Jez

He hunts what he calls good new thing hunting: a product that is genuinely new, has a flywheel, and still has onboarding friction. He frames crypto as an MMO, where you group up, pick a class, and change how you play as the stack grows, and names the high-trust group chat as the single largest input to his returns. His instruction is to try (not buy!) new things. The stated preference is to full-port one product he understands rather than run a diversified book, and to cut frequency as size rises. He argues a small book is an advantage rather than a handicap, and that the concept of not enough size is relative framing vs CT that is poisoning ppls process and returns.

The macro thesis he publishes is long degeneracy: as real returns compress people take more risk, so the position is the venue rather than the gambler. On liquid majors he collateralises spot to take leverage, and he has said he expects equities to arrive onchain as perps rather than wrapped shares.

He gives each sleeve a different amount of rope: spot buys good. nft buys good. perp trading three strikes and i take a break. The same filter runs on collectibles, where he buys liquidity hubs only and restricts himself to first editions and the oldest sets. The influences he names are options market making and stat arb, which taught him to treat price as downstream of flows, and poker, which he treats as a proxy for sizing.