Pinned Tweet
Hello? Is this thing on?? I am back and ready to roll...literally. I am proud to announce the launch of Maverix Private Equity - a dream come true. theglobeandmail.com/business/artic…
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John Ruffolo retweeted
So since everyone is paying attention now, here is the latest version
One month later:
"Circular revenues received a lot of the airtime, but the circular impact of AI on markets and tech probably didn’t get enough scrutiny while things were going well. That’s changed." - JPM's Global Co-Head of Cash Trading Ron Adler
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Canada just took a real step toward risk-based capital formation. Federal Budget 2026 introduces the Canada Growth Incentive: a new exemption on up to $15M in capital gains from qualifying investments in Canadian companies, plus an enhanced small business rollover.
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Early-stage investing, in particular, is a high-risk, long-duration bet. Most investments fail, and the few that win have to pay for the rest. When the upside is heavily taxed, capital goes elsewhere, and the U.S. has long had a similar incentive in QSBS.
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1.Founders keep more of the proceeds when they exit.
2.Early investors/employees have a stronger reason to back Cdn companies.
3.Recycling of capital gets easier. Successful founders and angels can reinvest in the next generation of companies and that's how ecosystems compound
2.Early investors/employees have a stronger reason to back Cdn companies.
3.Recycling of capital gets easier. Successful founders and angels can reinvest in the next generation of companies and that's how ecosystems compound
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John Ruffolo retweeted
One of the things the data analysts on our side obsessed over was "composition"—whether the electorate looked close enough to 2024 for Republicans to win. And despite polls that showed a Democrat blowout, the data kept on telling us the same story: in some states turnout was merely OK, in other states it was downright amazing, and in no state was it catastrophic. There was a genuine sense of optimism on our team: our people were showing up.
So, I asked the smartest data guy I know, does that mean we're going to shock the world? "No," he told me. "We might do better than the polls suggest. But the data is telling us that a lot of Trump/Vance 2024 voters are pissed and planning to vote for the other guys. Our voters are turning out, but they may not vote for us."
Well, that looks prophetic now. Our voters did show up. In Florida, for example, the electorate was 9 points more Republican than Democrat, just a couple points worse than 2024. Undoubtedly there were places we could have done better on turnout. But the main problem is not turnout. The main problem is that many people who voted for Trump/Vance in 2024 voted for Democrats in 2026.
There will be a lot of infighting and arguing over what happened and why that is. One of the pollsters I really respect told me that our economic messaging wasn’t sharp enough down the stretch. I’m sure that’s true.
But the real reason we lost is obvious to almost everyone.
Another pollster—one of the smartest people I know in politics, told me yesterday we’d lose the generic ballot by 13 points. I felt negative going into Tuesday, but even I was shocked by this. In his polling, he saw that a lot of Trump 2024 voters were angry and planning to vote for Democrats. He asked those voters who had abandoned us what would cause them to come back on our team. The top four answers, accounting for nearly all of the responses were:
1) End the war
2) Focus on cost of living/inflation
3) Put America First
4) Change our relationship to Israel
Our voters showed up. And the above four reasons are why many of them voted for Democrats. This is according to a pollster who nailed the results. While many spent Monday attacking Rachel Campos Duffy for calling for a diplomatic resolution to the conflict, it turns out her political advice was sound. (She’s also a great person.)
In the next few months, there's going to be a lot of gaslighting. Expect to hear any number of establishment politicians say the solution to our woes is amnesty. I'm open to the idea that we should change enforcement—by focusing more on businesses that hire illegal labor, for instance. But anyone pushing amnesty is lying to you.
The reason we lost is the war. The president himself said so last night.
If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest.
But everyone knows why we lost. And any honest conversation about where we go from here must start there.
I remain hopeful about our country. To the people who are pissed off and want to say, “I told you so”: you’re right, you did tell us so. Take that energy into electing Republicans who share your worldview. To the people who are just pissed at the results, you should be. Let’s take that anger and get back to the work of saving our country.
So, I asked the smartest data guy I know, does that mean we're going to shock the world? "No," he told me. "We might do better than the polls suggest. But the data is telling us that a lot of Trump/Vance 2024 voters are pissed and planning to vote for the other guys. Our voters are turning out, but they may not vote for us."
Well, that looks prophetic now. Our voters did show up. In Florida, for example, the electorate was 9 points more Republican than Democrat, just a couple points worse than 2024. Undoubtedly there were places we could have done better on turnout. But the main problem is not turnout. The main problem is that many people who voted for Trump/Vance in 2024 voted for Democrats in 2026.
There will be a lot of infighting and arguing over what happened and why that is. One of the pollsters I really respect told me that our economic messaging wasn’t sharp enough down the stretch. I’m sure that’s true.
But the real reason we lost is obvious to almost everyone.
Another pollster—one of the smartest people I know in politics, told me yesterday we’d lose the generic ballot by 13 points. I felt negative going into Tuesday, but even I was shocked by this. In his polling, he saw that a lot of Trump 2024 voters were angry and planning to vote for Democrats. He asked those voters who had abandoned us what would cause them to come back on our team. The top four answers, accounting for nearly all of the responses were:
1) End the war
2) Focus on cost of living/inflation
3) Put America First
4) Change our relationship to Israel
Our voters showed up. And the above four reasons are why many of them voted for Democrats. This is according to a pollster who nailed the results. While many spent Monday attacking Rachel Campos Duffy for calling for a diplomatic resolution to the conflict, it turns out her political advice was sound. (She’s also a great person.)
