The Ledger, every show

“This is the kind of thing that may make me look foolish. I think private equity is done. I think that it will always be an investment style like it has for over the course of my career. It was just LBO investing when I started, I guess now it's private equity,…”

“This is where global financial markets get rewired onto blockchain based rails. And when that happens, it means that every single person in the world, when that's fully complete, will have a digital wallet on their phone.”

“COVID, I believe, propelled us into this new regime. And whether most big investors believe that that's true or not, they have to at least acknowledge that it might be true, that nothing's permanent, but we might be in for a 10 or 15 year period where the reli…”

“Until those on-ramps are built, and until I'm getting those calls from the biggest brokers and investment banks, and there's that, of course, there's downside. There's always downside in market, but I don't think there's much sustainable downside until we at l…”

“The investor in me is, look, this is the future of money. If it's allowed to survive and coexist with digital fiat, which I strongly believe it will be, then we're at the outset of A decade or a hundred year journey in terms of what this asset class will becom…”

“In 10 years, you have a high degree of confidence that almost everyone on the planet will have digital wallet on their phone. And they'll view it as being as secure as Citibank or anything. And they'll be able to move money between currencies, both government …”

“It's probably the case that a lot of those assets over time won't even come close to the performance that I see out of these two assets.”

“There's no way pensions are going to be able to even come close. They're not even to be able to pretend that they can anymore.”

“I think we're a lot closer to the ceiling in terms of equity prices here than we are to the floor. I think it's highly likely that we'll be a lot lower in equities before this is over.”

“So the question I think you have to ask yourself is, will we go back to that type of financialized leveraged Corporate sector and investment portfolio. And I would say that it's pretty clear to me that is not happening. Okay. And so if that's not happening, th…”

“I think we're going to find that the portfolios that applied that logic to the greatest degree are the worst performing. And so that behavior will be significantly curtailed, whether it's through regulation or whether it's through investment committees and end…”

“What the Fed is doing and the Treasury is they're saying, let's just make sure that no one goes broke, and let's make sure that none of this capital gets destroyed, and so I don't see how that doesn't lead to a long period of really low returns.”

“I suspect that it won't be as strong as looking back over the last 20 years. I suspect it'll be more volatile. There could be times where it's brilliantly positive as well. I think there are big right tails. There are also some really bad tails that are potent…”

“So Ethereum financial markets and infrastructure will be built on Ethereum. Maybe parts of it will be built on Solana too. I'm not sure.”

“At some point, it won't be that highly convex because the overall market cap will be so high and so many people will be in that it'll probably trade a bit more like gold, where gold sometimes trades like a great inflation hedge and sometimes it doesn't.”

“I believe that the price will become less volatile the higher it goes.”

“We've expressed views that it's highly likely that the late stage of this long economic and market and debt cycle Will lead to a large monetary debasement essentially, which by the way, if you're a market historian, that's kind of obvious that that happens. Th…”

“I think as a fiduciary, we're doing the right thing because I think the market is overpricing all these risks, and that's why the price is low relative to where it will be.”

“Eurostoxx, 50, and Hang Seng, those are the two really worst stock markets in the world from a performance standpoint over the last 1720 years.”

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

“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…”

“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”

“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.”

“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 …”

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

“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?”

“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.”