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12:30
Jun 03
Jun 03
ILTB Podcast
12h
UBER
▾
HIGH
Uber wins as AV demand aggregator
Uber is a supply-led marketplace: securing supply of drivers, merchants, and AV fleets drives demand. The company is partnering with all major AV providers to become the go-to-market demand aggregator, and AVs on its network are 30% more utilized. With $10B+ free cash flow, 50M Uber One members (growing 50% YoY), and capital allocation that prioritizes organic investment (AV, algorithms, engineering) over buybacks, Uber is positioned to capture the trillion-dollar AV opportunity and expand into travel/hotels.
UBER LONG
HIGH
16:17
May 28
May 28
ILTB Podcast
6d
NVDA 1ST
SMH 1ST
DHR 1ST
Twitter debt
XAI debt
▾
HIGH
Nvidia is a buy at current multiples.
Nvidia remains attractive because it trades at 15x 2027 or 12x 2028 earnings for the most dominant, fast-growing company at its size. Valuations are not bubbly like the dot-com era; cash flows are enormous and capex is being funded off balance sheets. There is still a catch-up trade available as AI adoption is just scratching the surface.
NVDA LONG
AI semiconductor supply chain is most attractive.
The entire AI semiconductor supply chain, including semiconductors, semi-cap equipment, memory, and hyperscalers, is the most attractive sector today. Fundamentals are super strong, capex is being reinvested with high returns, and the multi-year build-out is just beginning. This is where the bulk of Third Point's capital is invested.
SMH LONG
Re-entered Danaher on recent selloff.
Danaher is a high-quality business with a superb operating system (DBS) that drives continuous improvement. Third Point sold during COVID-related distortions but recently re-entered on the pullback, albeit in a small way. The company's ability to shift from general industrials to healthcare and its culture of accountability make it a long-term quality compounder.
DHR LONG
Twitter debt offered 12% yield.
Twitter debt was purchased at 96-97 cents on the dollar yielding approximately 12%. Third Point was comfortable with the underlying business value and fundamentals, making it their largest credit position at the time. The risk/reward was attractive given the embedded equity value and franchise strength.
Twitter debt LONG
XAI debt was a compelling credit.
XAI's debt financing was an attractive opportunity because despite minimal cash flows and $2 billion in revenues against a $20 billion enterprise value, Third Point's cross-disciplinary knowledge (credit plus private investing) gave them confidence the business was real. The debt was a fulcrum security with good risk/reward.
XAI debt LONG
HIGH
12:00
May 20
May 20
ILTB Podcast
14d
NVDA
DRAM 1ST
ALAB 1ST
CIBR 1ST
TSM
▾
HIGH
Nvidia is cheap relative to market
Nvidia's valuation is very cheap on both absolute and relative basis compared to the market over the last decade, despite being the key beneficiary of the most extraordinary AI demand in history; the company's fundamentals are strong and it is likely to compound for a long time.
NVDA LONG
DRAM companies are deeply undervalued
DRAM companies trade at mid-single-digit earnings multiples while semicap equipment trades at 40x, an unsustainable gap; DRAM demand is structurally boosted by AI, especially HBM, which will improve memory business models, and the shortage dynamics should drive earnings and multiple expansion.
DRAM LONG
Astera is miscategorized, undervalued switch company
Astera Labs is miscategorized as a copper loser when it is actually a switch company that benefits from both copper and optics connectivity; the stock has many bears but is well-positioned in the AI infrastructure buildout with a long-term track record.
ALAB LONG
Overinvest in cybersecurity for AI threats
As AI enables more sophisticated impersonation and cyber attacks, investors should over-weight cybersecurity to protect against these threats; the speaker is actively overinvesting in the space.
CIBR LONG
Watch TSMC capacity for bubble indicator
TSMC's capacity expansion pace is the single most important indicator to watch for a potential AI bubble; their discipline prevents overbuild and supports the sustainability of the AI buildout.
TSM WATCH
HIGH
12:01
May 13
May 13
12:01
Apr 28
Apr 28
ILTB Podcast
1mo
BTC 1ST
USD/JPY
SPY 1ST
XLK 1ST
▾
HIGH
Bitcoin best inflation hedge due to scarcity
Bitcoin is the best inflation hedge because it has a finite supply and is decentralized, making it more scarce than gold. However, risks exist from cyber warfare and quantum computing, which could disrupt electronic assets.
