One Dog at a Time

@chrishacken @alexisohanian Who is the real alexis?

@alexisohanian Are they selling you to you? Im confused.

Nailed it.

@DadInvest @GayBearRes @real_MikeBarnes The Euros have been fighting and trying to get rid of the 500 euro bill for a while

@real_MikeBarnes No. 60-80% of all $100 bills are held overseas. Furthermore, 30-50% of all $100 bills are tied to illicit activities/tax evasion. $250 bills serve little good, genuine economic purpose for US citizens and the utility will mostly flow to foreigners, criminals, and tax evaders.

This is extremely important for both freedom and privacy IMO. Abolishing cash is abolishing freedom. Making higher denomination bills protects that freedom.

@jay_21_ Ughh, what ticker should i sell now

Hard to think of a bigger turnoff on a stock than it being owned by ADW

@WallStreetMav @Jokeystern Next time!

@Jokeystern @fridadracula I was stuck near the airport for a 6:30 am flight. Had to be up at 4 am to get ready and over thru the process. Got a hotel next to the airport to sleep for a few hours, I couldn't stay in those airport chairs all night.

My flight from Panama City to Florida was cancelled due to the SpaceX Starship test launch from Texas. My airline (Copa Airlines) says this is not a covered situation and won’t provide a hotel. 😡 Rebooked for tomorrow morning. @CopaAirlines

@WallStreetMav I’m in Panama City too tonight. Drinks?

I think this is a ridiculous reason to cancel a flight and not provide hotels. They could easily delay the flight departure for an hour or two. Another passenger told me another Florida earlier flight departed 90 minutes early to avoid the launch.

@alexisohanian @rob Should I buy Alexisohanian.com next?

After almost two full years of work, @rob and I finally acquired Ohanian.com 🙌 If you ever need help tracking down a hard-to-get domain name or just want to nerd out on domains, in general, you should reach out to Rob and the team at snagged.com. He's my guy.

@WaterworldCapi1 @GreenMonsterah

Hard to argue that SpaceX is worth more than $100 billion based on the numbers. Certainly their technology is deeply impressive but how one can value this thing is beyond my grasp. Please don't shadow ban me Mr. Musk.

@DadInvest Either a payroll mistake…….or someone found an old retention bonus spreadsheet during diligence.

My wife quit her job at a PE portco 2 years ago. They just sent her another paycheck. Certainly couldn’t be out of the goodness of their dark hearts.

@gkamstra @AlexNoonan6 Its not hard at all. Dont even need to get certified, can always pay for explorer dives

@AlexNoonan6 Everyone dives, Noonan. PADI (almost) master scuba diver reporting for duty here. I don’t talk about it because it’s kind of a weird vibe to brag about your vacations. But since I have an opening, my professional opinion is Italians are crazy. Always great divers, but insane.

How are there like 4 accounts that tweet 40 times a day for the past 6 years that are also diving experts (which has never come up before)

@blueprintsmb22 Thanks for your openness

Long post but the TLDR is choose your reference points carefully. I grew up comfortable in Kansas with a father who owned a small business pulling $40k a year. I felt rich until I went to Brown. Then I felt like the poor. There were students that had BMWs parked on different parts of campus so they wouldn't have to walk far to get access to a car. I needed to make money to pay back my parents for college so I went to Wall Street. After Morgan Stanley, I worked for a single manager hedge fund managing $1.5Bn (alot of money back in the day) in SF that had just received an anchor investment from Yale University. My boss was making more money than ever and was spending it. He would vacation with Lance Armstrong and Cindy Crawford. He became close with Wes Edens at Fortress. We made investments in Fortress portfolio companies. My boss took board seats on some of these investments. My boss spent alot of time frustrated he was not on the same level as Edens. My boss was also close with Charles Schwab and we also invested in SCHW. Charles would let my boss and the firm stay at Stock Farm in Montana to host events for our LPs and management of some of our portfolio companies. It was the first time I ever flew private. I met Don Valentine of Sequoia who was an LP in our fund. We ran into Huey Lewis in the men's locker room before playing some golf. It was a world I never knew really existed growing up in Kansas. We were also investors in Herbalife and would complain to the CEO at the time Michael Johnson (ex Disney) that he was massively overpaid and that the compensation structure of the company needed better alignment for shareholders (based on hitting key KPIs, etc). He would say he impressions mattered in his industry and living in LA was expensive. When 2008-9 happened, our fund got decimated as we basically were a long only. Heavy exposure to Fortress names with massive leverage was no bueno. My boss had board seats which meant we were restricted. Yale pulled their entire investment. While the world was burning down, my boss in his fancy office in the Transamerica building told me that I was lucky "to not have any money to lose" while the world was burning down lol. I get what he was saying now as we saw clients that had amassed generational wealth in tech or owning boring businesses in Louisiana lose half of their net worth in 12 months. People were scared. I would move back to NYC and end up working for 3 billionaires at different points during my career as a journeyman buysider. I did well enough at points to have direct contact with some of them. I saw the same dynamic - always someone doing better. Always frustrated. Not that happy. I stayed in this world just trying to stay alive with some good years and years I got paid nothing when performance was poor. I was fine staying on this never ending hamster wheel until 1) I got married 2) we had a daughter 3) my dad's cancer diagnosis got more grim and I did more self reflection on what game of life I was playing. Ultimately I left to buy a small business which has been hard. I still have friends on the buyside and in tech that struggle with comparison. But the reference points I was around constantly in my W2 are no longer loud. I wake up early and turn on machines. Most of my team members never graduated high school. My customers are mostly salt of the earth sales people working for small distributors sprinkled with some big publicly traded companies. $4 gas is a huge problem to everybody I interact with during my day - my customers complain daily about it in their daily lives. I sometimes lend money to my team members when they need help. I have to fix problems every day as the business isn't big enough to support hiring a general manager right now. But I'm home for dinner every night. This works better for me and my family. My life is simple now => bring in business to make sure the 10 team members can feed their families. Last year when tariffs and a big customer shutting down hurt business badly for 3 months, my accountant told me to start firing employees as my competitors were either shutting down or firing 25-33% of their entire staffs. Entire shifts were shut down. I fired no one. It didn't feel right. I just stopped paying myself. This year things have turned around. Team members are making 25-33% more due to overtime. I have more purpose now as my life is simplified as I'm just focused on making sure my team can eat, we make good product for our customers and the business can continue to pay down debt. This is a hard path. I wouldn't recommend it for many, but it works better for me at this point in my life. My mental health has never been better. My wife reminds me how big of an asshole I used to be in finance as I was always stressed about my exposure / frustrated I wasn't doing better. What changed? My reference points changed. I no longer live in NYC. I live in this myopic world where I spend my weeks talking to team members, customers and vendors. 4am until 4pm is spent living in this world. 4pm-8pm is spent with my family before I go to bed ahead of a 330am wake up. I have no doubt if I stayed in finance and was living in the Upper West Side in NYC, I'd still be playing my own version of "why aren't I doing better." It took having a child and thinking more about my Dad's mortality (he passed this October from cancer) to re-evaluate things. I wish I had been brave/smart enough to consider a pivot earlier in life. x.com/deedydas/statu…

