123:30shortdirectional thesisDXYZ The premium on a listed fund that holds SpaceX, Anthropic and other pre-IPO names collapses toward its asset value as landmark IPOs finally set honest public prices and expose the disconnect.
What in a perfect scenario do you think that the the public funds that invest in private market companies should be basically valued at 1x NAV because we've seen a couple of things go out and they get really highly valued and it feels like some sort of like, okay, the market's not efficient here.
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50:01longdirectional thesisHIMS Consumer health dollars flood toward a platform built around weight-loss and wellness demand, with revenue guided past $3B as GLP-1 behavior change pulls millions into recurring subscriptions.
But really what you're looking at is like, oh, there's just a new piece of machinery that's in a of different co-packers. So what's your process for actually understanding whether a company has a great product and will continue to be able to compound on the back of like the quality of the product?
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14:28shortdirectional thesisBIRD A 700% one-day melt-up on a name-change to NewBird AI unwinds as the dilutive convert, late AI entry and meme-stock fade catch up, just like the iced-tea-to-blockchain shell that ended in delisting.
And all, you know, right in front of him was what in hindsight is like a very, very obvious play. Yeah. But, but, but again, you know, look, looking back at like the history of the last time this happened was Long Island Iced Tea
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