주주서한 · 메모 · Substack
월가 구루·크립토 고래의 주주서한·메모·인터뷰·큐레이션 포스트를 한 곳에 모아 매일 업데이트합니다.
SpaceX And Anthropic Partnership | The Brainstorm EP 131
In this episode of The Brainstorm, Brett, Frank and Sam explore the groundbreaking deal between SpaceX and Anthropic, focusing on the implications for AI compute infrastructure, space-based data centers, and the economics behind data centers.
U.S. equities: Volatility creates opportunity
In this recent video, Portfolio Manager Michael Nicolas discusses how AI fears have driven sharp selloffs across software—but history suggests broad narratives often miss the nuance. With stock dispersion reaching extremes last seen during COVID, we see a familiar setup: indiscri…
International equities: Surprising market shifts
Tony Coniaris, Co-CIO International Equities, shares insights on the surprising shifts in the market, the dramatic impact of AI innovation, and how global events shaped portfolio performance during the first quarter of 2026. This material is not intended to be a recommendation or…
Trading Post May 12, 2026
This Trading Post covers mostly yesterday’s trades Today, a number of stocks are reacting to earnings releases. QUBT +24.2%, PACS +20.1%, SIBN +16.4%, TE +16.1%, HLIT +14.7%, DSP +13.6%, ZBRA +13.4%, SE +10.6%, CDNL +10%, EIKN +8.8% (also provides clinical updates), VG +8.8…
#509: Shopify Is Building The Operating System For Agentic Commerce, & More
Last week, Shopify reported another strong quarter, with Gross Merchandise Volume (GMV) increasing 35% year-over-year and surpassing $100 billion, while revenue increased 34%. Although investors focused on softer-than-expected near-term guidance, specifically revenue growth at a …
Short Thoughts May 10, 2026
The boy who cried wolf. So many times, no wolf. In the end, what happened? There was a wolf. But nobody was listening. I am now a meme for the number of times I have called a crash. I have become the boy who cried wolf. History is written not by the victors, but by those that con…
Jeffrey Gundlach on Private Credits Wild West and a U S Debt Tail Risk Bloomberg TV
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
AI Ascent 2026
AI Ascent 2026 AI Ascent IV was our biggest and best year yet. By Team Sequoia Published May 8, 2026 On April 20, we hosted our fourth annual AI Ascent in San Francisco, bringing together more than 150 leading founders and researchers in AI, including Demis Hassabis, Andrej Karpa…
Trading Post Friday May 8, 2026
Huge rally in stocks today. Very much more of the same. Yellow is the Philadelphia Semiconductor Index, up ~224% since the 90 Day Pause. Violet is the S&P 500, up 48%, and the NASDAQ 100, up 69%. Headlines says stocks are up due to a strong jobs report. You tell me what is more d…
A 30-Year Pattern Reversed: Inflation & AI Outlook | ITK With Cathie Wood
In this month's "In The Know," ARK Invest CEO/CIO Cathie Wood lays out a framework where we believe inflation surprises lower (not higher), the dollar rallies (not crashes), the rolling recession ends, AI drives structural deflation the bond market is only starting to price, and …
Trading Post May 7, 2026
Today I sold my positions in CRM and ADSK at small profits. Both were smallish positions and, per my evaluation not nearly as good long-term investments as what I needed to buy today. Read more
From Binance To Beyond: CZ Predicts Crypto’s Next Phase
In this episode of FYI, Lorenzo Valente sits down with ARK Invest CEO Cathie Wood and Changpeng Zhao (CZ), founder of Binance, to examine his journey from early life in China to building the world’s largest crypto exchange. CZ shares how Binance scaled rapidly, the regulatory cha…
Trading Post Wednesday May 6, 2026
The NASDAQ 100 was up over 500 points today to another all-time high, and before that, Jonathan Krinsky with BTIG posted this chart. Per Jonathan: If we look at the top 10 performing NDX stocks in 1999, they were up an average of 559%. The top 10 in the year leading up to 3/24/00…
Megacap Recap | The Brainstorm EP 130
