@tom_ldvc

Head of Research at LD Capital | Co-Founder of a UK banking startup | Former Vice President at Morgan Stanley in London

UK
Joined January 2020
Had a great conversation covering some of the biggest questions in crypto today. We discussed where the market could be heading over the next few years, which sectors I believe have the strongest long-term potential, and how we think about capital allocation in the current environment. I also shared how we approach investing at LD Capital - from sourcing opportunities and evaluating teams to supporting founders after we invest. It was a great chance to explain our investment philosophy and what we look for in projects that can create lasting value. Thanks for the great discussion 🙌
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Pudgy Penguins NFTs are trending toward 2 ETH, with Abstract shutting down they now face the same question every other project has faced, why hold when there are no catalysts left
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Assorted things I've been mulling over regarding agents in the economy: • Companies are in some sense the original superintelligence. It's often the case that they can use their amortized cognitive surplus to advance their interests against those of certain consumers: relative to the optimization capacity of companies, consumers can be inattentive, underinformed, irrational, etc. (Think, say, of some of the classic insurance upsells at the end of a booking process, which is typically priced substantially above what a regular policy would cost.) Herbert Simon introduced the idea of bounded rationality, and firms often end up benefiting from it. Thanks to personal agents, we will probably get somewhat more rational in how we engage with companies. • How exactly will outcomes change? Well, certain kinds of price discrimination will work less well (how do coupons work if every agent hunts fastidiously for them?), and certain kinds of customer cross-subsidy will change (today, people who forget to cancel subscriptions subsidize those who don't). Taken across the economy as a whole, I'm not sure what the incidence of all of this will be. • In corporate strategy, people have long debated the relative importance of distribution and product quality. Perhaps you've made something better, but does anyone know about it? Won't people just continue to buy the ACME Corp Mousetraps? Personal agents will, I think, act as a kind of structural subsidy for product quality. How would markets look different if individuals always spent at least 10 hours researching their purchases? On the margin, focusing on making a product better is, I think, going to become a more effective strategy for companies. This is good! • It true, a corollary is that information about product quality will become more important and impactful. Today, most people have very limited ability to aggregate and integrate such data, but agents will have insatiable thirst for such signals. (It's often said that data is becoming more valuable because it helps in the training of models. That's obviously true, but I think there's a secondary way in which it's more valuable simply as a complement to cheaper intelligence.) • A big question is whether agents will increase superstar effects (rational agents all settle on the same product) or increase dispersion (because everyone has slightly different tastes and preferences, which agents are good at eliciting, finally overcoming the artificial clustering we've been subjected to). • Many internet companies have monetized demand routing, which is in turn often predicated on short attention spans. "I'll click on the first thing I see." This has led to some amount of inefficiency, as companies try to propitiate capricious ranking algorithms and incur various placement fees. It's not all deadweight loss (willingness to pay is itself a kind of signal, which is valuable to buyers), but it's not great. How will the nature and value of this routing change in a world of personal agents? I don't know the answer, but I think that the effects might be pretty big. • Much of what I'm writing hinges on the assumption that personal agents will be on the consumer's side. I suspect that that will be the winning strategy, but whether it's true, and what it means to be true, involves a lot of other questions. Taken as a whole, the market is a massively parallelized, decentralized, and highly imperfect value attribution machine, and, taking stock of all of the effects, it seems to me that the quality point may well be the biggest: that agents will change the nature of the backpropagation such that the rewards for better products increase. Maybe this is too optimistic, but I suspect (and hope) that companies that make things that they're proud of will feel that the universe is a little more partisan in their favor.
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Tom | LD retweeted
Tip: A good way to find real low caps is to constantly monitor gas consumption across chains, it’s probably led to 90% of my gains. You don’t need to wait for a human report, the chain doesn’t lie, and with a little AI help, it’s easy to see. PS: Most gems are on Ethereum.
ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be is up over 1000% YTD i’ve been saying that for a while now this cycle’s alpha is in the small caps everyone is either focused on the majors like HYPE, ZEC, or NEAR, which are all good trades but somewhat limited in their upside and have already played out a big part of their move or they’re stuck in the trenches or on leverage chasing that 1000x meanwhile, there are dozens of incredible low cap gems that already make or are set to make a shit ton of revenue, which you can pick up right now for cheap some of these will 10x, 20x, or even 30x+ as a wise man once said: “you should probably be trading way less, and reading way more”
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The key distinction is price reference vs actual execution. If the risk sits entirely with an LP while users trade synthetic exposure at extreme leverage, one sharp volatility event can turn “paper trading” into a very real liquidity problem.
okay not trying to fud but… @papertrade_xyz doesn’t actually execute trades on hyperliquid. it just uses hyperliquid prices to settle synthetic positions against its own LPs, with 1000x leverage and some questionable payout asymmetry when prices gap. my concern is what happens when enough people figure this out. or someone big decides to trigger a volatility event that could drain the LP, and leave everyone queuing for withdrawals. using hyperliquid prices and trading on hyperliquid are two very different things. not sure if most trading on paper actually understand the difference.
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Tom | LD retweeted
Remarkable that mortgage rates have increased from 2.7% in January 2021 to 7.4% today and yet median house prices are up 33% in that time. via @Redfin
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Tom | LD retweeted
Anything ZK, privacy, or ‘quantum resistant’ is perking up right now. The tech actually matters again. Bullish.
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BREAKING: China’s central bank officially bought +23 tonnes of gold in September, its largest monthly purchase since September 2023. This follows +20 tonnes purchased in both August and July, and marks its 23rd consecutive monthly gold purchase. So far in 2026, China has officially acquired +103 tonnes of gold, raising total holdings to a record 2,410 tonnes. China is now the world’s 5th-largest gold holder, following the US, Germany, Italy, and France. At this pace, it could surpass Italy and France as early as this year, which hold 2,452 tonnes and 2,437 tonnes, respectively. China is aggressively buying the dip in gold.
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Tom | LD retweeted
no one can break cryptography except for mayyybe a handful of labs and governments and even if they do they are not going to hack ur coins for a tiny gain while revealing they have a nuclear weapon so chill the fuck out
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Tom | LD retweeted
BREAKING 🚨: Commercial Real Estate Office Delinquency Rates have soared to their highest level in history, surpassing even the peak of the Global Financial Crisis 👀
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Container freight costs: Global container freight rates have started to ease, with continued weakness on the Shanghai-to-Europe routes now being joined by the Shanghai-to-US lanes, following weeks of exceptional strength that drove shipping costs to Los Angeles and New York to four-year highs. The Drewry Composite Index fell 2% this week to USD 4,351 per 40-foot container, but remains up 164% over the past year, with much of that increase (129%) occurring since the start of the Middle East conflict which triggered widespread disruptions to global shipping routes and supply chains. The latest decline may partly reflect the seasonal winding down of peak shipping demand ahead of the Christmas shopping season, compounded by reduced Chinese factory activity during the Golden Week holiday. Meanwhile, increased vessel transits through the Suez Canal are helping ease capacity constraints on European routes. However, underlying shipping costs remain elevated, not least because of continued restrictions at the Panama Canal, where El Niño-related water shortages have reduced transit capacity while rerouted energy shipments have increased competition for available slots. This has driven auction premiums sharply higher, adding to the cost of serving US East Coast destinations. The recent easing therefore reflects some relief from seasonal demand and capacity pressures rather than a broader normalisation of global shipping conditions. With geopolitical disruptions continuing and key maritime chokepoints operating under constraints, freight rates remain vulnerable to renewed volatility.
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Tom | LD retweeted
Why is the crypto market dumping? $200 Billion wiped out from crypto in the last 48 hours as $BTC dropped below $81,000 and $ETH dropped below $2,450, causing $1.4 Billion in long liquidations. Key reasons: 1. President Trump said he may restart attacks on Iran. 2. Top research warns AI could break cryptography before quantum. 3. The US government transferring Billions in BTC. 4. Hawkish FOMC minutes, which indicate one more rate hike in 2026.
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What feels “normal” in society can shift far faster than people expect. Culture often moves slowly for years, then suddenly reaches a tipping point.
It's kind of wild how much American social beliefs have changed in such a short period of time. Consider an extreme example: In the mid-1990s, only about half of Americans approved of interracial marriage.
