$VCX
VCX (private-AI/space exposure ETF-style fund; holdings include SpaceX, OpenAI, Anthropic, Databricks, Anduril)8/10Does he own it?
No first-person position language anywhere. He warns retail away from buying, calls it greater-fool/hot-potato, and explicitly rules out shorting due to low float and no hedging options. Purely critical commentary, no holding or sizing disclosed.
His thesis
He argues this popular fund trades at a huge premium to its underlying NAV (around 20x), implying absurd implied valuations for its private holdings like SpaceX and OpenAI in the tens of trillions. He frames it as a speculative mania driven by retail, calling it a greater-fool setup destined to collapse, and cites NAV mismatch risks shared by similar vehicles.
How his view evolved
Opened with a premium/NAV warning, then posted repeated victory-lap updates as the fund crashed roughly 62% in two days and from about 425 to 110 in four, reinforcing his original bearish call.
Key points
- Extreme premium to NAV implied insane valuations for SpaceX/OpenAI
- Low float plus no hedging means it can't be shorted, only avoided
- Called the top correctly as it crashed 60%+ within days
Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $VCX on X ↗