In this episode of The Brainstorm, Brett, Nick and Sam offer a comprehensive analysis of mega-cap tech companies, focusing on CapEx trends, AI integration, user engagement, and market demand. They discuss Meta's AI strategies, cloud spending, and the evolving landscape of digital…
Trading Post Tuesday May 5, 2026
Late in the session today, the U.S. announced Operation Epic Fury is concluded, and that offensive operations against Iran have ended. Rather surprising given recent news of imminent ground operations. The market took it in stride, barely missing a beat as the S&P 500 and NASDAQ …
#508: Robinhood Is Handing Customers And Investors A 'Gold'en Opportunity, & More
Last week, Robinhood reported first-quarter results with softer-than-expected transaction revenues, the result of weak trading activity. In our view, the more important story was and is Gold, Robinhood's $5 per month subscription tier and—increasingly—the gateway to its ecosystem…
Trading Post Monday May 4, 2026
First, tending to the shorts. I added to my SOXX January 2027 Strike 330 Puts in the $14s. Even the logarithmic chart looks stretched. What a rally, a true cherry on top of a decade+ explosive run. The components of the SOXX are below. I am happy being short every single one of t…
GameStop Makes Its Play
Makes perfect sense. Never confuse debt for creativity. When hundreds of billions are on the table, bet on craven greed. So the rumor was confirmed less than 48 hours after it was leaked. The Wall Street Journal reports GameStop is offering to buy eBay for $56 billion. Again, as …
Short Thoughts May 2, 2026
As Berkshire Hathaway shareholders descend on Omaha for the company’s first annual meeting without Warren Buffett, the WSJ reports that GameStop is preparing a bid for eBay. Citing anonymous people close to the matter, the Journal also reported that GameStop has been acquir…
Jeffrey Gundlach Beware the Ides of June CNBC
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Standard Intelligence: Training General Intelligence in Pixel Space
Standard Intelligence: Training General Intelligence in Pixel Space By Sonya Huang Published April 30, 2026 The future of useful agents may begin not with text, but with pixels. Could pixels hold the keys to training useful agents? The race to scale language models — and the agen…
Bloomberg’s Insight: Mispriced Risks and Hidden Opportunities
Bloomberg’s Insight: Mispriced Risks and Hidden Opportunities Lessons from the Iran Conflict 30 Apr 2026 In the News From disruptions in energy logistics to ripple effects on technology and capital markets, markets may be underestimating the broader implications of the Iran confl…
Trading Post Wednesday April 29, 2026
Still working hard on the software article. I am in that phase where I am continuously auditing the rankings and making sure all is where it should be. I have about 20,000 words I need to cut down, and a lot of nice visuals, some of which may need to be adjusted. Read more
MVP 2026 Stock Contest
Real investing involves the risk of permanent loss of capital. The securities mentioned are not an actual portfolio and are not being offered for investment as a model. Figures cited are as of date of publication and can change over time. Miller Value Partners undertakes no oblig…
$60 Billion SpaceX Cursor Deal? | The Brainstorm EP 129
In this episode of The Brainstorm, Brett, Nick and Sam explore how AI is reshaping technology, from coding to consumer devices, and how SpaceX's acquisition of Cursor at a $60 billion valuation could redefine the future of technology. They delve into the strategic layers of AI, r…
Stationary Energy Storage Could Become The Backbone Of The Modern Grid
Surging demand from AI data centers and the gradual electrification of transportation are adding pressure to the US grid, but the solution might already exist. ARK's research suggests that stationary energy storage, paired with existing underutilized generation, could unlock late…
Bitcoin’s Setup Looks Increasingly Compelling
Bill Miller IV answered questions on our recent MVP LIVE call about his current perspective on Bitcoin and related topics. Key Takeaways Constructive fundamental backdrop: The investment case for Bitcoin remains supported by persistent fiscal deficits and its role as a potential …