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Tom | LD retweeted
clarity reject, rate hike, bonds falling, quantum fud, ai breaking cryptography fud, yet we are higher than we were a month ago. we’ll be climbing a wall of worry for the next 3 years and u will be sidelined.
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BREAKING: Global central banks acquired +39 tonnes of gold in August, marking their 5th consecutive monthly purchase. This follows +23 tonnes in July and +52 tonnes in June. China again led demand, adding +20 tonnes and bringing its year-to-date purchases to +80 tonnes. China’s official gold reserves have now risen to a record 2,387 tonnes, or 9% of its total FX reserves. Furthermore, Poland bought +8 tonnes, lifting its year-to-date purchases to +98 tonnes and total gold reserves to a record 648 tonnes. So far in 2026, central banks have acquired +170 tonnes of gold. Central banks continue to aggressively accumulate gold.
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The financial pain is real: Wage growth fell to 3% (y/y) in September. That's the lowest in 5 years. Wage growth: 3% Inflation: ~3.4% Inflation has eaten up all wage gains for the average worker since April. Many people are having to make hard choices about what to buy and what to skimp on right now. Yes, consumption is still strong (mainly due to wealthier Americans and people dipping into savings or credit cards), but a lot of people have to think hard about every dollar they spend. Notable: Wages only ticked up 0.1% in the month of September. That was the weakest monthly gain since December 2025.
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Tom | LD retweeted
Gold Miners $GDX just formed a Golden Cross for the first time since February 2025 ✅ The last one sent prices soaring more than 100% over the next 8 months 📈 📈
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If aid leakage is showing up onchain, crypto may be exposing corruption as much as enabling it.
Amazing. These researchers found that there's a spike in Bitcoin activity around the time foreign aid money goes out. Somewhere between 2 and 6 cents of every dollar of World Bank foreign aid disbursements got siphoned off into crypto wallets:
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What happens to equities if yields continue to rise? The simple answer is that per the DCF model the present value of future cashflows will decline, all else being equal. Fortunately, all else is not equal and earnings are booming. That means that the stock market can withstand a P/E derating without causing a bear market. Remember that in 2022 the P/E ratio fell 33% while earnings only grew 8% (and were decelerating from the post-COVID recovery). The result was a 28% bear market entirely driven by contracting multiples. I fear that a milder repeat could lie ahead if this bond bear market continues. Again, as long as earnings keep growing at double digits, the damage to price could be modest. For instance, per the Fed model below (which compares equity valuation to bond valuation), if the 10-year yield rises to 6%, that suggests an equity P/E ratio of 16x. It is currently 19-20x. A 4-point drop in the P/E ratio is a 20% valuation haircut, but if it’s offset by 30% earnings growth, we could be spared the kind of drawdown we experienced in 2022. Maybe a 2022 echo or aftershock. 🧵(1/2)
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Tom | LD retweeted
New quarter, new quarterly revenue ATH for solana:CARDSccUMFKoPRZxt5vt3ksUbxEFEcnZ3H2pd3dKxYjp. To all the doubters, haters and FUDers who were questioning @Collector_Crypt for whatever reasons: you're wrong. Numbers don't lie, and the fact that they keep printing new ATHs even on these longer time frames is probably the most bullish thing big investors and liquid funds could want to see. More than $80M in net revenue generated already in 2026, $106M cumulatively. And that's before Q4, which is set to be the biggest and most event-packed quarter in Collector's history. I remain max bullish and max long.
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Gold holding up despite rising real yields says investors are increasingly trading the long-term fiscal picture, not just the next rate move.
September produced a striking divergence between #gold and investment demand. Gold fell as US Treasury #yields surged, yet gold ETF holdings rose for a second consecutive month. The continued inflows suggest investors were looking beyond the immediate headwind from higher real yields and instead focusing on what those higher borrowing costs may ultimately mean for fiscal sustainability and already elevated government debt levels. It raises an interesting question: what happens to gold once yields stabilise and the inflationary impulse from higher energy prices begins to fade? If investment demand has remained resilient during such a hostile rates environment, an easing of that pressure could provide a powerful tailwind. Chart source: Bloomberg
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