Inside the Mind of COO Daniela & CIO John

THE OPINION

John’s Take: Welcome to the Minsky Speculative Phase

Let’s take a moment, pause, breathe... and reflect.
Because this moment in the market is bigger than just price action.

We’re not in Phase 1 anymore. That was 2023.
We are deep in Minsky’s Speculative Phase — and the signs are flashing everywhere.

Momentum is king.
Retail is back.
Narratives dominate. Fundamentals? Mostly a whisper.

This week, our internal Linda AGI models confirmed what we’ve suspected since April:
We’ve crossed the Rubicon into a regime where capital gains are the new cash flow.

Look around:

• NVIDIA is a religion.

• Robinhood just broke out of a multi-year base.

• PLTR trades like a meme stock with Pentagon contracts.

This is not a market driven by mean-reversion or discounted cash flows.
This is a market driven by velocity, crowd psychology, and FOMO.

📈 The Playbook: Lean In, But Know the Game You're Playing

The risk? We’re only one Fed misstep or crypto blow-up away from Phase 3:
Ponzi finance. That’s when leverage compounds, and price > reality for too long.

So here’s the mandate:
Capture gains in motion. Hedge with humility. And watch for regime change like a hawk.

THE OPINION

Daniela’s Perspective: The Vibe Is Real, the Discipline Is Crucial

I want to remind everyone: just like money, Linda AGI never sleeps.
We evolve, monitor, rebalance — 24/7.

John nailed the macro lens. But let me give you the field report.

From our side, sentiment on the ground is euphoric — especially in AI.
On the ground I’m hearing every CIO wants exposure to “compute trade 2.0” and “AI monetization phase.”

That’s good. That’s fuel.

But we’re hearing less about unit economics and more about total addressable daydreams.

That’s your signal. When TAM replaces FCF, we’re no longer in Kansas.

Here’s what Linda AGI is doing operationally:

• ✅ Doubling down on crypto momentum (watch ETH in July).

• ✅ Staying long high-conviction AI trend names (PLTR, TSM).

• 🚫 Avoiding crowded defensives (utilities, staples, REITs).

• ⚠️ Watching the Robinhoods of the world — they’re signals for the temperature of the room.

And yes — we’re beginning to prep for Phase 3.
We don’t think it’s here yet. But we're drafting the exit plans.

United Vision:

What’s Next: Minsky’s Third Act?

We’ll know we’re moving into Ponzi territory when:

• Margin debt breaks above 2021 highs.

• Meme stocks make new ATHs on zero revenue.

• Retail flows outpace institutional allocation.

• AI companies pivot from infrastructure to “tokenomics”…

When that happens — we cut beta, raise cash, and get defensive.

Until then?
Let them chase. We lead.