#507: A New Executive Order Is The Latest Catalyst Clearing The Path For Psychedelic Therapies, & More
On April 18, President Trump signed an Executive Order directing the U.S. Food and Drug Administration (FDA) to issue Commissioner's National Priority Vouchers (CNPVs) to psychedelic drugs with Breakthrough Therapy designation, a mechanism that can compress FDA review timelines f…
The Set-up for Small & Mid Caps
Key takeaways: Value leadership is broadening: Value stocks—especially small and mid caps—have significantly outperformed across market caps and continue to lead in down markets. Market valuations remain elevated: Despite volatility, overall market multiples have re-expanded and …
Familiar Macro, Different Market Set-up
Bill Miller IV on the Current Market Read Bill’s current market letter: Feels Like 2022 But Isn’t Key Takeaways 2022 parallel—but better backdrop: Geopolitics are hitting growth again, but inflation is much lower today, leaving the economy in a stronger position. Grow…
Partnering with Ineffable Intelligence: A Superlearner for the Era of Experience
Partnering with Ineffable Intelligence: A Superlearner for the Era of Experience By Sonya Huang and Alfred Lin Published April 27, 2026 David Silver is racing to build AI’s next chapter with an RL ‘superlearner.’ What does it mean to build a mind that is not a c…
Trading Post Friday April 24, 2026
Trading Post Friday April 24, 2026 Big news today is the Philadelphia Semiconductor Index, also known as the SOX. It is an index going straight up. Remarkable. Moreso, Intel of all companies is leading the way. I have been active today. Read more
The DeFi Quarterly: Q1 2026
The DeFi Quarterly Q1 2026 report includes sections on stablecoins, RWAs, tokenization, network and application economics, decentralized exchanges, lending protocols, HIP-3 markets, and market pulse.
Trading Post Thursday April 23, 2026
Software stocks sold off hard today on some earnings news from IBM and ServiceNow that investors took as indicative of an AI threat. I’m starting to feel like the the software and payments stock post I have been working on and will publish early next week will be rather tim…
The Token Economy: AI Infrastructure And The Future Of Compute
In this episode of FYI, Brett Winton and Charles Roberts sit down with Michael Stewart of M12, Microsoft’s venture fund, to examine how AI is reshaping software, infrastructure, and investment strategy. Michael explains how M12 identifies emerging signals across the AI ecosystem,…
Trading Post Wednesday, April 22, 2026
Markets do not make needle tops. They never have. If the market is going to put in a top, there is a lot of work to be done. The easiest path has been up since the new highs. It may take a few months or into the heat of election season for stocks to get that new top in. This is n…
Prediction Markets: The Potential Multi‑Trillion Dollar Asset Class Hiding In Plain Sight
In a world where trust in information is breaking down, prediction markets offer a model for truth discovery backed by capital, not opinion. Beyond their early traction in sports, we believe predication markets’ real potential will come from their instantiation as the future of f…
Verifying Humanity In An AI World | The Brainstorm EP 128
In this episode of The Brainstorm, Brett, Nick and Sam explore the emerging landscape of digital identity verification, focusing on World ID and its implications for online security, business models, and advertising. They discuss the technical challenges, regulatory hurdles, and …
#506: Technology Giants Are Accelerating The Convergence Between AI And Biology, & More
Some of the world's largest technology companies are making substantial moves into the life sciences space through acquisitions, platform launches, partnerships, and board appointments that are signaling the deepening convergence between AI and biology. In our view, relative to a…
The Bitcoin Quarterly: Q1 2026
The Bitcoin Quarterly Q1 2026 report includes market summary, on-chain activity and technicals, ETFs, Digital Asset Treasuries (DATs), derivatives, liquidity, and macroeconomics.
