The Ledger, every show

“I think that from now where we're recording this in April of 2020, I think that by the end of 2021, we'll see Bitcoin hit a 100,000 dollar price point”

“I think it is riskier for a company to sit with five hundred million dollars in US dollar cash on their balance sheet than five hundred million dollars worth of Bitcoin. And the reason being that or maybe the one clarifier is if you have a long-term oriented p…”

“It is obvious temperatures are changing. Things are in some cases getting better, in some cases getting worse, but the evidence of human driven change is not nearly as compelling as many people think.”

“And so I think you know, Mark Cuban and I see eye to eye completely on this, which is the reason why corporations are running to the government is because they believe that the government's the idiot in the room.”

“All the capitalists on wall street become socialist in times of crisis.”

“And ultimately I think in my lifetime, the U S dollar is not going to be the global reserve currency.”

“Now we're getting more from a capitalist society, switching more to socialist. We're doing more wealth redistribution than wealth creation. And what you're seeing is a lot of wealth creation and not a lot of wealth redistribution happening in China and other c…”

“What you see is a lot of these stock to flow models and co-integration models, et cetera, that are used in gold. Apply to Bitcoin and are actually more accurate in Bitcoin because one side of the equation is transparently known with 100% certainty and all you …”

“If you can get the diversification of founders, you also get the diversification of thought, perspective, industries, experiences, et cetera. And we think that's the best way to or the best way for us to build an early stage portfolio today.”

“The only thing that correlates to outsized returns across different economic boom and bust cycles is being early in the best deals, right? So check size doesn't matter. Follow-on decision-making doesn't matter.”

“My alarm to every founder is the more a venture capitalist says, I'm going to be helpful after we invest, there's usually less likelihood that they will be helpful, right?”

“Now, what we've seen over the last decade or so is so much capital coming to the market. Maybe there's been an incremental increase in the number of good companies created every year, but it's not kept pace with the amount of capital. And so my thought process…”

“The Bitcoin halving is coming, and that's just when the daily incoming supply, the number of Bitcoin that get created each day, is gonna get cut in half, from 900 Bitcoin to 450. So like, I always joke, if you went to Economics one-on-one class, supply and de…”

“These like line striping or line painting businesses are going to be exponentially more valuable in the future because as self-driving becomes prevalent on the road, governments are going to mandate that the roads are painted more often so that the cars from a…”

“And then the second thing is if they're able to do this correctly, it actually may be cheaper to do some of this in space than it is on earth.”

“I think Solana is going to go up a lot. It's going to go up a lot more than Bitcoin. I think it's going to go up a lot more than Ethereum in this specific bull market. Cause it's a smaller market cap. There's a lot of energy and excitement around it and all th…”

“Instead, what I did is I bought a little bit of Solana at 48 dollars. It started to go up a little bit more. And usually when that happens, people are like, oh, cool. I was right. Instead, I doubled the bet at 55. Like the position is going in your favor. And …”

“If you look at his tactics, they have pretty much become standard in a lot of people's like marketing today. And so people kind of like saw this guy be successful on the internet, get a message out. And now you have a bunch of companies and individuals that ar…”

“I think she's going to be president of the United States one day.”

“So I think there's going to be an entire rise of businesses that just use computer vision to do the same thing. Like anything that can be automated will be automated rather than have humans with their lazy eyes walking around, just have computers that constant…”

“I don't think that we are going to see very many one person companies reach significant scale measured in nine figures of revenue.”

“I think what's happening is an over rotation on the health crisis, which causes the economic crisis.”

“I think it's going to end up being five plus trillion dollars needed to get out of this.”

“What I think we're seeing right now is the feds fighting a deflation and you just, they're not going to win right until they start printing trillions and trillions of dollars. And when they do that, we will eventually get back into an inflationary environment.”

