Josh Wolfe's Q3 Lux LP letter: instrument first, anomaly second, market last
brucemacv · x · 2026-11-13
Lux Capital partner Josh Wolfe's Q3 LP letter "Anomalous Instruments" distills a key investing lesson from history: the instrument comes first, the anomaly second, the paradigm shift third, and the market nearly always comes last — a framework for spotting paradigm shifts before markets price them in.
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