Trading Post Wednesday April 15, 2026
Despite the recent bounce, software stocks remain interesting because of accelerated extreme declines last week arising from a reflexive positive feedback loop between falling software stocks and changes in the market for their bank debt. I do not believe the technical pressures …
Mythos And AI Safety | The Brainstorm EP 127
In this episode of The Brainstorm, Brett, Nick and Sam explore the latest developments in AI models like Mythos, the strategic moves of companies like Anthropic, OpenAI, and Meta, and the future of social networks in an AI-driven world. They discuss the implications of AI safety,…
Partnering with Auctor
Partnering with Auctor: AI Autopilot for Software Implementation By Julien Bek Published April 15, 2026 Matt, Will and Sky. F or every dollar spent on software, six are spent on services . Why? Because buying enterprise software is easy. Implementing it is hard, and still leans h…
Dire Straits
Dire Straits Navigating 2026: A turbulent echo of 2022 17 Apr 2026 CIO Perspectives PDF “Those who cannot remember the past are condemned to repeat it.” -George Santayana 1 Key Takeaways The closure of the Strait of Hormuz underscores the fragility of global energy markets, drivi…
Dotcom on Steroids: Part V
Dotcom on Steroids: Part V Too big to permit 15 Apr 2026 GQG Research PDF Key Takeaways The rapid expansion of AI-focused mega data centers is fueling community backlash over resource consumption, leading to delays, regulatory challenges, and escalating costs that threaten AIR…
Feels Like 2022 But Isn’t
Liz Goodier · Feels Like 2022 But Isnt – Bill Miller IV The first quarter was a weak one across markets, as both equities and bonds pulled back – the S&P 500 fell -4.35%, US investment grade bonds were off -0.05% and high yield declined -0.50%. The market texture was remini…
#505: Patent Cliffs And Pipeline Gaps Are Driving A Structural Bid For Biotech, & More
Biopharma mergers and acquisitions (M&A) are heating up. In March alone, biopharma companies announced ten acquisitions worth ~$31.5 billion, including two deals exceeding $5 billion each in upfront payments.
Trading Post Monday April 13th
The reflexivity between software credit and software stocks has been a main driver of negative returns this past several months, culminating in a deep sell-off last week. This is a powerful technical factor driving down software stock valuations but is temporary. The credit side …
Value and Small-Cap Outperformance Accelerates
Liz Goodier · Value and Small-Cap Outperformance Accelerates – Dan Lysik The year started with further market broadening, favoring lower valuation and smaller market capitalization equities. The Value outperformance cycle that began last year has largely gone unnoticed by m…
Trading Post April 10, 2026
This is the second trading alert today. There may be more than one a day, and there will be plenty of days with none. I will not spam you with Trading Alerts. As well I decided to change the name to Trading Post . Please let me know how this format is working for you. 1. I believ…
Trade Alert Friday April 10, 2026
As you know, I have been short Palantir since the fall, through puts as expressed in two articles: Palantir's New Clothes and Palantir: An Accounting . I have rolled these several times. I now own the June 17, 2027 Strike Price 50 Puts and the December 18, 2026 Strike Price 100 P…
New Feature: Dr. Burry's Trade Alerts!
Greetings from Cassandra Unchained! Thank you for your feedback. We heard your concerns about timeliness of and security of trade notifications and have implemented your suggestion. Trade Alerts are here. To ensure exclusive distribution of Dr. Burry’s trades to all paid su…
April 9, 2026 — In The Know With Cathie Wood
On the April episode of ITK, ARK CEO/CIO Cathie Wood dives into the unexpected divergence between the Producer Price Index (PPI) and Consumer Price Index (CPI), revealing that while consumer inflation seems to be slowing, producer prices are rising, excluding food and energy. Thi…
SpaceX To The Moon | The Brainstorm EP 126
In this episode of The Brainstorm, Brett, Nick and Sam explore the transformative impact of public and private space initiatives, focusing on how NASA's missions and SpaceX's innovations are accelerating progress toward lunar bases and Mars colonies. Discover the economic implica…
April 2026 Charity - Joyful Heart Foundation
I am happy to announce Joyful Heart Foundation as the April 2026 CU Charity of the Month. Five percent of top line revenues from this Substack for the month of April will go to The Joyful Heart Foundation, and I hope others will spread the word and donate as well. The Joyful Hear…
A Positive Stock-Bond Correlation Is a Terrible Reason to Add More Equity Risk to Your Portfolio
클리프 애스니스의 2026년 에세이 (AQR Cliff's Perspective). 원문은 aqr.com 에서.
