Episode #164
FSD: Who Cut the Watermelon
In this FSD episode, titled Tokenize Main Street, Not Wall Street, Ram records on a Friday night in a week full of 13F filings. He opens with a story he heard on Al Goldstein's podcast about a CEO who cut a watermelon for the office every day until he stopped, and no one noticed for a week. The point is initiative, the willingness to pick up the knife and do the value-creating work, which he argues is getting rarer in a swipe-and-tap digital world. He ties it to AI: as AI moves from doing tasks to owning entire workflows and producing deliverables that only need supervision, the humans who can actually do work, and give candid feedback, become far more valuable. It is why he believes there has never been a better time to be a founder. He then reads the latest hedge fund 13Fs as idea generation. NVIDIA is the top position at Renaissance and Harvard, Druckenmiller carries a 5% TSM weight, and Dan Loeb and Renaissance trimmed semis like Lam Research, Micron, and Sandisk ahead of quarter-end. Poking around Whale Rock's book, his team surfaced an interesting data center electrification name adjacent to Sterling and Powell. Bill Ackman bought Netflix, which Ram uses to think through the bull and bear case on a maturing business, and he notes the irony of Bridgewater sitting long the AI trade while Ray Dalio talks a bearish book. On the macro, he thinks rates head lower, the inflation print came in fine, and for the first time in a while there are real opportunities in rate-sensitive names like utilities, mortgage companies, banks, and muni bonds through MUB. But tight high-yield credit spreads tell him equities are close to fully valued short term, so he expects a healthy pullback and rotation. Names still in focus include Reddit, Western Digital, Sterling, AppLovin, TSM sub-20x, memory, Workday, small caps through IWM, and Brazil via Stone, PagSeguro, or EWZ. The back half is a full teardown of tokenizioning it in 2023 and 2024, with twoAmerican Banker op-eds, Ram is disappointed that tokenization keeps chasing U.S. equities, the most efficient maron earth, where there is no real problem toy is tokenizing SBA 7(a) loans to fix theliquidity constraint on community and regional banks, the lenders who actually serve middle America and know how underwrite to the four Cs of credit. The monnie Mae and Freddie Mac did for mortgages:standardization plus a secondary market and securitization. Tokenizing SBA 7(a) loans would let banks recycle capital into their communities, capture oriand let local people co-invest in the debtfor a coupon and eventually the equity of businesses they actually know. He explains why private securitizations will stay opaque, since the investment bankand closes with an executable playbook: pick a motivated bank in a geography, run a proof of concept, tokenize something end to end, then do it again. He signs off with a plug for the Lumida Invest app, week to the feed and the institutions view. (00:00) "Who cut the watermelon" and the va (01:38) The new social engineering pitch: "I'll do the work" (02:58) Why people who do real work become (05:01) Reading the 13Fs: NVIDIA, TSM, Druckenmiller, Harvard (05:53) Loeb and RenTech trim semis before (06:45) A Whale Rock electrification name near STRL and Powell (07:47) Ackman buys Netflix: the bull and b (09:04) Bridgewater is long the AI trade, and the Dalio irony (10:03) Rates, inflation, and rate-sensitiv (11:27) Tight high-yield spreads point to a healthy pullback (12:57) Names in focus, and Brazil: Stone, (15:00) Where tokenization went wrong (17:00) Playing the long game: Anduril, Str (17:52) Community banks versus the mega-banks (20:07) The SBA 7(a) loan program, explaine (23:21) The Fannie and Freddie securitization blueprint (25:15) The real opportunity: tokenizing SB (26:32) Community co-investment, from debt coupons to local equity (28:08) Why private securitizations stay op (29:54) How to execute: find a bank, run a POC, repeat (31:31) Closing thoughts and Lumida app upd About the show: Non-Consensus Investing is ntary on markets, where he shares how he'sactually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth Website: https://www.lumidawealth.com Twitter Follow us on https://twitter.com/LumidaWealth TikTok: https://www.tiktok.com/@lumidawealth Instagram: https://www.instagram.com/lumidawealth Facebook: https://www.facebook.com/lumidawealth
