⛳️ The Golf
The PGA Championship
Course: Expect US Open scoring (-13 wins)
Weather: Watch the wind, hot weekend
Story: Spieth going for the slam
Scorecard
Outright Winner: Scottie Scheffler
Favorite Bet: Alex Smalley Top 10
Joe’s Pick: Ludvig Åberg
Fade: Bryson DeChambeau
📣 The Good, Bad & Ugly
GB&U: Golf Cannot Afford To MJ The Post-Tiger Era.
The NBA spent twenty years crowning the next Michael Jordan. Vince Carter, AI, Kobe, LeBron. Each one announced as The Heir before he'd earned it — and none of them were MJ. Only LeBron (at 41) actually rivals his airness, and he didn't arrive on the league's timeline. The marketing department chased a ghost while the actual product underneath got better: deeper rosters, global stars, the three-point revolution, internet-native fandom. The story was the field. The league spent a decade looking past it.
Golf is standing in the same doorway. Tiger isn't coming back, and every signature event press release is trying to anoint the replacement. Wrong play. The right play is to make a horse race out of it.
The Good: The field has never been deeper. Scottie's three straight runners-up. Rory's Grand Slam. Cam Young's ball-striking. Matt Fitzpatrick with three wins before May. Alex Fitzpatrick from outside the OWGR top 280 in October to projected top 50 this week. AK back inside the OWGR top 200 for the first time since 2012. A wave of amateurs behind them — Koivun, Howell, the kids who treated college golf like a launchpad. Stop looking for the next Tiger. Build the horse race for golf's Mount Rushmore and let that be the forever storyline. The race becomes the product. The next Tiger, if he shows up, will announce himself.
The Bad: Golf media is still writing for a 2008 audience. Long-form Sunday recap. Linear broadcast with 47 minutes of commercials an hour. LIV framed as enemy instead of friction that improves the field. Meanwhile the actual audience is on YouTube with Bob Does Sports, on Kalshi trading the Sunday outright, on text threads running Friday-noon pools. AK's Sunday 62 at LIV Virginia should have been a six-network story. Most fans saw it on a clip account. The PGA's partners are protecting the wrong moat.
The Ugly: The fastest-growing parts of golf are the parts the establishment doesn't fully control — TGL, YGT, the Wesley Bryan pivot, sim leagues in every city, Malbon turning the sport into streetwear, betting pools quietly running the engagement chart for under-40 fans. Young professionals are flocking to this sport at a rate that should terrify every other sports leagues — and almost none of that flow is being captured. Keep writing for Tiger's audience and the next decade gets handed to operators who built directly to the new fan: creators, sportsbook desks, brands with real distribution, and the players running their own businesses.
💰 The Wedge Fund

Brief: Paradromics is the second of two horses we’re backing in BCI. Higher bandwidth than competitors at roughly 20x the data throughput. FDA clearance for speech trials. Human implants expected within ~90 days. Targeting is clinical-first — restoring speech to patients with neurological injury — then expansion. Different path than Neuralink, same destination.
Paradromics: Neuro Technology
Bull Case: Two-winner markets are the best kind to allocate to when you can’t pick which one wins outright. Paradromics has the bandwidth lead, regulatory progress, and a medical-first wedge that creates compounding clinical data and FDA credibility from day one. While Neuralink is a multi-application moonshot accelerated by Musk’s capital and focus, Paradromics is the medical-business-first build that compounds before broadening.
Bear Case: BCI is hard. FDA timelines slip. Clinical trial outcomes are binary in ways most software businesses aren’t. Hardware in the brain is the highest-stakes hardware on earth — a single adverse event can compress the category for years. Capital intensity is real. High-conviction, multi-year, science-validated bet — not a quick-flip allocation.
Macro Environment
Brain-computer interfaces are about to move from research to product. Bandwidth between brain and machine becomes the next platform layer the way mobile became the layer after desktop. Whoever owns the bandwidth advantage owns the data flywheel — better signal, better models, better products, more users, more data. The lead widens. The category will likely have two real winners. We’re betting on both.
Not investment advice. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Read Disclosures →