BTC LONG
Yen undervalued, poised to rally sharply
The yen is grossly undervalued relative to the dollar, and Japan has a massive net international investment position (mostly unhedged U.S. assets). The new prime minister, who resembles reformist leaders like Reagan or Thatcher, is likely to catalyze a sharp yen appreciation, similar to 10% rallies seen in other currencies after such elections.
USD/JPY SHORT
S&P 500 overvalued, likely negative returns
The S&P 500 at its current PE of 22 has historically produced negative 10-year returns. The U.S. stock market is extremely overvalued, overequitized, and highly leveraged relative to GDP (252%). A mean reversion could lead to a 30-35% decline, causing severe reverse wealth effects and budget deficits.
SPY AVOID
Tech stocks to underperform due to IPO supply
Tech stocks will continue to underperform because an upcoming wave of IPOs (5-6% of market cap) will add equity supply, and the funding for these IPOs will come from selling existing tech stocks. Meanwhile, buybacks are diminishing as hyperscalers allocate cash to capex, reversing the previous net-supply reduction.
XLK AVOID
HIGH
12:00
Apr 23
Apr 23
ILTB Podcast
1mo
AMAT
MKSI
LRCX
ASML
DRAM 1ST
▾
HIGH
Semiconductor equipment will boom.
TSMC's capex will reach $100 billion by 2028, which will create massive downstream demand for semiconductor equipment makers like Lam Research, Applied Materials, ASML, and MKSI, causing shortages and margin expansion up the supply chain.
AMAT NEUTRAL
MKSI NEUTRAL
LRCX NEUTRAL
ASML NEUTRAL
DRAM prices will double or triple.
DRAM prices are going to double or triple from current levels because memory capacity can only grow at low double-digit percentages per year, and AI demand is so strong that incremental supply won't arrive until 2027 or 2028, forcing demand destruction via higher pricing.
DRAM LONG
HIGH
12:00
Apr 21
Apr 21
ILTB Podcast
1mo
Capstan 1ST
Laya Sciences
NVO 1ST
LLY 1ST
GH 1ST
▾
HIGH
Capstan's CAR-T therapy is highly effective.
Next-generation CAR-T therapies, such as those from Capstan, can be administered via IV without needing to extract cells, and they show dramatic efficacy in reducing tumors by 100% in a high percentage of patients for long periods.
Capstan LONG
AI drug discovery companies speed up development.
AI is accelerating drug discovery by enabling more comprehensive hypothesis generation and robotic experimentation. Companies like Laya Sciences and Anaba can go from model to molecule in a month instead of years, and those with novel data generation capabilities will build a moat.
Laya Sciences LONG
Anaba LONG
GLP-1 drugs are a massive revenue opportunity.
GLP-1 medicines are showing unprecedented adoption and have the potential to be a hundred billion dollar annual revenue class, representing the first commercial proof of a shift to proactive health. They address multiple layers of the health stack, including cardiometabolic health, weight loss, and cardiovascular risk reduction, with oral formulations and lower prices driving further adoption.
NVO LONG
LLY LONG
Cancer screening companies are growing rapidly.
Companies like Exact Sciences and Guardant Health are advancing colorectal cancer screening with stool-based and blood tests, respectively, making screening more convenient and increasing adoption. Blood tests are inflecting and multi-cancer early detection tests are emerging, which could lead to earlier cancer detection and better outcomes.
GH LONG
EXAS LONG
Alzheimer's drugs from Biogen and Lilly are promising.
Anti-amyloid medicines from Biogen and Eli Lilly can break up plaques in the brain and, if given early, could dramatically slow cognitive decline. Data expected later in 2025 may show that early intervention could reduce decline by 40-50% or more.
BIIB LONG
PCSK9 inhibitors are a free lunch for heart health.
PCSK9 inhibitors are a nearly free lunch for cardiovascular protection, lowering LDL cholesterol by 50% and reducing heart attack and stroke risk by over 20%. They have the potential to be bigger than GLP-1s in terms of patients and revenue because of their favorable risk-reward profile and the silent nature of high cholesterol.
XBI LONG
HIGH
12:01
Apr 14
Apr 14
ILTB Podcast
1mo
URANIUM 1ST
URA
▾
HIGH
US uranium enrichment is a critical, urgent bottleneck.
