Misfit Alpha

When 200 defunct biotech startups became crypto treasury companies: good and normal.

When the 201st crypto treasury comes from a Canadian vape shop: Is bubble?!?!

You just described every CBS cop/investigative show of the past 25 years

“Did you remember to reset the geofencing on our electric scooters?”

“Sure did!!!”

The Duff Gardens episode

🎵Duff beer for me, Duff Beer for you
I’ll have a Duff, you’ll have one too🎵

It’s 2025 and my 4yo favorite song is “Hold my hand” by Hootie & the Blowfish

I don’t know how we ended up here, but I think I’m ok with it

No Khvicha?

The person who designed this pool is the most juvenile person ever.

Great way to start our last day in Omaha! @misfit-alpha.bsky.social @marketmusician.bsky.social

I’m in Omaha as well as well

TBH a tedious, low stakes discourse sounds kinda refreshing at this point.

The Pontiac Aztek’s Cubism period

Pedro in ‘99 was appointment television.

Réunion has its own tariff rate? It’s a French department. That’s like having a specific tariff for the US and a separate one for Hawaii

If you were to construct a hypothetical meme stock in a lab, it would look exactly like $NMAX

-tribal fan base not necessarily plugged into stocks
-make IPO small enough to fall under Reg A exemption
-float less than 6% of total shares

I really thought the $NMAX thing was gonna get the full @matt-levine.bsky.social treatment today.

6 months. 94% of the shares are subject to lockup provisions that expire in 6 months

The Birth of a Meme Stock: Newsmax Inc. (NMAX) IPO A stock seemingly built to be memed.

Newsmax, you got memed

open.substack.com/pub/misfital...

The Birth of a Meme Stock: Newsmax Inc. (NMAX) IPO A stock seemingly built to be memed.

Newsmax #$NMAX went public yesterday and its stock is up 1,000% in less than 48 hours of trading.

The offering was seemingly built to be a meme stock

open.substack.com/pub/misfital...

Wait, Sacramento has a brutalist version of Chichen Itza?

Resisting the urge to switch to an IBKR brokerage account

Must be nice to set yourself up with supermajority voting power through dual class shares so no one can protest

CoreWeave's (CRWV) IPO and Creeping Corporate Autocracy Some things matter more than a SWOT analysis

I dont’t post much, especially about my newsletter (too self conscious? Not thirsty enough?)

But the CoreWeave #$CRWV IPO is garnering attention. Its ownership structure is a pervasive problem among too many companies these days and I felt obligated to mention it

open.substack.com/pub/misfit-a...

The challenging part. One rider hit at tree and fractured his pelvis. Bad weather prevented a helicopter evacuation. So we had to use a makeshift sled and drag him out to a hospital.

Meet Taso, our camp cook. Three meals a day from a tent at 7,000 feet.

She went up to camp on January 1 and hasn’t come down yet.

When asked if it was hard staying at camp all winter, she replied, “I had many friends lose their homes in Abkhazia and South Ossetia, this is nothing”

Some more highlights from Racha 🇬🇪backcountry.

Great snow, incredible views, challenging climbs, fabulous skiing

I just spent 7 hours dragging someone with a shattered pelvis out of the backcountry

Never ski in the backcountry solo

More Racha 🇬🇪 backcountry, day 2

6.2 mi/5,200 ft elevation climb & ski

Snow was a little sun baked, but firm enough we could hit some steeper descents without too much avalanche risk.

Day 1, 3.8km (600m elevation) climb to base camp.