May 2026 - Monthly Market Update
/Monthly Update || May 2026
“My advantage is not IQ. It’s trigger pulling.”
Opening Remarks
Greetings from Ikigai Asset Management¹. We welcome the opportunity to bring to you our ninety-second Monthly Update and hope these are helpful in better understanding some of what we’re doing and what we’re seeing. We have the privilege of deploying capital on behalf of our investors into new technologies that have tremendous potential to make the world a better place and create trillions of dollars of value in the process.
We believe, in some cases, that we are obligated to be shepherds of some of these technologies – to do our little part to push ideas towards fulfilling their potential. We strive to be an objective, reasonable, well-intentioned voice of truth amongst a chorus of biased, fallacious, pernicious opportunists. It’s an honor that we take seriously.
To that end, April was dominated by the stock market’s stunning ability to shrug off the Iran conflict and its many knock-on effects an rocket higher – QQQ was +16% in April, the largest monthly gain since April 2020.
This was despite oil prices that did this-
Source: TradingView. As of 4/29/26.
June delivery Brent touched $120/bbl. There is significant demand destruction that is going on in all sorts of ways all over the world. The stock market, and in particular tech stocks, did not care at all in April. The VIX went from 25 to 17 and SPX had its 1) best month since Nov 2020; 2) a top 5 month going back to the GFC bottom; and 3) the second-best April EVER.
Trump dropped the ceasefire news after market close on Tues April 7th –
Source: TradingView. As of 3/30/26.
Everything gapped higher and literally didn’t look back. Off that bottom on 3/30, stocks put up a truly historic run. By 4/13, the SPX had erased its ENTIRE Iran drawdown. By the end of the month, significant new ATHs with many stocks up >50%. Despite crude prices heading steadily higher throughout the back of April, stocks rocketed.
Crude price went up in the back of April because Hormuz is still not open. In fact, Trump hit a switcheroo and implemented a blockade on Hormuz. So it’s not Iran that’s keeping ships from moving, it’s the US military. Trump implemented the blockade after treaty talks stalled/fell apart. He did that because Iran was letting some of their ships through and some of their buddies’ ships through. As of 4/30, Hormuz traffic remains down ~90% from pre-conflict levels.
I don’t really have a guess as to what I think is about to happen with Iran. It looks like a game of chicken, with Trump betting he can take higher global oil/LNG/ferts prices until Iran runs out of oil storage capacity and has to start shutting in wells, which damages those wells and they’re hard to fix. By some estimates, if this goes on for another month or so, Iran’s future oil production capabilities will be significantly damaged.
I don’t know whether the US is going to re-escalate with missile attacks. But the US has an enormous number of troops and assets in the Gulf of Oman and has been effectively holding a blockade into and out of Hormuz. It seems like Iran is mostly just holding out on nuclear capabilities, or at least that’s the current headline at the moment. Hard to say what’s really going on behind the scenes. But it seems like the overall leverage of the situation means both sides will probably compromise and it’ll probably happen in the next month. That would be my base case. Hard to say whether that will happen with more attacks or if we will be able to avoid that. Pray for the latter.
Tech stocks were totally unphased by all of it in April. The reach for tech stocks off the lows was ferocious. We’ll get to more of that in a second.
