[](https://www.reddit.com/r/wallstreetbets/?f=flair_name%3A%22DD%22)$VCX is going on an autistic bull run despite being a closed end fund of fixed assets. It's one of the most retarded things I've seen all year.
https://preview.redd.it/lbb309t093rg1.png?width=1051&format=png&auto=webp&s=5a78ce3e21ce690521fa09630e44336ea0f4b971
[](https://preview.redd.it/this-is-the-dumbest-shit-ive-seen-in-awhile-dd-v0-kx400fvc63rg1.png?width=1051&format=png&auto=webp&s=3922c9e6b74c81bcf6ccf3ce561ea86ba0b6143f)
The company is \~437M self-reported NAV of private companies.
https://preview.redd.it/63lzda7x83rg1.png?width=1041&format=png&auto=webp&s=193d008803e34b9c8b73b18b39c221d77e28a82f
[](https://preview.redd.it/this-is-the-dumbest-shit-ive-seen-in-awhile-dd-v0-y9t9jpsj63rg1.png?width=1041&format=png&auto=webp&s=7c8ac1d0171a32800fd5ed19b4072dc3b5523df0)
But with 28.3M shares outstanding
https://preview.redd.it/ntx1s92y83rg1.png?width=769&format=png&auto=webp&s=8b5280f296524fb09906e71d708903d148a36ab9
[](https://preview.redd.it/this-is-the-dumbest-shit-ive-seen-in-awhile-dd-v0-vi1og6om63rg1.png?width=769&format=png&auto=webp&s=acfb839855a55c677a54bc7324aba054bdb70eb7)
That 380/sh \* 28.3M = **10.7B market cap for 437M of NAV.**
You can see what they own, most of the speculative value comes from their holdings in these hard to find AI private companies:
https://preview.redd.it/2ktrqk1z83rg1.png?width=967&format=png&auto=webp&s=fde6c99eeff0df61a2e94b515749e09124af6a75
[](https://preview.redd.it/this-is-the-dumbest-shit-ive-seen-in-awhile-dd-v0-kl94jsxs63rg1.png?width=967&format=png&auto=webp&s=e8926e4d2dec3d01f9e2c312276c2934eb7453ee)
So I did some math on what the current MNAV multiple means.
Applying this premium to the underlying private company valuations provides the following "look-through" metrics:
|**Holding**|**Portfolio Weight**|**Implied Stake Value in VCX**|**Est. Private Co. Shares Outstanding**|**% Held by VCX**|**Assumed Market Cap**|
|:-|:-|:-|:-|:-|:-|
||
|**Databricks**|21.9%|$2.36 Billion|\~705 Million|0.088%|**$2.68 Trillion**|
|**Anthropic**|11.5%|$1.24 Billion|\~1.47 Billion|0.016%|**$7.61 Trillion**|
|**OpenAI**|9.4%|$1.01 Billion|\~1.49 Billion|0.006%|**$16.82 Trillion**|
|**Total Top 3**|**42.8%**|**$4.61 Billion**|—|—|**$27.11 Trillion**|
So are you buying OpenAI at 16B for the valuation MSFT, NVDA, GOOG, AAPL combined?
This is an imminent -80%+ if you have pain tolerance.
Getting fucked on my short 50 shares position:
https://preview.redd.it/aldc01b093rg1.png?width=563&format=png&auto=webp&s=0970aa84eac951c51e0b29661703884756584013
[](https://preview.redd.it/this-is-the-dumbest-shit-ive-seen-in-awhile-dd-v0-r0b55sr073rg1.png?width=562&format=png&auto=webp&s=1669073932ed38ef0c148428401eedf29f0b175a)
But I'm sure we'll head back to reality.
Who are you up against?
https://preview.redd.it/4qte0bz293rg1.png?width=1013&format=png&auto=webp&s=13948ad3b29d056927c74e66a29adb4339528b91
[](https://preview.redd.it/this-is-the-dumbest-shit-ive-seen-in-awhile-dd-v0-3tr6mrbg73rg1.png?width=1012&format=png&auto=webp&s=77b0e8a21aff6b943e527a639c8e2eb4230ea95e)
Crayon sniffers thinking they're holding the next 100x, while buying at 20X nav.
TL;DR: short retail buying 400m nav for 10b