AP SBC: The Tragic Algebra Recurrence
Jump down to the Abridged Summary GAAP stands for Generally Accepted Accounting Principles. Such principles are fine for most things, and on the other things, in a pinch, they are certainly better than Wall Street’s principles. Finding the true economic owners’ earnin…
Harshita Arora Joins YC as General Partner
We're thrilled to announce that Harshita Arora is joining Y Combinator as a General Partner. Harshita has been a Visiting Partner at YC since the Summer 2025 batch, making her the youngest visiting partner in YC's history. Harshita discovered coding at 13, dropped out of school a…
Harris | Oakmark Announces Investment Team and Leadership Updates
Harris | Oakmark announces investment and leadership team updates reflective of the firm’s ongoing commitment to a disciplined, team-based value investing approach and long-term planning. “Thoughtful leadership development and long-term planning are hallmarks of a well-governed f…
Kalshi Beats Consensus | The Brainstorm EP 125
In this episode of The Brainstorm, Nick and Sam are joined by Nicole Kagan, Head of Research at Kalshi. They discuss how prediction markets could revolutionize risk management across every industry you can imagine. From macroeconomic trends to cultural phenomena, she's uncovering…
It Takes Two to TACO
It Takes Two to TACO The Middle East conflict and global supply disruptions 02 Apr 2026 Webcasts Register to watch Alex Hoy, CFA, Senior Director and Client Portfolio Manager, and Josh Snyder, CFA, Global Investment Strategist, as they examine the evolving impact of the war in th…
From Hierarchy to Intelligence
From Hierarchy to Intelligence By Jack Dorsey and Roelof Botha Published March 31, 2026 At Sequoia, we see that speed is the best predictor of start-up success. Most companies are focused on AI as a productivity enhancer. Few are focused on the potential of AI to change how we wo…
Jeffrey Gundlach on U S Debt Private Credit and Gold the Julia La Roche Show
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Why didn’t we do better when value outperformed? | U.S. equity market commentary 1Q 2026
For several quarters, we’ve highlighted that market gains have been dominated by momentum and growth. Stocks that were rising kept rising, while laggards fell further behind. This created a historically wide gap in P/E multiples between our portfolio and the S&P 500—and, more imp…
Beware of noise, hurry and crowds | International equity market commentary 1Q 2026
In his book Celebration of Discipline , American theologian Richard Foster warned that noise, hurry and crowds were the most significant obstacles to a vibrant spiritual life. The same could be said of successful value investing. When it comes to investing, ignoring the noise, ex…
Painting with a finer brush | Fixed income market commentary 1Q 2026
Since COVID, market narratives seem to form more quickly and be applied more broadly. I suspect passive flows, real-time information, and momentum-driven strategies all contribute to this phenomenon, but the result is really what matters: once a narrative takes hold, it becomes t…
Oakmark Fund: First Quarter 2026
The Fund (Investor Class) outperformed the benchmark, the S&P 500 Index, for the quarter and since inception. At the sector level, the largest contributors to performance were energy and materials, while financials and information technology were the largest detractors. Amid heig…
Oakmark Select Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the S&P 500 Index, for the quarter, but outperformed since inception. At the sector level, the only contributor to performance was energy, while health care and financials were the largest detractors from performance. Amid h…
Oakmark Global Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter, but outperformed since inception. At the sector level, the largest contributors to performance were energy and industrials, while information technology and consumer discretionary were …
Oakmark Global Select Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter and since inception. At the sector level, the largest contributors to performance were energy and industrials, while health care and consumer discretionary were the largest detractors. G…
Oakmark International Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Index, for the quarter, but outperformed since inception. At the sector level, industrials and materials were the largest contributors to performance, while consumer discretionary and information techno…
Oakmark International Small Cap Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Small Cap Index (net), for the quarter. At the sector level, consumer staples was the only contributor to performance, while industrials and consumer discretionary were the largest detractors from perfo…
