Thank you for sending in questions and feedback!

I read every single email I receive. I hope this Saturday email can clarify any questions you may have.

Let’s get to it.

I was an early investor in the Fundrise Innovation Fund (VCX) before they went public and now my shares are locked up for 6 months. If I understand what you are saying, the days of VCX trading on value are over and it will now trade on market demand. Are you suggesting that I run the same risk of holding my shares as if I had bought them on an exchange, or do I have any advantage as an early investor? – Sam

Thanks for emailing in, Sam. This is good context for other readers.

The short answer is: you still have an advantage as an early investor, but your shares are now subject to the same market forces as everyone else.

You didn’t buy VCX at 15-20x net asset value (NAV).

You bought it close to the underlying value of the assets.

That’s the key distinction.

Right now, someone buying VCX in the market is making two bets:

1. That the underlying companies (SpaceX, OpenAI, etc.) increase in value

2. That the premium to NAV stays elevated

You’re only really exposed to the first one. That’s a much better position.

Now, here’s where your risk comes in.

Your shares are locked so you don’t control your exit timing.

If the premium collapses before your lockup expires, you won’t be able to sell into that elevated price.

By the time you can sell, the stock may already be trading much closer to NAV.

That doesn’t mean you’ll lose money.

It just means you may not capture the inflated premium that exists today.

So the way I’d think about it is this:

• Public buyers today are speculating on hype and premium

• You are invested in the underlying assets

That’s a better place to be.

I just opened a self-directed IRA with SoFi so I could purchase ARK Venture Fund (ARKVX). Could this fund follow your example of trading at an extreme premium to its net asset value? – Ron

Thanks for the question, Ron. More good context for other readers.

Short answer: No. ARKVX won’t trade at an extreme premium like DXYZ once did or VCX is currently trading.

That’s because ARK Venture Fund doesn’t trade on an exchange.

You don’t buy it from another investor.

You buy it directly from the fund, typically at (or very close to) its net asset value.

I invested $1,000 in Cathie Wood’s ARK Venture Fund (ARKVX) hoping SpaceX will supplement my retirement. Was that a mistake or should I hold on? – Horst

Hi Horst! I wouldn’t call that a mistake. ARKVX is up 63% in the last year so I’d imagine you’re sitting on gains right now.

Plus, as I explained to Ron above, ARKVX won’t swing wildly based on investor hype piling into a crowded trade.

So your decision to hold is really about the value of the underlying companies.

Here are the top holdings via ARK’s website.

I’m personally bullish on these companies. Including Zipline – a company I’m a former investor in!

Is Destiny Tech100 (DXYZ) now a bad investment?? – Mary

Mary! I wouldn’t call Destiny Tech100 a “bad” investment. As I said in my article: “Today, DXYZ trades around $26 per share, compared to a net asset value (NAV) of roughly $20. Much more reasonable.”

That said, it’s still a very misunderstood investment.

You’re not buying direct exposure to SpaceX or the other private companies in the portfolio.

You’re buying a small slice of that exposure, and the price you pay is influenced just as much by market supply and demand as it is by the value of the underlying assets.

That’s the part most investors miss.

In my IRA portfolio, I sell options on positions that I own which helps on the down days. Will you do anything like this on The Million Mission portfolio? Also, do you suggest any long-term LEAPS on positions that you really like but don’t have the cash for a stock you truly believe in? – Ann

Thanks for the question, Ann.

I don’t sell options in The Million Mission portfolio because I want to maintain maximum flexibility. Covered calls can generate income, but they also cap your upside and can limit how quickly you can move in and out of positions. In a portfolio like this—where I’m looking for big, fast moves—that flexibility matters.

That said, I do use this strategy in my personal account.

As for LEAPS, I haven’t used them yet in The Million Mission, but it’s something I’m actively considering. Especially for a high-quality stock like Nvidia (NVDA) – massive growth potential with a dirt cheap valuation that I don’t expect to last long. Stay tuned.

Is there a reason that there is (apparently) no direct access to The Million Mission portfolio from your website? – Gary

Hi, Gary. As a free newsletter, I don’t have a tracked portfolio via the website.

Check the bottom of every Saturday email for up to date positions.

Nice to meet you. Lifetime Paradigm member here. If you’re starting with $100K, are you putting $25K–$50K into your first trade since you’re taking big swings? And as the portfolio grows to, say, $500K, would you increase that to $100K positions and share how much you’re putting in? – Peter

Welcome to The Million Mission, Peter. That’s the plan. As my bankroll grows I’ll take larger bets. Unfortunately I’ve been going sideways for a bit. Still sitting around $100,000 as we speak.

Looking to change that…

Important Update: Follow The Million Mission on Twitter/X

Big news: I just launched a Twitter/X account so you can follow along with The Million Mission in real time. If you want quicker insights, early reactions to breaking news, and a closer look at how I’m navigating the road to $1 million – this is where I’ll be.

Come hang out, ask questions, and follow the Mission as it happens @DavisPWilson.

Another Important Update: The Million Mission website is live!

I’ve gotten plenty of feedback regarding where to find previous alerts. Well, The Million Mission website is finally live and you can check out archived alerts here.

Portfolio Overview

Here’s what I’m currently holding in The Million Mission portfolio:

Fannie Mae (FNMA) – 2,500 shares @ $7.25/share

Uber Technologies (UBER) – 200 shares @ $80/share

Nvidia (NVDA) – 200 shares @ $179/share

Special Shoutouts

Thank you to Crystal, Steve, Chris, Tom, Coralie, and Richard who emailed in kind words and thoughtful comments.

Thanks for being along for the Mission.

Please keep the emails coming.

Talk to you on Monday.