8
Holy sh!t, Leopold, you f*cking legend.
270% first five months of this year for his Situational Awareness fund.
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Compound248 💰 retweeted
Jun 8
Imagine the number of fund managers that are underperforming their benchmarks before fees calling this guy reckless rn
Jun 8
Holy sh!t, Leopold, you f*cking legend.
270% first five months of this year for his Situational Awareness fund.
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Compound248 💰 retweeted
Jun 8
forget getting a 10x single stock investment, @leopoldasch 10x'd his fund, also new picture, @AvitalBalwit will likely be happy
Jun 8
Holy sh!t, Leopold, you f*cking legend.
270% first five months of this year for his Situational Awareness fund.
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Jun 8
Holy sh!t, Leopold, you f*cking legend.
270% first five months of this year for his Situational Awareness fund.
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Jun 8
This shouldn’t surprise anyone:
SK Hynix and Samsung make up roughly 50% (yes, half!) of the entire South Korean market.
Those two are direct comps for Micron and $MU was -13% on Friday (after SK’s market closed).
Unsurprisingly, Hynix and Samsung both opened worse than -10%, which alone put the entire market-5%.
The rest of the market was soft in sympathy and you hit the -8% circuit breakers.
Everything has rallied since.
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Jun 7
Love this framing:
What you have to believe for SpaceX to be a good investment from IPO.
Here's a table of Mag 7 Price-to-Sales (fwd) ratios at IPO next to what they "should have been" knowing what we know now.
Spacex at the end. If future Spacex growth = AMZN 1997 or NVDA 1999, you'll still kill it. But if it's "just" META 2012 or AAPL 1980, pricing in too much.
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