April Highlights
KelpDAO Exploited For $292mm, Aave Accumulates ~$180mm In Bad Debt From Exploit, Aave TVL Collapses ~40%
Leading Solana Perp DEX “Drift” Exploited For $285mm, Likely North Korea, Partially Bailed Out By Tether Rescue Financing
MSTR Buys $4.1bn BTC In Four Tranches, Partially Funded With $3.5bn in STRC Issuance
BTC ETFs See $2bn Inflows, ETH ETFs See $0.3bn Inflows
Morgan Stanley Launches First Bank-Led BTC ETF, Sees $mm of Inflows
CFTC Sues Illinois, Arizona and Connecticut Over Prediction Market Jurisdiction
State of New York Sues Coinbase and Gemini, Claims Their Prediction Markets Are Illegal Gambling
Deutsche Borse Invests $200mm Into Kraken
Kraken Acquires Bitnomial Derivatives Exchange For $550mm
Kraken Files Confidentially For IPO
Tether Freezes $344mm of USDT Linked To Iran
DoorDash To Offer Stablecoin Payouts With Stripe’s Tempo Blockchain
Meta Launches Stablecoin Payouts Using CRCL on Solana and Polygon Via Stripe
Franklin Templeton Acquires CoinFund Spinoff Led by Chris Perkins and Seth Ginns
Sam-Bankman Fried’s Motion For a New Trial Rejected By Judge
| Asset Class | Apr | Q1-26 | YTD | Q4-25 | Q3-25 | Q2-25 | Q1-25 | 2025 | 2024 | Instrument |
|---|---|---|---|---|---|---|---|---|---|---|
| Bitcoin | 12% | -22% | -13% | -23% | 6% | 30% | -12% | -6% | 121% | BTC |
| NASDAQ | 16% | -6% | 8% | -6% | 2% | 18% | -8% | 20% | 25% | QQQ |
| S&P 500 | 11% | -5% | 5% | 2% | 8% | 11% | -5% | 16% | 23% | SPX |
| Total World Equities | 9% | -1% | 8% | 2% | 8% | 10% | -1% | 20% | 14% | VT |
| Emerging Market Equity | 13% | 4% | 18% | 2% | 11% | 10% | -5% | 31% | 4% | EEM |
| Gold | -2% | 24% | 22% | 11% | 16% | 6% | 19% | 64% | 27% | GLD |
| Long-Duration US Treasuries | -1% | 4% | 2% | -1% | 3% | -5% | 2% | -1% | -8% | TLT |
| High-Yield Corporate Credit | 1% | -5% | -4% | 1% | 4% | 3% | -2% | 6% | 8% | HYG |
| Copper | 6% | 8% | 14% | -6% | 11% | 15% | 2% | 23% | 19% | CPER |
| USD | -2% | -2% | -4% | -1% | -1% | -7% | -4% | -9% | 7% | DXY |
| Volatility Index | -33% | -22% | -48% | -8% | -4% | -24% | 28% | -14% | 3% | VIX |
| Oil | 16% | 84% | 113% | -6% | 1% | -5% | 2% | -8% | 13% | USO |
SOURCE: GROK. AS OF 4/30/26.
Tech Stocks
Last September, I was reflecting on how poorly crypto had performed since shortly after Trump’s election almost a year prior. In particular, I was reflecting on how poorly crypto had traded relative to tech stocks.
When I thought about the reasons crypto had traded so poorly in 2025 (which I have shared with you here before), I got the sense that 2026 was probably going to be like 2025 from that perspective. In September 2025, I didn’t see much on the horizon that made me excited about crypto, and I saw a lot of things that made me excited about tech stocks – AI being far and away the main thing.
At that point I sat down and looked at how insanely hard many of the hottest AI-connected names had bounced off the early-April tariff lows. Sure, I knew QQQ had bounced massively hard, more than 50% up from the lows, in a straight line. But a bunch of these stocks I was looking at were up HUNDREDS of percent off the tariff lows. The datacenter names in particular, which I was somewhat familiar with because they are BTC miners in some cases, these things were like 10x in six months. I felt like an idiot for not paying more attention to them.
So in October I put together a watchlist of ~100 names or so. Names in sectors like: semis, datacenters, photonics, robotics, memory, drones, space, biotech, software, batteries, nuclear, advanced materials and critical minerals. And I started watching them trade.
In the meantime, I started doing fundamental research on the tickers I had compiled. It wasn’t hard to find quality research, as these sectors have very active online investor communities, similar to crypto, but better research and much less insanity. And I started at the very beginning on the fundamentals, because I knew nothing.
As a reminder, I was a long/short equities investor for 7 years before crypto, but that was energy stocks, mostly oil and gas. I have zero experience in fundamental investing in tech stocks. But over the course of Oct-Nov-Dec, as 50 hours turned into 100 into 200 into 300, I began to learn about the themes underlying these sectors and the names within them, looking at growth rates and valuations. It is a process that I have spent a ton of my career doing. It’s just something I had done basically zero of for many years.
In December, the fund started getting exposure to some of these names in some of these subsectors. The fund has continued to grow exposure significantly since then.
I noticed that as I was learning about these tech sectors- with a range of market caps, revenues, backlogs, etc. Names that landed everywhere on the company lifecycle spectrum. Names with a huge array of execution risk. Highly speculative names, and some of the most robust businesses in the world. As I was learning about the fundamentals of these companies, it reminded me of Alts. It reminded me of what we were DREAMING Alts would be like one day…. Back in like 2017.
That’s what a lot of these tech sectors felt like to me. Like a REALLY good Alt Szn if Alts actually did something. It also reminds me of trading Alts in an Alt Szn, in the sense that the Technical Analysis is quite clean a lot of the time. These stocks I think trade much more cleanly on TA than crypto has for many years (maybe ever?). These stocks have MUCH less toxic flow as % of total volume than crypto- like drastically less. Much healthier flows. It’s where capital wants to be.
