In short: A SpaceX proxy — turned an $8M stake into ~30% of its book — that "got crushed off NAV" when SpaceX became directly available post-IPO. "The interesting one to watch" but a study in the gap between how investors want to see themselves and the real thing.
Stack Capital is a Canadian-listed company that holds stakes in private firms — most famously SpaceX, which grew to roughly 30% of its portfolio after an initial $8M investment turned into a big number. That made it a popular "proxy" for owning SpaceX before SpaceX itself was public. Once SpaceX listed, the stock "got crushed off NAV" — it fell to a steep discount to the net asset value of its holdings, because investors who'd bought it to get SpaceX exposure could now just buy the real thing. Larson uses it as a cautionary tale (the gap between "your ideal self and your actual self") and calls it interesting to watch rather than a buy. ("Off NAV" = trading well below the underlying value of what it owns.)
24:13But I think the interesting one was, look at Stack Capital, STCK. It was getting a derivative of how to participate in SpaceX and it's sold off. It got crushed. Because people, reality and how people want to view themselves are going to always be different. There's that difference between your ideal self and your actual self.
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