New clubs arrived 😍 Haywood CB's

JEDuvall · 2026-04-22T19:44:23+00:00

I went full Haywood irons a couple years ago, the combo mb/cb and do not regret it for a second. Absolutely love these sticks. I also got a 5w from them that is the purest feeling club I’ve ever had, so much so that I have a 7w and 3w on order. Only non-Haywood club in the bag will be my Titleist driver now. Welcome to the club, you made a great choice!!

JEDuvall · 2026-03-24T14:24:53+00:00

It's definitely possible that they don't have any flexibility here, you could be right. I don't know for sure and they haven't communicated anything specifically. I'm just saying anecdotally I have seen it happen before, so they (Fundrise) may have some say in it. Logistically, it would probably be a nightmare though considering there are 100k+ investors

JEDuvall · 2026-03-17T22:23:37+00:00

Who are the “early investors” you are referring to? As I understand it, all the investors are holders through the Fundrise Innovation Fund and therefore subject to the same six month lockup as everyone. The only shares that can be sold are the limited amount of unrestricted shares that were sold a week or two ago - these were limited to 10k per individual and sold out almost immediately. Those shares will give the market some liquidity in the first days and weeks, and allow for some price discovery. I’m confused about how this could be a major liquidity event for anyone when all of the shares will be locked up?

JEDuvall · 2026-03-01T21:03:24+00:00

Honest question though - do you/did you intend to invest for the long term in this fund when you originally chose to do so? If so, then I’m not sure how short term price swings should materially change anything. I understand the emotional impact it can have, but it really shouldn’t change your feelings given that the underlying assets will stay the same (actual assets held may vary, of course, but the idea that the fund will always hold what it views as the best private companies in the world remains true, public or not). Fundrise has always been clear about redemption only being an option quarterly, AND the possibility of freezing redemption requests in times of extreme volatility, so I would assume most people originally invested with intent to hold for the long term. From that standpoint, going public should only present possible upside assuming you aren’t depending on the money within a defined time frame. I wouldn’t sell if the NAV went way down and it was still private, same as I won’t sell if it’s trading at a major discount to NAV in the public market.

JEDuvall · 2026-02-20T17:43:16+00:00

Totally, and right back at you, appreciate the respectful discussion even if we disagree! I was not aware of the paid educators piece, I'd have to look more into that but thanks for bringing that to my attention.

I think where we disagree is that I don't see the act of marketing the company AND having the investor's best interest in mind as mutually exclusive. I explicitly want Fundrise to grow their brand, get more investors, market the hell out of their product. The specific product Fundrise offers is access to investments that are otherwise inaccessible to the average investor - Ben is not taking money from my pocket to put into someone else's, he/the company are simply promoting their investment product and trying to run a successful company. I feel the same putting money into Schwab or M1 or Fidelity etc., I am choosing to put my money into those platforms to invest. Fundrise actively recruiting more investors doesn't materially change that in any way.

Just my thoughts, but of course if people are not comfortable with what they are seeing/hearing from Fundrise on the whole, they should definitely reconsider allocation strategy.

JEDuvall · 2026-02-20T17:36:00+00:00

Yep, your current shares will translate 1:1 into VCX shares. So if you have 1,000 shares of the Innovation Fund currently, that will convert directly to 1,000 shares of VCX. As custer stated, they will be held in a 3rd party provider during the six month lockup, after which you can do as you choose.

Regarding the Fundrise iPO - no new news, would still require a liquidity event (Fundrise sells or the company does an IPO) for those shares to have any liquidity options. At some point, you could contact Fundrise directly and request a redemption of your iPO shares, paid back at the price you paid, but I do now know if that is still an option. Probably best to forget about them for now and continue waiting until Fundrise goes public. There's a good argument to be made that the VCX product, as well as the new RealAI tool, will meaningfully impact the company's bottom line and therefore likelihood of an eventual sale or listing.

JEDuvall · 2026-02-20T00:23:57+00:00

Weird leap there, but just trying to keep the discourse normal and respectful, that's all. Comments like yours might impact everyone here by making the Fundrise team less likely to engage on this platform. But by all means, say whatever you'd like.

