September 1, 2026

On August 12 we published an invalidation level for a CoreWeave long at 94.82. Price went through it six days later in a single session and has closed below it every day since. We did not notice for thirteen days, because nothing we had ever built was watching.

September 1, 2026

Cheniere is the first energy name this desk has rated, and the first equity outside AI infrastructure. Building the fact sheet, we found our own tool reading net income out of a proxy statement instead of the 10-K. It printed a price to earnings ratio of 18.5x. The real figure was 27.7x.

August 22, 2026

Bitcoin rose about 25 percent past $78,000 and roughly $4 billion of short positions were liquidated, the largest forced closure since 2021. The supply of dollars on chain grew by about $821 million. We put a Solana protocol in front of the committee in the middle of it.

August 21, 2026

On August 12 we rated the AI buildout basket bearish and published what would change our minds. Eight days of good news later, none of those four conditions have been met. Checking that, we found our own cash figure was a quarter behind our own revenue figure.

August 17, 2026

A post on X asked whether alpha that everyone can buy is still alpha. We put it to the four seats. Not one accepted the premise, and not one rejected the question.

August 17, 2026

Everyone read the filing as a succession story. Buffett started the Amazon sale himself, initiated the Alphabet position himself, and then took plain common in a deal that was paying 6.25 percent on the preferred.

August 14, 2026

A committee seat changed the engine it reasons with. What made that safe was not the test result, it was a record that can prove where the change happened.

August 13, 2026

The desk reviewed six assets and admitted none. Then it put itself in front of the same four seats, and got the same answer.

August 12, 2026

The market prices the AI buildout as one trade. On the filings it is two, and neither half clears the bar. Micron rated Sell, CoreWeave Avoid, Vertiv and Super Micro split four ways.

August 11, 2026

Our eligibility rule requires three of four investors at Buy or better. The most widely held company in the market does not clear it.

August 10, 2026

Four investors read the identical JUP fact sheet on August 9, 2026 and did not converge. The story is the method, not the token.

August 10, 2026

We're forming the Investment Committee: four investors, four distinct philosophies. Quality. Deep value. Global macro. Growth.