#504: Elon Musk Unveils Terafab, A Chip Fab That Will Impact SpaceX, xAI, And Tesla, & More
Last week, Elon Musk unveiled his plans for a “Terafab”—a facility capable of producing 1 terawatt (TW) of AI chips per year when complete and ~50x larger than current global available new compute in a single site. The facility could scale to ~100M square feet, ~3x the size of Ne…
Terafab: Elon’s Plan To Dominate Semiconductors | The Brainstorm EP 124
In this episode of The Brainstorm, Brett, Nick, and Sam delve into Elon Musk's ambitious Terafab project, a revolutionary semiconductor manufacturing facility poised to transform the future of AI and space infrastructure. Discover how Musk's strategy integrates energy, manufactur…
The Toxic Twins Recurrence: Fannie Mae & Freddie Mac
Every time I find myself in a position where it seems it just has been too much to take and every fiber in my being is screaming, “Just close the position, just end it,” I remember all the many, many times in my study of market history where I pointed to a spectacular…
The State Of AI Infrastructure: Demand, Costs, And Custom Silicon
Demand for accelerated compute has exploded in the three years since the launch of ChatGPT. Nvidia’s annual revenue has soared nearly 8-fold, from $27 billion in 2022 to $216 billion in 2025, with consensus estimates up another 62% to $350 billion in 2026.
Jeffrey Gundlach the Case for Rate Cuts is Falling Apart CNBC
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
I Did Not Predict What Is Going on in Privates
클리프 애스니스의 2026년 에세이 (AQR Cliff's Perspective). 원문은 aqr.com 에서.
Gundlach Unlocked Positioning for Inflation and a Weaker Dollar
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Jeffrey Gundlach Powells We Dont Know Signals Rising Fed Uncertainty
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Partnering with Edra: Context for Agents at Scale
Partnering with Edra: Context for Agents at Scale Eugen, Yannis and their team are turning enterprise knowledge into dynamic context that makes AI agents dramatically more effective. By Luciana Lixandru Published March 18, 2026 TEAM EDRA. Every company runs differently. Two busin…
Not Much Alpha Left in This Bet
Not Much Alpha Left in This Bet Google’s growth dilemma 23 Mar 2026 GQG Research PDF Key Takeaways Google redefined advertising with its innovative business model, but its dominance is now under siege from AI competitors and shifting market dynamics Rising costs and capital-inten…
Hong Kong Stocks: Structure & Strategy, Part 2
For the first time, readers will find at the bottom of the normal in-depth, detailed main post a shorter, more compact summary of the main article. This will be the format going forward. While the main post will be the typical 5000-10,000 words with 10-25 visuals, the end-of- pos…
Ausbiz: Turning to Defensives in Uncertain Times
Ausbiz: Turning to Defensives in Uncertain Times We see the market set up right now as being very compelling towards traditional defensives 10 Mar 2026 In the News David Jenkins delves into the heightened uncertainty in global markets, highlighting the renewed appeal of defensive…
Partnering with Scanner: Every Log Tells a Story—If You Can Find It Fast Enough
Partnering with Scanner: Every Log Tells a Story—If You Can Find It Fast Enough Cliff and Steven are making petabytes of security data searchable in seconds, and opening the door to a new era of AI-driven security operations. By Bogomil Balkansky Published March 10, 2026 Steven a…
Services: The New Software
Services: The New Software By Julien Bek Published March 5, 2026 The next $1T company will be a software company masquerading as a services firm. Every founder building an AI tool is asking the same question: what happens when the next version of Claude makes my product a feature…
The Coiled Spring
The Coiled Spring The quiet power of defensive sectors in 2026 05 Mar 2026 Webcasts Register to watch Todd Harlicka, Managing Director of Institutional Sales and Service, and Jonathan Miller, Client Portfolio Manager, as they highlight overlooked opportunities in defensive sector…
Jeffrey Gundlach Our Next Turning Point
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Dotcom on Steroids: Part IV
Dotcom on Steroids: Part IV Data center buildout: Data is cracking 02 Mar 2026 GQG Research PDF Key Takeaways CoreWeave’s debt-fueled growth highlights a broader trend in the AI infrastructure boom, where heavy leverage, hardware-collateralized lending, and risky financing struct…
AI Hurtles Ahead
하워드 막스의 2026년 오크트리 캐피털 메모. 원문은 oaktreecapital.com 에서.
