Month: September 2026

Portfolio Update

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Last week, I sold 2% $BRR (now $SVIA) and bought 2% of $IBIT. The reason was $SVIA had gone from trading at a 33% discount to NAV to a 0% discount. That, combined with the increase in the stock price meant I had a 10% position in a start-up VC company (CFO Silvia) without the … Read more

ProCap Financial – Silvia Outperforms Again

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ProCap Financial announced that it’s again outperformed the big-name expensive frontier models on personal finance questions. This demonstrates that smaller specialized models can outperform the big LLMs (large language models) in specific areas of expertise. I’ve started writing and speaking about this relating to Intel, and believe we’re going to see a shift to SLMs … Read more

ProCap Financial to be Added to Two Indexes

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ProCap Financial ($BRR) is being added to the Russell 2000 and Russell 3000 indexes at the market open on Monday. Being added to an index means there will be some non-discretionary buying as anyone running an index fund or a closet index fund benchmarked to the Russell indexes will have to buy a small amount … Read more

Adventures in El Salvador – Is Bitcoin a Currency

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Forward: Most DKI interns arrive with a clear understanding of macroeconomics and a justified suspicion of the failing fiat system. Even in that exceptional group, Alex Petrou stood apart. He was an early Bitcoiner and his pointed, polite, and reasonable questions of officials from the Bank of England have left them uncomfortable and unable to … Read more

Fed Hikes By 25bp – Doesn’t Matter

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As expected, the Federal Reserve raised the overnight rate by 25bp (.25%). I think this was both the right move and irrelevant. Others disagree. – The Fed cited high inflation, high spending, high employment, and solid economic growth. – The dot plot shows 2 Governors who expect to keep the current fed funds rate through … Read more

ProCap Financial – Another Stock Buyback

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ProCap Financial ($BRR) sold about 50 Bitcoin and bought back 2.2% of its shares outstanding at a discount to NAV. Since DKI established a position last month, the company has repurchased more than 4% of its shares outstanding which helped narrow the discount to NAV from 33% at the time of our initial purchase to … Read more

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