The typical endowment model is full of dogma. To me, investing is people first. I had a great time sitting down with @DWeisburd on How I Invest. We started with a trend I’ve tracked since my time in China: the convergence of AI with power and natural resources. Building the AI stack takes real inputs at massive scale, which China has focused on for years. We have a lot of ground to make up here. The meat of our conversation though was about how LPs think. After 10 years on the GP side, I see things differently than many of my peers. At the end of the day, this business is about relationships, trust, and judgment. You need all three to invest with the best managers. We also unpacked some of the frameworks we use at Spider: - Why we only run a best-ideas book - Why rigid portfolio allocation can cost you alpha - How to think about co-investments and continuation vehicles - What gets hidden in GP marketing - Why references matter as much as track records for emerging managers - Where right-sized LPs find an edge It was great to step back and talk through how we actually approach investing.

I knew this was going to be Scott before I clicked on the article. Idk if he's right or wrong but what you may not know about him is he's the closest thing we have to the next David Swensen. (Well, him and Paula Volent.) Endowments and foundations are actively copying his model.

china trips are ... so back! investors from founders fund, khosla, etc visited recently. ff went to learn abt supply chain dependencies in their portfolio, visiting manufacturing, robotics, self-driving, energy, ai cos, incl minimax in shanghai and ubtech in shenzhen, we heard.

Love this site, love the name Belief for a first-check firm. Big fan of Kevin. He's going places y'all, watch out.

Attaboy, Kevin! Love the rebrand to show off @beliefholdings portfolio. Onwards and upwards!

And only a matter of time till @GeminiApp Spark catches up. That'll be a huge unlock.

Just imagine if the plates stopped spinning

October 8 Washington Choose the frontier.🇺🇸

Back to school night this week for our sweet 3rd grader. We’ve never even talked about loyalty, but she picked it anyway. They're always watching. Lead by example.

I’m more and more of the opinion that the DoE should nationalize the frontier labs so they can safely work on all the scary, world ending shit with the right controls. And let the rest of us get on with building useful AI that, you know, automates menial shit and cures people.

we are letting hypothetical fears of dying get in the way of actually saving people.

Y'all don't know this about me, but I lost my dad, Lee, to GBM in 2017 when he was just 59. That led me to work with the National Brain Tumor Society and launch our Virginia race to fundraise for research. @NBTStweets Then, in 2019, my wife suffered a massive stroke while six months pregnant with our 2nd daughter, Lee. Thankfully, both survived and have grown remarkably. @SheltArmsRehab To the founders, researchers, and engineers using AI and science to solve brain disease, thank you. Keep going.

Crazy to think that in 2026 we've had: • Anthropic's head of safeguards quit, warning "the world is in peril" (Feb) • OpenAI dissolved its own mission alignment team (Feb) • Unrestricted AI usage for the Pentagon (causing several researchers to quit) • Several AI models escaping sandbox testing (Since ~Q2) • 1,100+ frontier-lab employees signing a letter begging the government to pace AI development (Jul-Aug) And today yet another top researcher saying this.

maybe

Michael Ellis, the deputy director of the CIA, acknowledged in unusually candid terms that the U.S. spies on Chinese companies and that economic competition with Beijing has broadened the spy agency's mission.

Impeccable timing or naivete. Or perhaps WeChat is the harmless "test" we're willing to disclose while the live attacks silently continue against more hostile adversaries. I'm afraid this will accelerate AI regulation, Golden Shares, and maybe even nationalization.

We must act as Americans Cultures get what they celebrate For at least the last generation we celebrate celebrities who just monetize people’s attention and sell makeup and products China promotes people who promote scientific and technical excellence.

Love the ambition and I'm rooting for 'em, but where are all these emerging managers going to raise??

Future value will be determined by human networks and judgement, less technical ability