The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Capital

Optionality

across 7 members — open each for the figure + sources

about Capital

aggregate of member nodes

Aggregate of 7 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 7

This is an aggregate — its evidence is the members' own claims.

  • SoftBank free but LEVERED — Son ~71.36% voting control deploys at will, but ¥25.4T (~$169B) debt + …
  • MGX free/aggressive — state-backed (Mubadala + G42), Sheikh Tahnoun bin Zayed-chaired; …
  • BlackRock constrained — AUM is fiduciary/benchmark-bound (~64% index-passive); free corporate cash …
  • PIF free-ish but Vision-2030-directed — sovereign principal (MbS chairs), reversible + …
  • State Street constrained — SSGA AUM is fiduciary/benchmark-bound index (SPY), custody is pure agency …
  • Vanguard constrained — fiduciary index mandates; the client-owned structure means profits are …
  • Fidelity mixed — a larger active-management book than the index giants + private ownership give …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Capital.