(https://www.marketwatch.com/story/why-a-buzzy-fund-that-advertised-stakes-in-hot-startups-like-anthropic-suddenly-plunged-be26beb8?mod=mw_rss_topstories) this week is textbook: a fund imploding on holdings that don't trade, illiquidity that was always baked in, and NAV estimates that were always fiction.