Unsurprisingly, a significant amount of the fund’s total tech exposure touches the “AI Value Chain” in some capacity. The universe of stocks included in that sector would be in the hundreds globally. I’ve looked at some tiny fraction of them. But you can slice and dice AI Value Chain into subsectors and they can be quite different – Sandisk and Coreweave are two really different businesses, for example. And you can go try and hunt down “AI bottlenecks” – parts of the value chain where demand so greatly exceeds supply, that tremendous excess profit is generated. In some cases the excess profit is sustained for years, and the companies will see multiple expansion on top of aggressive sales and profit growth.
And you probably already know this… But in case you just haven’t been paying attention, the returns being generated for being in a good spot on the AI Value Chain, have been breathtaking. They are handing out five baggers like candy and it’s NOT hard to find a 10x. Sometimes these names that have already run hard are quite expensive on valuation. Sometimes they are not so expensive at all, but there will be a question about the durability of the future earnings or something like that. It’s pretty classical straightforward type of stock analysis. YOU ARE REALLY GETTING PAID TO SPEND TIME LOOKING AT THIS PART OF THE MARKET RIGHT NOW.
So that’s what I’ve been focusing on for the last 7+ months. I was really kicking myself for not starting to pay attention a lot earlier. But then I reminded myself that immediately after Trump won, we thought 2025 was going to be awesome for crypto and a big up year. So there wasn’t much of a reason for a crypto investor to be thinking about tech stocks at the beginning of 2025. By the end of 2025, that’s a transition that MANY crypto investors had already made, and many more are making in real time.
It’s not that I have abandoned crypto. Ikigai is an investment fund. We had bad performance in 2025. Underperformed BTC. Couldn’t figure out a way to make money. When I looked at the risk-adjusted return opportunity in crypto relative to what I thought I could honestly generate in tech stocks, given the outlook for each, the choice looked crystal clear. I felt that way in October and it has proven very correct since then. So we’re going to keep pushing in this direction. This is also, frankly, exactly what I would want to be doing with my own money anyway. I think there is good alignment there.
As the saying goes, at least 50% of being a good surfer is picking the right wave. I felt (and feel) obligated to our investors to try and pick the right wave. When I jumped from energy equities to crypto in 2017, that was absolutely a “pick the right wave” move.
I also had an ideological draw to crypto in 2017, as many of you reading this may have had too. Decentralization as a concept is still something I think is crucial in many facets of life, including money. Decentralized money is still a tremendously important idea. Bitcoin is the market leader there for now and may remain the market leader. But I do think Bitcoin has a real quantum problem that could take years to fix. I think Bitcoin has a paper Bitcoin problem that is probably irreversible. And I think Bitcoin may have a Saylor problem….All of that to say, I don’t feel compelled to be a spokesperson for BTC today in the same way that I have felt in the past. I was able to do that passionately for years because I so strongly believed in the investment case. I do not feel that way about Bitcoin right now. I hope to feel that way about Bitcoin in the future.
To be clear, the fund still holds a significant BTC position. And I still watch BTC and crypto every day. That’s never stopped. But let’s keep it real here guys- how hard has it been to keep an eye on crypto over the last 7 months? All it’s done is go down. Fundamentals? What fundamentals? Hyperliquid is the only project making a peep on fundamentals. Maybe Canton Network? But then again what is Hyperliquid making noise on? TradFi assets! What is Canton? Wall St settlement layer. See what I’m getting at here? Just very little to get excited about in crypto.
The opposite is true in tech stocks, in particular some of these emerging tech names. Fascinating products doing all sorts of incredible things. In part, my draw to researching in this direction felt purely dopaminergic. I found it very easy to get lost in three hours of completely focused research. That was a stark contrast to the last few years in crypto, where I had really struggled to get excited about what was going on. If you’ve been reading these letters, you know what I’m talking about. It has all felt so fugazi here for years. These tech companies have been a breath of fresh air. They ACTUALLY do something. And so the investment research process that I’ve been doing on these sectors has been some of the most enjoyable investment research I’ve done in a number of years. It makes me a little sad to say that, but it’s true.
We will continue to keep an eye on crypto and talk about it here. If crypto picks back up, it can certainly still be the focus of this letter. I expect that to be the case, at least periodically. And I will need to decide to what degree I’m going to talk about specific stocks that we are long. There are regulatory considerations there. There’s also something that feels fundamentally different about me saying “Buy Bitcoin” than saying “Buy XYZ datacenter”. In any case, you will be hearing more from me in the months to come on tech stocks. TBD on what level of granularity.