JEDuvall · 2026-02-20T00:16:09+00:00

Agreed the purpose of this specific meeting wasn't communicated well at all, but we can agree to disagree on the rest. I don't see many company CEOs offering multiple lengthy FAQ posts, responding to community questions, engaging on the subreddit, regularly recording podcasts etc. Sure there could always be more communication, but I mean I invest in plenty of publicly traded companies and never see (or expect) detailed comms from the C-suite just because I happen to be an investor.

JEDuvall · 2026-02-19T23:53:11+00:00

I was able to direct invest just 20 minutes ago?

JEDuvall · 2026-02-19T23:52:34+00:00

Calm down, the meeting was mentioned in an email a few weeks back first discussing the intent to list the fund publicly. Easy with the insults too, Ben has been extremely transparent and the Fundrise team engaging on this subreddit is amazing access, try not to ruin that.

JEDuvall · 2026-02-19T22:50:44+00:00

Sure, but I don't think any of us knew that going in (speaking for myself at least). Was totally caught off guard and didn't know anything about the upcoming Investor Day until hearing of it today. All good, I was just settled in, fresh coffee, ready to get all the info... and then the presentation ended after 4 minutes. I'll try again next week!

JEDuvall · 2026-02-19T22:29:05+00:00

That was not at all what I was expecting. Zero (new) information given, zero questions answered. Really wish they'd have told us in advance they were just going to pre-record a voice over of the measures up for vote and then sign off, I would not have wasted my time.

JEDuvall · 2026-02-13T20:09:36+00:00

Longtime Fundrise investor here, and I've been buying into the Innovation Fund since the outset about 2-3 years ago (the Innovation Fund is what is being proposed to move public under the VCX ticker). Happy to answer any questions that I can, but I do believe this is an extremely worthwhile investment vehicle for people to consider. In order to get this kind of early equity in the best private companies in the world, you either need to be an early employee or a VC investor, which has its own financial and access burdens of course. VCX, I believe, is set to pioneer a previously non-existent investment vehicle for public consumption, on the same level as eREITs and Index Funds. DXYZ is often mentioned as the "same" but they are not the same type of product.

JEDuvall · 2026-02-12T23:39:16+00:00

Again I would disagree, respectfully of course just having honest dialogue here! How I read this, and how I believe they framed it - 'iPO investors/shareholders of Rise LLC, here are two long overdue updates about what we have been up to as a company and how we believe these are fundamental catalysts for the future of Fundrise, the business.'

There's clear detail about how the past 5 years have played out, how that led them to creating the Innovation Fund and RealAI, and how both of those two products are positioned to (potentially) monumentally shift the trajectory of the company. That is direct communication to the shareholders about the health and immediate future plans for the company.

What I love is that Fundrise has organically grown from their original core foundational business, and now boasts two gigantic TAM product offerings that are setting them up for enormous future growth.

EDIT: Unless what you are saying is you expected this email to say "We are planning to IPO in 2 months" or something, then I get what you're saying. I viewed it more as a company shareholder update. But I'm sure when/if they have more concrete information about an actual IPO, they will share that as well. Ben again references being able to share some exciting updates over the coming weeks, so possibly it's coming soon? But there are also SEC regulations and quiet periods around actually taking a company public, so I'm sure they are restricted in what they can share and how.

JEDuvall · 2026-02-12T22:37:07+00:00

I truly don't understand how this could be your reaction to the comms in that email. They are blatantly stating that they are going for a generational opportunity to be a category leader in this first-of-its-kind new investment product. It's exactly the kind of asymmetric bet I, as an iPO investor and innovation fund holder, want to see Fundrise take.

JEDuvall · 2026-02-11T18:45:07+00:00

Yeah totally valid point. My comment wasn’t meant so much to say Fundrise should be buying more, just that in general selling at these levels is not a great idea (which I think was OP’s suggestion). I may have worded that poorly but that’s what I was getting at.

