Travis @travsteph

Views my own. New York, New York Joined November 2021

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2K
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842

Travis @travsteph

4 weeks ago

Vibe investing has arrived. If you sign up now you can potentially become a future inductee to the exit liquidity hall of fame. (assuming the market gets thick enough, of course)

PreStocks @PreStocksFi

a month ago

Vibe investing has arrived. If you sign up now you can potentially become a future inductee to the exit liquidity hall of fame. (assuming the market gets thick enough, of course)

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Travis @travsteph

a month ago

What could possibly go wrong?

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ACRED, a tokenized version of @apolloglobal's Diversified Credit Fund (CRDTX), now has ~$109M in on-chain issuance. That sounds immaterial for a wall st. behemoth w/ >$750B in AUM but it now constitutes ~7% of CRDTX in a span of just ~5 months. Retail interval funds are a key…

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Travis @travsteph

2 months ago

Robinhood's new strategies product has inverted the typical wealth management revenue model by hard capping aum fees at $250/yr. On a $10M portfolio that's 0.0025%. RIAs typically charge between 0.35-1.25% depending on scale w/ industry fee averages generally compressing over…

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Travis @travsteph

2 months ago

Crude oil accounts for ~3% of global GDP. One of its first use cases was literally as medicine, which I presume was not particularly effective. Goes to show that sometimes opportunity is hiding in plain sight for those who experiment and iterate.

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Travis @travsteph

2 months ago

$JPM hiring focus heavily skewed to AI/Ops/Tradfi $HOOD clearly doubling down on crypto/blockchain Pick your horse (*source, data pull from ChatGPT, directional in nature)

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Travis @travsteph

2 months ago

Bureaucracy, proxy thinkers, and cognitive bias are the unseen engines of disruption that VCs should be thanking. Snip from Berkshire Hathaway's 1989 shareholder letter re 'the institutional imperative.'

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Travis @travsteph

2 months ago

Apollo, a wall st. behemoth w/ ~$785B in AUM, recently tokenized its ACRED tender fund via a partnership with @Securitize. Distribution is still bottlenecked by regulation, but what's interesting here is the broad set of coordinated integrations with on-chain lending protocols.…

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Travis @travsteph

2 months ago

We're in the early innings of the 'Great Collision' (tradfi & defi)...interesting perspective on this pod from @TheOneandOmsy re $hood being a long-term net beneficiary. Certainly worth a listen.

Bankless @BanklessHQ

2 months ago

We're in the early innings of the 'Great Collision' (tradfi & defi)...interesting perspective on this pod from @TheOneandOmsy re $hood being a long-term net beneficiary. Certainly worth a listen.

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Travis @travsteph

3 months ago

$crcl up 168% on IPO day gently reminding investors of the power of a seductive, consensus narrative. Pricing seemingly detached from fundamentals but alas where else does one go for pure stablecoin exposure?

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Travis @travsteph

4 months ago

$HOOD's seed round was offered out on @AngelList's platform in 2013 at a valuation cap of $10M. At the time, VCs were hesitant due to a lack of perceived revenue scale and regulatory headwinds. W/ some simplifying dilution assumptions, that's somewhere around a 500x return at…

Raoul Pal @RaoulGMI

4 months ago

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Travis @travsteph

4 months ago

Blackstone's data moat is underappreciated. They presciently launched a dedicated data science team in 2015 and now manage ~$1.2T in assets pulling in loose estimates of ~400-450 billion structured/semi-structured data points/year. That's more than most S&P 500 constituents…

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Travis @travsteph

4 months ago

Something like ~40% of Americans are deemed financially illiterate. And the wealth management industry has long benefited from this knowledge asymmetry via fees, churning, etc. Fees paid and financial literacy have a negative correlation--fairly obvious. What's interesting,…

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Travis @travsteph

5 months ago

The Blackstone ($BX) juggernaut continues to plow forward despite near-term fundraising headwinds in private markets, impressive stuff. - Inflows of ~$62B (highest in 3 years) - Total assets up to ~$1.2T (yes, trillion) - Perp. capital bucket relative outperformance, up to…

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Travis @travsteph

5 months ago

For context, Harvard would have had an operating deficit of -$704M in FY 2024 w/o ~$686M in federal grants

Harvard University @Harvard

5 months ago

For context, Harvard would have had an operating deficit of -$704M in FY 2024 w/o ~$686M in federal grants https://t.co/3Maf8mdOrE

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Travis @travsteph

5 months ago

Interesting/thoughtful perspective from @TheOneandOmsy on Circle's IPO and the future of stable coins, give it a listen!

Laura Shin @laurashin

5 months ago

Interesting/thoughtful perspective from @TheOneandOmsy on Circle's IPO and the future of stable coins, give it a listen!

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Travis @travsteph

5 months ago

The search fund space has consistently delivered >30% IRRs and >4.5x MOICs over the past decade+... that likely makes it the best-performing sub-category in all of private equity — by a wide margin. Source: @StanfordGSB Search Fund Study, 2024.