I had been trying to decide at what point to mention the shift in fund strategy in this letter. This month was a natural choice given changes in fund exposure. And I doubt you noticed, but I changed up the wording slightly in the first two paragraphs of the letter – the same two paragraphs that start the beginning of every letter. I felt like the wording as it stood did not most accurately represent what we are focused on at Ikigai. So I changed it slightly.
I’m not sure to what extent I have been a “shepherd” to Bitcoin. But whatever that has been, its likely much more than I’m going to be a “shepherd” for a random tech stock. Perhaps I will find some small cap gems that I can evangelize for, but I’m not planning on it. Yeah, maybe I will tell you some trillion dollar market cap memory name is cheap on 27 P/E. But that’s pretty different than saying “Bitcoin is a non-sovereign, hardcapped supply, global, immutable, decentralized, digital store of value”. Yes they’re both investments. But still two totally different propositions.
That makes me a bit sad, in a way. I hope circumstances change in the future. I think if it weren’t for Things Hidden, I would be more concerned with my overall personal alignment towards my highest purpose in this situation. I am now spending most of my time investing in names that I am in no way a “shepherd” to, and I’m not sure I ever will be. Sure I invest in AI stocks and AI is going to (presumably) help the world (right??). But that really is quite a different thing than investing in, and being a public proponent of, the ideology of decentralization.
But Things Hidden has given me a huge sense of balance that wasn’t there before. So my task is to make sure I continue to give Things Hidden the time it deserves while also swan-diving into this exciting new investing landscape. Feels great.
Market Update— Liquid Market Investing Update
| Name | Apr | Q1-26 | YTD-Apr | Q4-25 | Q3-25 | Q2-25 | Q1-25 | 2025 | 2024 | Instrument |
|---|---|---|---|---|---|---|---|---|---|---|
| S&P 500 | 11% | -5% | 5% | 2% | 8% | 11% | -5% | 16% | 23% | SPX |
| NASDAQ-100 | 16% | -6% | 8% | -6% | 2% | 18% | -8% | 20% | 25% | QQQ |
| Magnificent Seven | 14% | -12% | 0% | -4% | 12% | 23% | -8% | 29% | 42% | MAGS |
| Bitcoin | 12% | -22% | -13% | -23% | 6% | 30% | -12% | -6% | 121% | BTC |
| Ethereum | 7% | -25% | -20% | -28% | 67% | 36% | -45% | -11% | 46% | ETH |
| Solana | 0% | -32% | -32% | -35% | 48% | 42% | -52% | -19% | 312% | SOL |
| BNB | 0% | -18% | -18% | -14% | 53% | 9% | -14% | 23% | 124% | BNB |
| Hyperliquid | 24% | -28% | -12% | -22% | 81% | 67% | -38% | 45% | n/a | HYPE |
| Aggregate Mkt Cap | 11% | -21% | -13% | -24% | 16% | 24% | -19% | -11% | 136% | TOTAL |
| Aggr Alts Mkt Cap (ex top-10) | 4% | -25% | -22% | -24% | 34% | 25% | -34% | -16% | 72% | OTHERS |
| Semiconductors | 40% | -10% | 27% | -8% | 15% | 28% | -12% | 32% | 49% | SOXX |
| Expanded Tech Software | 5% | -5% | -1% | -3% | 9% | 16% | -7% | 19% | 22% | IGV |
| ARK Innovation (disruptive tech) | 12% | -18% | -8% | -11% | 25% | 31% | -23% | 19% | 38% | ARKK |
| Robotics & AI | 16% | -12% | 2% | -8% | 19% | 22% | -15% | 15% | 30% | BOTZ |
| Quantum Computing | 25% | -10% | 12% | 7% | 38% | 59% | -31% | 88% | n/a | QTUM |
SOURCE: GROK. AS OF 4/30/26.
We have a new price table this month to match the newly announced focus areas. It might change some more in the future but for now it gives us a good place to work from. I will hit on macro first and we can finish up with crypto.
