[Anti Fund] August 2026: Scarcity

[I'm open-sourcing relevant sections of my Anti Fund (antifund.com) LP letters which I write monthly.]

Dear Partners and Friends,

Last month I wrote that alpha is rotating toward atoms (and hence rotating our sourcing). Upon deeper reflection, the more precise statement is:

Value accrues to scarcity, and AI is changing what is scarce.

Verifiable intelligence (coding, math, science, etc.) and (digital & pixel) execution costs goes to raw incremental input cost (i.e. power), which means scarcity flows towards assets that cannot be generated by a model: manufacturing, proprietary data, trust, and ultimately human attention.

The only game worth playing is to find these bottlenecks because everything else reverts to commodity. This does not mean only invest in hardware and never software; it’s a matter of ability to parse true scarce assets from AI bubble beta.

Anti Fund invests in scarcity. And we understand scarcity through two steps: 1) wielding our ability to command human attention to farm information and talent asymmetry, and 2) use these insights to buy, build, and position around scarcity bottlenecks.

It’s a simple strategy, and we’re seeing it work across venture, growth, and we will eventually cross professionally into the public markets. We re-state in specific terms for each pod here:

• Venture: we meet rare human talent first. Jake and Logan owning childhood hero celebrity status for Gen Z and our social-native, content-native brand allows us to see the field earlier and out-compete larger, legacy brands.
• Growth: we a priori decide what and who the top 15 private tech companies and founders in the world are at each given vintage, and then we full court press to win allocation and offer culture, communication, and advocacy that other vc brands will have difficulty replicating.
• Public markets our perspective from working with the top private companies gives us a view on where physical and financial bottlenecks in the broader public markets.

Traditionally, early stage VC stay in their lane, growth investors stay in their lane, and hedge funds stay in there lane and each stay focused in their little box. If we are consistent in our belief that AI makes verifiable intelligence and deal execution cheaper, than you have to believe the future best investors will transact across all stages to obtain information advantage.

The best companies are doing this too: Stripe announced the acquisition of OpenRouter and Ramp launched it’s own router (router.com). Companies that were squarely fintech now realize more money is flowing through tokens and controlling token flow is controlling financial flows.

An investment firm is even more pure of a finance and information flow problem. We intend to build that future iteration of what an ai-native investment company looks like with our own bespoke infra.

Thank you for believing in and supporting what we’re building with Anti Fund. We oversubscribed and officially closed over $110M in our Growth I, significantly over our $100M target.