This update is for informational purposes only, not financial advice.
Our goal is to invest at inflection points where innovation scales, adoption accelerates, and durable cash flows compound. We invest in the future replacing the past.
§01Review of last month's highlighted companies
Last month we highlighted HOOD +29%, HIMS +17%, IREN +130%, EOSE +116%. These are exceptional one-month returns in a very bullish market (QQQ +6%).
Robinhood hit record highs after joining the S&P 500, expanded into the UK, and advanced its crypto and tokenization plans. It launched new social and AI features, but faces rising valuation concerns and regulatory scrutiny.
Hims & Hers received FDA warning letters over compounded semaglutide claims, creating regulatory risk around its GLP-1 business. Shortly after, it launched a new testosterone therapy line via a partnership with Marius Pharmaceuticals. The stock dipped on the FDA news but rebounded as investors viewed TRT as a new growth driver ahead of Q3 results.
We'll leave IREN and EOSE as an exercise for the reader, we have ChatGPT these days.
§02On long/short thesis
Every major technological shift follows an adoption cycle, from early discovery to mass adoption, and with each wave both new and old industries are reshaped. The impact isn't just tech companies beating other tech companies, it's technology reordering entire economies.
In the personal computing era, Microsoft and Apple didn't just outcompete other hardware makers, they changed how businesses operated, making spreadsheets, word processing, and digital workflows essential to every company. Firms that failed to modernize, from typewriter makers to office suppliers, quietly disappeared.
Now, artificial intelligence is creating another wave of cross-sector disruption. Nvidia and OpenAI are at the core of a transformation that is not limited to software; AI is starting to change healthcare, finance, education, and manufacturing, fields once thought resilient to technological substitution.
The beauty of a long–short approach is that it isolates alpha from broad market direction. You're not betting on the market rising; you're betting on the future replacing the past. This is our primary thesis.
§03Notes from Singapore
We spent time in September and October in Singapore meeting with fellow entrepreneurs, investors, and business leaders, deepening our view on the global economy. Singapore remains a fascinating case study of an open, trade-driven economy balancing East and West while serving as a hub for Asia's manufacturing and capital flows.
Money from Asia streams into Singapore. Crypto interest is rising, both as exposure and as currency of payment, the latter of which feels natural for a city built for cross-border movement. At the same time, the industrial logic is undeniable: Chinese EVs like BYD have recently amassed 20% of new vehicle registrations, and XPENG is building its charging footprint there, tangible signs that tech, capital, and supply chains are reconverging in real time.
§04Thanks
A shout-out to Sam Scott, Dan Kang, and Sophia Deng for feedback on our first newsletter. We've made edits with your thoughts in mind.
Alex & Charlie