Figma went public and Robinhood democratized access. The shares are down well over 50% since IPO. I respect RobinHood’s success… They are the leader. It’s an incredible story. But, Robinhood’s miss shows a flaw in a broker-driven FOMO approach. I also did not like their OpenAI at half-a-trillion dollars… just when Gemini is about to drop their latest model that rumors say runs circles around GPT5. BTW, we closed on Canva about a month or so ago at We also got into Kraken at $35 / share and did a front run of their primary round at $50 / share. I expect both will do a lot better than Figma’s IPO. I’ll wait for Figma to bottom then pick it up cheap. It’s a great business, but ‘you make your money on the buy’ $FIG $ADBE