@NotA_Bull Not 100% of waymo

I don’t understand why people are trimming $GOOGL. They own 14% of Anthropic, 7% of SpaceX, and 100% of Waymo and you want to sell before the IPOs? Why?

@MollySOShea When does the merch drop come

I just spent 40 minutes making this avatar for Sourcery’s snap #whoisshe

@irbezek Sweet

Mexico international visitors up 10.2%, intl. tourists +6.7% in Q1. Airports onward and upward. $ASR $PAC $OMAB

@sallyshin @CNBC Only if I can get one too

Should we bring back @CNBC banker bags?

@ClintFiore @SBA_Matthias This same thing, with acquiring an auto shop from a retiring owner, and the age issue being a thing, is the plot of an episode of George and Mandy’s First Marriage

Another structure thought inspired by @SBA_Matthias comment: Negotiate the best Seller Financing deal you can for the whole thing from the current owner, with the lowest down payment he'll accept, and then however much $ your son is short on the down payment, you make him a loan from "bank of dad" to provide Seller with the downstroke and liquidity he needs. Then your son owns 100% and just has to pay back dad for the down payment at whatever terms you give him.

Q- How can my 18 year old son buy the auto shop he works at from the owner who wants to retire? (from my DMs)

@skgoodwin23 @junkbondinvest And now you own SpaceX risk, killer

@junkbondinvest We bought the TWTR 3.875 27 piece that forgot to coc and was liened up pari-passu with the LBO 1L at $55.5 in June 2024

Shout out to the $2MM of bondholders who forgot to redeem at 101 when Twitter got taken private 🫡

@DadInvest @MrFamilyOffice Plus Tony has got PPC as well

@MrFamilyOffice This list is overly indexed to concentrated public company founders or execs. There are at least four US-based private company families (Koch, Carroll, Cox, Pritzker) with significantly more diversified holdings that are more interesting from the outside.

Top 10 largest family offices in the world in 2026, according to Altss 1. Walton Enterprises: $225B AUM The Walton family office remains the world’s largest. Backed by Walmart ownership, the family now deploys capital across PE, VC, climate and impact investing 2. Excession (Elon Musk): $630B+ linked wealth Not a traditional family office. Musk’s empire now revolves around Tesla, SpaceX and xAI, with SpaceX-xAI reportedly valued at $1.25 trillion 3. Cascade Investment (Bill Gates): ~$170B AUM Bill Gates’ family office quietly owns massive stakes across railroads, hospitality, energy and farmland. One of the most influential allocators in the world 4. Bezos Expeditions: ~$140B AUM Jeff Bezos’ office has become one of the most aggressive investors in AI, defense tech and biotech, alongside giant real estate and media holdings 5. Ballmer Group: ~$140B AUM Steve Ballmer’s office is fueled by Microsoft wealth and increasingly focused on philanthropy, sports and long-duration tech investments 6. Mousse Partners (Chanel heirs): ~$110B AUM The Wertheimer family’s office manages Chanel wealth alongside investments in luxury, consumer brands and private equity 7. Pontegadea (Amancio Ortega): ~$100B AUM The Zara founder’s office has become one of the world’s biggest real estate buyers, owning trophy assets across New York, London and logistics hubs 8. DFO Management (Michael Dell): ~$95B AUM Michael Dell’s family office operates almost like a private equity giant, writing enormous direct checks into tech and infrastructure 9. ICONIQ Capital: $80B+ AUM The Silicon Valley power network. Manages money for Zuckerberg, Dorsey, Hoffman and many of tech’s billionaire founders 10. Soros Fund Management: ~$30B AUM George Soros’ family office remains one of the most influential macro investing operations in finance, now run by Dawn Fitzpatrick Source: Altss 2026 Largest Family Offices Ranking

@BillAckman @AUaussieF @Jason @ROLEX @Bremont Super exciting they’re sending one to the moon

@AUaussieF @Jason @ROLEX @Bremont I aspiring for the new tourbillon

Going to buy my first watch... the @Rolex speaks to me. I need to learn how to buy a new one. Do you just go to the Rolex website or store? educate me please

@HiddenMonopoly What other good titles have you gotten

In addition to being an investor, I also like to collect investment books. This one is special. First Edition Memo to Oaktree clients (2005-2015) Two Volume Set from Howard Marks

@compoundpapi How’d you get his letter