As of 4/22, for the first time in 26 years, QQQ gained 16% in 16 days while closing at ATHs. Six months later, QQQ was higher in 10 of 11 cases, with an average gain of 13.6%-
Stocks just had an exceedingly strong April. When April is very strong, the rest of the year is usually strong too-
Second best April ever for SPX –
When SPX is +5% or more YTD through April. the rest of the year is usually strong-
SPX made seven new ATHs in April. When SPX has seven new ATHs in April, the rest of the year is typically very strong-
April saw a historic collapse in VIX. In other large VIX collapses, forward returns 6m+ were typically strong –
Here’s another way to look at the VIX collapse. Bullish –
There was lots of chatter/charts about the flood of systematic buying that came into equities off the lows. Here’s an example of that-
All of that to say, the market now has a ton of seasonality-type tailwinds for the rest of the year. So I think that needs to be the base case going forward. Stocks are probably going to go up into year-end. A big re-escalation in Iran feels like the most likely downside risk.
QQQ has run red hot. +21% all gas no brakes-
Source: trading view. As of 5/1/26.
SOXX, with names like AVGO, MU, AMD, INTC and MRVL, is up 50% from the April lows-
Source: TradingView. As of 5/1/26.
MAG7, which traded poorly going into the Iran conflict, has bounced back up to prior ATHs, but has not quite made a new ATH-
Source: TradingView. As of 5/1/26.
The main worry the market has with Hyperscalers (AMZN, GOOG, MSFT, META) is the totally insane amount of capex being spent on AI, with somewhat uncertain ROIC expectatons. This is a topic of great discussion amongst tech investors. As it should be.
This chart is really unprecedented in its scale and aggressiveness-
The above chart is from Morgan Stanley, updated as of 4/30/26, incorporating the increased capex guidance given by the Hyperscalers on their earnings calls this week. $800bn in 2026. $1.1 trilly in 2027. So that is a very good thing to keep in mind when considering investing in the “AI Value Chain”. It’s a huge driver in my decision-making process. You are buying stocks that have this chart as the bedrock.
So with the Hyperscalers, the market is worried about the ROIC on all these capex dollars that are being spent now and will be spent in the near future. So the market is looking for any cracks in the story from that perspective. There were no cracks that showed up in those stories this week with earnings. The tweet below sums it up well-
So this will continue to be a major point of contention on the Hyperscalers value proposition- what is the ROIC on all those capex dollars? And the answer will unfold quarter over quarter and if they see good returns on all those capex dollars, the stocks will likely go much, much higher.
And then there are MANY names downstream of all that capex spend. Some of those names have found themselves to be incredibly well positioned for the spending wave. “Photonics” names basically use lasers to shoot data because lasers move data much faster than copper. Turns out, if your company does that, your chart looks like this-
Source: TradingView. As of 5/1/26.
That’s a 19x off the tariff lows. There aren’t too many others that have done this well, but there are a pile of 10x’s and a lot of them are still potentially good buys here. Because the underlying businesses are seeing transformative topline and (sometimes) bottom line growth, so even a chart like LITE still isn’t THAT expensive.
Although it is a LOT more expensive than, somewhat surprisingly, the second largest memory manufacturer in the world – Micron. MU, which is a $600bn market cap company, is projected to grow earnings ~75% 27/26 and it trades at 5x 27 PE. One of the biggest and best positioned companies in all of AI trades at 5x 27 PE. 9x NTM if you don’t believe the 27 number but that NTM is almost certainly light.
All of that to say, if it’s so cheap, the chart must look really beat up right? This is the MU chart-
Source: TradingView. As of 5/1/26.
So a name like MU which is +744% off the tariffs lows STILL has a 5x 27 P/E because the earnings growth of the business (and many other businesses in this AI Value Chain) has been THAT tremendous.
The datacenter names are some of the most talked about stocks in the entire market, at least relative to their market caps. They trade red-hot. Reminds me of Alts.
I will leave the fundamentals of these names alone for now. But just looking at TA. CRWV-
Source: TradingView. As of 5/1/26.
It’s only been trading a year so it’s kind of a special sitch. But in any case, I think that structure looks bullish.
NBIS has arguably emerged as the category leader from an overall quality of story perspective. Chart looks really good to me-
Source: TradingView. As of 5/1/26.
CIFR, which generates all of its revenue today from BTC mining, but all of its future growth comes from HPC datacenters, has a chart that looks like this-
Source: TradingView. As of 5/1/26.
Nice clean structure. You got essentially a failed breakdown from the 200D and then rocketed out of that wedge. Now price is testing the 50 and 100D MAs as support.
IREN is a similar sort of name to CIFR – current revenue from BTC mining, future growth from AI datacenters. Chart looks like this-
Source: TradingView. As of 5/1/26.
