On Feb 28, 2023, with Carvana at $9.42 (after bottoming at $3.50), I emailed Ernie Garcia Jr. He kindly wrote back. A few weeks ago, it hit $413. $CVNA was just as special at $3.50 & $9.42 as it is now. Like all of us.

Oh yeaaaaah

https://t.co/t0IrmsBeu0

Always Day One

Love this!

The most Canadian tell isn’t politeness. It’s relief when foreigners say we’re “world class.” Mark Carney just played that note at Davos. Loud applause. No arithmetic. No heavy lifting of actually accomplishing anything. Just words in the wind. The playbook is simple: external

But, Trump

CVNA at $482

Some dynasties rise loud. Ours rises inevitable. A quiet hand, a longer horizon— and the next chapter is already written.

Back in the polar vortex 🥶

Valley to Embassy, passports stamped in patience.

He’d be good

Most corporate treasuries are fragile for one simple reason: They confuse stability with safety. Cash looks stable. Single-asset treasuries look “conviction-driven.” Both break in regime shifts.

The counter-factual truth: The biggest risk to a treasury is not volatility. It’s false diversification and linear thinking in a non-linear world. Antifragility is not a slogan. It’s architecture.

This is why I do this personally. Not because I’m always right— but because I’ve built systems that don’t require me to be. That’s the difference between speculation and design.

Friday. LaGuardia. Trying to beat a snowstorm back to Toronto. Perfect moment to explain why most “AI + crypto” systems eventually fail.

Snowstorms don’t reward speed. They reward preparation, rules, and respect for limits. Capital systems are no different.

Most people are still building faster engines. A few are building systems that know when not to accelerate. That’s where the long-term edge lives.

Eric Jackson https://t.co/2CM92EB3KR via @YouTube

Friday. LaGuardia. Heading back to Toronto ahead of a snowstorm. Quick thoughts after the EMJX fireside chat — why structure and governance matter more than narratives.