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In This Issue:
- Advice From The Best
- Bitcoin Thoughts And Analysis
- Legacy Markets
- BlockFi Funds Are SAFU. Stop The FUD.
- GBTC Discount Hits 34%
- Bitcoin Mining Is Perfect For Nigeria
- In Case You Missed It
- My Recommended Platforms And Tools
It’s Friday, a great time to take your mind off of the shit show that is every market on the planet. Actually, just the entire planet in general.
Get some sun, touch some grass, kiss your spouse, hug a puppy, ride a unicorn or do a Wordle. I don’t know what you’re into.
Instead of writing about all of the problems in the world, I decided to give all of you, and myself, a break.
Today, I am going to share a few lessons from one of the greats. Sit with these ideas over the weekend, let them marinate in your mind and age like a fine steak or a delicious wine. It’s a good refresh, which is something we probably all need.
Let’s go.
Stanley Druckenmiller is one of the greatest investors ever.
He is the notorious king of taking high-conviction bets at sizes that we can only (wet) dream of. When everyone else is puking or high on greed, Druckenmiller is taking your money. He has amassed billions as the founder, president, and chairman of Duquesne Capital. Most notably, he and the Soros family “broke the bank of England” in 1992 by shorting the British pound. That one trade hit for over $1B in profits.
Druckenmiller is still as sharp as ever. A recent hour-long interview surfaced on YouTube. The video has less than 200,000 views, so it is absurdly under-appreciated. I watched the whole thing and suggest you do as well. You can find the video
HERE. I took notes. Below were all of my favorite points.
Sizing Is Everything
People asked me what I learned from George Soros. I thought going there I would learn what made the Yen and the Deutsche Mark go up and down but instead, I learned that sizing is 70 to 80 percent of the equation. It’s not whether you are right or wrong, it’s about how much you make when you are right and how much you lose when you are wrong.
Learn To Love Investing Or Leave
If you’re not really passionate, if you don’t love this stuff, go do something else. I’ve hired guys with 50 or 60 points higher than me who stink in my business.
Understand The Macro
The next four or five years are going to be tailored to the skillset that worked for me in the 80’s and 90’s, which was macro chaos. I would encourage new investors to learn all the asset categories and how they integrate. I would certainly recommend looking into blockchain very deeply and the disruption it may make. Do not invest in the present, the present does not move stock prices, change moves them. I want you to try and envision a different world a year and a half from now and where these security prices will trade then.
Bull Market Geniuses
There are a lot of bull market geniuses around. It’s not that they love the game, they love winning, but they were surfing with a hurricane behind their back. They were given nice waves, but they may become discouraged. I know a lot more people are investing now, but I don’t think it’s so great if the story doesn’t end well.
The Crypto Outlook
Everything Charlie Munger says I am sympathetic to. Everything that Bill Miller says I am sympathetic to. It’s a movie that has yet to be played out. I will be very surprised if blockchain isn’t a real force in our economy say five or ten years from now.
Have a great weekend.
