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Ram Ahluwalia CFA, Lumida Profile picture
@ramahluwalia
Feb 10, 2022 • 9 tweets • 12 min read • Read on X
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Everyone's favorite funding stat from 2021 is that 1 out of 5 VC dollars went to a #fintech.

What's MORE impressive?

Equity investments in #crypto companies grew 800% year over year - 4x faster than investments in fintech.

Some other notable stats - a 🧵 Image
2/x
There are now over 400 DeFi protocols on Ethereum alone, with an aggregate ~$124 Bn in TVL (Total Value Locked).

That's up from a mere $17.5 Bn at the start of 2021. Image
3/x
There are close to 3,000 Dapps running on Ethereum - including heavyweights like @opensea, @ensdomains , and @decentraland.

Combined, they processed ~219,000 transactions worth ~$280MM in the last 24 hours.

(H/T @StateOfTheDApps) Image
@opensea @ensdomains @decentraland @StateOfTheDApps 4/x

Follow the talent.

Developers are excited about the potential for building on blockchain.

There are >18,000 developers working in the Web3 ecosystem.

60% of those started working on #Web3 projects for the first time in 2021.

(H/T @ElectricCapital ) Image
@opensea @ensdomains @decentraland @StateOfTheDApps @ElectricCapital 5/x

The market cap of L1s and the TVL has dropped amid the broader market pull back in crypto & equities.

But the correction is already showing signs of reversing.
@opensea @ensdomains @decentraland @StateOfTheDApps @ElectricCapital 6/x

The main current drivers of user adoption?

NFTs & gaming.

Gaming is the #1 category for Ethereum Dapps, accounting for ~18% of apps.

NFTs account for 4% of Ethereum Dapps, but ~42% of transactions, driven by the popularity of #NFT marketplace OpenSea. Image
@opensea @ensdomains @decentraland @StateOfTheDApps @ElectricCapital 7/x

Wallets are a key access point to the crypto ecosystem & are becoming a battleground.

@MetaMask , the top wallet for Ethereum, has 21m+ MAUs.

Phantom, the most popular wallet for Solana, claims 2.1m users.
@opensea @ensdomains @decentraland @StateOfTheDApps @ElectricCapital @MetaMask 8/x

Fintech heavyweights @CashApp , @robinhood, and @PayPal are continuing to add crypto functionality.

The overlap of crypto/DeFi/Web3 and "TradFi" will continue to grow.
@opensea @ensdomains @decentraland @StateOfTheDApps @ElectricCapital @MetaMask @CashApp @robinhood @PayPal 9/9

What other interesting stats have you seen?

1. Quote retweet your thoughts on crypto stats

2. Follow me for more learnings in crypto, DeFi, and Web3

/ End Thread

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More from @ramahluwalia

Ram Ahluwalia CFA, Lumida Profile picture
Feb 16
2026: THE YEAR OF GOLDILOCKS?

Last year, I made the case for Goldilocks.

You can scroll down and read it below.

I re-iterated that case in Q4 several times as well, and the indices cruised to new all time highs.

Where we stand today?

I believe Goldilocks is now priced in.

Take a look at this chart of one of my favorite indicators: the Citigroup Economic Surprise Index.

That circle?

That's when Goldilocks was priced in.

It's extremely difficult to find value and opportunities in a broad range of sectors.

I haven't been this bearish in a while.

See my post a few days ago called 'There Were Signs'.

Think you should be re-thinking many of your positions that have worked well since the beginning of the cycle, including the AI trade.Image
Check out what’s working… Image
Momentum… carried away.

Value is also pricey now. Image
Read 11 tweets
Ram Ahluwalia CFA, Lumida Profile picture
Jan 15
1/ SOFTWARE: DEAD OR ALIVE?

Back in 2023, I made the case that AI is highly disruptive to firms like Adobe and SaaS more generally.

I think that's too much of a generalization and really is case-by-case.

Take a look at $TEAM sales growth vs. stock price.

Notice Sales is stair-stepping higher year after year, but the stock price has sold off.Image
2/ Now let's look at Salesforce $CRM

Same story. Earnings is headed up, the stock price is dislocated. Image
3/ Adobe has transitioned to a cashcow, it's no longer a growth machine.

But, sales is still growing. And the installed base is sticky. Image
Read 10 tweets
Ram Ahluwalia CFA, Lumida Profile picture
Sep 23, 2025
BETTER BACKSTORY

Below is my write up on $BETR in my public telegram group, and that same datw overlayed on the chart.

I had the CEO of Better on the @LumidaWealth Non-Consensus Investing podcast back in December when everyone hated the stock.

In the video below, I share more how we found Better…

Thank you @ericjackson for lifting this to the stratosphere.

Do I believe Better has more upside potential?

Yes.

1) Momentum creates its own demand.

2) Better has a chance now, like $HOOD, to tap into Community X Capital dynamics and turn shareholders into customers.

