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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"This wealth management firm uses the SpaceX IPO—which surged to a $2 trillion valuation before retreating—to warn clients against speculation. The manager distinguishes between chasing binary moonshot bets and building diversified portfolios for life goals."
The market gained approximately 14% in Q2 2026 despite persistent inflation, high energy prices, and geopolitical concerns. The quarter's biggest story was the SpaceX IPO, which debuted at $135 and closed at $161.11, pushing valuation above $2 trillion and making Elon Musk the first paper trillionaire. Shares later rose above $200 before retreating to $170 by quarter-end, with volatility driven by limited supply (only 5% of shares available publicly). Additional mega-IPOs from Anthropic and OpenAI may follow, with OpenAI targeting a $1 trillion opening despite aggressive spending and uncertain profitability. The manager uses this moment to distinguish between speculation—betting on binary outcomes determined by unknowable factors—and long-term investing focused on achieving life goals through diversified portfolios. The SpaceX valuation is characterized as highly speculative, based on technologies that don't yet exist. The manager emphasizes staying disciplined and avoiding dependence on correctly predicting which moonshot succeeds, maintaining focus on goal-based portfolio construction regardless of headline-grabbing opportunities.
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