Pretty clean but you did have a pretty nasty bear trap on this chart under the 200D. At the lows on 3/30, that looked like a very damaged chart.
I’ll keep sharing TA setups on charts on my watchlist. As a reminder, these are not endorsements and we do not necessarily own anything. Also I’m wrong a lot.
Turning to crypto. BTC was +12% in April and is now down 13% on the year vs QQQ +16% in April and now +8% YTD. Said differently, BTC traded much worse than tech stocks going into Iran, and BTC has lagged on the bounce.
Last month, I pointed out the structure in blue on the chart below and said “this doesn’t look like a cyclical bottom to me” –
Source: TradingView. As of 5/1/26.
Since then, we got a ceasefire and ongoing negotiations, and everything ripped and this is how BTC has been acting. In yellow, I point out a prior range high that has now been tested multiple times as support. The orange circle, I would consider that pretty sluggish price action in the context of how hard tech was bouncing.
To prove my point. SOXX is in blue below –
Source: TradingView. As of 5/1/26.
So that’s just tough sledding for BTC price action I’d say. In the very near term, there is a “volume gap” on the Coinbase chart immediately overhead (purple circle)-
Source: TradingView. As of 5/1/26.
This basically shows that not many BTC (on Coinbase) have traded hands at these levels. The implication is that there will not be much argument about price this time at this level, so price will move quickly higher. I could see us in the low-to-mid $80’s in May. But I would be looking for a potential reversal from those levels.
ETH was +7% in April and is now down 20% YTD. The way that Aave got wrapped up in the KelpDAO exploit was an undeniable blow to the DeFi narrative that was already struggling in many cases. Not a ton to get excited about with ETH. The chart looks sluggish to me-
Source: TradingView. As of 5/1/26.
I’m not even sure what to call this slow, meandering, slightly-upwardly-sloped channel. I don’t love it though. Again. It seems like price has been accepting back below that prior range high, which just strikes me as apathy from bulls.
ETHBTC went straight down from the KelpDAO exploit and now sits only a few % above the range low. Technically, not sure how strong that support is going to be, but worth watching how it acts there.
Source: TradingView. As of 5/1/26.
SOL looks the worst out of the three to me-
Source: TradingView. As of 5/1/26.
Clear supply around $100. Price not even really attempting a move higher. Narratives are nonexistent. Drift hack was bad.
In summation, it should come as no surprise to you that I am more excited about getting exposure in various sectors of tech than I am in crypto right now. But I’ll be watching and that could certainly change.
Closing Remarks
My time has been much more heavily skewed towards tech research than crypto over the last 7 months. So from that perspective, this letter is not new. This is also something I told my investors about in October, so it’s not new to them either. I’ve also been pounding the table in private group chats for 7 months on these tech names as well. At least a few of you reading this right now can attest to that. So it’s not new to those fellow investors either.
But it is new to talk about it here in the letter- what I thought was a monthly investor letter written by the CIO of a crypto hedge fund. But it’s not really accurate to call Ikigai a crypto hedge fund currently. So it was time to talk about it here.
And there is a strange sense of…irony? IDK some other word. Bittersweet? That after a decade of public company investment analysis, I left for eight years to slang magic internet money, and now I’m back to public company investment analysis. But you have to be honest with yourself about the opportunity set in front of you, and what you think you can do with that opportunity set.
For a number of years my self-concept was, in part, as a guy who publicly championed BTC. Spoke at many conferences. Dozens of podcasts. CNN. Bloomberg. Twitter. The whole deal. And I got a lot of people into BTC. I know that because many people have told me I got them into BTC. And that was good feeling- to know you had helped a stranger make money. Hopefully I can help people make money in tech stocks over time, but it still feels pretty different than Bitcoin. And hopefully Bitcoin cures what ails it, and it once again becomes a high conviction long for me.
I wouldn’t be making this move if the choice wasn’t crystal clear to me. If I didn’t feel a very strong urge towards this opportunity set in tech and away from crypto. In some ways, it’s the same urge I felt towards crypto in the very beginning – a very attractive investment opportunity.
I believe I can keep an eye on crypto and wait for the opportunity set there to improve, while focusing on generating attractive risk-adjusted returns in high-growth tech stocks. At least half of being a good surfer is picking the right wave.
“Fortune comes to those who smile.”
-Japanese Proverb
Travis Kling
Founder & Chief Investment Officer
Ikigai Asset Management
1. Ikigai Asset Management is the trade name for a collection of advisory and consulting businesses operated by Travis Kling, Anthony Emtman, and their team.
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