“One of the things that I personally think we're not going to get this for probably three to five years, but we're going to look back three to five years from now. We're going to say the death rates that were originally thought are going to be nowhere near wher…”

“Do you, can you put the same quote unquote dollar amount on a life of somebody at the end of life versus somebody who's 25 years old, right? And I tend to think that it's unlikely that you would put the same value, right? Especially economic output standpoint …”

“And by the way, if you want to shore up your balance sheet, you should have to go to the debt or equity markets and get the capital. Like that's how, that's the cost of doing business. And so I don't think we want to get in this world where like corporations b…”

“Unfortunately in most of the cases, the best asset management firms have not taken public pension money. Because they're scared of the freedom of information act request. And so therefore they don't have the people who need it the most, the police officers, th…”

“The whole playbook is during a time of crisis, you wait until the American people's will has been broken. And then once their will has been broken and they absolutely are as desperate as possible, that's when you bail them out. And when you bail them out, it b…”

“You want to take money from the greatest wealth allocators or capital allocators and give it to the people who are notoriously the worst capital allocators in the world. That sounds like wealth destruction to me, right?”

“Our data shows that we've eliminated the J curve. So we've already had a company that was acquired that isn't public yet, and we've had no companies go out of business.”

“There have been, you know, a ton of academic studies that have shown if you take an investor's portfolio and you sit them down and you say, can you please stack rank your portfolio in terms of who should have the best outcome and who should have the worst outc…”

“We sold that research business to a publicly traded company in Canada called DeFi Technologies. They were an asset management firm. They had crypto ETPs in Europe. If you have asset management, you need research. You put those together. Not a new original idea…”

“What I realized was, luck is actually poison, because it strips people of agency. So if you constantly rely on luck, if you constantly fall back on good luck, bad luck, what you're saying is that you have no agency.”

“My expectation is actually that shareholders at some point will start turning on some of these public companies that have tons of cash and saying like, Hey, if we're sitting there with, you know, Warren Buffett sitting with a hundred billion dollars of cash, l…”

“OpenAI and Anduril, I think, are both at this point where if you go and you join, like, you may be able to make a couple 100,000 dollars a year, and, like, there's probably some upside, but OpenAI at, like, eighty-five billion dollars, basically, you have to b…”

“Well, I sold it. And bought Bitcoin.”

“Working at a place like Facebook, unless you're one of the first maybe, like, two to 500 employees it kind of just is like, all right, you're, like, kind of legit. You know, you worked at a place that has some sort of high bar. But now there's 80,000 people th…”

“And so what Varda does is they've created a space manufacturing facilities. They launched them up into space. They're right now manufacturing drugs in zero gravity. And then they're bringing it back to earth.”

“My theory in crypto now is selling is less to do with price levels. Like in the public markets, people will hold a stock and they're like, okay, if this ever gets overvalued, I'm selling, I'm trimming the position. In crypto, it's much more cyclical. And so I …”

“Actually the same thing that makes the sex tape go viral gets you elected to be president today. So like in some ways it's actually the exact same skillset, just, you know, packaged up in a different way and with different ambitions or aspirations.”

“Whether it's Twitter, whether it's podcasts, whatever, the people who tend to be good at it, don't think of it and like sit down and like create a marketing calendar. Like, I dunno, they're like taking a poop and they pull out their phone and they start tweeti…”

“He was in New Jersey and he was responsible for three percent of the state's budget and the taxes he personally paid. And he moved to Florida.”

“When I evaluate content, newsletters, media properties, I ask myself, is this content going to repel some large portion of people? Because if it is going to repel some large portion of people, it will attract another large portion of people.”

“We have Bay Area times. It is a newsletter focused on business, tech, and finance. We pioneered something called a visual newsletter.”

“Warren Buffett created the creator economy. Everyone gets mad when I say that on wall street, but the guy is 100% on a financial influencer.”

“Joe Rogan's got two employees himself and one other person, and they have a hundred million dollar deal with Spotify. They do fifty million dollars per employee.”

“99% at one point of all of the deaths in Italy had either some other health concern or a pre-existing condition.”