Investments
I invest behind the research. See the positions, returns and decisions as the thesis meets the market.
Past performance does not predict future returns
| Period | Strategy · net | Nasdaq-100 | Difference |
|---|---|---|---|
| 1 month | −0.8% | +3.2% | −4.0pp |
| 3 months | +8.7% | +0.4% | +8.3pp |
| 12 months | +9.1% | +23.2% | −14.1pp |
| Since inception | +77.8% | +44.7% | +33.1pp |
| Period | Strategy · net | Nasdaq-100 | Difference |
|---|---|---|---|
| Sep 2026 | −0.8% | +3.2% | −4.0pp |
| Aug 2026 | +10.0% | +4.2% | +5.8pp |
| Jul 2026 | −0.3% | −6.6% | +6.3pp |
| Period | Strategy · net | Nasdaq-100 | Difference |
|---|---|---|---|
| Jun 2026 | −14.4% | −0.2% | −14.2pp |
| May 2026 | +9.6% | +10.5% | −0.9pp |
| Apr 2026 | +12.7% | +15.6% | −2.9pp |
| Mar 2026 | −11.3% | −4.9% | −6.5pp |
| Feb 2026 | −1.5% | −2.3% | +0.8pp |
| Jan 2026 | +4.0% | +1.2% | +2.9pp |
| Dec 2025 | +5.2% | −0.7% | +5.9pp |
| Nov 2025 | −5.5% | −1.6% | −3.9pp |
| Oct 2025 | +5.1% | +4.8% | +0.3pp |
| Sep 2025 | +23.1% | +5.4% | +17.7pp |
| Aug 2025 | +4.9% | +0.8% | +4.0pp |
| Jul 2025 | +4.5% | +2.4% | +2.1pp |
| Jun 2025 | +6.4% | +6.3% | +0.1pp |
| May 2025 | +8.9% | +9.0% | −0.2pp |
| Apr 2025 | −4.4% | +1.5% | −5.9pp |
| Mar 2025 | +5.8% | −7.7% | +13.5pp |
| Feb 2025 | −4.1% | −2.8% | −1.3pp |
| Jan 2025 | +7.6% | +2.2% | +5.4pp |
| Physical scarcity | 17.0% |
|---|---|
| Compute & platforms | 12.9% |
| Survivors, tolls & second wave | 7.8% |
| Moonshots | 2.4% |
| Macro scenario bets | 36.8% |
| Reserve & optionality | 23.2% |
| Company or fund | % NAV |
|---|---|
| Strategy Inc | 22.5% |
| Sprott Physical Silver Trust | 14.3% |
| iShares USD Treasury Bond 0-1yr UCITS ETF | 7.9% |
| Tesla Inc | 6.5% |
| Alphabet Inc Class A | 6.3% |
Q3 2026 · AI Capital Cycle Review
AI demand strengthened during Q3, but financing its expansion became harder. The review explores how useful infrastructure could change owners without the technology failing and where that could create opportunities.