all in the open.
Four partners, one pooled book, and a public hunt for asymmetric upside — every position and thesis tracked live.
We hunt asymmetric, high-conviction returns — but we diversify across uncorrelated ideas and size every position with discipline. Mixed horizon: long-term holds plus tactical plays.
Jon, Robert, Pipe and Edo — 25% each, equal say in every call.
Capital is spread across distinct, uncorrelated bets. We never stake more than the fund can absorb — no position is sized to wipe us out.
Recurring, inspection-driven fire and life-safety services with pricing power, compounded by a disciplined M&A roll-up and a value-creation operating model that keeps pushing margins higher.
A best-in-class FcRn franchise (Vyvgart) ramping fast across autoimmune indications, sitting on top of a deep, wholly-owned immunology pipeline — durable, multi-indication growth.
One pool of capital. Every call made together — and logged for the record.
Core long-term accumulation sleeve. Jun 2026: ~$60–63k — ~50% below the Oct 2025 ATH (~$126k) and -22% off May highs, amid a record 13-day / $4.4B US spot-ETF redemption streak. Structural bid intact (ETFs hold ~6.5% of supply; on-chain top-signals quiet). This dip is opportunity OR falling-knife by horizon — size to survive another 50%+ drop. Even aggressive institutional guidance caps crypto near 4%.
Post-Discover, Capital One owns a payments network on top of a scaled, tech-forward card franchise — vertical integration plus synergies at a reasonable multiple.
The dominant Latin American e-commerce and fintech platform (Mercado Libre plus Mercado Pago), compounding on a long runway of low retail and banking penetration, with widening margins.
The AI data-center compute standard: Blackwell is ~70% of data-center compute and Rubin is already effectively sold out for its life. Growth is still violent (Q1 FY27 +85% YoY) — the debate is valuation and how long the buildout runs.
Speculative digital-lidar scale-up: 13 straight quarters of growth, the new Rev8 OS sensors + Stereolabs cameras + ARGUS counter-drone optionality, with bullish AV/defense deal momentum — but still loss-making in a brutally competitive sector.
High-variance turnaround / option-like. Q1'26 sales tripled to $177.6M (+232% YoY) with first operating profit and record $9.1M adj. EBITDA — BUT ~100% of revenue is one related party (Trina), $147M quarterly cash burn ($46.4M unrestricted left), needs ~$225M to finish G2 Austin, a Jun 17 vote to DOUBLE authorized shares to 1B, contested 45X/FEOC eligibility (Culper short), and Trina just sold ~$190M of stock. Real value-trap risk — size like a call option you can lose entirely.
Holdings & theses shared for transparency. Not investment advice.