Founders Call: Navigating Fear

Silver just had its worst single-day crash in over 40 years. 

Bitcoin has lost nearly half its value since October. 

Software stocks are in freefall, with the S&P Software & Services Index down 20% year to date and Jefferies coining it the “SaaSpocalypse.”

This is not a normal week.

Gold ripped to $5,600 and then cratered below $4,700. Bitcoin blew through $70,000 to the downside on Thursday — a level it hasn’t seen in 15 months — fully erasing the entire post-election Trump bump. 

Michael Burry is publicly warning about a “collateral death spiral.” The Nasdaq 100 just posted its worst three-day stretch since April.

And underneath all of it, something structural is shifting in tech.

AI is eating software so fast that $300 billion in SaaS market cap evaporated this week alone. 

The moat that used to protect these companies — the ability to build complex software — is vanishing in real time. 

So what replaces it?

Landon and I sat down this week to talk through all of it.

Not from a headline-skimming perspective. From the perspective of two people who started trading in the late ’90s, lived through the dot-com bust, the housing crisis, and COVID — and are watching the same patterns emerge again.

They break down the leverage mechanics driving these violent moves — the kind of cascading liquidations that turn a 3% dip into a 35% crash in days. 

In this week’s Founder’s Call, we are unpacking why this might be worse than it looks for some assets and why it might be a massive overreaction for others. 

And we are proposing a macro thesis that almost nobody is talking about yet — one that connects AI, deflation, and government monetary policy in a way that could reshape how you think about your portfolio.

If you’re watching silver implode, Bitcoin bleed, and your software holdings get shredded — this is the conversation you need to hear.

▶ Watch the full Founders Call below

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