1/ People misunderstand space and its implications. Since the Apollo project, focusing on space has allowed engineers and scientists to push the boundaries of the possible.
2/ Those advances would then find their way into our day to day lives - because when things are engineered for microscopic tolerances in space, they enable seemingly magical things on earth.
3/ We are now on the verge of a global expansion of space - from pervasive internet connectivity and interplanetary travel to space tourism.
4/ All of this will create a waterfall of technical progress that can benefit all of humanity. Today was another small but key step towards this mission.
5/ Commercial space tourism will play an important role if we are to become a robust multi planetary species. It will require lots of innovation and iteration.
6/ @VirginGalactic will continue to be a leader in this space and I congratulate @RichardBranson and the entire team on reaching another important milestone. Onwards and upwards.
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We wrapped up our climate change competition and are pleased to announce our winners.
-1k+ applications
-180 were excellent
-35+ teams interviewed
-8 proposals stood out as particularly innovative
So we have 8 winning teams vs 3 as planned, and each will receive a $25k award.
I’m not an investor in @coinbase. I totally missed it. That said, I also got really lucky because many years earlier, I invested as an LP with an investor who owns a large stake.
They were investors in BTC with me but I didn’t get his incremental decision. I remember them talking to me about it and I was skeptical. My logic was that there was better convexity in Bitcoin itself.
“Why own the exchange when you can own the currency itself?”
As it turned out, there was an important secret hiding in plain sight:
Bitcoin was the first asset where you could own the protocol AND the companies built on top of it.
This unique feature is still poorly understood in crypto-land.
A quick recap of what's happened since early March highs in tech markets:
1. Fears of inflation have driven many institutional investors to the hills. They are unwinding trades that have worked for DECADES.
2. Factor rotation out of tech and into more defensive/cyclical stocks that tend to do better during times of inflation.
3. Commodities have spiked which tend to do better during inflation
4. Bonds have puked as yields have risen as they forecast inflation.
5. $1.9T stimulus bill; potential for $3T infrastructure bill and another several trillion stimulus bill in the offing will give inflation fears more juice.
6. Pensions and others are going through a big rebalancing through Q1 which isn't done.
It’s been a super tough week for me and I’m sure a super tough week for some of you as well. Here is how I’m doing after Friday and what I’ve learned...
1. The first thing I tried to do yesterday was take a step back and try to see the bigger picture:
i) I looked at March-2020 as a guide and saw that by the end of March-2020, the markets were down 20% but still found a way to fight back. What’s the same? Different?
ii) I looked at my relative performance vs the S&P500 - 3.6% vs 2.3% = 56% above the benchmark. I’m no huge fan of being up 3.6% but right now I need to find confidence in this.
iii) I looked at my portfolio and remodeled everything I’m invested in. I’m still proud of it all.