“Hey Samuel - can we invest in SpaceX?”

That’s what a client asked me this week.

I told them: you already are.

Some of the most exciting companies like OpenAI, Anthropic, SpaceX, and Anduril are all still private and we invest in them along with hundreds of others before they go public.

Because these are incredible businesses, when they go public, they tend to trade at very expensive multiples.

We invest in hundreds of high-growth private companies before they go public. When they eventually IPO and trade at aggressive valuations, we’re often looking to sell and recycle capital into the next private opportunity.

Just as important as what we invest in is where we do it.

Private equity inside an IRA is incredibly powerful:

• No capital gains tax
• No need to “time” exits
• Capital can be recycled from one private deal to the next with zero tax friction

If private equity lives in taxable accounts, it needs a partner.

That’s where tax-aware long/short equity strategies come in.

The capital losses harvested by the SMA can be used to:

• Offset capital gains from private equity exits
• Effectively turn taxable PE into potentially tax-free PE

There’s an interesting phenomenon happening right now:

Anything that gives investors pure AI exposure trades at absurd multiples once public.

So instead of chasing those multiples after IPO, we’re arbing the valuation gap before.

CoreWeave is a great example:

• Massive growth
• Clear moat
• Direct exposure to the AI infrastructure build-out

When we accessed it privately, the equity was worth roughly one-third of where it is today.

I have zero interest in owning it at public-market pricing.

I’m very happy to:

• Capture that value creation
• Take the win
• Recycle capital into the next opportunity with better risk/reward

That’s what sophisticated, tax-aware private market investing looks like.

It’s not about chasing stories.

It’s about owning growth early, exiting intelligently, and compounding efficiently.