Section 03  ·  Returns vs. New Capital
The returns were real. They weren’t the growth.
What compounding explains, against the size the fund actually reached.
CEILING OF COMPOUNDING $0.0B $0.0B WHAT COMPOUNDING EXPLAINS $225M seed, Sept 2024 × 11× reported return THE FUND AS REPORTED AUM, June 2026
88%
~$17.5B  ·  new money, not returns
Almost nine dollars in ten came in the door, not off the book. Most of it arrived in 2026 — including Jane Street, which bought in near the top.
The gains were made on a small fund. The losses were taken on a big one.
BOARDROOM WIRE
Reported  ·  WSJ, FT
Seed $225M, Sept 2024  ·  returns 1,000%+ since launch (WSJ)  ·  AUM >$20B, June 2026  ·  compounding math: Boardroom Wire, from reported figures
@BoardroomWire
R replay · ?final still