Mike Mejias

@SRichardGeorge Mick Morgan’s

Guess where?

Sometimes in the course of my life I encounter a Secret which only I and a handful of people on earth know and which animates me for the next few months or years. This is one of those secrets. Read this whole thread:

@aubreystrobel Great pic! Which iPhone model?

took this photo on my iPhone, thought it was pretty good

@BowTiedFighter Ninjaman- Jamaican dance hall legend and one hell of an interviewee

I think in my head at least once a day that video clip of the African dude “23 children, 22 baby mother…. REAL bad man!!!” 😂😂😂

We took over management of a tiny office building in Highland Park from another management company on Aug 1. Had a space that had been vacant since January, asking ~$2500 / month. We: - Had it cleaned & painted - Had pro pics taken - Wrote good ad copy & posted on Loopnet/CoStar/Craigslist - Put up a banner - Actually answered the phone / scheduled tours Ads went up ~8/6. Signed a lease 8/25 at $2950. I may never do another apartment deal again :) (And, if you have commercial space in LA that is sitting vacant and you need help, please reach out.)

@CJKonstantinos is your mortgage product live?

BREAKING: Palmer Luckey (Anduril co-founder) is launching a new U.S. bank called 'Erebor', a crypto-focused bank amid SVB's void This new venture is backed by Peter Thiel's Founders Fund, Joe Lonsdale (8VC, Palantir), and other billionaires

The IRR metric can be a wild game of smoke and mirrors. So many people talk about IRR like it’s the holy grail - the ultimate test of how a deal performed. But the IRR can be wildly misleading. And worse, it can be manipulated pretty easily. One example of how this happens: Say a fund is earning a real net IRR of 8%. But instead of calling capital from investors, they use a $40M credit line to buy the first few deals. They wait quite a while before calling equity. So what happens? The IRR jumps to 12% - without the actual returns changing at all. It’s the same deals. The same profit. But because the “start” of the investor capital clock gets pushed later, the IRR math makes it look better. Meanwhile, they’re paying 9% interest on the credit line the whole time - meaning real profit actually went down. But the IRR went up. The flip side: If you hold a deal for 20 years, your IRR will very likely look much worse than if you flipped it in 5. That’s just how the formula works - it often rewards speed, not size But over 20 years, you might collect way more cash, pay down debt, compound income, and end up with a far bigger win. So what actually matters more to great investors? Seasoned investors often ask two things before they ask about IRR - What was the multiple? What was the unlevered yield on cost? They want to know how much money you made. And how well the deals worked - not how clever your timing or financing was. IRR has its place. But without context, it can be more marketing than metric. As the saying goes: You can’t eat IRR.

Steve Albini.

Congrats to @jerallaire and the entire @circle team on your IPO and reaching ~$30T in lifetime USDC volume! Now more than ever, @USDC is the most trusted stablecoin. Building legitimate, regulated crypto products is tough. Doing so in 2013/14, when Circle was founded, was nearly impossible. Let's all celebrate this milestone with them as a major win for the industry.

@MayorWu can the city work towards removing the pigeons from North Station?

@BowTiedBroke youtu.be/SdUk7ZffjLE?si…

For the first time in my life I’m watching a little bit of the Kentucky Derby. (I’m bored today). It looks kinda fun to be at. Anyone ever been? Worth going once in your lifetime or nah?

@dpat can you please release this?

Private real estate investing paradox: Much harder to raise $$ for a fund, bc investors prefer to know which property their money is buying. But funds are more likely to win the best deals, bc they can offer sellers certainty & speed of closing.

@KimDriscollMA @maura_healey The Residences at East Milton appear to be affordable rental housing. How do you foresee the transition of fund deployment from rental housing to low cost housing stock? How does this translate to greater home ownership in the long run?

The Momentum Fund is a game-changing public-private partnership that will help create reasonably priced homes and lower the cost of housing across Massachusetts.

@BowTiedBull @biancoresearch twitter.com/biancoresearch…

@BowTiedBull Do you disagree with @biancoresearch on China selling?

Basically tried to force fed to cut rates then China said “okay trade war? We will dump everything sending your yields straight up” Big game of chicken. The Chinese against the Americans. Better than any movie could conjure up.

Something has broken tonight in the bond market. We are seeing a disorderly liquidation. If I had to GUESS, the basis trade is in full unwind. Since Friday's close to now ... the 30-year yield is up 56 bps, in three trading days. The last time this yield rose this much in 3 days (close to close) was January 7, 1982, when the yield was 14%. This kind of historic move is caused by a forced liquidation, not human managers make decisions about the outlook for rates at midnight ET.

@joeroganhq wen fund?

*not a financial analyst, anyone wanna interpret?

TAPROOT WIZARDS GO NUCLEAR DUTCH AUCTION AFTERMATH • @taprootwizards just pulled off the largest ordinals raise in history: $21m • 1,660 pieces went to whitelist at 0.1-0.2 btc each • final 80 pieces cleared at 0.31 btc in dutch auction yesterday • market validated pricing with 35min sellout • caused 485% spike in btc network fees to 41 sats/vb MARKET DYNAMICS • only 2,121 total supply • floor projections sit at 0.4-0.5 btc near term • historical ordinals data points to 6mo dip window • liquidity could drive 50% correction before 1 btc+ levels • @beeple event dropping in 2 days STRATEGIC OUTLOOK • confirmed $bos token airdrop eligibility • op_cat integration development underway • $500m+ memecoin opportunity on horizon • team secured $37.5m funding already • 2+ year development timeline ahead • community divided on pricing but ecosystem impact undeniable CURRENT STATE • distribution launches in 2 days • whitelist mint nearly complete at 1,660/1,750 • final dutch auction cleared all remaining supply • positioned as #1 ordinals collection • network impact validates market demand