The Investor’s Curse The strange thing about investing is that the closer you get to winning, the easier it becomes to forget what winning was supposed to mean. In the beginning, you invest to become free. If you are successful enough, you can eventually spend your entire life worrying about the thing that was supposed to set you free. This is the investor’s curse: the same wealth that increases your ability to take risk can destroy your ability to tolerate it. Someone with $10m can afford to lose $1m far more easily than someone with $100k can afford to lose $10k, yet the first loss may feel infinitely more painful. Risk is experienced in dollars even when it should be understood in consequences. Success can even make your greatest investment feel like your greatest danger. The company that created your wealth becomes too large and too important to hold comfortably. Nothing about the business changed, but its success transformed it from an opportunity you hoped would work into an asset you are terrified to lose. So you diversify, but diversification introduces a risk rarely found in textbooks. You sell the few businesses you understand deeply and replace them with many you understand less, exchanging visible concentration for invisible ignorance. The portfolio may look safer while the quality of your judgment quietly declines. Then comes the most seductive trap which is believing every dollar must remain productive forever. The first $1m might buy freedom and the next few might buy security, but eventually another $1m becomes little more than a larger number on a screen. Yet many investors risk the freedom they already have to pursue money they may never meaningfully experience. Perhaps wealth should eventually change the question. Early on, the question is how much you can make, but later it should become how little of your life must remain controlled by money. If your portfolio can fall 50% without changing how your family lives or what you are free to do, the decline may be financially enormous while being practically irrelevant. The final stage of investing is not learning how to take more risk or eliminate it completely. It is learning which portion of your wealth no longer needs to participate in the contest. The greatest investors know how to compound capital, but the wisest eventually learn when capital has compounded enough. 🌹

$RKLB is over. I’ve lost faith in this stock. The constant declines, weak price action, and endless waiting for Neutron have become too much. At this point, I no longer see RKLB as the investment I once believed it was.

$VOYG: "We announced our lunar strategy in February, aligning ourselves with the national goal to deliver the foundational infrastructure required for sustained operations on the lunar surface," said Dylan Taylor, Chairman & CEO, Voyager. "Six months on from that announcement, we have a dedicated lunar systems team, three planned landings on the Moon and the capabilities to deliver for NASA’s Moon Base plans and future deep-space exploration."

Looks like a capitulation day to me across a lot of aerospace and defense names. Many of these stocks have been absolutely destroyed from their early-2026 sector highs, and the selling is starting to feel indiscriminate. To me, this is one of the easiest sectors to slowly accumulate on days like today. No need to catch the exact bottom. Just gradually build exposure into the weakness.

$RKLB: I've spent this weekend looking more into Rocket Lab's acquisition of Iridium and what the net-new applications SPB frequently mentions could be. Iridium's spectrum is not broadband. It's meant to support small amounts of data, but do so in a very resilient way. I think that with the rise of autonomous endpoints (drones, robots, UAVs, etc), having access to a "guaranteed" network to transmit critical data will be fairly important. Iridium uniquely provides assurance. Rocket Lab can scale this in a truly robust way. I'm working on a @tryprismxyz article that I'll be sharing in the next day or so that will go into this theory in a bit more depth.

Bernstein: $META is on track to surpass Google Search in advertising revenue before the end of 2026. In 2Q26, Meta captured nearly half of every incremental digital advertising dollar.

Space will evolve into a multi-trillion-dollar industry over the next few years. These are the most interesting stocks to watch: 1. $RKLB | Small rockets and launches 2. $ASTS | Space-based smartphone network 3. $LUNR | Lunar landers and missions 4. $MDA | Satellites, robotics, geointelligence 5. $FLY | Responsive rockets and landers 6. $RDW | Space infrastructure and robotics 7. $VOYG | Defense tech, space infrastructure 8. $PL | Earth observation satellites and daily geospatial imagery Which do you own?