Be Water

A written summary of my keynote: The Digital Transformation of Capital, Credit, and Money $STRC

Tim Dillon in full Christopher Lasch-Revolt of the Elites mode

Leopold Aschenbrenner is the Warren Buffett of AI regime He is 25 years old, got fired from OpenAI, made his AI thesis public, launched Situational Awareness fund, bets on AI infra, delivered 47% alpha over S&P 500 and now manages $6 billion You can just do exponential things

bitcoin treasury companies are an arbitrage between the fiat present, and the hyperbitcoinized future.

Finding cheap Korean stocks in 2026 is the closest thing in modern public markets to running Benjamin Graham’s original 1934 playbook in the market it was actually written for, which was a market full of small, profitable, debt-free companies whose stock prices had drifted so far below the value of the assets on the balance sheet that the only rational explanation was that nobody was looking, which is exactly the condition that exists in Korea today, on a scale that has not been seen in any developed market in 40 years. You start with the universe of all KOSPI and KOSDAQ listed companies. There are more than 2,700 of them. You filter for market cap below $500 million, because the deep value lives in the small and mid caps where the institutions cannot go and the activists have not yet arrived. You filter for price-to-tangible-book below 0.7. You filter for net cash on the balance sheet, meaning total cash and marketable securities exceeding total debt. You filter for profitability in at least 8 of the last 10 years. You filter for positive operating cash flow in the most recent year. The screen, when you run it, returns hundreds of companies, and a meaningful subset of those are trading below net current asset value, which is the Graham-defined bar that almost no American company has cleared in 40 years. You then do what Graham did, which is read. You read the financial filings, you look at the land carried on the balance sheet at acquisition cost from the 1970s, you look at the cash hoarded by founding families who have run the company for two generations and have never paid a meaningful dividend. You look at the age of the chairman. You look at whether the company has disclosed a Corporate Value Up plan, because companies that have are statistically more likely to act on it. You look at the shareholder register for activist accumulations, which are increasingly common in Korea now that the legal framework has shifted to require directors to act in the interests of all shareholders. Then you build a basket. Graham did not buy one stock. He bought 30 of them, equal weighted, and held until they reverted to fair value, at which point he sold and redeployed into the next batch. You do the same. You buy 30 to 50 Korean deep value names, you size each position small, you hold for a decade, and you let the math do what the math has always done. Some will go nowhere for years and then re-rate 4x in a quarter when the activist arrives, the founder retires, or the government applies the next round of Value Up pressure. You cannot predict which one will be which. You do not need to. You need to be in the basket when the catalysts arrive, and the catalysts are arriving faster, in 2026, than they have at any point in the modern history of the Korean market. This is Graham. Not the late Graham of the postscript, who acknowledged that the original strategy had been arbitraged out of the American market by the 1970s. The early Graham, the 1934 Graham, the Graham who walked into the corner of the market everyone else had abandoned and bought dollars for sixty cents and held them while the world figured out what they were worth. That market does not exist in America anymore. It exists, intact, in Korea, in 2026, and the only thing standing between you and it is a brokerage account, a translation tool, and the willingness to do the unglamorous work that almost nobody else will do. Graham would recognize it instantly. He would, if he were alive today, be on a plane.

The Canadian government is quietly hoarding Bitcoin exposure while aggressively trying to lock you out. Look at the absolute, breathtaking hypocrisy of the state. Today, AIMCo—a Crown-owned corporation managing nearly $195 billion in Alberta's pensions—just disclosed a massive $219 million stake in MicroStrategy. They are actively using corporate proxies to get exposure to the 818,000 Bitcoin sitting on Michael Saylor's balance sheet. But what did the Canadian government announce this exact same week? A nationwide push to shut down all Bitcoin ATMs. They are using your pension funds to secure their own exposure to absolute scarcity, while systematically destroying the physical onramps you need to achieve self-custody. They do not hate Bitcoin. They just hate you having permissionless access to it. The state wants the asymmetric upside of the Timechain for their balance sheet, but they want you trapped in their melting fiat casino. They are frantically buying up the lifeboats while welding the exit doors shut for the middle class. Watch what they do, not what they say. The sovereign arms race is happening right in front of you. Find an onramp. Take your keys off the board.

Canada's $195 billion Alberta pension fund just made its first bitcoin allocation. $219 million in Strategy stock. Alberta Investment Management Corporation (AIMCo), which manages $195 billion in assets for Alberta's pension plans, endowments, and the Heritage Savings Trust Fund, just bought 1.38 million shares of Strategy worth $219 million. It's the fund's first bitcoin-linked allocation ever. AIMCo joins a growing list of Canadian institutional money flowing into bitcoin exposure through Strategy's stock. The Canada Pension Plan Investment Board (CPPIB) opened a position in MSTR last year. RBC and HOOPP are also holders. These are not hedge funds or venture capital firms chasing upside. These are pension managers responsible for the retirement savings of teachers, firefighters, and public workers choosing to allocate to bitcoin through the most liquid institutional vehicle available. Strategy now holds 815,061 BTC worth over $63 billion. The stock has become the default regulated proxy for institutions that want bitcoin exposure without the operational complexity of direct custody. The trend is accelerating. When pension funds with multi-decade time horizons start allocating, it signals something fundamentally different than speculative retail interest. This is long-duration capital entering the market with no intention of selling anytime soon.

What artist or band do you think was so far ahead of their time that the world genuinely wasn't ready for them when they arrived?