K2SO

Gold has been sold down by many central banks over the decades. It has held down the price over long time periods. The market is deep enough to absorb the selling. If your bull case on bitcoin is that "central banks will buy," then you have to acknowledge that "central banks will sell" is an equivalent bear case.

Biden did the unthinkable and sold off the strategic oil reserve. How do we know that a future government won't plunder the "strategic" bitcoin reserve to fill a budget hole, or fund a war? What happens to the price if that happens? Especially if this becomes a partisan issue and the Dems win the next election. This doesn't change anything, and in fact, the more concentrated ownership becomes, the more dangerous a speculation it is.

No. No.

There is no "due diligence" to be done. Just because you understand how the blockchain works, doesn't mean you can determine a fair value for Bitcoin. I believe it is my duty not to gamble with my clients' money. They are free to buy it on the side, and a lot of them do. But it's gambling, and in the same way I don't speculate in currencies and commodities, I don't speculate in crypto.

MDLZ

If you want to work in asset management, a CFA is a must. It's an entry card. It shows you're serious. In some jurisdictions it is necessary for regulation with securities regulators (or at least it gives you a pass on some basic requirements). If you have no interest in seeking employment in this field, don't expect much. Pursue it out of interest but otherwise you'll find it a waste of time.

The problem with the blockchain is that every transaction is recorded. So it has advantages over gold and silver but also disadvantages. One of these assets acts as risk on and one acts as risk off. It's only a matter of time before a lot of that crypto money finds its way into precious metals. I can see a lot of "off the grid" utility for silver coins in a world where all commerce is done electronically and paper money is no more.

Use 'em both. There is no one magic metric, don't use PE in isolation either.

Think I asked this same question back in the day, in either the WeCommerce or Tiny thread. Seems like a nice guy. Very well connected. A few people I respect say positive things about him so I'm curious, but I see no evidence of any special investment acumen.

I write a free newsletter, primarily to promote a book I wrote last year. I purposely try not to overly rely on Buffett and Munger concepts because they have been done to death. But the first time I mentioned them in a post, it got 10x the views that I normally get. I think a lot of this is a function of giving the people what they want. Many of us have been steeped in this stuff for decades but we forget that there are many people out there discovering this wisdom for the first time.

Why should it? Altria is in big trouble with PM re-entering the US market and is way behind the competition on RRPs. Given management's recent history (look no further than JUUL) I'm not betting on them to right the ship anytime soon. At the end of the day all they will have is the Marlboro brand in the US and that's a declining customer base.

Well a globally diversified stock portfolio would be holding up equally well. And longer term, that's a productive asset that produces cash flows and has a non-zero intrinsic value.

Well a globally diversified stock portfolio would be holding up equally well. And longer term, that's a productive asset that produces cash flows and has a non-zero intrinsic value.

Super cool, thanks for sharing!

Taking it to its logical conclusion we just end up back to V and MA networks which can do it all at a relatively low cost. I am a complete idiot when it comes to this but I have no idea how blockchains scale in any practical way without centralization, the bane of DeFi.