listedreserve – ListedReserve

We are corrupt; please follow the rules

Gensler We were treated to an interview in the Washington Post this week with SEC head Gary Gensler. He had plenty to say but reserved particular ire for stablecoins, which he likened to poker chips. The driving force behind his intervention was likely the recent Coinbase proposal for a USD stablecoin that would have attracted

17
Sep

Pork on your fork

Doublespeak One of the great examples of political spin was delivered last week by the US Director of the National Economic Council, Brian Deese. Americans are complaining about rising prices, with food inflation well into double figures. Brian was unleashed on the nation to calm nerves and set the record straight. He explained to Americans

10
Sep

Project Dunbar

El Salvador goes live Bitcoin became legal tender in El Salvador on Tuesday. It was not met with universal approval locally and you can understand why, a lot of people struggle with technology, and this really is a quantum leap for some of them. I cannot emphasise enough how important it is for the IMF

03
Sep

Simple is best

Investment strategy As a new fund manager (not yet four years old), it is a learning curve. Perhaps the most surprising thing we have encountered across the industry is the amount of time that goes into number crunching and comparison to benchmarks and “consensus views”. Consensus seems to be an important thing that people look

27
Aug

Ignore what they say, see what they do.

It’s not what they say “Not for us” “It’s a ponzi” “It’s going to zero”. We still hear it every day from banks and institutional fund managers. What they say is one thing though, what they do is more instructive.Take BlackRock, the world’s largest fund manager, with $9 trillion at their disposal. They have taken a very

20
Aug

Book Week

It’s the future you see Book week this week. Given the amount of airtime being given to virtual worlds and what happens as the world goes increasingly digital, I thought it might be fun to have a look at the best books on this very topic. Read them and make your own mind up (maybe not the

13
Aug

Dear Hacker……

IT Skill The pandemic has revealed something that we knew but didn’t fully appreciate. The general level of IT skill in the workforce is appalling. Technology moves fast but almost nobody moves with it, so very quickly we are left behind. One of the first programs I ever used when I got a job was Microsoft Excel.

06
Aug

Rotten Apple

Denominator Here’s an idea for you. The NAB has published house price data showing an annual increase of 21.6%. That’s 1.6% per month. The average price of a residential property in New South Wales is now $1m (higher in Sydney). Property prices are increasing at about $16,000 per month. The average salary in NSW is

30
Jul

You’re boring

Boring We’ll start this week with a story. A boring story. Years ago I worked with someone who had a mantra. I didn’t like him personally and found the whole thing very annoying. It’s borrowed from Albert Einstein. “if you always do what you always did, you’ll always get what you always got” Whatever we

23
Jul

The network grows, the billionaire blows

User Growth If the bitcoin price is continuing to disappoint short term participants, they should perhaps look to user adoption for comfort. In these log charts (from woobull.com) we can see the start of the previous bear markets in 2011, 2014 and 2018. The pattern this time is different. User growth is going absolutely parabolic.