The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Dec 31, 2023
Chamath Palihapitiya reflects on 2023 as a continuation of the hard reset from zero interest rates, with AI advancements and deglobalization reshaping how companies are built. The Federal Reserve's aggressive rate hiking cycle created market discipline, forcing technology companies to shift from growth-at-any-cost to prudent capital allocation. Generative AI emerged as the fastest-growing technology, significantly lowering barriers to entry for software and hard tech businesses while threatening incumbent moats. Value creation is concentrated in proprietary data and AI infrastructure. Geopolitical tensions are driving deglobalization and domestic industrial renaissance, with legislative initiatives like the CHIPS Act creating opportunities for companies that can tap into government funding. Social Capital's portfolio reflects this shift, moving from early enterprise SaaS investments to energy transition, AI, and deep tech companies like Relativity Space, Palmetto, and Mitra Chem. The firm maintains its focus on partnering with ambitious founders solving hard problems while adapting to a new paradigm where traditional tailwinds have disappeared.
Social Capital partners with ambitious founders working to solve hard and non-obvious problems across technology sectors, focusing on big trends like AI, energy transition, and deglobalization while challenging cognitive biases through first principles learning.
Despite all the ups and downs over the past few years, there are some visible greenshoots on the horizon but we will need to work very hard and focus for them to materialize. Innovation presses on.
Moderate Conviction Bullish
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