In the next few months, there's going to be a lot of gaslighting. Expect to hear any number of establishment politicians say the solution to our woes is amnesty. I'm open to the idea that we should change enforcement—by focusing more on businesses that hire illegal labor, for instance. But anyone pushing amnesty is lying to you.
The reason we lost is the war. The president himself said so last night.
If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest.
But everyone knows why we lost. And any honest conversation about where we go from here must start there.
I remain hopeful about our country. To the people who are pissed off and want to say, “I told you so”: you’re right, you did tell us so. Take that energy into electing Republicans who share your worldview. To the people who are just pissed at the results, you should be. Let’s take that anger and get back to the work of saving our country.
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John Ruffolo retweeted
what frankly pisses me off is that Anthropic knew this full well before they posted their original S-1 and they left the Q3 data out, in order to frame the conversation.
Anthropic's finances are deteriorating ahead of its IPO:
Anthropic reported +$16.96 billion in Q3 2026 revenue, up +47% QoQ.
However, quarterly revenue growth slowed sharply from +144% in Q2, as price reductions and contractual discounts offset revenue by ~$600 million.
operating profitability lasted just ONE quarter as the company swung back to a GAAP operating loss of -$567 million in Q3, following operating income of +$974 million in Q2.
This comes as compute and infrastructure expenses surged +77% QoQ to $9.9 billion, accounting for 58% of revenue, up from 48% in Q2.
In effect, every $1 spent on computing infrastructure generated just $1.72 in revenue, down from $2.08 in Q2, marking the first quarterly deterioration in this key efficiency metric.
Overall, Anthropic's net loss reached -$23.3 billion in Q3, bringing its cumulative net loss for the first 9 months of 2026 to a staggering -$104 billion.
While most of the quarterly net loss came from non-cash valuation adjustments, the underlying operating business also slipped back into the red.
Excluding the $21.9 billion in non-cash valuation adjustments, Anthropic's Q3 net loss was -$1.4 billion.
Anthropic's trillion-dollar AI ambitions are increasingly colliding with the financial reality of an infrastructure race where computing costs are rising faster than revenue.
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John Ruffolo retweeted
Apollo's Mark Rowan is calling out AI debt mispricing.
"Companies have 40 billion, 60 billion market caps and are paying 16 to 18% for their debt. One of those things is wrong."
"Companies have 40 billion, 60 billion market caps and are paying 16 to 18% for their debt. One of those things is wrong."
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John Ruffolo retweeted
💥WILD: The President of the Public Health Agency of Canada, Nancy Hamzawi, claims—on record—that men can get pregnant—and that she doesn't believe in reality.
This is Canada.
This is Canada.
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John Ruffolo retweeted
🤯🤬
“God fuck him”
“Rip his balls”
“Need to seal every crack in the coffin”
—This is how two MIT professors talked about their scheme to bring down Dr. David Sabatini. (Kristin Knouse called it Operation Dethrone.) This was an extensive MeToo hoax that was born out of nal malevolence.
“God fuck him”
“Rip his balls”
“Need to seal every crack in the coffin”
—This is how two MIT professors talked about their scheme to bring down Dr. David Sabatini. (Kristin Knouse called it Operation Dethrone.) This was an extensive MeToo hoax that was born out of nal malevolence.
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Hmmm, were all the kids screaming because i am in a wheelchair or maybe its the mask? 🤔. Apologies in advance to the parents who needed to change some of their kids’ costumes after my jump scares.
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Someone comes into hospital with a bullet in their shoulder and it is not viewed as suspicious, potentially criminal activity? Yup, no crime problem in Toronto…
#BREAKING: Toronto police identify suspect in violent Bridle Path home invasion, say he was also shot
cp24.com/local/toronto/…
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John Ruffolo retweeted
New @TankTalkPodcast Rundown with @ruffoloj
Ottawa’s $1.75B venture push, why Canadian startups sell before they scale, Anthropic’s growth vs. its compute commitments, and why AI agents are now a boardroom cyber risk.
Watch & listen below
Ottawa’s $1.75B venture push, why Canadian startups sell before they scale, Anthropic’s growth vs. its compute commitments, and why AI agents are now a boardroom cyber risk.
Watch & listen below
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John Ruffolo retweeted
A textbook example of gaslighting paired with an aversion to accountability.
Then, “it’s joke”
Then, “it’s joke”
@coreyherscu weird bc i never said that…not all dark thoughts are suicidal. if that’s where your minds going i can’t help u with that. also it is a joke
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John Ruffolo retweeted
Voting with my wife and best friend.
Kathryn has supported this adventure from the start and she's the rock of our family. None of it's possible without her.
Kathryn has supported this adventure from the start and she's the rock of our family. None of it's possible without her.
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Today is Toronto’s Mayoralty Election. If you want to have a say in Toronto’s future, get out and vote. This is a core role in our society and yes, if your candidate doesn’t win and you didn’t vote, it’s your fault!
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