Matthew Sigel

And if you look at the rental costs for Nvidia chips on the spot market, those numbers are also going up.

So I think the stocks are down 40% from the peaks.

It doesn't feel like a time to be selling.

I'm definitely managing position sizes, but I come out bullish because I can feel the productivity in my own work.

Yeah, I mean, even just on my position sheets, instead of using formulas to calc how many shares I might need to buy or sell, I just input the instructions into Claude.

I have Claude make a new sheet each day to analyze the attribution, what's helping my performance, what's hurting my performance.

issues around, I care a lot about taxes.

So I want to avoid fund shareholders being stuck with gains at the end of the year that I would have to pay out.

So managing tax loss selling against gains, having Claude suggest some of those by taking a big spreadsheet and just simplifying like which lots have losses that I can sell easily.

It's just cutting down on time.

Yeah, so within Node, our universe is any company that has a strategy to make money or save money from the adoption of Bitcoin, blockchain, digital assets.

And we've been fortunate that since inception, we're up 27%, Bitcoin is down 33%.

So we've done a good job at capturing where the gains have been.

That has been in the AI miners.

We've been very underweight on digital asset treasury companies and exchanges.

So MicroStrategy, Coinbase, very small positions, worried about the leverage.

And Mara turned itself into a debt after the election.

They caught the FOMO that public equity investors might pay a premium for the Bitcoin that a company holds on its balance sheet.

They levered up the balance sheet, they did a bunch of converts and then the market turned and that premium to NAV that MicroStrategy was trading at 1.7 times collapsed to one and Mara caught that same D rating.

Meanwhile, the economics around Bitcoin mining were also worsening and the CEO was very stubborn around the AI opportunity.