The United States has zero domestic commercial uranium enrichment capacity, creating a critical bottleneck for nuclear energy and advanced reactors. There are three 'nuclear fuel cliffs': a near-term shortage of HALEU for advanced reactors, a 2028 ban on Russian uranium imports that will cut off 25% of supply, and a longer-term risk to the Navy's stockpile. Solving the enrichment bottleneck is urgent for energy security, AI data center power needs, and economic prosperity, as enrichment is the highest-cost segment of the fuel chain for advanced reactors.
URANIUM LONG
URA LONG
HIGH
12:00
Apr 08
Apr 08
ILTB Podcast
1mo
BIZD 1ST
XLF
▾
The speaker states that "perpetual private BDCs" and similar narrow-strategy vehicles raised in the wealth channel represent an "irresponsible" model. They mismatch illiquid assets with semi-liquid liabilities (quarterly redemptions), a structure he calls inherently problematic ("There's no semi-liquid... There's liquid and then there's illiquid"). This structural mismatch forces "inflow investing"—deploying capital as fast as it's raised—which deteriorates underwriting standards. In stress, redemptions can exceed limits (e.g., 5%), leading to forced asset sales or gates, destroying value. AVOID because this model is flawed at its core. It prioritizes capital gathering and deployment speed over prudent, liability-matched investing, creating significant risk for investors during market dislocations. A strong economic backdrop has so far contained the issue. A deep recession would multiply redemption requests and fully expose the model's fragility.
BIZD AVOID
Medium-term
The speaker describes System 3 (post-GFC) as having the "potential to be the best system American finance has ever had," with commercial banks as a safe, regulated pillar and private capital providing matched-liability risk capital. The current stress from the "Factory Model" and wealth channel mismatches represents a necessary recalibration. If the industry corrects towards responsible practices (wide apertures, matched liabilities), it could achieve this optimal structure, fostering robust economic growth. WATCH for this recalibration. The current dislocation is a test of the system's design. A successful navigation would be structurally bullish for the efficiency and stability of the US financial system. The system fails to recalibrate; misaligned incentives persist, leading to repeated booms and busts in private markets and potentially requiring heavy-handed, potentially growth-inhibiting regulation.
XLF WATCH
Long-term
12:00
Mar 24
Mar 24
ILTB Podcast
2mo
XLK 1ST
TOST 1ST
▾
Explicitly stated, "I think the best risk-adjusted returns right now are in public software names," adding that "people hate software" currently. Applies a contrarian, Buffett-esque principle ("buy when everybody is fearful") to the software sector, which is currently out of favor, implying depressed prices create opportunity. This is a clear, bullish call on the asset class of publicly traded software companies, hence LONG. A prolonged sector downturn or fundamental degradation in software business models that justifies the low sentiment.
XLK LONG
medium-term to long-term
Stated Lead Edge sold Toast shares in secondary markets at $40-50 per share, and the stock price at the time of recording was ~$30. The firm constantly underwrites forward IRR. They deemed the secondary market price at the time "lunacy" and unattractive for future returns, leading them to sell a significant position. The view at those price levels was clearly bearish, justifying an AVOID direction as the valuation was disconnected from their forward return expectations. Being wrong on the company's ability to grow into the high valuation, missing further upside.
TOST AVOID
medium-term
12:01
Mar 17
Mar 17
ILTB Podcast
2mo
USD 1ST
XLF 1ST
▾
Hockey explains that 75% of global trade is denominated in US dollars, and the dollar is fundamental for US national security through sanctions. The dollar's dominance allows the US to exert economic influence without military action, and its role in global finance is deeply entrenched. The US dollar is crucial for maintaining US economic power and global stability, supporting a bullish outlook. Potential erosion from shifting trade patterns or adoption of alternative currencies.
USD LONG
long-term
Hockey states that large banks have high headcount and technology costs, and AI can improve efficiency and fraud detection. AI adoption will reduce operational costs and enhance user experience by automating processes, leading to increased profitability for banks that implement it effectively. Banks are positioned to be large beneficiaries of AI due to their cost structures and distribution, making the finance sector attractive. Banks may fail to adopt AI successfully, or regulatory hurdles could limit benefits.