Partnering with Firetiger: Validation at the Speed of AI
Partnering with Firetiger With code shipping at a breakneck pace, how does observability keep up? Rustam and Achille built agents to watch the agents. By Lauren Reeder Published February 18, 2026 AI was supposed to make our lives easier. Yes, it can write our code for us. AI gene…
Pershing Square Holdings Ltd. Releases 2025 Annual Financial Statements
퍼싱 스퀘어 홀딩스 2026년 공시. 빌 애크먼의 letter·투자자 업데이트·재무제표 자료. 원문은 pershingsquareholdings.com 에서.
The Opening, Midgame and Endgame in Startups
The Opening, Midgame and Endgame in Startups Why the best founders are “time travelers” who play all three phases simultaneously By David Cahn Published February 11, 2026 In the Prod community, they talk about founders as “time travelers” rather than visionaries. Founders don’t s…
Pershing Square Holdings, Ltd. Provides Annual Investor Update Presentation
퍼싱 스퀘어 홀딩스 2026년 공시. 빌 애크먼의 letter·투자자 업데이트·재무제표 자료. 원문은 pershingsquareholdings.com 에서.
Adding Canada Back to Our List of Accepted Countries of Incorporation
Going forward, YC will once again invest in US, Canada, Cayman, and Singapore corporations. We previously decided to remove Canada from this list because we noticed that our top-performing Canadian companies reincorporated in the US. This is likely because incorporating in the US…
Is Defensive the New Offensive?
Is Defensive the New Offensive? Durable growth and a coiled spring of potential returns 06 Feb 2026 GQG Research PDF Key Takeaways Defensive stocks have quietly outperformed over time, meeting key metrics like consistent earnings and dividend growth, low valuation multiples, and …
The Fed’s Most Important Shift Isn’t in the Headlines
Key Takeaways Media and political narratives have obscured the most important recent shift in U.S. monetary policy. In December, the Federal Reserve executed its most significant policy pivot in at least six years by ending quantitative tightening (QT). While headlines emphasized…
Historic Valuation Gaps Are Pointing to a Major Market Shift
Key Takeaways U.S. equity valuations are elevated: The S&P 500 ended 2025 at ~22x earnings versus a 30-year average of ~17x, with cyclically adjusted valuations near levels seen only in 1999–2000 and 2021—historically associated with muted forward returns. Forward return exp…
Gundlach on Powell Policy and What the Fed Isnt Saying CNBC
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Congratulations to EquipmentShare on Going Public
When we first met the founders of EquipmentShare in Winter 2015, they didn’t come from Silicon Valley or Wall Street. They came from rural Missouri: the “Show Me” state. Their background is one where you learned to build things yourself, fix what was broken, …
Early Innings!
