Silvia (formerly ProCap Financial) announced today they’ve bought back an additional 5% of the shares outstanding. Total repurchases so far have totaled 20%. I’ve updated my NAV model. Based on pre-market trading, the stock is priced at 100% of NAV. Said another way, when you buy $SVIA, you are buying Bitcoin at the current market … Read more
Last week, I sold 2% $BRR (now $SVIA) and bought 2% of $IBIT. The reason was $SVIA had gone from trading at a 33% discount to NAV to a 0% discount. That, combined with the increase in the stock price meant I had a 10% position in a start-up VC company (CFO Silvia) without the … Read more
ProCap Financial announced that it’s again outperformed the big-name expensive frontier models on personal finance questions. This demonstrates that smaller specialized models can outperform the big LLMs (large language models) in specific areas of expertise. I’ve started writing and speaking about this relating to Intel, and believe we’re going to see a shift to SLMs … Read more
I just arrived in Montevideo, Uruguay. After that, I’ll have a week in Buenos Aires, a week in Florence, and will spend November in Japan. I’m open to a small number of in-person conversations. If you’re based locally, or know someone in those locations you think it would be worthwhile for me to meet, feel … Read more
ProCap Financial ($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