XLF LONG
long-term
12:00
Mar 10
Mar 10
ILTB Podcast
2mo
PLTR 1ST
AMD 1ST
MP 1ST
GD 1ST
NVDA 1ST
▾
"We think that the value is going to accrue at the chips layer and at the ontology layer... the model companies have to run up the stack away from just providing a pure model because the model is commoditized." Foundational AI models (like GPT-4 or Claude) are becoming interchangeable commodities. Enterprise value will not be captured by the models themselves, but by the software infrastructure that connects these models to proprietary corporate data and real-world business decisions. Palantir owns this "ontology" layer. LONG. Palantir is uniquely positioned to be the primary software beneficiary of enterprise AI adoption because it provides the critical, non-commoditized infrastructure that makes AI actionable for large organizations. High valuation multiples; enterprise sales cycles remain complex despite technological acceleration; potential for big tech (Microsoft/AWS) to build competing ontology frameworks.
PLTR LONG
long-term
"We think that the value is going to accrue at the chips layer and at the ontology layer." While the software layer of AI models faces a race to the bottom in pricing, the physical compute required to train and run these models remains a scarce, highly valuable bottleneck. The companies designing the silicon are capturing the foundational economic rent of the AI boom. LONG. Semiconductor designers are the structural winners of the AI arms race, insulated from the pricing wars happening among foundational model providers. Geopolitical tensions over Taiwan (TSMC); cyclical overbuilding of data centers leading to an eventual digestion period for GPU demand.
AMD LONG
NVDA LONG
medium-term
"We've been staring at this rare earths problem for the better part of 15 years and we more or less have solved it for like two billion bucks. It's roughly a rounding error relative to everything that we're doing and now we're on a trajectory to do it." The US government has recognized that reliance on China for critical materials is a national security emergency. They are actively subsidizing and securing domestic supply chains. US-based rare earth miners and processors will be the direct beneficiaries of this government-backed reshoring mandate. LONG. Domestic rare earth producers have a guaranteed, strategically motivated buyer (the US government/DIB) willing to subsidize operations to break China's monopoly. Commodity price volatility; China could flood the market with cheap rare earths to bankrupt Western competitors before they reach scale.
MP LONG
long-term
"The worst incentive is cost plus contracting. Your upside is capitated. You're not supposed to take any risk. The government basically pays for your R&D... that system is anti-heresy." The legacy defense primes have optimized their businesses for bureaucratic compliance and financial engineering (buybacks/dividends) rather than rapid technological innovation. As the Pentagon shifts toward agile, fixed-price contracts and software-defined warfare, these legacy hardware giants will lose market share to aggressive, tech-native defense startups (like Anduril and SpaceX). AVOID. Legacy defense primes face structural headwinds as the US military procurement system is forced to modernize and reward actual innovation over bureaucratic process. The Pentagon bureaucracy is notoriously slow to change; legacy primes have massive lobbying power and entrenched political moats that could protect their revenues longer than expected.
GD AVOID
LMT AVOID
NOC AVOID
medium-term
"Airbus was in the midst of ramping the A350... we just helped them automate all of that and the ontology at that point was really related to parts, sequencing of work, defect rates... Now you have the greatest data asset possible for this tail." By deeply integrating Palantir's software into its final assembly lines, Airbus has created a structural data advantage over its competitors. This allows them to identify design defects faster, optimize production planning, and maximize in-service uptime, directly translating to better margins and faster delivery ramps. LONG. Airbus possesses a superior, software-optimized manufacturing process compared to its primary rival (Boeing), allowing it to capture outsized market share in the commercial aerospace duopoly. Global supply chain bottlenecks (engines, titanium); macroeconomic slowdowns reducing airline capital expenditures.
EADSY LONG
medium-term
13:01
Mar 04
Mar 04
ILTB Podcast
3mo
NIO 1ST
ORA 1ST
SMR 1ST
PWR 1ST
ETN 1ST
▾
Arnold visited a NIO factory in China. He was struck by the speed (groundbreaking to production in 17 months) and the level of robotics/automation, which he claims US plants (avg age 40 years) cannot replicate. China has created an "agglomeration effect" where suppliers are within 200 miles, allowing for rapid iteration and lower costs. Western skepticism ignores the reality that Chinese manufacturing quality has leapfrogged legacy auto. LONG. Betting on the manufacturer with the superior cost structure and production velocity. Geopolitical tariffs (US/EU blocking access), "anti-evolution" policies where the state props up losing competitors, diluting the winners.
