The Partners
Est. in the rubble of every liquidation
We considered leverage. Then we didn't.
Many called us the dumbest investors they ever met. Again, we prefer making money to engaging with those who don't.— The Partners
We're thematic investors, you see. I guess we just like making money more than we like leverage.— On Our Strategy
Yeah, no — I considered using leverage. Then I didn't.— Every Quarter, Actually
Honestly, I think just sitting spot is the way to go here.— Profound Market Analysis
Cockroaches have survived five mass extinctions. They don't use leverage. They don't carry debt. They don't get rekt by market makers at 3am because they were in a 50× position.
The thing that kills you in markets isn't a bad thesis. It's impatience. It's leverage. It's letting someone else's liquidation engine decide your exit.
We hold liquid spot bags of assets we believe in. We don't trade. We don't hedge. We don't pretend we're smarter than the market on a day-to-day basis. We just refuse to die.
Position sizing follows a form of the Kelly Criterion — bet in proportion to your edge, never more. It's a mathematical framework developed by Bell Labs in 1956 that tells you the optimal fraction of capital to allocate to any given position. Most people ignore it and oversize. We don't.
That's the whole strategy. You're welcome.
All positions held spot. No derivatives. No counterparty risk.
The base layer. Hardest money ever invented. Fixed supply, decentralized issuance, ten years of proof that no government, no crisis, and no market maker can kill it. Every other position in this portfolio is denominated against Bitcoin as a reference point. It is the cockroach of assets — older than most crypto traders' careers, and still here. We hold it because the alternative is trusting someone else's printer.
Privacy must enable something tangible — in the context of a monetary asset it enables fungibility, security, and censorship resistance. Privacy becomes the network effect that enables the money itself. Ten years of ZK research. A cryptographic moat you cannot copy. We think this is a generational project.— Privacy, Solved.
ZEC is private storage of value. NEAR Confidential Intents moves it privately across any chain. Swiss bank account in your pocket.
The Internet of Finance. Hyperliquid is building the connective tissue between on-chain crypto and traditional financial markets — an orderbook-native chain where anything can be traded, settled, and cleared without a centralized intermediary extracting rent. The team is exceptional. The execution is relentless. We're sitting spot, and we're patient.— Internet for Money. Connecting TradFi.
In 2017, eight Google researchers published "Attention Is All You Need" — the paper that made modern AI possible. All eight authors left Google. Every company they built is private, locked up, accredited investors only. Except one. Illia Polosukhin co-founded NEAR Protocol — a liquid token you can buy right now on any exchange. Real users, real fees, real product.
The original DEX. Still the most liquid, most forked, most referenced protocol in DeFi. Everyone copies it, no one beats it. Fee switch is a live conversation. If on-chain trading is the future, Uniswap is the plumbing.
Stablecoins are the killer app of crypto. Not DeFi. Not NFTs. Stablecoins. USDC is already moving trillions in settlement volume and Circle is the infrastructure behind it. As dollar-denominated digital money becomes the default rails for global commerce, someone has to issue and manage it. We think Circle is that company. This is a long term bet on stablecoins becoming the internet's native currency — and Circle sitting at the centre of it.— The dollar, but actually useful.
Every gold rush needs a pickaxe seller. Pump.fun is the infrastructure layer for the meme coin economy — the launchpad, the factory floor, the casino cage window. It doesn't need to pick winners. It just needs people to keep playing. The business model is elegant in its simplicity: chaos as a service. We're not betting on any single meme. We're betting on the machine that mints them.— Sell the picks, not the gold.
Attention is the scarcest resource in markets. PEPE is the most recognised meme on the internet — it has been embedded in internet culture for two decades before crypto ever touched it. That kind of brand recognition doesn't get manufactured. CASHCAT is the Robinhood retail wave wearing a hoodie — pure consumer attention, timed to a generation of new market entrants discovering crypto through an app they already trust. Both are sized as what they are: high conviction attention plays, not retirement accounts.— Put the cash in the cat.
Not financial advice. We are two cockroaches in suits.
"The market can remain irrational longer than you can remain solvent. We simply refuse the second condition."
There's a type of investor that gets celebrated on CT. They post their PnL screenshots when they 10× a leveraged position. They disappear when they blow the account. They come back. They do it again.
We are not those investors.
We are the boring ones. The ones who hold through the 60% drawdown because we didn't borrow anything to buy in. The ones who don't have liquidation prices. The ones who wake up during a -30% week and shrug, because the coins are still there.
Cockroaches survive not because they're the strongest, or the smartest, or the fastest. They survive because nothing can force them to exit. They have no lenders. No margin calls. No stop-losses set by someone else's algorithm.
That's us. That's the whole thing. No leverage. Just discipline. Long term. Zero debt.
