Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck) header
Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck) profile picture

CIO/Founder @MutinyFunds. Offense + DEFENSE! Podcasts= Mutiny Investing, @excessreturnpod, @FinancePirates. 🙅🏻 Advice

Joined February 2019
Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)Photo by Jason C. Buck 🪳🏴‍☠️ (@jasoncbuck)
How do we protect and grow our wealth for an unknown future? For the past decade, we’ve been researching and working on the answer to that question....The Cockroach Approach! Learn More and Download the Cockroach Approach Paper! mutinyfund.com/cockroach/
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Jason C. Buck 🪳🏴‍☠️ retweeted
I'm excited to share something new with y'all... I had a fun chat with @SantiagoAuFund at the Collective event on Sea Island a few weeks ago -- while milkshakes were present, we did not discuss his iconic Dollar Milkshake theory at all. Link to the full conversation is below!
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Jason C. Buck 🪳🏴‍☠️ retweeted
1/ Most people assume the managers in the SG Trend Index run 2 & 20. They mostly don't. That changes the "fee alpha" case for CTA replication quite a bit. A quick thread on the four pieces: management fees, performance fees, trading costs, and alpha leakage.
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Jason C. Buck 🪳🏴‍☠️ retweeted
It's wild to see many of these searcher deals now priced higher than the bigger, better true lower middle market companies. The huge influx of "buying a business is easy" influencers, combined with 90% LTV SBA loans, has completely distorted the market.
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Jason C. Buck 🪳🏴‍☠️ retweeted
I've been lucky to attend some of Shannon's events. She curates a fantastic group of people and wonderful experiences that helps foster deep conversations (both structured and unstructured). If you like connecting with new people and sharing ideas, check out what she's doing!
I *think* I've built a reputation for creating experiences that are genuinely fun, with cool people who are both smart and humble... I really love connecting awesome people with each other and seeing ideas fly around, common ground discovered, and long-term friendships forge. I'm always looking for people who enjoy these kinds of experiences so help me spread the word, will ya?
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Jason C. Buck 🪳🏴‍☠️ retweeted
The Ecology of Ergodicity Presented @PlanetMicroCap Las Vegas 2026, @jasoncbuck explores ergodicity, risk, portfolio construction, rebalancing, volatility, and the challenge of compounding wealth through time. 🎥 Watch: youtu.be/1M4NLVdvhPk
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Jason C. Buck 🪳🏴‍☠️ retweeted
If you haven't read @KrisAbdelmessih's piece yet... FULLY EMBRACE THE BUTTERFLY ALREADY
Our new Epsilon Theory Unplugged series on @Panoptica_ai is🔥. This latest piece by @KrisAbdelmessih on Leo's fall is, unsurprisingly, fantastic. Ken "Mordecai" Griffin, the Kelly Criterion, the perfect murder, & that timeless Achilles' heel, hubris. panoptica.com/the-sound-of-i…
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Jason C. Buck 🪳🏴‍☠️ retweeted
Our new Epsilon Theory Unplugged series on @Panoptica_ai is🔥. This latest piece by @KrisAbdelmessih on Leo's fall is, unsurprisingly, fantastic. Ken "Mordecai" Griffin, the Kelly Criterion, the perfect murder, & that timeless Achilles' heel, hubris. panoptica.com/the-sound-of-i…
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Jason C. Buck 🪳🏴‍☠️ retweeted
Normally the Column comes out on a Sunday. But this month it will be different given the news today on UEFA and FIFA. Today was always coming. The last 8 years of podcasts and Columns and books were all leading up pretty much to this July 30 2026. albachiara.net/journal/a-shi…
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Jason C. Buck 🪳🏴‍☠️ retweeted
software vendor just reached out to let me know my rates were going up 50% for a bunch of features I don't even want. reminds me of the recent @FoundersPodcast episode with @dhh: why can't we ever just accept software as "finished" and stop trying to improve it?
