Do you have to be in the Bay Area to build a fund-returning portfolio? @jmj has the receipts: "If I look at our Fund 1 returning companies, none of them were in the Bay Area. One was in Singapore. One was in New York. And one was in Miami. And then if I look at Fund 2, our likely fund returning investments, two of them were companies in Canada. Fund 3 probably will be maybe one in Los Angeles. Being a newer fund, we need to be more creative to compete. You need to look outside of the bubble."

5/7The Winter❄️ Temperatures have taken another dip, plunging well below zero outside. Past days, Bjorn has spent inside the den together with the family. He doesn’t like this new environment at all. Wake up, look outside, everything white, repeat. Does this ever end? #Arbitrum#

Happy weekend, Just sold all my altcoins at this price. I don’t think Q4 is set up for a straight-line crypto rally. The Fed just hiked rates by 25bps to 3.75-4.00%, while inflation is picking up again. August CPI came in at 3.4% YoY, with higher energy prices contributing to the pressure. For me, the near-term transmission still looks like this: Inflation ↑ → Treasury yields ↑ → Fed stays hawkish → USD/liquidity gets tighter → risk assets stay under pressure Crypto can eventually benefit from the long-term “debasement” thesis, but that doesn’t mean the market has to price it in immediately. And when I look outside crypto, the setup makes me even more cautious: – S&P 500 is still trading close to record-high territory. US equities have stayed surprisingly strong despite higher yields, oil and geopolitical risk. I still think this market needs some kind of reset before another sustainable risk-on leg. – US debt is approaching the $40T area. Treasury data already showed total public debt above $39.28T in June 2026, after rising from roughly $35.5T at the end of FY2024. That means the fiscal pressure isn’t exactly going away. – Oil is back above $100. Brent is around $104 and WTI around $101, while the broader Middle East conflict is still creating supply risk. Higher energy costs are already feeding back into inflation and yields. – US political risk is increasing into the midterms. I wouldn’t treat control of Congress as a done deal, but the latest Reuters/Ipsos poll had Democrats ahead 44% vs 37% on the generic congressional ballot, while Trump’s approval was around 35%. That adds another layer of uncertainty into November. So when I put all the data together, I don’t see a clean environment for BTC and alts to immediately enter a huge Q4 expansion. My base sequence is still: Stocks ↓ → $BTC ↓ → alts ↓↓ → Fed/liquidity response → BTC recovers first → $ETH/large caps → smaller alts The important part is the liquidity response. If stocks finally correct and financial conditions tighten enough, the next big crypto opportunity may come after the market forces policymakers to become less hawkish, not before. So personally, I’m not chasing the idea of a guaranteed Q4 altseason here. I’d rather stay patient, keep liquidity ready, and watch Treasury yields, oil, Fed policy, BTC dominance and ETH/BTC. If those start turning together, then I’ll be much more interested in taking risk. Just my personal market view, not financial advice.

Secretary Duffy on using AI to fix Air Traffic Control: We’re going to use AI. Right now, when there’s bad weather, we just shut down airspace. Sometimes you have a weather shutdown at an airport, you look outside, and it’s blue skies. You’re like, what’s going on? AI will help us find better routes through weather so we can keep airplanes flying — safely. New tools coming into the system to manage the flow of aircraft will make magic.

Mind bending chart showing the effects of passive and active funds buying and selling on stock performance. The analysis shows the stocks most heavily bought by both groups lagged similar-size peers by about 6% over the following year, with the biggest penalties in small and mid-caps. via @JSeyff Takeaway: it's hard to win whether you look outside the Big Fund bubble or inside of it.