Portfolio Update
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$BRR
ProCap Financial – Silvia Outperforms Again
ProCap Financial announced that it’s again outperformed the big-name expensive frontier models on personal finance questions. This demonstrates that smaller specialized models can outperform the big LLMs (large language models) in specific areas of expertise. I’ve started writing and speaking about this relating to Intel, and believe we’re going to see a shift to SLMs … Read more
5 Things to Know in Investing This Week – The Bitcoin is a Currency Issue
I just arrived in Montevideo, Uruguay. After that, I’ll have a week in Buenos Aires, a week in Florence, and will spend November in Japan. I’m open to a small number of in-person conversations. If you’re based locally, or know someone in those locations you think it would be worthwhile for me to meet, feel … Read more
ProCap Financial to be Added to Two Indexes
ProCap Financial ($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
ProCap Financial – Another Stock Buyback
ProCap Financial ($BRR) sold about 50 Bitcoin and bought back 2.2% of its shares outstanding at a discount to NAV. Since DKI established a position last month, the company has repurchased more than 4% of its shares outstanding which helped narrow the discount to NAV from 33% at the time of our initial purchase to … Read more
5 Things to Know in Investing This Week – The Nvidia Hugs Your Face Issue
I’ll be in Suchitoto, El Salvador for the next week followed by a few days in San Salvador and a longer trip to Montevideo, Uruguay. I’m open to a small number of in-person conversations. If you’re based locally, or know someone here you think it would be worthwhile for me to meet, feel free to … Read more
ProCap Financial ($BRR) – Reader Mailbag
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ProCap Financial ($BRR) Buys Back 2% of Its Stock
ProCap Financial sold 50 Bitcoin and bought back 2% of its stock. The company says they repurchased the stock at a 40% discount to NAV. I had the discount slightly lower. The difference is probably due to the treatment of the warrants, but either way, these moves are highly value accretive to shareholders. The stock … Read more
5 Things to Know in Investing This Week – The US Yentervention Issue
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Besent Looks to Japan
It’s just past 1pm in New York as I write this. $BRR up 10.2% Gold up 3.4% Bitcoin up 5.7% Silver up 3.4% 10-Year Treasury yield down 3bp (.03%) 30-Year Treasury yield down 7bp (.07%) That’s a lot of volatility in assets that typically aren’t very volatile. It’s also a lot of volatility for $BRR … Read more
