Rosa Del Mar

Issue 26 2026-01-26

Rosa Del Mar

Daily Brief

Issue 26 2026-01-26

Tool-Driven File Ingestion Via Container.Download With Browsing-Context Gating

  • Observed container.download requests use a 'ChatGPT-User/1.0' user-agent and originate from an Azure IP in central US (Des Moines, Iowa).
  • ChatGPT containers can run Bash commands directly rather than being limited to Python-only execution.
  • Outbound network requests are blocked in the container, but pip install and npm install work via a custom proxy mechanism.

Quality-Control-Watch-Items-And-Acceptability-Thresholds-In-Agent-Tests

  • A common AI-generated test anti-pattern is excessive duplicated test setup code that should be caught and corrected during review.
  • Agents generate higher-quality tests when they can follow strong existing patterns from a project's current test suite without extra prompting.
  • Providing specific tool instructions (e.g., naming pytest-httpx) reliably guides an agent to the intended approach for mocking HTTP endpoints in tests.

Dividends, Quality, And Non-Us Relative Appeal (Conditional On Fx)

  • The claim that US equities are always expensive is challenged by the observation that in 2009 the US market traded at low double-digit CAPE levels (as stated by the host).
  • There is a non-trivial probability that a future year such as 2026 could resemble 2022 with large drawdowns in mega-cap growth (MAG-7).
  • No one can reliably know whether Bitcoin will have a future economic purpose, and its current price can be disconnected from long-run utility.

Precious Metals Flow Regime And Reversal Risk

  • There is a warning not to FOMO into precious metals because many investors are making that mistake right now.
  • Bitcoin is described as lacking interest and sitting in a dangerous technical spot near trendline support, with a suggested strong-buy zone if it drops below 80.
  • A multipolar world increases the value of non-sovereign stores of value such as gold and Bitcoin because trust in a single hegemonic currency regime declines.

Allocation Architecture Multi Protocol Vs Vertical Integration

  • Some curators and protocols are building their own vault infrastructure, including Gauntlet's vault product, Aave v4 vaults, and Hyperliquid vaults.
  • The key vault-space product trend to watch is increasing flexibility where a one-click product packages multi-protocol, multi-chain, and multi-asset exposure into a familiar user experience.
  • DeFi is increasingly becoming a back-end infrastructure layer rather than a consumer-facing front-end.

Geographic Expansion And Operational Scaling In The Us

  • Legora went from zero US headcount at the start of the year to 50 people, is opening a Manhattan office targeted to reach 150 people, and plans three additional US offices this year.
  • Max disputes that Harvey is the default first name in legal AI anymore and disputes the narrative that Harvey 'won the US' while Legora 'won Europe'.
  • After raising $10M from Benchmark and then $25M from Redpoint about a month later, Max told the board Legora would not sell the product for the next six months; the pause was used to rebuild infrastructure for reliability/scalability, with a claim that by Oct 1, 2024 it could onboard 1,000 lawyers per day comfortably, and that continuing to sell without fixing scalability/reliability would have caused churn.