# Palace Fund

## Reports

- [2026-03-04 Pre-IPO AI Share Prices After the War Started](2026-03-04-pre-ipo-ai-shares-prices-after-war-started/) — Anthropic, OpenAI, SpaceX secondaries before and after Operation Epic Fury
- [2026-03-03 USD/KRW Exchange Rate Predictions](2026-03-03-usd-krw-currency-conversion-ratio-predictions/) — Impact of the Iran war on the Korean won and wire timing
- [2026-03-02 What Are Other Funds Doing?](2026-03-02-check-other-funds/) — Iran crisis, market impact, who to watch
  - [Timeline: The First 72 Hours](2026-03-02-check-other-funds/timeline/)
  - [Oil and the Strait of Hormuz](2026-03-02-check-other-funds/oil-and-hormuz/)
  - [Gold and Safe Havens](2026-03-02-check-other-funds/gold-and-safe-havens/)
  - [Equities: What's Getting Hit](2026-03-02-check-other-funds/equities/)
  - [The Fed's Dilemma](2026-03-02-check-other-funds/fed-and-rates/)
  - [Who to Watch and Why](2026-03-02-check-other-funds/who-to-watch/)
- [2026-03-01 Korea Legal Tasks](2026-03-01-korea-legal-tasks/)
- [2026-02-28 AI Value Chain](2026-02-28-ai-value-chain/)
- [2026-02-27 United States and Israel Strike Iran](2026-02-27-united-states-and-israel-strike-iran/)
- [2026-02-26 Method](2026-02-26-method/)
- [2026-02-25 Benefits](2026-02-25-benefits/)

## Thesis

- [Korea Economy Is in Danger](theses/korea-economy-is-in-danger.md) — Korea's layered leverage stack (bank debt -> margin -> 3x ETFs) mirrors Japan's 1989 peak; March 2026 crash as live stress test

## Reference

- [Operating Agreement](operating-agreement/) ([PDF](operating-agreement/operating-agreement.pdf))
- [Law](law/)