The single best one-pager on how to sell

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Warren Buffett:

“You have to make very, very few right investing decisions in your life. … The main thing to is buy into a wonderful business and just sit there with it.”

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🔽 AI Fund Lost 70% Assets in Days

The $45B AI hedge fund Situational Awareness lost nearly 70% of its assets in just a few days. Its 24-year-old founder Leopold Ashenbrenner managed the crisis while guests arrived for his wedding.

Ashenbrenner left OpenAI in 2024 and quickly gained fame with an AI future essay before launching the fund. It achieved over 1000% returns in a few years, fueled by heavy leverage-borrowing $3-4 for every $1 of capital.

When the AI market turned down, the fund had to sell almost its entire portfolio. The crash coincided with Leopold's wedding to an Anthropic executive. He was fired from OpenAI for sharing data with Anthropic, where his fund still held $3.5B.

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Jeff Bezos on what great inventors do:

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💶 Scramble makes investing in consumer brands simple

Scramble is a European platform that lets anyone back fast-growing consumer companies and earn from it - without the noise of stocks or daily market tracking.

Each month, users get a curated batch of companies, and investments are automatically diversified.

🖱 Founder-backed loans, disbursed in stages to reduce risk
🖱 Group A: monthly repayments, up to 12.4% annually
🖱 Group B: higher risk, up to 25% returns
🖱 Scramble co-invests up to 20% in every batch

✨ New users get €10 for signing up, plus €5 bonus for every €100 invested.

Positioned as a hands-off, lower-volatility way to grow capital, Scramble is betting on the appeal of consumer brands as a stable entry point for retail investors.

Insider selling is mostly noise.

Insider buying is mostly signal.

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💸 Strategy sold Bitcoin to reduce its financing costs

Strategy sold 1,638 BTC last week, about 0.19% of its holdings. The move sparked concerns that the company was abandoning its long-term Bitcoin strategy, but the numbers tell a different story.

The company says its cost of capital is 10.8%, while its STRC preferred stock is currently yielding around 13.4%. Instead of holding Bitcoin, Strategy used part of the proceeds to repurchase STRC below par, reducing future dividend obligations. The rest went toward preferred dividends and strengthening the cash reserve backing those securities.

At the same time, Strategy issued 3 million new common shares, raising $290.6 million, with $250 million added to its reserve.

The key point is that Strategy is optimizing its capital structure, not exiting Bitcoin. The company still holds 842,138 BTC, has paid preferred dividends for 18 consecutive months, and Michael Saylor says it remains a net buyer over the long term.

One number stands out: Strategy generated $122.4 million in quarterly software revenue, while annual preferred dividends and interest are approaching $1.76 billion. The balance sheet is becoming just as important as the Bitcoin holdings themselves.

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Quality investing is out of favor, but this does not last forever.

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🇯🇵 Why the U.S. stepped in to support Japan for the first time in 28 years

Japan has already spent around $160 billion this year trying to stop the yen from collapsing. Despite record interventions, the currency still hit its weakest level since 1986.

The bigger issue isn't the yen itself. Japan is the largest foreign holder of U.S. Treasuries, with about $1.19 trillion. If its cash reserves run low, defending the yen means selling U.S. government bonds, putting even more pressure on American borrowing costs, which are already at 19-year highs.

That's why the U.S. intervened in the currency market for only the fourth time since the mid-1990s. The goal wasn't to save the yen. It was to reduce the risk of large-scale Treasury selling.

Sometimes the biggest market intervention isn't about the market everyone is watching. It is about protecting the one behind it.

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Rich is about how much you make.

Wealthy is about how much you keep and own.

✔️ @venture