Private Market Boom Fuels Public Market Optimism

Investment Strategy & Market Opportunities - The firm is actively seeking opportunities in the secondary markets, including potential investments in companies like SpaceX and xAI [2][3] - A new fund/strategy focused on quantum computing, space exploration, nuclear energy, and robotics has been launched [4] - The firm sees opportunities in private markets, which are typically accessible to a select group of investors, and aims to provide access to its clients [7] - The firm emphasizes the importance of underlying technology and fundamentals over market hype when evaluating companies [8] - The firm is focused on identifying catalysts for outperformance and strong management teams [10][11] Tesla Analysis - The firm holds Tesla as a 6% holding in its macro cycle opportunities strategy and a 45% holding in its growth strategy [17] - The firm is interested in Tesla's energy business and the progress of its Full Self-Driving (FSD) technology [13][14] - The firm is excited about Tesla's new model Robotaxi and Optimus project [14][15] - The firm supports Elon Musk's compensation package, which is tied to the delivery of Optimus and Robotaxi, as well as 20 million EVs on the roads [15][16] Valuation & Market Dynamics - The firm acknowledges high valuations in the current transformative technological revolution, drawing parallels to the 1990s, but believes it can continue for some time [6][7] - The firm views the current technologies as more robust than those of the 1990s, which were primarily focused on "eyeballs on a screen" [7]