Letters to a Young VC: Letter Five

Read the full piece on Mirror here.

Short Excerpt:

From seed, to crop, to harvest, to market, to plate.

  1. Long, short, neutral — The base layer go to trade of the typical hedge and ibanker, plain vanilla snow snorting problem bro. It always loses out when any uncertainty strikes the market, but it’s the easiest way for them to funnel capital into SPACs and other convolutional financial trappings constructed for maximum misdirection, while the bros pass around and leverage the fuck out of them. It’s why the same bankers where getting bonuses in the billions after the GFC.
  2. Main portfolio with a hedge — These Ray Dalio simps caricature the illusion of a hedge that never works because they aren’t really shorting the other side. It’s another Ponzi.
  3. The variance swap — Only, give or take, 3 people in the world have ever actually done this one all the way through. Number go up or down, no more bets in the casino economy. Instead, set up the dynamic mechanism to benefit from market asymmetries and convexities, producing new wealth as the source. A variance swap is a primary market generator.

F₃Manifesto (F₃M) is a rally flag for the entire web3 fashion movement. It’s a label and realm that is built for so much than just the digital and physical threads and collections that it will spin up and release.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store