1/ A few select excerpts from Lux Q2 letter to LPs…
“The best hedge against running out of cash—is raising it”
2/
-“Question your teaspoon”
-“While many talk of discouraging ‘conflicts of interest’
few appreciate and encourage ‘interest in conflicts’
-The Binary (dichotomous, stark contrasts)
-The Blur (dialectic, smooth continnum)
3/ “We don’t mistake for genius what is partly attributable to central banks buying …driving rates low…and raising asset prices”
“Means may move (upward) but a reversion to the mean (downward) may move away people’s means….
4/
“Eventually the proverbial bath water will turn from TAINTED to TOXIC
& babies may not just be thrown out with the bathwater––but forcibly hurled”
The effect will eventually be the cause of low returns
We know that eventually “eventually” will arrive—but not when “when” will
5/ Lux is increasingly backing entrepreneurs hailing from—or building—overseas…
London, Dublinm Berlin…
The sun hits first and the day starts ahead in Europe—as do many trends from hairstlyes (via soccer stars) to regulatory watchdog decrees (from GDPR to new AI regs)…
6/ Decentralizing + Recentralizing
-Mechanical fans moved off our computers and en masse into server farms
indentured servitude of machines of loving grace
on China v US
-Dependence demands concessions + compromises
-Independence supplies indifference + comprises self-reliance
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