🚀 Warren Buffett would likely skip the SpaceX IPO

As SpaceX begins trading today at a valuation of roughly $1.77 trillion, some analysts argue the company is exactly the kind of investment Warren Buffett would avoid.

The concern is not the technology. It's the valuation. SpaceX is expected to debut at around 90x revenue, a level that even many high-growth tech companies have never sustained in public markets.

Buffett has long favored businesses that are easy to understand, generate predictable cash flows, and trade at reasonable prices. SpaceX combines rocket launches, satellites, AI assets, data center ambitions, and long-term projects like Mars colonization into a single investment story.

For many investors, that's what makes the company exciting.

For a Buffett-style investor, it's exactly what makes it difficult to value.

✔️ @venture

📈 How Francois Rochon beat the market for 30 years

Canadian investor Francois Rochon has outperformed the market for decades by following a simple rule: buy great businesses at reasonable prices and hold them for a long time.

His framework starts with financial strength:

✔️ ROE above 15%
✔️ EPS growth above 10% annually
✔️ Debt-to-profit ratio below 4
The goal is to own companies that are profitable, growing, and not dependent on excessive debt.
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🖱 Next comes the business itself.
Rochon looks for market leaders with a strong competitive advantage. He prefers businesses that customers keep using regardless of economic conditions, which helps reduce earnings volatility over time.
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🖱 Management is equally important.
He favors companies where executives own meaningful stakes in the business. He also looks for managers who allocate capital well, make sensible acquisitions, and focus on long-term value creation rather than empire building.
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🖱 Valuation is the final filter.
Rochon estimates what a company could be worth in 5 years and tries to buy it at roughly 50% of that future value. This gives him room for mistakes while targeting returns of around 15% annually.
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🖱 His current portfolio reflects that philosophy.
Top positions include Berkshire Hathaway (9.1%), Ametek (7.2%), Markel (6.8%), Alphabet (6.5%), CarMax (5.8%), Five Below (5.6%), HEICO (5.0%), Visa (4.6%), and Meta (4.6%).
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The strategy is not complicated.
Find exceptional businesses. Wait for a fair price. Hold them long enough for the business to do the work.

✔️ @venture

🔥 Elon Musk Becomes First Trillionaire

The SpaceX IPO priced at $135 per share raised about $75 billion, the largest in US history.

SpaceX builds rockets and spacecraft. Musk's stake now values his net worth at $1.1 trillion.

Spending his fortune in a lifetime would require about $13 billion a day.

✔️ @venture

An island in the middle of the ocean.

40°C heat, humidity, insects.

Every dollar from the PayPal sale gone. Debt worth twice your net worth.

Your childhood hero, Neil Armstrong, publicly calling you an idiot.

Tears in front of rocket debris after 3 failed launches. One rocket left. One shot before bankruptcy.

The result?

A $2 trillion company today.

Potentially $20 trillion if SpaceX succeeds in scaling humanity's access beyond Earth.

Dream bigger. Take risks. Build things.

Don't settle for being part of the crowd.

✔️ @venture

The worst investing mistake.

✔️ @venture

Charlie Munger's recipe for getting rich:

🖱 Curiosity
🖱 Diligence
🖱 Analysis
🖱 Courage
🖱 Prudence
🖱 Patience

✔️ @venture

☁️ Amazon CEO triggered Fable shutdown

Several reports claim Amazon CEO Andy Jassy initiated the shutdown of the Fable model after internal researchers found a jailbreak that could leak data useful for cyberattacks.

The researchers reported the issue, and Jassy took it to US officials instead of Anthropic, despite Amazon's $8 billion investment there.

A US science advisor confirmed a 'trusted partner' warned the government about the jailbreak, leading to a request to fix the risk. Anthropic disagreed on the threat level, which escalated the situation.

✔️ @venture

💰 Largest IPOs by Capital Raised

It's been a long time since a new company entered this ranking.

✔️ @venture

Inflation in the US has noticeably accelerated since the start of the "Epic Rage" operation in Iran, but now Trump may hint to Warsh that rates can still be actively cut as an agreement with Iran has been reached and prices will soon collapse.

On June 17, Trump's pick Kevin Warsh will make his first-ever rate decision as head of the Fed.

✔️ @venture

™️ The Iran deal still has one unanswered question

Reports claiming Iran is receiving $300 billion from the new agreement are missing an important detail. According to JD Vance, Iran would only gain access to reconstruction funding if it complies with the terms of the deal, and the money would come from Gulf states, not the United States.
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At the same time, a major disagreement remains unresolved. Iranian officials say the agreement includes access to $24 billion in frozen assets, with part of the money released immediately. Vance says that provision does not appear anywhere in the deal's text.
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That leaves both sides publicly describing different versions of the same agreement just days after announcing it.
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Meanwhile, Trump declared that oil should start flowing again through the Strait of Hormuz. On paper, the blockade is over. In practice, shipping traffic remains far below normal levels, with only a handful of reported transits compared with roughly 130 vessels on a typical day.
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The ceasefire was announced. The details are still being negotiated.

✔️ @venture

🚀 SpaceX put almost as much payload into orbit as the rest of the world combined

The main driver, of course, is Starlink.

✔️ @venture

🚀 SpaceX completes $60B Cursor acquisition

SpaceX finalized the purchase of Cursor for $60 billion, turning it into a subsidiary. The deal followed an April option allowing SpaceX to buy Cursor or pay $10 billion for collaboration if the acquisition failed.

Cursor recently launched a strong update, its own model, and an SDK. This acquisition gives SpaceX a direct competitor to Claude Code and Codex.

✔️ @venture

📈 Global Capital Markets Hit Record $4.7 Trillion Raised

Global capital markets have raised a record $4.7 trillion in equity, corporate debt, and bank loans so far this year, the third straight annual increase.

This total is about $500 billion above the 2021 post-pandemic boom, driven by tech companies funding AI spending and record debt for AI infrastructure.

Investment-grade private credit for AI-related assets isn’t included but is growing fast. Investors are pouring money into AI at an unprecedented pace.

✔️ @venture

💳 Mastercard is having its worst year in 15 years

Mastercard is down 12.77% in 2026, making it the company's weakest year since 2010.

The decline stands out because the business has been one of the most consistent compounders in the market:

🔴 2010: -12.73%
⏺️ 2011: +68.76%
⏺️ 2012: +33.36%
⏺️ 2013: +63.73%
⏺️ 2014: +3.30%
⏺️ 2015: +13.63%
⏺️ 2016: +8.90%
⏺️ 2017: +43.62%
⏺️ 2018: +24.19%
⏺️ 2019: +57.37%
⏺️ 2020: +17.65%
⏺️ 2021: +2.23%
🔴 2022: -6.26%
⏺️ 2023: +22.98%
⏺️ 2024: +24.81%
⏺️ 2025: +9.28%
🔴 2026: -12.77%
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What makes the selloff interesting is that the underlying business remains strong.

🖱 Mastercard processes more than $10 trillion in annual payment volume.

🖱 Revenue has more than doubled over the last decade.

🖱 Operating margins remain above 50%.

🖱 The company continues to benefit from the long-term shift from cash to digital payments.

🖱 Cross-border transactions, one of Mastercard's most profitable businesses, continue to grow.
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Historically, Mastercard has rarely stayed down for long. Since 2010, only 3 years have finished in negative territory, including 2026.
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Great businesses do not often go on sale. When they do, long-term investors tend to pay attention.

✔️ @venture