Whenever I'm told an employee is a rock star, I wonder if I'm being told that they have a serious drug problem.

The private equity executive order is signed. Now what?

Chatted w/ an OpenAI investor who argued that its consumer adoption lead is insurmountable -- adding that consumer is the big margins, not enterprise. Could prove right. It's a giant gap right now. But I also remember when Yahoo was the search leader by miles. And then Google showed up. The scale is different, since fewer people were online in 1998, but still was huge consumer behavior shift because someone built a better mousetrap.

The bull case for Trump's EO is that it will help retirement funds better diversify, thus improving long-term performance. The bear case is that some LPs are rethinking PE right now, due to distribution troubles, and retirees will have little transparency into their holdings.

The executive order would allow 401(k) investments in private equity, private credit, infrastructure project development, crypto, real estate funds, and commodities. Labor Dept has 180 days to come up w/ language.

Trump to supercharge private equity with 401(k) order

EO on private equity not yet signed. Still expected today, but hasn't happened yet.

AI could change seed-stage VC math

If Trump does sign an EO today on allowing alt assets into retirement funds, it would be the most significant federal action ever on private equity. It will be an earthquake. If you thought PE owned everything before, just wait... It's going to have so much more $$ to spend.

Truth Social yesterday launched an AI search tool w/ Perplexity. So we did a bunch of searches, including nonpolitical ones, and found major differences between the sources used by the Truth version and the public Perplexity engine.