Settlement, L1 usage, and policy — not a cash-flow multiple unless a business sits underneath. Line up masters to screen this board. No buy button.
| Asset | Category | Research note | |
|---|---|---|---|
BTC Bitcoin | l1 | Scarce settlement asset. Research the monetary premium, not a cash-flow multiple. | Briefs → |
ETH Ethereum | l1 | Smart-contract settlement plus staking yield. Treat fees and issuance as the business. | Briefs → |
SOL Solana | l1 | High-throughput execution venue. Research usage and outage history, not slogans. | Briefs → |
BNB BNB | infra | Exchange-adjacent utility token. Research the issuer and regulation first. | Briefs → |
XRP XRP | infra | Payments-rail narrative. Legal overhang is part of the research, not a footnote. | Briefs → |
LINK Chainlink | infra | Oracle infrastructure. Research fee capture versus token float. | Briefs → |
AVAX Avalanche | l1 | Subnet / L1 competitor. Usage and validator economics over branding. | Briefs → |
TON Toncoin | l1 | Messenger-distribution L1. Research real users versus airdrop theater. | Briefs → |
AAVE Aave | defi | On-chain credit market. Research utilization, bad debt, and governance. | Briefs → |
UNI Uniswap | defi | Spot AMM franchise. Fee switch and governance are the actual debate. | Briefs → |
NEAR NEAR | l1 | Sharded L1 / chain-abstraction. Research developers and retained users. | Briefs → |
SUI Sui | l1 | Move-based high-throughput L1. Treat it as a growth classification, not a bond. | Briefs → |
You pay for how many seats run. Locked seats stay dark. Isolated or division-of-labor is a method toggle — not extra seats.
Working desk
Bridge desk
Expanded committee
Full 61 · standard run
Full 61 · high compute
Warren BuffettWalter SchlossJohn NeffSeth KlarmanChuck AkreTerry SmithHetty GreenDuan YongpingLi Lu
Peter LynchBill MillerJulian RobertsonAndreas HalvorsenStephen MandelLee AinslieBill AckmanDavid TepperMohnish PabraiJoel Greenblatt
Charlie Munger