Andrew Walker

Andrew Walker

Strategy’s $300M stock and $100M Bitcoin sale funded roughly $80M of STRC preferred purchases while it traded above NAV, reviving the case for a capital-structure reset.Situational Awareness’s 10x AI long/short trade blew up after repeated pressing without rebalancing.Former Bitcoin-miner power shells near CoreWeave or Meta contract DCFs may offer upside, subject to credit, capex, power and GPU risks.

Andrew Walker

Walker sees a 10% YTD market rise despite war, energy prices, deficits, and rising rates, with more than all gains from the top 20 stocks.Memory at 20x tangible book faces supply responses from Chinese fabs, oligopoly break-up, hyperscalers, or engineering around bottlenecks.He also flags AI eroding qualitative edges and MSTR’s preferred-equity machine if Bitcoin falls from 75,000 to 50,000.

Andrew Walker × Artem Fokin

Compounder investing requires fighting hostile base rates with filters such as owner-operators and attractive unit economics, while demanding venture-style convexity from winners to offset failed bets.AI may compress information advantages and make markets more consensus-driven, so the emerging edge may be customer work and field-generated evidence, while portfolio rankings still require explicit penalties for leverage and existential risk.

Andrew Walker × Byrne Hobart

Expertise offered a probabilistic edge, not immunity from error, as the manager’s March 2008 calls show.Systemic crisis emerged when uncertainty over AAA collateral seized financial plumbing, while cheap funding scaled tiny credit-pricing errors into concentrated books.Hobart says AI economics do not support capex, though shorter asset duration may limit losses; peak spending could be depreciated by 2030 or 2031.