AWARE

Ryunsu Sung

Nov 26, 2025

A glass bubble filled with stressed analysts floating on a chaotic ocean of smartphones and social media comments debating the AI bubble.

Nov 26, 2025

The ‘AI Bubble Warning Bubble’ Has Grown Bigger Than the Bubble Itself

All of this suggests that the market is engaging very actively in price discovery to gauge the extent of the risk of AI overinvestment.

Ryunsu Sung

Private Credit and Liquidity: Are Transparent, Public Markets Really More Rational?

Private credit has grown rapidly by touting low volatility and stable returns, but opaque and discretionary asset valuation is emerging as a risk factor in a rising-rate environment. Even identical loans are being valued very differently from fund to fund, undermining market confidence. Yet because public markets, where information is reflected immediately, are not always rational either, it is hard to claim that liquidity and transparency alone guarantee superior valuation.

Ryunsu Sung

A Worldview You Can Bend to Your Liking and Venture Capital

When a16z invested $15 million in the startup Cluely, which sparked controversy with the slogan “Cheat at everything with AI,” the debate over ethics and worldviews in the venture ecosystem flared up again. Cluely began as a cheating tool for coding interviews and now openly pursues a strategy of “monetizing attention through provocative content.” To keep means from devouring ends, we must remember that each small, intentional choice we make early on ultimately defines our philosophy and our business.

Ryunsu Sung

Absolute Truth, and Investing

Investing is both an act of preserving one’s identity and of taking in new information. Owen Lamont emphasizes that a systematic investment strategy is not about clinging to old models, but about continuously improving the research process to keep pace with changing markets. Like the Ship of Theseus, where planks are replaced over time, it is a process of evolving into a more robust strategy. Just as philosophy is the origin of science, good investing is not the product of a single model, but of fundamental inquiry and incremental refinement.

Ryunsu Sung

How Stablecoins Become (an Even Inferior) Form of Money

The convenience that comes from evading regulation in finance is not a benefit; it is illegal.

Note By Ryunsu

AWARE - Making Capital Effective and Transparent

Recommended Posts

The ‘AI Bubble Warning Bubble’ Has Grown Bigger Than the Bubble Itself

Private Credit and Liquidity: Are Transparent, Public Markets Really More Rational?

A Worldview You Can Bend to Your Liking and Venture Capital

Absolute Truth, and Investing

How Stablecoins Become (an Even Inferior) Form of Money