Clujso (David)

@d

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1310 Followers

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The recent profile of @matthuang by Colossus shone some some light into the key factors that make @paradigm what it is today: - Family background was tech and investing - Angel checks into TikTok with 1000x on 50k, based on founder energy - First ever person to voluntarily quit Sequoia - 400M raised on fund I in 2018, 98% called instantly and invested into ETH and BTC on a high conviction bet - The firm has research engrained in it’s DNA, so far that they’ve shipped dev tools that the industry relies on - What if Sequoia not only invested in Google, but BUILT Google? Even though Paradigm is now of a size that might limit their returns, the early days are a great story of having conviction on an asset class and putting it all on the line

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Pure.st is the latest endeavor by the Whetstone / Doppler team. Essentially, it’s a token launcher that solves the “fair launch” problem and helps bootstrap initial liquidity for tokens. The current live version is simply a unichain v3 pool that starts at 4k market cap, and then moves upwards. The LP token fees are distributed between protocol and creator. The token creator has to buy up initial supply if they want to. The experience for a v1 is pretty bland, but it works. Future version will be way more interesting where: The reverse dutch auction kicks in: The initial valuation is discovered through an auction Priced tokens are sold in a dynamic bonding curve is able to change in steepness Once a specific amount has been traded, it graduates to a uni v2/v4 pool with a timelocked LP token, and fees are split between protocol and creator Variant led the preseed round, and they are finalizing the dynamics to integrate with partners that want to launch tokens like @tryoharaAI

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Walter Schloss was a true og — back in 1946 he shitposted under the Cogitator pseudonym in the Analysts Journal. A great post from him: “The Hippocratic Method in Security Analysis”. Cogitator proceeds to lay down parallels between medicine and investing:

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Share old, or new, ideas. Fully formed, or abstract. We'll research together. Let it compound.

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Great founders prefer hard questions. One may think that hard questions will be seen as cumbersome for founders, for the average founder it is, but for the really great ones, it’s the opposite.

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Tariffs this tariffs that, what about multiples?

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Evolution of token launchers: 1/ FT pioneered the bonding curve, each X account had “keys” on a steep bonding curve 2/ Pump pioneered graduation, after a token reached a market cap on the curve, liquidity moves to an AMM 3/ @clanker pioneered a “rug proof” launch, liquidity starts on a AMM, LP tokens are locked and fees get split between protocol and creator 4/ Whetstone is pioneering the “fair launch”, initial valuation is found through a reverse dutch auction, a bonding curve starts, and then graduates to an AMM where fees are split There’s a ton more. Raydium on Solana, Rainbow on EVMs, Puf on Worldchain, and many more. It’s not clear who the winner will be, it’s a short lived market so far where innovators quickly get spikes in fees. To me, the winners will be the ones that offer the best support for builders and keep up with innovation.

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I’ve been reading investor letters recently, and one caught my eye. Ruane Cunniff’s 2024 Overall portfolio results have been in tandem with the market, but there’s two outperformers worth highlighting 1/ Rolls Royce (535% return in the last 2 years): More flying hours of engines than 2019’s ATHs. 2 out of 3 new aircrafts have a Rolls Royce motor. Ukraine boosts their defense line. They are creating nuclear power plants in the Czech Republic, UK, Sweden and the Netherlands. Trading at low to mid tweenties in fwd eps. 2/ Liberty Media Formula One (46% return in last year): Two new races added this year, LVMH signed as the highest ever paid sponsor for 100M deal, and upcoming large media deals including movies and series are making this sport great. Liberty Media also acquired MotoGP. Trading at thirties fwd eps.

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@usv wanted Twitter to be a protocol, a recent interview with @fredwilson.eth: “It’s really one of my great regrets, I think we knew twitter was essentially a protocol. Had we really had pounded the table to do that, it could look like Ethereum” The opportunity may still be there with new protocols emerging.

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@bracky I want in on the Madness! 🏀

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I have touched grass

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Pretty sure we're all pros now at brick breaker, and I'll be seeing these bricks in my sleep. Oddly satisfying though. Also, being on the Pink Tribe isn’t just a team assignment—it’s a revolution of the soul. It’s choosing vibrancy over monotony, connection over isolation, and audacity over hesitation. The Pink Tribe moves through the world with an electric softness, a radical embrace of joy that refuses to be dimmed. We understand that tenderness is strength, that laughter is resistance, and that to live in pink is to live fully awake. Pink is not just a hue—it’s a heartbeat, a frequency, a call to those who dare to love loudly, dream wildly, and rewrite the rules with a neon brush. To be pink is to be life.

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today, /⁠crypto-the-game made me crave pizza also being on the Pink Tribe isn’t just a team assignment—it’s a revolution of the soul. It’s choosing vibrancy over monotony, connection over isolation, and audacity over hesitation. The Pink Tribe moves through the world with an electric softness, a radical embrace of joy that refuses to be dimmed. We understand that tenderness is strength, that laughter is resistance, and that to live in pink is to live fully awake. Pink is not just a hue—it’s a heartbeat, a frequency, a call to those who dare to love loudly, dream wildly, and rewrite the rules with a neon brush. To be pink is to be life.

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Just used Brazilian PIX for the first buying a shirt on the street — buttery smooth This is the #1 way for street merchants because it’s free within Brazil, and no need to have minimum or get 3-5% taken off from payment rails. I just know stablecoins will devour traditional networks

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Allegedly, pink tribe members got to the L’industrie first, and also called the landline multiple times without receiving the clue — I guess life’s not fair

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Staying Pink 🐷

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💕Being on the Pink Tribe isn’t just a team assignment—it’s a revolution of the soul. It’s choosing vibrancy over monotony, connection over isolation, and audacity over hesitation. The Pink Tribe moves through the world with an electric softness, a radical embrace of joy that refuses to be dimmed. We understand that tenderness is strength, that laughter is resistance, and that to live in pink is to live fully awake. Pink is not just a hue—it’s a heartbeat, a frequency, a call to those who dare to love loudly, dream wildly, and rewrite the rules with a neon brush. To be pink is to be life.💕 🐷

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Red tribe? 🔴 🍎 ❤️

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From the Nomad Partnership Letters: JUNE 30th, 2009 Simple, but Not Easy "When Zak and I trawled through the detritus of the stock market these last eighteen months (around a thousand annual reports read and three hundred companies interviewed) we had four main choices: add to existing holdings, invest in new firms, invest in growth businesses, invest in cigar butts." What strikes me: 1000 annual reports, let that sink in. The road to great investments is simple, but not easy.

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