By Leigh Drogen and Dennis Qian of Starkiller Capital In the late 1990’s, as the tech bubble was inflating, many questioned whether the internet would ever produce applications that drove sustainable businesses. Yes there were a limited number of early successes, but most of the profitable businesses in Web1 were basically physical infrastructure companies and ISPs. There was a lot of hand wringing over the chicken and egg issue for why applications couldn’t find a critical m

Was it the smelling salts that did it or was it just a matter of time? We’ll never know, and does it really matter? Digital asset markets have been on a tear the past six months, awoken from their crypto winter slumber of unknown duration. Last September we published this piece detailing the miserable 2023 trend following and cross-sectional momentum strategies had seen despite the solid year-to-date performance from Bitcoin. We highlighted a set of variables that were likel

As the summer comes to a close and we round the corner towards Q4, I wanted to share a few thoughts about what we’ve seen so far in 2023...