NIO LONG
medium-term
Arnold calls advanced geothermal "one of the most interesting components of the system today." It provides baseload power (unlike solar/wind) and utilizes the US's massive advantage in skilled oil & gas labor (drilling/subsurface expertise). While solar faces cannibalization (value drops as more supply hits the grid at noon), geothermal provides 24/7 power which data centers need. Ormat is the only scaled, pure-play geothermal operator positioned to benefit from this shift toward clean baseload. LONG. Geothermal is the solution to the intermittency problem that doesn't require waiting 15 years for nuclear. Execution risk in scaling new geothermal technologies (enhanced geothermal systems); high interest rates hurting project finance.
ORA LONG
long-term
Arnold states that advanced nuclear (SMRs) and fusion are "promising but very, very difficult." He predicts a "falling out in the industry" because there are too many SMR companies and the economics are unproven. He estimates commercial scale is 10-15 years away. Publicly traded SMR companies are currently priced on near-term deployment optimism. If the timeline is actually a decade out, these pre-revenue companies will face massive dilution or bankruptcy before reaching commercial viability. AVOID. The capital intensity and regulatory timelines do not match current valuations. A sudden breakthrough in regulatory approval or massive government subsidies that backstop these specific companies.
SMR AVOID
OKLO AVOID
medium-term
Arnold identifies transmission as a massive bottleneck. He explicitly states that while solar panels are cheap, the "inflationary aspects" (land, labor, interconnection) are rising. He notes that private capital largely gave up on new transmission lines because permitting takes 10+ years. If building *new* long-haul lines is politically impossible (NIMBYism), utilities must upgrade existing infrastructure to handle higher loads. This benefits Engineering & Construction (E&C) firms and electrical component manufacturers who supply the grid modernization hardware. LONG. These companies are the "pick and shovel" plays for the electrification bottleneck. persistent high interest rates slowing down utility capex; failure of federal permitting reform.
PWR LONG
ETN LONG
HUBB LONG
long-term
Arnold notes a "mad scramble" to build data centers. He states the buyers (Big Tech) are the "largest, most profitable companies that have ever existed," are growing free cash flow, and are less concerned about price than they are about speed and reliability. Renewables (solar/wind) are intermittent and transmission is slow to build. To meet immediate, 24/7 AI power demand, tech giants must sign deals with Independent Power Producers (IPPs) that have existing dispatchable generation (nuclear/gas) and grid interconnection rights. LONG. These IPPs hold the scarce asset (reliable electrons) in a seller's market. Regulatory intervention on power prices or a sudden deceleration in AI capex.
VST LONG
CEG LONG
NRG LONG
medium-term
04:40
Feb 10
Feb 10
ILTB Podcast
3mo
KHC 1ST
SKX 1ST
CAG 1ST
COST 1ST
QSR 1ST
▾
Behring admits the Kraft Heinz (KHC) merger struggled because they "underwrote the quality of the business" poorly. He explicitly states that commoditized packaged goods are losing share to private labels (specifically naming Costco's Kirkland). If a brand does not own the customer relationship, the retailer (Walmart/Costco) holds the power and will substitute with private label. This structural headwind applies to all legacy CPG companies with commoditized portfolios (General Mills, Conagra, etc.). Avoid legacy CPG. The "moat" of shelf space has eroded. 3G's pivot to SKX and QSR confirms they are fleeing this sector. A defensive rotation into consumer staples during a recession could temporarily boost these stocks.
KHC AVOID
CAG AVOID
GIS AVOID
long-term
3G Capital recently invested in Skechers. Schwartz notes SKX is the 3rd largest sneaker company globally (behind Nike/Adidas), growing mid-to-high single digits, with $9B in sales vs Adidas' $14B. Unlike competitors reliant on "hero skews" (e.g., Jordans or Yeezys), SKX has a diversified product mix and high customer loyalty. Crucially, SKX owns its distribution (5,000+ stores/DTC), insulating it from the "retailer disintermediation" risk that plagued 3G's CPG investments. 3G's entry signals a conviction in SKX's undervaluation relative to its growth and a potential for operational improvements to close the gap with Adidas. Consumer spending slowdown; failure to maintain growth without a "hype" product.
SKX LONG
medium-term
Schwartz highlights the "share gain of private label" and explicitly praises Costco's "Kirkland" as a fantastic brand that disintermediates suppliers. This is the inverse of the KHC thesis. Retailers that own the customer relationship have immense pricing power and margin expansion opportunity by replacing branded goods with proprietary private labels. Long the disintermediators. As inflation presses consumers, the shift to private label (Kirkland/Great Value) accelerates, benefiting the retailers at the expense of the suppliers. Valuation concerns (COST is historically expensive); regulatory scrutiny on retailer pricing power.
