Three Jobs, Three Buckets

June 2026 · Operator's Logbook

Operator's notes only — not financial, tax, or investment advice. This letter is a record of what I am doing in my own accounts and why. Nothing here is a recommendation. Before acting on anything you read here, please consult your own qualified advisors.

This one was hard to sit down and write. Bitcoin's been sliding since the October high, and the last two months made that decline impossible to ignore in the numbers below. I'd like to tell you the worst is behind us — there's a real case for a turnaround into the back half of the year — but the honest read is that more chop, maybe more downside, is at least as likely before that case plays out. I'm writing this from inside the stretch, not from the other side of it.

A reader wrote in after Issue #2 and, kindly but directly, told me I'd buried the lede. Twice. There's a line at the end of Issue #1 — the income layer funds my life, appreciation funds the leverage, reserves fund the survival of the path between here and there — that I tossed off in one paragraph and moved past. The reader said: slow down. That's not a throwaway line. That's the whole structure. Give it its own issue before you give me anything else