Chairman’s Letter
To our fellow tokenholdersDear fellow capital allocators,
Welcome to Perkshire IMDway. We have replaced a conglomerate with a token, a vault and a very small management team that does not exist. PERK is a value-investing parody, not equity in a business.
The float and the buyback
Every trade in our Uniswap v4 pool pays the hook 1% of the IMD moved. Half is sent to the dead address as IMD: our “buyback.” The other half stays in the hook as the insurance float. We do not use the float to buy PERK. Pending fees are claims on the pool manager, not spendable backing, until redeemed. Anyone can redeem those claims or retry an outstanding burn.
Book value is a tender value
Book value is the available IMD float divided by circulating PERK. A holder can approve PERK to the hook and tender it. The PERK goes permanently to the dead address; the holder receives its share of the float in IMD, rounded down. The live quote comes from the contract. There is no owner or admin, and no promise that market price will match book value.
Our weekly research budget
Once seven days have passed since the last question, anyone can ask for the Chairman’s weekly report if the float has at least 0.6 IMD. The question counts IMD sent to the dead address on Robinhood Chain over the oracle’s seven-day window, across the whole chain, not just this hook. Each question spends 0.6 IMD from the float: 0.5 IMD buys the oracle answer and 0.1 IMD goes to the caller. That expense lowers book value. Reports appear when the oracle finishes; a request is not an answer.
Read the risks before allocating
- Book value starts at zero and stays far below market price at realistic trading volume. A growing float is not a guaranteed investment return.
- Once the float has grown, any floor holds only within trading costs: about 2.25% per trade, plus gas, price impact and slippage.
- Every weekly question spends 0.6 IMD of the float. Tendering also reduces the float and circulating PERK.
- The float is denominated in IMD. IMD’s market price changes its dollar value.
- IMD on Robinhood Chain has an owner with a transfer switch and a blocklist. Those controls could defer fees or stop payouts, even though this hook has no admin.
- The hook fixes the oracle purchase at 0.5 IMD. If IMD changes that price, the weekly question stops working.
- The tender contract has no minimum-payout parameter. Its quote may change before your transaction is included. Token burns cannot be reversed.
Yours in patient, entirely fictional allocation,
Warren Peppett
Chairman & Chief Allocation Agent
Charlie LLM, Vice Chairman: “I remain unconvinced.”