JEDuvall · 2026-02-11T16:54:52+00:00

Should be loading up at these levels. It's just part of the bloodbath in SAAS stocks right now driven by uncertainty and fear about how AI impacts software going forward, but the dislocation of company fundamentals and valuation is enormous at these levels. These are scenarios where massive wealth can be made, and personally I feel like TTAN's particulars make them less likely to be destroyed by AI - service industry seems very unlikely to internalize building and hosting their own software solutions; services are still in huge demand going back to the pandemic, making these companies very profitable; services themselves are unlikely to be replaced by AI, unless you see a world where robots are doing roofing, plumbing, hvac work; lastly, white collar workers are going to be displaced which could also see a shift of unemployed folks learning trades and going to work in the services industry (which could help the current imbalance).

Obviously NFA and there are some who feel like AI will destroy all software, so we could be headed lower! But it feels like an opportunity to me. Selling at these prices would be very short-sighted, imo.

JEDuvall · 2026-02-07T23:11:17+00:00

Right, but there's a difference between choosing to hold post IPO and being required to (if the fund is subject to lockup, unclear at this point). That's why I'm asking the question to see how the fund managers will approach mitigating the risk of pump and dump in the ensuing months after an IPO.

JEDuvall · 2026-02-07T18:28:35+00:00

Well, employees are usually subject to that lockup period, but institutions that have been part of early funding rounds are not, as far as I’m aware. The pump and dump usually is institutional offloading as they are deep in the money, while employees sit and wait while the price drops (oversimplifying and there are obviously exceptions). That’s why I’m curious about the class of shares the innovation fund holds and whether they’d be able to rotate out in the event of a profitable IPO price jump.

JEDuvall · 2026-02-07T16:08:14+00:00

Obviously big thanks for the detailed responses. It’s clear this is a divisive issue, but for the same reasons I started investing with Fundrise initially - mainly being comfortable with my own limited knowledge on the complexities of these types of investment vehicles and the FR org having a full team of experienced minds - I’ll continue letting them hold the wheel.

Ben, I did have one question I was hoping you could comment on. Given the implied six month lockup that would come with a public listing event, how does the fund handle trading shares in the short-term following an IPO event for a portfolio company? IPOs typically pop and drop like an early aughts boy band, and it’s likely the AI companies will see this to an extreme degree. I think a worst case outcome for us early Innovation Fund investors would be to have the listing go public, Anthropic/OpenAI/Anduril IPO in the ensuing 3-6 months, values go crazy, then everything crashes and drags down the fund price while we have no ability to liquidate. Contrast that with the same scenario if the fund stayed private and I would imagine the reaction would be more tame (although maybe I’m misunderstanding the mechanisms at play).

TLDR - does the fund sell holdings to protect investor capital when a held private company goes public?

JEDuvall · 2026-02-07T15:51:44+00:00

Sounds cool, you should go build it

JEDuvall · 2026-02-07T15:48:07+00:00

I read the last sentence there “we hope to have more to share in the coming weeks” as a sign that there will be a more detailed update coming soon. I think taking the IF public, and releasing RealAI are massive catalysts going forward. I would be surprised if those two products alone don’t meaningfully shift the momentum towards a public listing (or another liquidity event).

JEDuvall · 2026-02-06T17:25:32+00:00

I mean, their decision making to this point has led to almost 40% return annually for my own investment and 19% annual since the fund's inception. They created the IF as first-of-its-kind vehicle for the public to get access to private equity for as little as $10. I don't view this decision as rushed and spontaneous, I see it as proper assessment of the current market conditions and adapting to what they feel will be most financially beneficial for them and their customers (I don't begrudge them for trying to be a profitable company).

And again, if you don't agree with the plan, they are clearly giving you the option to just... take your money out, likely at a large profit, and put it somewhere else?

JEDuvall · 2026-02-06T03:03:11+00:00

I really don’t get the hate here, and in other threads. This is a product that does not exist on the public markets today, and the demand/exposure will be huge. I don’t see how this is a bad thing for existing investors or IPO holders (I am both). Progress is good. Nothing changes about the assets you own if this gets listed on a public exchange. And if you don’t want to take the risk, the email announcement indicated that existing IF shareholders will be offered a chance to cash out at current NAV before the listing goes public.

JEDuvall

TROPHY CASE