Money and markets

Deep Dive

The New Private Asset

Privacy tokens were delisted from exchanges 73 times in 2025, yet they became crypto's best-performing sector. Here's why.

Jul 9, 2026

Deep Dive

Why Gold, Silver, Platinum, and Palladium All Spiked at Once

Four metals spiked at once, for four completely different reasons. Here's what each one is signaling.

Jul 2, 2026

Deep Dive

Deep Dive: The Federal Reserve Explained

For two decades, investors built portfolios around a Fed that telegraphed its next move. Kevin Warsh has a different vision. Here is how the Fed works and what Warsh wants to change...

Jun 18, 2026

Money and markets

2025 Annual Letter

2025 was, in some ways, a historic year for Social Capital. Numerically, we did well. Our portfolio took an important inflection upwards when NVIDIA licensed Groq for $20B. However it felt...

By Chamath Palihapitiya

Apr 22, 2026

Deep Dive

Deep Dive: Why Housing Costs Keep Rising

To understand why affordability looks the way it does today, you have to understand how housing became a financial instrument in the first place. And the questions only get more difficult from here...

Apr 3, 2026

Deep Dive

Deep Dive: Prediction Markets

Prediction markets have grown to over $6 billion in weekly trading volume: more than 100x in just over 24 months. But with that growth comes a new set of questions...

Mar 19, 2026

Deep Dive

Deep Dive: 5 Forces Causing The Population Collapse

In my 2021 Social Capital Annual Letter, I warned that a demographic time bomb was already ticking. Since then, the U.S. total fertility rate has fallen another 4% to a record low of...

Mar 12, 2026

Deep Dive

Deep Dive: How Equity Tokenization Is Breaking TradFi Barriers

Since the start of 2025, the market capitalization of equity tokens has risen nearly 3.5x. But with this new level of access comes a new kind of complexity...

Mar 5, 2026

Deep Dive

Deep Dive: How Machines Are Becoming Better Investors Than Humans

Today, public and private information are instantly priced in. As such, strategies that depend on reacting to news, reading filings, or “having an opinion” compete in a game where the half-life...

Feb 19, 2026

Deep Dive

Deep Dive: China’s Global Strategy and Power Balance

What role does China play in the global economy and what role does it want to play? Does Beijing see the U.S.-led world order as something to join, bend, or break?

By Chamath Palihapitiya

Nov 7, 2025

Deep Dive

Deep Dive: China's History, Culture, and Politics

Many people talk about a “race” between the U.S. and China. In investigating China from that paradigm, we have to understand its strengths in relation to the United States...

By Chamath Palihapitiya

Sep 3, 2025

Money and markets

2024 Annual Letter

2024 was the year we transitioned from a hard landing to a period where a new wave of momentum began to build...

By Chamath Palihapitiya

Jun 3, 2025

Deep Dive

Deep Dive: A Primer on Stablecoins

What are the use cases for stablecoins, and how have they achieved product-market fit? What are the implications for U.S. markets? How will U.S. regulatory clarity impact the stablecoin ecosystem?

By Chamath Palihapitiya

Apr 28, 2025

Deep Dive

Short Dive: The Trump Administration's Fiscal Strategy

What are the structural problems that the Trump administration is focused on solving? What is this administration’s vision for America? What are the implications for entrepreneurs and investors?

By Chamath Palihapitiya

Mar 24, 2025

Deep Dive

Deep Dive: A Primer on Cryptocurrencies

What are cryptocurrencies and how do they work? What are some notable cryptocurrencies in the ecosystem today? Which aspects of the crypto ecosystem create value?

By Chamath Palihapitiya

Dec 5, 2024

Deep Dive

Deep Dive: Understanding Federal Agencies

How do federal agencies work in practice? How have federal agencies contributed to government expansion, and what reforms could streamline their operations in the future?

By Chamath Palihapitiya

Oct 30, 2024

Deep Dive

Deep Dive: Is India the Next Economic Giant?

Where is India’s economy today and where might it be tomorrow? From demographics to geopolitics, what are the key factors that will shape India’s economic future?

By Chamath Palihapitiya

Oct 1, 2024

Money and markets

2023 Annual Letter

This is the sixth of our annual letters where we share our reflections, key observations, and learnings over the past year, including how the economic and technological trends of the year have shaped our thinking and our investment portfolio.

By Chamath Palihapitiya

May 14, 2024

Quick Essays

Quick Essay: The Federal Reserve and Critical Moments in U.S. Monetary Policy

A short history

By Chamath Palihapitiya

Nov 15, 2023

Money and markets

2022 Annual Letter

To the supporters and friends of Social Capital...

By Chamath Palihapitiya

Apr 4, 2023

Quick Essays

Higher Rates Will Lead to the Next Generation of Great Tech Startups

Lessons learned from the past 60 years of technology investing may show what’s ahead as we enter a turbulent macroeconomic backdrop

By Chamath Palihapitiya

Jan 25, 2023

Quick Essays

IPO 2.0 update

Winding down IPOD and IPOF

By Chamath Palihapitiya

Sep 20, 2022

Money and markets

The New Private Asset

Why Gold, Silver, Platinum, and Palladium All Spiked at Once

Deep Dive: The Federal Reserve Explained

2025 Annual Letter

Deep Dive: Why Housing Costs Keep Rising

Deep Dive: Prediction Markets

Deep Dive: 5 Forces Causing The Population Collapse

Deep Dive: How Equity Tokenization Is Breaking TradFi Barriers

Deep Dive: How Machines Are Becoming Better Investors Than Humans

Deep Dive: China’s Global Strategy and Power Balance

Deep Dive: China's History, Culture, and Politics

2024 Annual Letter

Deep Dive: A Primer on Stablecoins

Short Dive: The Trump Administration's Fiscal Strategy

Deep Dive: A Primer on Cryptocurrencies

Deep Dive: Understanding Federal Agencies

Deep Dive: Is India the Next Economic Giant?

2023 Annual Letter

Quick Essay: The Federal Reserve and Critical Moments in U.S. Monetary Policy

2022 Annual Letter

Higher Rates Will Lead to the Next Generation of Great Tech Startups

​​IPO 2.0 update

Chamath Palihapitiya

IPO 2.0 update