Innovation concentration is higher in bear markets than bulls.
Bull markets bring a flood of attention, capital, and talent, which expands crypto’s reach.
But they’re also awash with noise, and as values rise complacency can settle in even amongst the committed.
But they’re also awash with noise, and as values rise complacency can settle in even amongst the committed.
In bear markets, investors and entrepreneurs both feel a sense of urgency.
Even if they retain conviction, the world and Mr. Market is screaming they’re wrong.
Even if they retain conviction, the world and Mr. Market is screaming they’re wrong.
Such a challenge sharpens thinking, heightens urgency, and drives execution, all of which concentrates innovation.
As a public market investor, if you play this cyclically you buy through everyone selling (bear), and you sell through everyone buying (bull).
Cathie used to call this being a “liquidity provider” in my ARK days.
Cathie used to call this being a “liquidity provider” in my ARK days.
Top and bottom-ticking is fool’s gold for most, but leaning against a trend over time is very doable with foresight & discipline.
Venture investing through these innovation cycles is more nuanced, will leave that for another day ☺️
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