Building When the Market Doesn't Care

Every portfolio has two histories: the one written in bull markets, when everything works, and the one written in the quiet, when nothing does. The second history is where the returns come from.

OpenSea was seeded into indifference. Polymarket compounded through a cycle where nobody wanted to hear about crypto. The pattern repeats often enough to be the strategy itself.

For founders, the corollary is simple: the market not caring is not a verdict, it's a discount. The builders who keep shipping through it own the next cycle.

This is a curator's note. Read the full piece at its canonical home.