[INI STUDIO] 池﨑理人 - Life Still Goes On feat. JUNKI (LYRIC VIDEO) 2026.07.27(Mon) 21:00 JST Full on YouTube #DEEPBLUEHOURS# #池﨑理人# #Life_Still_Goes_On# #INI# #INI_STUDIO# #河野純喜# #JO1# @official_jo1

[🎧] DIGITAL RELEASE !! [INI STUDIO] 池﨑理人 (INI) - DEEP BLUE HOURS ( 1. Backseat 2. 2 Blue 3. Life Still Goes On feat. JUNKI #DEEPBLUEHOURS# #池﨑理人# #INI# #INI_STUDIO# #河野純喜# #JO1# @official_jo1

Today marks 4 years being married to the best human on earth @ArthurMacwaters 🤍 A few things to know about Arthur: >he still wakes me up with coffee four years later
>he believes marriage is something you continually invest in
>he has more integrity than anyone I know
>he goes on prayer walks almost every day
>he has a childlike appreciation for wildlife and will attempt to catch almost anything at least once
>he stands firmly behind what he believes in
>he came from a small town and very humble beginnings
>he works harder than almost anyone I know
>he is endlessly curious and always learning >he’s incredibly loyal 
>he is generous without needing anyone to know about it
>he believes there is always a solution.
>he challenges me to think bigger and isn’t afraid to dream
>he makes ordinary life feel like an adventure
>he loves God and genuinely wants his life to reflect that
>he is still my favorite person to come home to

How are midgets going to complain when they are the only "minority" group that has always been represented in media as they are without hate? LotR/Hobbit Willow Willy Wonka Wizard of Oz Time Bandits The list goes on, and still those ingrate dwarves complain about being oppressed, from who? The only dwarf hater that's worked to get other dwarves disenfranchised by CGI and the same pygmy actor for everything, has been Peter Dinklage: a fucking midget. If I was a dwarf I'd be very happy with the lore bestowed upon me. Any midget who doesn't dwarfmaxx Willow larp is wasting his life. Imagine being a decent IQ midget, watching Thunder Dome, and deciding not to find a 6ft+ retard to manipulate into being your personal steed. Makes no sense, the world needs more creative midgets.

One of the biggest reasons why no one wants to have kids these days is because our generation is much more stressed and anxious about the future compared to previous generations. The reason for that is because the amount of disposable income and savings (NOT in meaningless NOMINAL but in *REAL purchasing power* terms) that people in the bottom 97% have keeps dwindling every single year. The reason for that is because they are printing money, lending money, borrowing money, and expanding the money supply at a faster and faster rate each year. Even if you are making $300,000+ per year, you can still feel this ACUTELY; as in most cases prices are growing faster than the rate of your savings growth in real terms. Even if you ignore hoeflation, hypergamy, and the sinister effects of smartphones and social media, and focus on normal, reasonable, grounded people - people that don’t come from top 5% families (those that own lots of stocks and real estate which can keep up with money printing) feel psychologically “unworthy” and financially unprepared for parenthood as it is taking longer and longer to achieve basic milestones. Money does not define one’s worth, but food, rent, childcare, education, healthcare are real expenses that require money. The overly debt-ridden and inflationary Fiat Late Capitalist system is becoming so extreme that its major byproduct is sacrificing real human births and real human happiness for the sake of letting the system live another day and enriching the asset-owning class. All of the trends described above will intensify even more as both AI capabilities and money-printing speeds accelerate. This road only goes one way. As automation inevitably accelerates, we will witness a greater "Crisis of Worthlessness". Having children will go from being a standard human experience to being an ultra-luxury good. The trend will be towards only the ultra-wealthy in the 1st world and the ultra-poor in the 3rd world being able to have kids, with the upper-middle, middle and working classes of the "developed" world being disproportionately affected. Your life has been made harder for the sake of their profits and keeping the existing system afloat to live another day. We have been in a multi-decade Happiness Recession no matter what "GDP" numbers say, and that's what truly matters. An animal stops procreating when it feels it is in a prison. The System is Broken. Charts unrelated.

