Jonah Van Bourg

Avi Felman × Alexander Good × Jonah Van Bourg

Alex Good’s ad-buying strategy linked acquisition economics to market attention, from long EA/short Booking to Tesla clicks driven by “Elon Musk.”His “goldfish theory” favors recurring attention over forecasting, but fragmentation and trust can break the trade; he is bearish Palantir at 100x sales.He expects AI layoffs within 3 months, while politics and 6% annualized productivity could reshape the opportunity set.

Avi Felman × Ari Paul × Jonah Van Bourg

Ari Paul warns frontier AI labs could face a Los Alamos style lockdown or full US government control within three years, a risk he says markets are not pricing.He also argues AI is where crypto was in 2021-22, with 95% of companies still likely to fail and data-center overbuilding potentially echoing late-90s fiber.The monitor is whether nationalization, stolen IP, private alpha, rotating bottlenecks, and locked-in distribution reshape which AI economics reach shareholders.

Jonah Van Bourg × Avi Felman

BTC’s rally from roughly $25,000 to $30,000 made volatility look more mispriced amid heavy short positioning.BlackRock’s ETF filing made GBTC a convex proxy: narrowing its discount from 40% to 33% with BTC unchanged approximated an 18% underlying rally, while par implied roughly 60%–66% returns.ETF approval is the key catalyst, but the hosts planned to sell the headline tactically as regulatory uncertainty and weak ETH/alt demand persist.