At the end of 2024, we titled our letter Is this a Generational Opportunity , highlighting what we believed to be asymmetric return potential in lower valuation equities and small caps, an opportunity hidden within the concentrated/technology-heavy passive indexes. After about a …
Announcing the YC AI Stack
This year, YC has partnered with nearly two dozen companies to offer students who attend YC events a suite of free credits for AI devtools. The YC AI Stack includes over $20,000 in cloud credits on Azure and AWS, over $5,000 in credits for GPT/Claude/Grok, and generous credits fo…
Jeffrey Gundlach Just Markets 2026 Clue
제프리 건들락 2026년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
The World’s Biggest Buyer Is Back, and People Don’t Get It
Most investors pay attention to monetary policy given its influence on economic activity and asset prices. However, it is not clear that everyone has appropriately contextualized recent developments from the Fed, which changed its stance in the fourth quarter more than headlines …
2026 Demo Day Dates
We’re excited to share the Demo Day dates for 2026 so founders, investors, and our broader community can plan ahead. 2026 Demo Days Winter 2026: Tuesday, March 24 Spring 2026: Tuesday, June 16 Summer 2026: Thursday, September 10 Fall 2026: Wednesday, December 2 If you …
Jeffrey Gundlach You Need it We Print it
제프리 건들락 2025년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Jeffrey Gundlach on Well Positioned Fed CNBC
제프리 건들락 2025년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Meesho Goes Public
Today, Meesho , one of India's leading online retail and merchant tools companies, goes public. It is the second YC company to be listed in India. We met Meesho’s founders, Vidit and Sanjeev, three months into their journey. They applied to the Summer 2016 YC batch just af…
Is It a Bubble?
하워드 막스의 2025년 오크트리 캐피털 메모. 원문은 oaktreecapital.com 에서.
Its Probably a Bubble but There is Plenty Else to Invest in
제레미 그랜텀의 GMO 분기 letter. 원문은 gmo.com 에서.
Its Everywhere in Everything the First Truly Global Bubble
제레미 그랜텀의 GMO 분기 letter. 원문은 gmo.com 에서.
Jeffrey Gundlach Joins Bloombergs Odd Lots
제프리 건들락 2025년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
Congratulations to Groww
Today, Groww , one of India's leading consumer fintech companies, goes public. Groww is India’s dominant digital investing platform, enabling tens of millions of people to invest simply and confidently in stocks, mutual funds, and ETFs. Groww is Y Combinator’s first…
Jeffrey Gundlach and Barclays Ceo C S Venkat Discuss Partnership Markets and the Global Economy
제프리 건들락 2025년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
BillionToOne Goes Public — The Startup That Made Genetic Testing Universal
Today, BillionToOne goes public, becoming YC's fourth publicly traded biotech company. More importantly, they have built one of the most important genetic tests in the U.S. Today, 1 in 11 babies born in the US are tested with BillionToOne's fetal genetic test. When we met Oguzhan…
Cockroaches in the Coal Mine
하워드 막스의 2025년 오크트리 캐피털 메모. 원문은 oaktreecapital.com 에서.
I Wrote a Book!!!
CLICK HERE TO PRE-ORDER Almost a decade ago I had an inspiration. Leveraging a habit of reading biographies, I noticed a pattern of success amongst three unrelated individuals – a restauranteur, a basketball coach, and a folk singer. I then reread each book, and the pattern…
Jeffrey Gundlach on the Feds Foggy Path and Market Repercussions CNBC
제프리 건들락 2025년 인터뷰·웹캐스트·노트 (DoubleLine). 원문 doubleline.com.
A Look Under the Hood
하워드 막스의 2025년 오크트리 캐피털 메모. 원문은 oaktreecapital.com 에서.
Meet YC's Newest Visiting Partners
I'm excited to announce that nine exceptional founders are joining us as Visiting Partners at YC: Matt Riley, Harshita Arora, Grey Baker, Christopher Golda, Raphael Schaad, Christina Gilbert, Francois Chaubard, Vivian Shen, and James Evans. Visiting Partners are former founders w…