The Ledger, every show

“We started building a platform which is going to be infrastructure for tokenizing essentially all traditional assets as opposed to tokens like Bitcoin or Ethereum. So taking real world assets or traditional stocks and bonds and all sorts of loans and someday a…”

“It's an asset unlike any other asset that I am aware of in the history of the world in the sense that no matter what the price is, the supply will not respond. It has a predefined schedule of supply over the next, you know, a hundred years or whatever, a 120 y…”

“Things have to not make sense sometimes for it to be valuable. If we had perfect clarity around all of these things, the price would be a lot higher.”

“Now that we have clarity that we now have ETFs, there's really no purpose to have Simple Cayman beta vehicles.”

“We do trend following in that, which is, I think there'll be a lot of alpha in trend following.”

“When you start an asset manager, You gotta figure out what works, what makes you special, and you might have to try a number of things, and then at some point, if you're fortunate, you figure it out. So you're just surviving, which we did for a lot of years, a…”

“Kevin Hassett, who's one of our advisors, is gonna be involved driving economic strategy.”

“Seniorage is a great power. Why would we ever give that up? There's no reason to give it up, and governments, generally speaking, amass power. They don't shed themselves of different powers”

“We speak with institutions all the time and by and large, some have very small investments in the space, either through a venture deal that they did Or maybe with, there was someone at the investment team that had great foresight and said, listen, we should st…”

“You kind of have this call option on technology when you buy these assets that you don't have in gold. Like gold will be the same, In 2000 years as it was 2000 years ago, but these assets are going to be different and improved in a year and 10 years and a hund…”

“So when you look at the U S and you look at just the massive deficit that we ran last year, this year's deficit is going to be 15 to 20% with an economy that's actually bouncing back to life.”

“They have an agency desk, meaning I was able to interact with their institutional trading desk. They don't have a proprietary trading desk. They don't take principal risk”

“We bought, I think this is all public information, we bought over six hundred million dollars of digital assets.”

“The first three times, you know, Though we've said anything, Bitcoin has moved by 15 to 25% within a couple days, which is kind of wild.”

“What probably will happen is those countries that have the most reckless policies will find that there is a greater check on them.”

“Alan's deeply knowledgeable in this space. He has all kinds of investments throughout the ecosystem and is probably the earliest hedge fund person in this space.”

“The problem is on the floor is you don't have any information really. You have a ticker that's running across. You're just trading off of emotion and flows and things like that.”

“It's not infrequent. That countries can kind of peak in terms of their capital markets once they get past the glow of the Olympics.”

“There was a much, much bigger group of interested investors who loved the idea of being able to tilt their portfolio with the types of themes that we developed. But when push came to shove, we looked so different that they didn't have the investment team infra…”

“And I think coming out of this crisis, it's going to be a very target rich environment for a strategy like that, because there are so few players left in it. And whenever you start dislocating markets like this, The people who can manage the risk well through …”

“I think that we get paid to trade long-term trends because the world is always changing, and there are certain times in history it's changing more dramatically and perhaps quickly than others, but the world is always changing, and it's difficult for humans to …”

“And then I guarantee you in three or five years, people won't be that worried about stuff like that anymore.”

“We built out a crypto asset manager. Coinbase acquired that about a year and a half ago, which I saw that as a once in a lifetime opportunity. So I actually run two firms right now.”

“If you are the kind of person to do that, you're the type of person that builds Coinbase, which is, as an example, which is most recently, the values I've seen in the private markets are seventy billion dollars, right?”

“When I think about it as a trader, when we decided to get into this marketplace and made at the time, which was the biggest institutional asset allocation in the space, we wanted to figure out what were the best sources of liquidity to quietly get the exposure…”

“And then they had their ABS fund and that ABS fund was a big bet against subprime mortgages. It was a relative value bet. So they were long, a few, three units of Triple A mortgages short one unit of triple B's levered seven times.”

“I think it won hedge fund of the year award in January of 2008 and then failed in February.”

“We got out of all of our equities in the second half of February.”

“Every one of the clients that we had initially had a fund of one with us, and we would identify what we thought were the most important opportunities, either bullish or bearish, that we saw on the horizon, and then they could allocate to one or more of those s…”