Incremental Insights #99
The best of what I read, listen to, and watched during the week
How Big is Space?
SpaceX filed for an IPO at a $1.75T target valuation on $18.6B of sales with a claimed $28.5T total addressable market that approaches total U.S. GDP.
Griffin’s Doors
Ken Griffin built one of the most profitable hedge funds ever. When AI first came out his firm had little use for it killing 195 of 200 projects. But now that has changed and Ken is slightly worried.
The Coming Mega-IPO Flow & Fudging Problem of 2026
2026 could bring a historic IPO wave (SpaceX, OpenAI, Anthropic). Trillions in new stock must be financed by selling what investors already own, creating pressure across markets.
Ben Carlson: Exploring Risk and Reward
A good interview with Ben Carlson on his new book about the history of risk and reward in markets and how the lessons of the past can help make you a better long-term investor.