Sublime
An inspiration engine for ideas
Faber Takedown of CoreWeave $CRWV Clip
Paraphrased: "How does this business model make any sense? Their capex spend and associated depreciation are unfathomably high - and to be the client favorite, they must buy the latest, greatest, and most expensive Nvidia $NVDA chips at every update (many of which are annually). Oh... See more
Consensus Mediax.comEvery morning at first light, he walked the course alone with a caddy. “I was so bad I didn’t want to bother anyone else,” he told me. He bought balls by the dozen from Costco, hemorrhaging them into water hazards and woods.
Between rounds, he read.
T. Rowe Price had given him the archives of all 50 New Horizons shareholder letters. Ellenbogen was... See more
Between rounds, he read.
T. Rowe Price had given him the archives of all 50 New Horizons shareholder letters. Ellenbogen was... See more
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Platforms, Ecosystems, and Aggregators
joincolossus.com
Given the massive - and increasing - importance of test-time compute and post-training RL shown by Grok-4’s absolute dominance, being the low cost producer of tokens is more important than ever. As an aside, this is the first time in my career as a tech investor that being the low cost producer of anything has... See more
... See moreTelling me your product is “email”, makes me assume it’s similar to other email solutions. I will expect your competitors to be GMail or Outlook and your pricing will be similar. I will expect it to have an inbox and a way to filter spam. On the other hand, if you tell me your product is “chat” I will make completely different assumptions and I
TSMC: The Most Mission-Critical Company on Earth
Just published my Deep Dive on $TSM.
Ellenbogen began work on a six-month study of media, an industry he knew little about. The goal was to compress 20 years of history into four A4 pages. The work led him to two conclusions. First, cable networks were the only exceptional businesses in media. Second, the closed system that made them exceptional was ending. The broadband... See more