Cash Is a Position: Trimming Before the Anthropic IPO

Rigatoni Capital Podcast · Oct 21, 2026 · 38m

I spend most of my time preaching long-term buy and hold, so raising a big cash pile probably sounds off-brand. But a professional buy the dipper without cash is not really a buy the dipper. I continue to watch the AI infrastructure trade get beaten up, we see Anthropic’s S-1 reveal just how much these companies are promising to spend, and I think dry powder on the sideline is extremely important right now. Ken Griffin of Citadel said this week we are almost certainly in an AI bubble while staying bullish on the long-term potential, and if that’s at all a possibility, you absolutely should…