In other news today, (as @DTAPCAP let the cat out of the bag in my interview 🤣 ), I have launched a digital asset fund of funds, investing in the worlds best crypto hedge funds - The Exponential Age Digital Asset Fund 1/
The digital asset hedge fund space is still starved of capital and the alpha is unprecedented and will remain so for a decade or so as the space is growing faster than the capital going in to it, and is getting more complex.
This is my way to stay in the trade for the long haul and leverage the expertise of others as the complexity rises.

It is a hugely exciting new venture for me and was launched in conjunction with my GMI clients who were also looking for the right vehicle to make it easy.
Sadly, at this stage it is only currently for institutional investors, investment advisors, family office etc.

expaam.com

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More from @RaoulGMI

22 Nov
Re-watching Inside Job on Netflix. It reminds me of March 2020 and the potential insolvency phase of The Unfolding hypothesis I had, especially around BBB bonds. 1/
The Fed realised it couldn’t happen at all costs or the system would go down ( much like the ECB in 2012).

That led to buying on high yield corporate bonds via QE. The rubicon had been crossed.
The next part of that rubicon crossing was the implicit financing of fiscal stimulus.

The worst part of the story? It worked. The biggest recession since 1929 lasted 2 months (by NBER definition).
Read 13 tweets
31 Oct
Not on holiday yet so I'll allow myself one more thread...

The markets are crazy! NFT are just jpegs! Dog coins! Cat coins! Tesla ! GameStop!

Everyone is going to get burned! Don't they realize about discounted cash flows?!!! These people are ruining everything! Green energy?!
Crypto is a bubble! Tech is a bubble! VC is a bubble! Biotech is a bubble! Passive investing is a bubble! Web 3.0 is a bubble! Green energy is a bubble! The Metaverse is insanity! Cant they see??!! They are all wrong!
No.

They are a new generation of investors. 86 million millennials got financialized in the US last year. They hit their prime investing ages of their 30's.

They have debts, no savings, no hope from the grind. They are poor than any 30 year old in the last 70 years.
Read 23 tweets
29 Oct
The Zuck video today for Meta might well have been cheesy but it was incredible important...maybe one of the most important things I have seen in years (although something I have expected and written about for a long time).

1/
Bascially FB (Meta) is the largest amalgamation of communities on earth and it is moving to the metaverse.
People get confused, the metaverse is not one place or one experience - it is our digital fluidity, the blend of our physical and digital worlds, diverse and unique to us.
Meta get that this is not one Ready Player One experience but an interooperable world. You or I might not trust Meta but in this new world we can just take our stuff and go to a digital society that treats us in the way we wish. Much like the internet now but we retain the value.
Read 15 tweets
25 Oct
So, you are mad at the Fed for inflation?

They should raise rates? Get back to something more reasonable according to past history, right?

But debts are too high vs GDP and higher rates will kill EVERYTHING... 1/
And this is why the Chart of Truth works...yields peak out at lower and lower levels...due to debt.
But Im a saver and nearing retirement and I want my yield! Tough shit. You aren't getting it. You simply cant. Im sorry. Its all your faults for taking on too much debt. If you didn't, then it's everyone else's fault.
Read 18 tweets
23 Oct
I've a big obsession about music. It's friday night and its time to give a thread about songs that shouldn't have been written. Things that are musically odd but are pure magic. Original masterpieces.

This is not exhaustive but songs I just shake my head and ask how?
This is the story of creative genius and songs that are near impossible to write as they follow no normal structure. This is something I admire MASSIVELY. Song that I don't understand how someone thought of them because they are so damned unique.
Starting back in 1959 is Miles Davis Kind of Blue - an entire masterpiece album . The album is top 3 of all time The tempo was creatively bravely neither fast nor slow. It didn't fit in. It was all wrong but so right...

Read 18 tweets
22 Oct
So many people get emotional about $ARKK, same way they do about BTC or $TSLA. I think they are positioned for the Exponential Age and the chart are looks like a consolidation to me.
Most people would suggest that in an inflation trend, hyper long duration growth doesn't work. But the bond market suggests that inflation is not the problem. The monthly DeMark in yields has worked 100% of the time. sometimes there is a re-test.
The weekly is in place too...
Read 5 tweets

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