Notes on Liquidity, Risk, and Capital AllocationExploring how capital moves, where it breaks, and which business models still transmit cleanly. Joshua Spertell 1/10/26 Joshua Spertell 1/10/26 Coinbase’s Migration to a Tollbooth Read More Joshua Spertell 1/7/26 Joshua Spertell 1/7/26 Why NVIDIA Isn’t a Chip Company (And Why That Matters for Capital Allocation) Read More Joshua Spertell 1/1/26 Joshua Spertell 1/1/26 Liquidity Is Doing Something Different Read More Joshua Spertell 12/28/25 Joshua Spertell 12/28/25 Why Frequency Matters More Than AUM For Robinhood Read More Joshua Spertell 12/27/25 Joshua Spertell 12/27/25 Why Strategy’s Business Model Just Changed Read More Older Posts
Joshua Spertell 1/7/26 Joshua Spertell 1/7/26 Why NVIDIA Isn’t a Chip Company (And Why That Matters for Capital Allocation) Read More
Joshua Spertell 12/28/25 Joshua Spertell 12/28/25 Why Frequency Matters More Than AUM For Robinhood Read More
Joshua Spertell 12/27/25 Joshua Spertell 12/27/25 Why Strategy’s Business Model Just Changed Read More
