Buyside Digest

Thiel raises $6B right as venture math stops working ▸ LPs just handed Founders Fund $6B to rediscover that monopolies are rare and unicorns are now just horses with party hats ▸ The fund that backed Facebook at $500K is now deploying at valuations where the only exit is a greater fool with a sovereign wealth fund ▸ Raising your largest-ever fund after the vintage years is historically how you manufacture your worst-ever returns Investor Letters + Pitches + Free newsletter → buysidedigest.com bloomberg.com/news/articles/…

Dell built a $90B empire. His real edge wasn't genius. ▸ Dropped out at 19 with $1K and a direct-sales arbitrage play nobody else bothered to run ▸ The 'anyone can do it' narrative conveniently omits: timing, capital access, and being white in 1984 Austin ▸ Survivorship bias dressed as wisdom — but the underlying capital allocation insight is actually correct Investor Letters + Pitches + Free newsletter → buysidedigest.com timesofindia.indiatimes.com/technology/tec…

Read the full letter here: buysidedigest.com/funds/equam-gl…

"Edenred SA $EDEN expects to achieve an EBITDA of around €1.2 billion in 2026, 10% lower than in 2025… If this forecast were to be met, the company would be trading at an FCFy of 18%… we are buying at the lowest price of the last 5 years." EQUAM Global Value Fund, Q1 2026

The immediate issue is the risk to oil flows through the Strait of Hormuz, through which roughly one quarter of global seaborne oil trade passes. Polyethylene, urea, and asphalt-related petroleum products all moved higher Jan–Mar 2026

Read the full letter here: buysidedigest.com/funds/crossing…

$AMZN IPO'd at 36x sales. Today: ~3x. $GOOGL peaked near 19x. Today: ~9x. Both grew revenue spectacularly. Multiples compressed for two decades anyway. OpenAI now trades at ~30x. Anthropic at ~16x. Transformative technology ≠ transformative investment returns.

Cathie Wood says benign deflation. Larry Fink already pivoted. ▸ ARK's deflation thesis requires every disruptive bet landing simultaneously — a parlay, not a portfolio ▸ Fink's stablecoin conversion isn't ideology, it's BlackRock following $10T in AUM wherever it flows ▸ Fed cuts predicated on 'benign' deflation ignore that the last 'benign' anything ended in a bailout Investor Letters + Pitches + Free newsletter → buysidedigest.com panewslab.com/en/articles/01…

Read the full letter here: buysidedigest.com/funds/crescat-…

S&P 500 Index Historical Drawdowns: "From all-time highs in price, combined with historic high fundamental valuations, and macro triggers abounding, the risk of a stock market meltdown on the near-term horizon is as high as we have ever seen it." — Crescat Capital, Q1 2026

'A Tale of Two Tech Worlds': "While the #AI bubble continues to inflate, SaaS and information processing related firms are registering modest to steep declines due to AI disruption fears." - ACR Alpine Capital, Q1 2026

PTJ calls BTC best inflation hedge. He's technically correct. ▸ 'Best inflation hedge' in a world where gold underperformed and TIPS are a bureaucratic joke isn't high praise — it's an indictment of the alternatives. ▸ PTJ runs a macro book. When he says 'inflation hedge' he means 'the thing that goes up when people panic about fiat.' That's ahttps://www.youtube.com/watch?v=S31J5ACsOqU sentiment trade, not a store of value thesis. ▸ The real tell: he said 'unequivocally.' Macro gods don't say unequivocally. They're hedging the hedge call. Investor Letters + Pitches + Free newsletter → buysidedigest.com youtube.com/watch?v=S31J5A…

Read the full letter here: buysidedigest.com/funds/bison-en…

Historically, #rig additions have often peaked between the 40th and 70th week after an oil price increase. Today, we're only about seven weeks removed from the Strait of Hormuz disruption. Bison Energy Opportunity Fund, Q1 2026

Read this week’s issue here: tracking.buysidedigest.com/view?msgid=rKO… Subscribe to our weekly at buysidedigest.com

Our weekly newsletter is out. This week’s issue includes Q1 investor letter summaries from - Minot Light Capital Partners - Artisan Focus Fund - ACR Alpine Capital, PLUS elevator pitches for $CSL, $CF and $DT.

Paul Tudor Jones doesn’t talk like someone who “figured out” markets decades ago. Great listen. 🔗podcasts.apple.com/gb/podcast/pau…

PTJ says stop being a hero at all-time highs ▸ Buying momentum into record S&P levels isn't conviction—it's FOMO with a Bloomberg terminal ▸ PTJ's actual edge: knowing when NOT to play. Most PMs forget that's half the alpha ▸ The crowd calling this a breakout are the same ones who called every dip a buying opportunity Investor Letters + Pitches + Free newsletter → buysidedigest.com marketwatch.com/story/what-pau…

Grantham says bubbles always burst. Wall Street still selling tickets. ▸ Every superbubble in history has fully mean-reverted. Every single one. Your 'this time' thesis is the product, not the analysis. ▸ Value's underperformance wasn't a regime change — it was the bubble inflating. The snapback math is brutal and arithmetic doesn't negotiate. ▸ The Fed can delay gravity but it licensed the speculation that makes the landing worse. Stimulus as accelerant, not cure. Investor Letters + Pitches + Free newsletter → buysidedigest.com acquirersmultiple.com/2026/04/jeremy…