Gud There are going to be times this year when things get choppy. That’s just the nature of the sector, so before we get fully started in 2025, we should remind ourselves of a key component of our investment thesis. “We know the supply curve” Considering the core asset of this sector, there just are

Homework A short one this week with some reading material for when you inevitably get bored over the break. Firstly, for those of you who have not already, you must take time to read these. Situational Awareness Wait buy Why: Part 1 Wait but Why: Part 2 Shelling Out: The Origins of Money Finally, a

Google Quantum Views were mixed on the Google Quantum announcement this week. The good part is that their new Willow chip performed a calculation that would take a classical computer until the end of the universe to attempt. The bad part is that the calculation itself is not a practical one. It was specifically chosen

$100k I hope so, because after 7 years running this fund I feel like I’m 80. Netherlands When does a country become a prison? It’s not unusual to be taxed on capital gains on leaving (like the US or Australia). Arguably you made the gains in the country and they are ‘entitled’ to their share.

Cantor Fitzgerald Paolo is the CEO of Tether. That tweet is how he announced their latest transaction, the sale of 5% of Tether to Cantor Fitzgerald for $600m. The subtlety here is the understatement. He understands something that few people appear to have their heads around. Cantor is an old school American financial services firm.

Through gritted teeth Tudor Investment Corp (because of the track record of Paul Tudor Jones) is a closely followed hedge fund. During the quarter they increased their bitcoin holdings to $159.9 million of iShares Bitcoin (4,428,230 shares). That’s a 400% increase in shares from Tudor’s previous filing as of June 30. It makes Bitcoin the

Like TV I have never seen the economic mission so simply explained. Nothing has changed since our last update on this chart though. Wherever the government involves itself, prices are dramatically higher. Whatever is tech-heavy has seen prices collapse. Once again. Prices should always fall. When people question the rise in bitcoin’s price, this particular

Winning Bigly I wrote these notes on Monday before we knew the outcome. I figured it would be easier to write about Kamala winning before she had done so.  As a reminder to myself to have a little more courage in my convictions, here they are. KAMALA That was not what we wanted. General themes

$100k In this sector, when you wish for something, or make a prediction, there is a good chance you will be slapped around the face with a rotten fish. Most readers have been on the volatile ride with us over the years and know that dropping 50% in short order, can happen, does happen and

An appeal to envy So we enter a new phase. The strategy among global central banks of insisting ‘bitcoin is a bubble that will fail’ has not worked. The ECB website is littered with attack articles going back decades. What is new this time is the basis of the argument. Author, Ulrich Bindseil is a