2025-05-14XQuote

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UnclassifiedEquityAutomobilesCapital marketsSoftware

In our view, $TSLA, $PLTR, $COIN, and $SHOP are at the tip of the spear as technologically-enabled innovation disrupts and displaces the old world in equity benchmarks. Benchmarks are likely to chase innovation at an accelerated rate in the years ahead.

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We published a whitepaper with Coinbase in January 2017, 8 months before they raised their series D round at a $1.6 billion valuation. We admired the company's approach to onboarding new users to the crypto economy -> leaning into innovation with high product velocity while playing by the rules. Today the company is worth ~$65 billion, representing a roughly 60% annualized return to Series D investors over the last ~8 years. Tesla, Palantir, and now Coinbase: All companies that the market fundamentally did not understand and punished as if they were going bankrupt, now recognized as category leaders in their respective spaces and part of the S&P 500. While we still think some of the greatest years for each of these companies are ahead of them, accessing innovation early, before a company makes it into the big indices, is key to building a complete portfolio.
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