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Jason C. Buck 🪳🏴‍☠️ retweeted
UEFA pulling no punches here. You love to see it. The battle for the very soul of the beautiful game is afoot. Choose your side carefully (easiest choice a true football fan will ever have). @RPMComo @jckeysport7 @codney67 @dalston66 @CultishCreative @jasoncbuck
🚨 UEFA Statement: "UEFA and its 55 member associations stand as one. We unanimously and unequivocally reject FIFA’s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors. "The World Cup cannot be treated as an investment product. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent. No part of it should ever be surrendered to private investors. The World Cup is not for sale. "It is both irresponsible and indefensible that a proposal of such significance for football was conceived in secret and brought to the brink of approval without any meaningful consultation with those entrusted with stewarding the game. This is not merely a profound failure of leadership, but an abdication of FIFA’s duty as the custodian of world football. "National associations around the world are now presented with an ultimatum: accept the irreversible capture of football’s greatest competitions or bear the consequences. This is not a “democratic decision”, but governance by intimidation – an act of coercion unworthy of an institution entrusted with the stewardship of the global game. "But our opposition goes far beyond process. The moment external investors acquire ownership interests in FIFA competitions, football changes forever. Commercial return becomes a permanent obligation. Investor expectations become a daily pressure. From that moment onwards, every decision on the international calendar, every decision on competition formats and every decision shaping the future of football is no longer driven by what best serves the game, but by what best serves shareholders. "This model has no place in world football. Football’s future cannot be dictated by the expectations of those whose first duty is to maximise financial return. Nor can the interests of national associations, leagues, clubs, players and supporters become subordinate to investor returns. Football cannot mortgage its future for financial gain. "Europe’s position is clear. We will never lend this model our legitimacy. No one has the moral authority to sell what they merely hold in trust for the next generation. "As a result of today’s discussion, no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership. "Nobody should be in any doubt: UEFA and its national associations will oppose these plans with absolute determination. "There are moments when institutions are judged not by what they are prepared to accept, but by what they refuse to compromise. This is one of those moments. Some things are simply too important to sell. The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale."
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Jason C. Buck 🪳🏴‍☠️ retweeted
My conversation with @dhh, co-founder of @37signals. 0:00 Cutting Rework From 50,000 Words To 25,000 2:54 Basecamp Was Built In 380 Hours 6:46 Unlimited Resources Build A Blob 10:22 Terminator Beats Avatar By A 1000x 15:24 The Printer DHH Never Wants To Upgrade 17:31 Millions In Profit From 16 Year-Old Software 20:10 The Beauty Of A Finished Product 22:54 I Would Quit Before Working In An Office 25:41 Four Uninterrupted Hours Or The Day Is Lost 31:21 Tobi Lütke Saw The AI Future First 38:51 Apple Pissed Him Off Enough To Switch 42:47 The 19 Year-Old Who Beat Apple 47:16 If Nobody Else Will Build It, I Will 52:02 The Need For Control, Independence, And Freedom 53:44 Chef's Choice, Not A Construction-Kit Burger 56:50 A New Computer Ready In 2 Minutes 1:00:33 A Cheaper Mac Will Never Win 1:02:27 The Best Ideas Sound Stupid At First 1:03:47 Out-Teach Your Competition 1:06:57 The Algorithms Broke Reciprocity 1:10:53 No Investors Is Freedom. No Customers Is Transcendence. 1:13:25 No One Gets To Tell Me What To Do 1:16:49 Your Moral Obligation To Buy A Ferrari 1:23:19 Costs Are The Only Thing You Control 1:26:49 Bezos Paid For The Promise 1:30:17 The Confidence To Say No To Everyone 1:32:59 The Day A Third Of The Company Left 1:36:49 Marc Andreessen Came To Help Includes paid partnerships.
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Jason C. Buck 🪳🏴‍☠️ retweeted
“I’m a little leery of signing off by telling all your listeners they should use LSD—but I just did.” We asked Cliff Asness for an investing belief most of his peers would disagree with. His answer: leverage, short selling and derivatives are often demonized, but used carefully, they can create more diversified portfolios and improve risk-adjusted returns.
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Jason C. Buck 🪳🏴‍☠️ retweeted
I just want to take a second and give someone their flowers. And that someone is @jposhaughnessy. Most people know Jim from this app or from his prior life on Wall Street and as an author. What they don’t know of Jim is he is one of the most thoughtful, curious, and caring minds out there. He’s been a true blessing for me and I am lucky enough that he considers me a friend.
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Jason C. Buck 🪳🏴‍☠️ retweeted
the idea that my little episode came out with this one today - PAIR THESE UP FOR LATER: teapaw.org/EntertainedAre/status/…
Today’s GOG on what should happen to FIFA and international football. A dictator lording it over us all, with a billion dollar business that has no Cost of Sales.
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Jason C. Buck 🪳🏴‍☠️ retweeted
"White Mirror," published by our @infinitebooks division, is being read everywhere, even in Hyperbaric Chambers...
