BX/short
Yale and other endowments selling PE secondaries could trigger a private-market pricing fallout.
Yale has announced that they're in the market looking to sell $6 billion of private equity. The fact that Yale is the one doing it is super important
Peak+28.8%
BABA/long
China going fully open-source on AI models creates a powerful self-training flywheel the US won't match.
when Deepseek hit and took off... Alibaba made Qwen open source. Xiaomi has a model out now... And Robin Li at Baidu had kept his model proprietary and he said in June it's going to be open source.
Peak+58.1%
BTC/long
Blockchain tokenization could bypass the IPO discount and fix the broken public listing process.
There's a really interesting post by Hester Peirce... this post called A Creative and Cooperative Balancing Act argues that maybe blockchain is the path to fix the IPO market, which is provocative.
Peak+14.4%