I know I can still make a lot of $ investing in companies led by people like Mark Zuckerberg or Sam Altman, but they are shady and I just can’t trust them. And that’s why the founder matters so much to me when I invest. I’m betting on so much more than just the products, technology, or financials, although important. I’m betting on the person leading the company… their vision, character, ability to execute, willingness to risk everything, and most importantly, their heart. And the heart matters. I genuinely believe Elon has a kind heart and that his intentions are real. He’s shown me time and time again that this is about so much more than just making $ money (despite him NEVER letting investors down for any capital raise for any of his companies in the long run…) You don’t risk everything you have on electric cars, FSD, and reusable rockets bc you’re chasing the easiest $ dollar. In fact, looking back, there were probably a thousand easier ways to make $ money with far less risk, stress, and sacrifice. You dedicate your life to solving some of humanity’s hardest problems bc something deeper than $ money is driving you. Elon could’ve easily taken his $ money, disappeared, and lived one of the easiest lives imaginable. But instead, he kept putting it back on the line to build things people said were impossible and were super important for the future. Making life multiplanetary. Accelerating sustainable energy. Giving people internet anywhere on Earth. Restoring mobility and independence through robotics. Pushing humanity forward with AI. The list goes on and on… You can disagree with Elon. You can hate how he says things. He says crazy things, I know. You can question his decisions. But after following him and investing in his companies for more than a decade, I believe he’s the real deal… the mission is real. I believe I have a pretty keen eye for these things. Great entrepreneurs can copy ideas, improve them, and still make investors a lot of $ money. However, true innovators create the future everyone else eventually follows. That’s the difference. And to me, there’s only one Elon Musk.

trimmed fartcoin and pepe over the last few days taking a -$300k realized loss. fartcoin was a $2.4m position, pepe was $2m thought we could catch some momentum upwards and was wrong. it happens. life goes on. posted a win earlier this week, so here’s the other side. left 750k on each of the positions cuz i still think both of these do well eventually. but the opportunity cost of sitting in them was high given their sizing. so now im sitting on a lot of cash.