Reading White Mirror in a Hyperbaric Chamber. Amazing.
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🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸 Beautiful book by @MebFaber Every coffee table needs one!
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Jason C. Buck 🪳🏴‍☠️ retweeted
Latest podcast features Aaron Brown, quant, risk manager, professor, and author. His new book "Wrong Number" uncovers a lot of statistical malfeasance in studies that purport to have credibility. The big lesson: be skeptical when presented with data seeking to tie cause and effect. We also talk horse race betting, poker, Kelly sizing and the factor zoo! Apple pod: podcasts.apple.com/us/podcas… Spotify: open.spotify.com/episode/2IR… YouTube Video: youtube.com/watch?v=LXVhvA52…
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Jason C. Buck 🪳🏴‍☠️ retweeted
Peter Hecht – Portable Alpha: Solving the Funding Problem of Alternatives (S7E31) My guest this episode is Peter Hecht, co-head of the North America Portfolio Solutions Group at AQR. Portable alpha is drawing serious attention right now. Long the province of large institutions, it's now being wrapped into mutual funds and ETFs — which means, for the first time, advisors and the individual investors they serve get a seat at the table. So I wanted to sit down with someone who's been thinking about the idea for almost two decades. We start with the basics — what portable alpha actually is, and why Peter insists the core concept is funding, not leverage. From there we work through the real risks, the cautionary tale of 2008, and the design space: how you organize the alpha and the beta, which overlays to choose, and how to combine them without smuggling in hidden tail correlation. Then we turn to what matters most for this new audience — sizing, lifecycle, rebalancing inside a daily-liquid wrapper, and the gap between the line-item experience and the actual portfolio impact. Please enjoy my conversation with Peter Hecht.
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Jason C. Buck 🪳🏴‍☠️ retweeted
Especially given the growing instability in Asian markets, a very timely podcast indeed with David Dredge, Founder and CIO of Convex Strategies. @ConvexityDredge David is a value investor in optionality, having spent his career positioning insurance in client portfolios. There's a lot of insight in this conversation. Apple Podcast podcasts.apple.com/us/podcas… Spotify open.spotify.com/episode/2W0… YouTube Video youtube.com/watch?v=epUpv83r…
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Jason C. Buck 🪳🏴‍☠️ retweeted
A Stock Picker is a Chef Envision you are a Chef hosting a dinner. Mise en place is the French term for having all ingredients measured, chopped, and arranged before cooking. Your guests haven't been told what you are making. They only see the raw ingredients on the counter. A few guests become concerned because they see an ingredient they personally dislike. However, you have made this dish a hundred times. It’s a favorite of yours. You’ve also put your personal mark on it with a pinch of this or a drizzle of that. The guests watch you incorporate the ingredients in specific ways and precise quantities. They may remain skeptical until they finally taste the dish and realize it is delicious. In the same way, outside investors might be skeptical of your portfolio’s ingredients and weightings. They have preconceived notions based on their own experiences, or lack thereof, with a specific industry. They see a standalone ingredient rather than a piece of a larger flavor profile. I’ve jokingly referred to my portfolio like a stew. To outsiders the ingredients don’t make sense, and the dish looks like a pile of slop, but it sure tastes good. Using Unloved Ingredients The investment world is full of contradictions. For example, many investors avoid "price takers", businesses like oil & gas, or resources or even cannabis where the market decides the price of the commodity. However, if you invert this negative attribute, you find a positive. Some of these companies often don't need sales or marketing departments. They simply need to produce at a cost lower than the market price. You are trading pricing power for the insatiable demand that is always present at a certain price point. More importantly, it is easier to spot great leadership in these "awful" industries. When a sector is contracting, the outliers that remain profitable and continue to grow become obvious. Identifying these companies at cyclical lows can create generational wealth. The risk here is unknowable duration risk. You might have to wait 2-3-5-10 years to make 2,000% in 18-months. The equities in these industries can remain dormant for years due to capital outflows. You express this unknown through smaller position sizing. I can have high conviction and still hold a small position. A position size that allows me to stay the course financially and emotionally until the destination is reached. I also hold a couple story stocks. The main risk is dilution. I might love the story, and the management. Perhaps the management team even had previous success, but past success doesn’t guarantee future success. Story stocks have heightened macro and stock market sensitivity. In a bull market a story stock might trade at a $200 million valuation. In a bear market that same story stock might trade at a $10 million valuation. Same story. Different valuation. I may have high conviction in a story stock, but these risks get reflected in smaller initial position sizing.
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