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Your pay rise

A bus Hostage to fortune The power of energy independence is being writ large across the sky by the Ukraine conflict. The US Secretary of State is looking to ban Russian oil imports for reasons we can well understand, but with oil at $100 translating to $4/gallon at the US pumps it is not politically

04
Mar

The prospects of labour

State of the Union A confused Kamala Harris wonders why he’s talking about Iran Normally, the State of the Nation is boring. Now that Joe Biden does it, there’s real anticipation, generally for the wrong reasons. He didn’t disappoint either, immediately addressing the war in the Ukraine: “Putin may circle Kyiv with tanks, but he’ll never

25
Feb

Out of gas

Euro-Trash President Vladimir Putin must be terrified of the EU. Prior to his decision to invade the Ukraine, he was assured by Ursula Von Der Leyen that the EU might impose energy sanctions if he did. It’s another example of Euro-madness and the high handedness that permeates the European Union. They just don’t have a clue. Notwithstanding their

11
Feb

The real question

The real question This question lies at the heart of our industry. As a fund we believe people are selecting to do this because the technology is helpful and valuable. Whether people are exchanging bitcoins, NFT’s, stablecoins or whatever it may be. That activity necessarily happens outside of the purview of the government regulated banking system. As a

04
Feb

How empires end

Executive Order We are still waiting for the Executive Order from Biden on cryptocurrency. He is likely to instruct various agencies in the US to find an appropriate regulatory backdrop against which the sector can operate. Likely it won’t be good for those not strictly following securities law. There is much more encouraging news elsewhere

28
Jan

Times like these

Times like these It is for times like these that we remind everyone: You will at some point experience a significant drawdown of 50% or more in this sector The right time horizon is 5 years+ With those things in mind it is much easier to to cope with what has been a significant drawdown

21
Jan

1754

The problem in America A very simple measure of inequality is to compare the mean wealth (simply, all wealth divided by the number of people), with median wealth (sort all people by wealth in order and choose the person in the middle, the median person). The international chart is fascinating and shows just how skewed

14
Jan

The richest man in the world

CZ You don’t know this man and you have probably never heard of him. His name is Changpeng Zhao, known in the industry as CZ. I put it to you that he is the richest man in the world. Common knowledge has it that Elon Musk on $275 billion, closely followed by our good friend Jeff at

17
Dec

Thought experiments for 2022

In 2022 This is our final note for the year. Despite an ordinary finish, it has been an amazing year. There is no question that our core asset hit the mainstream in 2021 and this time around due to institutional adoption. Irrespective of short-term prices, our macroeconomic thesis continues to play out. We only see

10
Dec

How to lose $1 billion in one afternoon

How to lose $1 billion in one afternoon Brewster’s Millions was a fun film from the mid 80’s. The premise was that Brewster must spend $30 million in 30 days in order to inherit $300 million. The rules of the game were: not allowed to own any assets, destroy the money, gift it, give it