EXECUTIVE SUMMARY The podcast is Odds on Open (21.8K subscribers), a show devoted entirely to hedge funds and quant trading. The host says they narrowed to that niche about 14 months ago and it is now the top-ranked hedge fund podcast. This 56-minute episode, posted October 1, features Yoshi Yokokawa. Yoshi is co-founder and CEO of Alpaca, and a former Lehman Brothers trader. He grew up between Japan and the US. At 11 or 12 he failed Japan's junior high entrance exam, an experience he describes as the defining trauma of his life: told that failing meant his life was over, he concluded he could never win the conventional game and would have to survive on shortcuts and asymmetric paths ever since. He moved to the US in 10th grade, later went through Y Combinator, and founded Alpaca out of a specific frustration: in 2018 there was no usable one-click trading API, and just obtaining API documentation required application paperwork, which he saw as manufactured exclusivity. Alpaca now runs two businesses: (1) brokerage infrastructure sold B2B2C, with hundreds of institutions and broker-dealers across 50 countries building investing apps on its rails; and (2) a direct API that lets individuals deploy their own capital programmatically. The company also provides the custody layer underneath tokenized equities issued by firms like xStocks and Kraken. His stated mission is open financial services for everyone on the planet, driven by his own experience of being locked out of US apps like Robinhood and Spotify while living in Japan. The episode's headline claim, and the video's title: "AI and agents will not give you edge." Below is where the actual signal is. 1. ON ALPHA: EDGE IS CREATED, NOT FOUND, AND EXECUTION IS THE SECOND HALF Asked directly whether edge exists for a retail quant in modern liquid markets, Yoshi's answer: "Yes, when you create one." His framing is that retail vs pro is the wrong categorization. People on Alpaca's platform do find edges and keep making money with them. The edge exists when you create it; if you cannot create it, you don't have one. But he immediately adds the part most people skip: having an edge does not mean you will be successful. Having an edge is step one. Step two is executing and following through on it, and that is a completely different skill set. Human behavior does not change: greed and fear are permanent. Some people will never succeed even with an amazing edge because they cannot bring themselves to execute it. He describes disciplined execution as an extreme profession in itself, using a boxing analogy borrowed from Ben Horowitz's writing: holding a fighting stance is deeply unnatural for a human animal, and so is continuing to execute a strategy through a stretch where it statistically should work but isn't. "The odds may [be the] same as gambling, right? You believe in the statistics, logically it should work, but most of the life it doesn't, it may come back, but who knows. That's so unnatural." The pattern he sees among the retail systematic traders who actually survive on Alpaca's platform: they run agents that execute repetitively, and when market dynamics change they fully stop trading, pause, improve or fine-tune for the new regime, and come back. Regime awareness plus the discipline to stand down is the differentiator, not the model. 2. AI'S REAL ROLE: COMPRESSION OF R&D, NOT CREATION OF ALPHA This is the nuance behind the provocative title. Yoshi is not saying AI is useless in trading. He says LLMs hugely reduce the resources and time required for the trial-and-error R&D process of hunting for edge: coding, optimization, constant fine-tuning as market trends change. Automating that means you can run far more iterations. The path to finding an edge gets shorter. What AI does not do is hand you the edge. "It's not going to be okay if I use AI and agents I can find an edge." The framing he recommends: use AI to shorten the iteration cycle so you can do more trial and error and arrive at better edges yourself. This is also his answer to the obvious challenge: if AI grants no edge, why are Jane Street, Citadel Securities, and the pod shops spending exorbitant sums on compute and data centers? Because they are already professionals at executing. They create the intelligence, the agents, the rules, and the edge-finding process, and they operate with tight discipline. Compute amplifies an existing execution machine; it does not conjure one. Amateurs, in his view, mostly cannot execute with that discipline at all. Investment translation: be deeply skeptical of "AI hedge fund" as a standalone pitch. The alpha was never in the model weights. It is in the research process that generates the edge and the operational discipline that extracts it. 3. THE DATA POINT: RETAIL SYSTEMATIZATION IS EXPLODING WHETHER OR NOT EDGE IS DEMOCRATIZED Alpaca's monthly active developers grew from roughly 20,000 to over 80,000 in six months, a 4x. Yoshi calls it explosive. Geographically it is still concentrated in the US, partly because entity formation is frictionless there. Entity account openings are rising fast, which is blurring the retail vs institutional distinction: one person spinning up an LLC through Stripe Atlas shows up as an institutional entity account. His read on the cultural driver: money-making and job creation are becoming radically individualized (YouTubers, TikTokers, agents), and trading is the purest expression of it. The host adds the Korea example: strong job security plus unreachable housing prices makes punting nearly a free option, which is why Korean retail volume is structurally high. Yoshi counters with the classic Mrs. Watanabe story: Japanese housewives trading dollar-yen on massive leverage once moved the market. The distinction that matters: Korea-style growth is mostly click-to-trade retail volume. The automated/systematic cohort is a different and newer phenomenon, and it is the one growing 4x in six months on Alpaca. 4. STRUCTURAL: THE COMING WAVE OF MICRO-FUNDS Yoshi tracks Y Combinator batches as an alumnus. Eighteen months ago he never saw hedge fund startups apply. Now every batch has AI hedge funds. The definition is blurring (is money from friends and family a hedge fund?), but the direction is clear: the cost of running an institution, custodians, support systems, infrastructure, is collapsing toward zero, so the number of entities calling themselves funds will be far larger in ten years. For markets, that means two things. First, fee and distribution pressure on traditional asset managers from below. Second, a coming wave of small, fast-iterating quant capacity, which means more crowded short-horizon trades and faster decay of simple edges. The moat shifts further toward execution infrastructure and regime discipline, which circles back to his core thesis. He also notes the forward infrastructure implication: if solo operators and agents proliferate, every financial service needs an agent-ready layer (APIs, MCP interfaces). His conversation with Vlad of Robinhood touched on exactly this. B2C trading apps will need agentic layers because the user base is becoming one-person businesses. 5. TOKENIZED EQUITIES: THE QUIET CUSTODY PLAY Alpaca is not distributing tokenized stocks. It provides the custody of the underlying securities that firms like xStocks, Kraken, and Binance tokenize. Pure infrastructure positioning: "we don't plan to compete with anyone... like air or water or gas. It should be like utility." Whether or not the tokenized equity narrative sustains, the custody and brokerage rails are being built now, and Alpaca is placing itself one layer below the competition, the same AWS-style logic as the rest of the business. 6. ON CAREER DEFENSIBILITY (LESS TRADABLE, STILL INTERESTING) Asked what skill sets survive model commoditization, Yoshi rejects the premise and goes one level deeper: ask what the objective is before optimizing the career. His own answer: do what you feel is right, not what you think is right. "Enjoy" is a trap word; the test is whether you find it genuinely, curiously funny, because only then will you do it for the thousands of hours required to become the expert without burning out. Longevity in one domain is itself the edge. The host's counter, which Yoshi half-accepts: defensibility helps you sleep at night. Yoshi's closing line, informed by starting his career at Lehman: "nothing is going to last forever... embrace risk, embrace uncertainty and relax," because once that becomes routine, it becomes normal life. CAVEATS Yoshi sells brokerage infrastructure, so "more participants, more trading, execution is everything" is also his sales pitch. The 80K developer figure is self-reported and unaudited. And the "AI grants no edge" thesis is conveniently flattering to an API business whose customers are humans hunting edge. Discount accordingly, but the core logic survives the discount: in the transcript he repeatedly argues against his own commercial interest in AI hype, which is worth something.