By Steven McClurg and Leah Wald “We are stuck with technology when what we really want is just stuff that works.” - Douglas Adams (author of the Hitchhiker’s Guide to the Galaxy) Ethereum was cutting edge when the network went live on July 30, 2015. It reminds me of the…

By Steven McClurg The current recessionary environment is precipitated by two events. The first is easy monetary policy creating zombie companies and unsustainable corporate debt. The second is a lockdown resulting from a reaction to a new and novel virus termed “COVID-19”, a scarier sounding word than the original “Corona…

By Steven McClurg and Leah Wald — When the Grayscale Bitcoin Trust (GBTC:US) began trading, many investors made great paper profits from the premium that it carried in the early years. This knowledge enticed the same accredited and institutional investors, as well as others eagerly sitting on the sidelines, to jump into the Grayscale Ethereum Trust (ETHE:US)…

Weekly Investor Letter: Macroeconomic Update — By Steven McClurg and Leah Wald The inordinate thirst of gain that had afflicted all ranks of society was not to be slaked even in the South Sea. Other schemes, of the most extravagant kind, were started. The share-lists were speedily filled up, and an enormous traffic carried on in shares, while, of course, every means…

Weekly Investor Letter: Macroeconomic Update — By Steven McClurg Why are stocks rising amidst riots and COVID-19? Because people aren’t spending. John Maynard Keynes laid out in The General Theory of Employment, Interest and Money a simple equation that sums up the current situation: Income = value of output = consumption + investment. Saving = income…

Weekly Investor Letter: Macroeconomic Update — By Steven McClurg After the Great Recession of 2008, negative interest rates emerged in The Euro Area, Switzerland, Sweden, Denmark, and Japan. Given our uncertain economic climate and a renewed push by President Donald Trump, we foresee negative interest rates coming to the US. Why? US 10-year Treasuries sit at…

Weekly Investor Letter: Macroeconomic Update — By Leah Wald and Steven McClurg “Lesson number one: Don’t underestimate the other guy’s greed.” -Scarface We are not buying Bitcoin into the halving. Bitcoin has rallied to over $10,000 from around $6,000 just a month ago, adding more than $1.4 billion in value. As of the release of this piece, Bitcoin is $8586. Bloomberg, CNBC…

Weekly Investor Letter: Macroeconomic Update — By Steven McClurg There is hope and an expectation that lives will return to normal after the quarantines loosen and “non-essential” businesses are allowed to open in the US and globally. Market participants believe that a $2 trillion dollar aid package is enough to float small and large businesses, as…

Weekly Investor Letter: Macroeconomic Update — By Steven McClurg, Leah Wald, and Neil Harounian The Coronavirus Aid, Relief and Economic Security (CARES) act included a $349 billion loan program called the Paycheck Protection Program (PPP) as a lifeline for small businesses desperate for cash during the COVID-19 pandemic lockdown. …