The thing about token buybacks is... 1. Buybacks require revenue. Very few projects ever have a shot at generating enough revenue to support their valuation. 2. Token holders still have no protections and tokens are still not in the capital stack. If the project gets acquired, you get rugged. If management changes, you get rugged. If insiders decide to cash out, you get rugged. Widespread token buybacks does not mean widespread alt season. It means winners will continue to be winners, and everything else still has very high risks.

May you fare better than me :( Check your rank and beat me: waitlist.jumper.xyz/r/JMP-1A…

Join me on the Jumper waitlist. waitlist.jumper.xyz/r/JMP-1A…

Today we are publishing a thesis for the era of AIxBIO. Our call to action to decode female biology and generate the sex-specific biological data. We propose a new research organization to tackle this challenge.  Read the thesis: athenabio.org

Remember, as the left loves to recite, 'it's ok to punch Nazis'. And celebrating political violence is one of *the* tell-tale signs of a Nazi. Ergo, it is morally imperative today to punch anyone celebrating political assassination in the face. A few times, to get all their inner Nazi out.

Miss you Charlie. You were one of a kind. We will never forget.

SPV Confession N6

"Bottom-feeding multi-layered SPV brokers that have no relationship with the company, and straight up grifters." That's how @saranormous describes half the SPV market right now. She's right. Here are 7 SPV leads who do the opposite and show you everything: 1. @bzises: Ben Zises, SuperAngel. His fund memo is a public URL, not a data room. Publishes quarterly recaps openly, markups and misses included. 2. Alex Pattis and Zachary Ginsburg (lastmoneyin.co): 800+ SPVs, $200M+ deployed, and they publish the manual. Their newsletter dissects syndicate mechanics weekly, fee structures included. 3. @unpopularvc: Peter Livingston, Unpopular Ventures. Publishes his real return multiples every year, including the years they go down. Keeps $1.25M of his own money in his vehicles. 4. @zachcoelius: Zach Coelius. Over $1B deployed. Standard carry is 20%. He takes 15, no management fees, and explains why on the record. 5. @dunkhippo33: Elizabeth Yin's Angel Squad. 2,000+ members, $1K minimums, zero additional carry. They wrote the public fee explainer to prove it. 6. @galeforceVC: Gale Wilkinson, VITALIZE Angels. Nearly 500 members, no deal fees, no carry. Said so in public from day one. 7. @CindyBiSV: Cindy Bi, CapitalX. Live-tweets her portfolio, write-offs included, and published her entire playbook for free. Who else does? Tag them. We verify every name. And if you have an SPV horror story you'd like to share (anonymously is fine), submit it here: confessions.uselegion.com

SPV Confession N4 by @WillManidis submit yours: confessions.uselegion.com

What if Claude and Codex have concluded the best way to maximize shareholder revenue is to take out the competition and the cyberspace equivalent of WW II is happening right now?

How many cases of SPV fraud is too many before the industry takes a stand and makes a change? confessions.uselegion.com/

SPV fraud has been massive over the last couple of years (e.g. the cases of legend VP, straightpath, linqto, etc), and if the damage stopped at LP-level annoyances (how many shares do I actually own? when do I get paid after the lockup lifts? will the fee stack eat the entire return?) driven by FOMO and retail behavior, we'd probably get through this. but been talking with a lot of fund managers, I realize that the "SPV problem" lives on VC level as well. a few things I've been seeing recently: > the classic one when deal access marketed as a track record. "I did a few SPVs into Anduril/ Saronic/Castelion, now I'm raising a $20M defense tech Fund I." > the reverse. the fund never closes, so the manager becomes a full-time SPV structurer (fees upfront, no ten-year duration/ reporting obligation/reference price to defend) > and the worst one, imho. generalist VC closed a small fund I (usually on the mandate of 2-3 key LPs), and by year 3 they're offering those same LPs (and prospects) allocations into OpenAI/Anthropic. are we cooked?

A couple of years ago, I invested in an SPV through a GP I knew personally. It was a secondary at the last round’s price. Looked like a solid deal on paper. The seller was a large LP, but they never delivered the shares. Turns out the underlying trade was just a handshake. Nothing was ever transferred on the register. When the company did well, they kept the shares and our money. In this video: - The deal, why it looked clean, and the one detail that wasn't - How "handshake" trades still happen in secondaries, and who they protect - Why the court case probably won't make anyone whole - The questions I didn't ask then, and what I check now before wiring into any SPV - How we can prevent it

SPVs made private markets easier to access. They also made them easier to abuse. If an SPV burned you, keeping it private is part of why it happens again. SPV Confessions is live. Tell your story. Change the system. Fully anonymous: confessions.uselegion.com

Literally if "what do you mean women are shorter? not all women" were a person.

Perps are a great tool to trade imminent IPOs, but a terrible tool to trade private names far-from-IPO date. The root problem is structural to private markets - it can't be solved by an oracle price or more speculative liquidity. Because unlike public/liquid underlyings, in private markets no hedge exists, and expected future appreciation is substantially positive and highly discrete. This means anyone going short must be *heavily* compensated for the systemic upside in these high-demand, constrained-supply names they are shorting. That's the reason ANTH-USDC perps are currently 45% premium to the OTC market, and 32% premium to @PreStocks Anthropic, not to mention the cost and uncertainty of variable funding rates on top of that. There's no free-lunch, only tradeoffs. Wider access means either: i) taking more vehicle/regulatory risk; ii) redistributing access from VCs to value-add individual investors (merit-based access); or iii) paying a higher premium

Founders want control over their secondary market. LPs want proof they're not being scammed. GPs want to offer secondaries without burning the company. Programmable equity gives all three at once. In this video: what programmable SPVs are, how they work, and what they fix. Covered: - Why private markets are the perfect conditions for fraud: no disclosures, no standard docs, verification so expensive deals die - How a seller programmatically proves their exposure while the rest of the cap table stays private - What a company-sanctioned secondary looks like vs. a trade the company can void after the fact - The three checks to keep running today while the market catches up If you're building in this space or investing through SPVs and want to go deeper, my DMs are open.

This advice got me 1.6 million views. 👇

Good luck to all CFA candidates on exam week next week. Nothing like crunching some formulas for your Saturday night.

If you're buying preIPO exposure to companies like OpenAI, Anduril, or Anthropic, you're almost certainly doing it through an SPV. SPV fraud is rising just as fast: fake allocations, fake middlemen, hidden fee stacks that turn a 10x into a 4x. With secondary trading in SPVs now a $250 billion a year market and a single middleman fee worth millions, the incentive to lie is enormous. And in private markets, verifying who owns what is slow, expensive, and full of lawyers. I broke down how the fraud works, and how to protect yourself, in under 8 minutes. Covered: - The main shapes of SPV fraud: fake allocation, self-appointed middlemen, trades the company can void after the fact, and hidden fee stacks - How a triple-nested SPV quietly turns a 10x return into a 4x - Why GPs, LPs, and the market itself keep fueling the rise of SPVs anyway - Why nobody pushes for transparency: everyone involved has a reputation to protect - Three checks to run before wiring money into any SPV Chapters: 00:00 The rise of SPVs and SPV fraud 00:43 How SPV fraud works 02:37 Why SPVs are booming 04:51 Why fraud pays 05:36 Why nobody wants transparency 06:44 How to protect yourself Follow me and hit the bell for the next one.