If they can execute that transition, then CAC drops.

3) There are few pureplay Mortgage players out there.

Rocket is one — and they have a much higher valuation…

Will close by saying - my approach with ideas is ‘quiet’. We own a dozens of stocks across a dozen theme.

Do the deep work, be patient, and price often follows…

$BETRImage
Image
2/ More on how we analyzed Better

Small cap value, rates lowering, mortg refi, hated asset

Tell me more please.
3/ This was my interview with Better CEO in December.

You need to look where no one is looking AND avoid value traps.

They are mispriced by definition.

So, opportunity is asymmetric.

lumidawealth.com/lumida-legacy-…
Read 5 tweets
Ram Ahluwalia CFA, Lumida Profile picture
Aug 1, 2025
THE STATE OF PLAY

Coinbase is entering equities trading.

RobinHood wants to get from crypto to alts.

Schwab is confused and feels disruption encroaching.

Fidelity is getting into bitcoin lending.

Kraken bot Ninja Trader and is eyeing a differentiated value prop.

Morgan Stanley is wondering why they bought e-Trade.

Competitive intensity is increasing.

Fair to say we are close to peak multiples as we see these heavy weight champs start to do damage to each other.

There is still blue ocean space here… a digitally native bank with deposits, lending, payments and a Fed Master account will be the next $100 Bn company.

It does not exist… yet…

$COIN $HOOD $MS $SCHW
2/ In 2022, various exchanges were blowing up in the background (FTC, Celsius, Genesis, etc) for pretending to act like a bank and rehypothecate
3/ I put pen to paper and learned the Bank Holding Co and related acts and sketched out what the correct model would look like.

This is the opening TOC: Image
Read 15 tweets
Ram Ahluwalia CFA, Lumida Profile picture
Jul 23, 2025
I look for mispricings.

Benicio del Toro is a mispriced actor.

Christopher Nolan was mispriced after he made Memento (back in 2000).

The Audi A6 is mispriced relative to luxury brands.

CoreWeave was mispriced at 15x PE in private markets.

The ETHE / GBTC trade was mispriced at a 50% discount to NAV.

A 2.5% 30 year fixed rate mortgage in Covid was mispriced.

Uranium was mispriced when we interviewed the CEO of $ASPI last year.

(Ditto $VIRT and $BETR both interviewer on Lumida Non-Consensus Podcast.)

Solana was mispriced when @LumidaWealth interviewed @KyleSamani

Hot sauna and cold dips are mispriced.
JP Morgan and UBS were mispriced during the 2023 banking crisis.

I believe the long-term benefits of having a family and memories to cherish is mispriced (eg, under-rated).

Physics and Philosophy majors are
mispriced.

Rocket Lab was mispriced when Elon was ex-communicated from Trump’s orbit.

Capitalism & entrepreneurship is mispriced.

Certain business models are mispriced.

Carl Jung and Joseph Campbell are mispriced philosophers.

Stand up comedy is mispriced.

I enjoy recruiting talent on Telegram or Discord because their intensity is mispriced.

Consumer discretionary and semiconductors like $NCLH and $TSM were mispriced after tariffmageddon.

People often classify strategies as momentum (trend following) or value (mean reversion).

There is another bucket.

I love mispricings.
There are a lot of things that are overpriced.

English Majors. France.

Legacy brands in decline.

Don’t get me started.
Some people have an eye for mispricings.
Read 6 tweets
Ram Ahluwalia CFA, Lumida Profile picture
Jul 12, 2025
THE BERKSHIRE CORRECTION

Berkshire Hathaway topped out the day Buffett announced his retirement.

It’s dropped non stop since then.

Look, it doesn’t make sense to pay 22x forward earnings on a portfolio loaded with T-Bills.

Here’s the opportunity though.

It’s a nice one, and no one has connected the dots here.

The decline of Berkshire Hathaway’s stock has dragged down the prices of all sorts of insurance companies.

Berkshire is the largest insurance company out there.

The others are dragging down due to correlation effects.

But, other insurance companies are growing earnings.

Their stock price decline has nothing to do with earnings expectations.

They are just getting cheaper because Berkshire is getting cheaper.

I see insurance companies with sub-10X PE and double digit EPS growth.

Plenty of them.

The way to approach this:

Wait for Berkshire to base and stop sliding.

Then load up on the other insurance companies.

$BRKB $BRKA $PGR $ALL $KBWPImage
2/ AI tools don’t yet have the ability to reason this way. Partly b/c this is a straightforward concept - but the CF- curriculum and wall street research doesn’t look at asset prices this way.

We’re training to look for anomalies like this.lumidaai.com
3/ I wager we can pick 3 stocks in the insurance category and at least one will generate a 50% return and outrun bitcoin

Let’s see. Want to see how this earnings season plays out.
Read 4 tweets

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