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.
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.
One pool of capital. Every call made together — and logged for the record.
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.
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.
Holdings & theses shared for transparency. Not investment advice.