COST LONG
WMT LONG
medium-term
3G remains the largest shareholder in Restaurant Brands International (Burger King, Tim Hortons, Popeyes). They highlight the franchise model's superiority: capital-light, royalty-based, and inflation-protected. The speakers emphasize that QSR brands "own the customer," unlike CPG brands sitting on a Walmart shelf. They cite massive international whitespace (e.g., taking Burger King France from 0 to €2B sales) and the hiring of Patrick Doyle (ex-Domino's) to drive tech modernization. A long-term compounder. The franchise model creates a moat against inflation (royalties on top-line revenue), and international expansion provides a long runway. Health trends shifting away from fast food; franchisee profitability struggles.
QSR LONG
long-term
13:00
Feb 03
Feb 03
ILTB Podcast
4mo
NVDA 1ST
PLTR 1ST
AXON 1ST
CCJ 1ST
TSLA 1ST
▾
Horowitz states that the "laws of physics" for company building have changed: "If you have the data and you have enough GPUs, you can solve damn near anything." He also praises Jensen Huang (Nvidia CEO) as a "timeless" leader who never had to change his company's identity to stay relevant. Horowitz confirms that capital is now directly fungible for intelligence via compute. This implies that demand for GPUs is not just for training, but is becoming the primary input for *all* problem-solving in the economy. The "money + GPUs" formula guarantees sustained CapEx from hyperscalers and startups. LONG. The most influential VC in the valley is telling founders that GPUs are the new labor force. Export controls (Horowitz mentions the Biden admin almost banned GPU sales without approval) or energy bottlenecks.
NVDA LONG
Long-term
Horowitz describes his work with the Las Vegas Police Department as a proof-of-concept for "American Dynamism." He explicitly mentions deploying "drone programs," "AI cameras," and "Cyber Trucks" (Tesla) to replace dangerous human interactions with technology. He notes crime dropped 50% and shootings dropped 75%. This is a direct endorsement of the "Tech-Enabled Policing" thesis. As municipalities see these stats (efficiency up, liability down), they will buy hardware and software to replicate Vegas. AXON dominates police cameras/drones; PLTR dominates law enforcement data analytics; TSLA provides the specific vehicle cited. LONG. This is a secular shift in municipal spending from labor (officers) to capital (tech). Municipal budget constraints or political backlash against "surveillance states."
PLTR LONG
AXON LONG
TSLA LONG
Medium-term
Horowitz argues that policy solutions to climate change (emissions targets) have failed, but "if you build a really safe nuclear efficient or nuclear fusion facility... that would have a big effect." a16z's thesis is "American Dynamism"—solving physical problems with hard tech. As AI power demands skyrocket (see previous thesis), the only carbon-free baseload power that scales is nuclear. This benefits uranium miners (CCJ) and next-gen SMR companies (OKLO, which is backed by Sam Altman and fits the Silicon Valley nuclear thesis). LONG. AI is the demand shock; Nuclear is the only supply answer. Regulatory hurdles (NRC) and long construction timelines.
CCJ LONG
OKLO LONG
Long-term
When asked if AI kills SaaS, Horowitz says, "People are overreacting... it is not that easy to take out Salesforce or SAP... you would be surprised how much heavy lifting that is." The market narrative is that AI agents will replace seat-based SaaS software immediately. Horowitz (a tech optimist) is taking the contrarian view that incumbent moats are stickier than the market thinks due to integration complexity. WATCH/NEUTRAL. While not a screaming buy, this suggests the "Death of SaaS" trade is overcrowded and premature. Long-term, he admits AI allows companies to "build their own" software easier, which is terminal for these firms on a 10-year horizon.
CRM WATCH
SAP WATCH
Short-term
Horowitz highlights Coinbase as one of the firm's major successes and discusses how crypto allowed people with little capital to gain wealth (democratization of finance). He speaks fondly of the sector's resilience. a16z remains the largest institutional backer of crypto. Horowitz's commentary suggests continued political and capital support for the ecosystem. Coinbase is the primary regulated proxy for US institutional crypto adoption. LONG. Regulatory hostility (though Horowitz notes the environment is improving).
COIN LONG
Medium-term
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