David Weisburd

You don't optimize every asset class as if it's your entire portfolio.

Another way the J curve is learned helplessness.

It's like, no, no, no, no.

For seven years.

And although people know to expect it, just feeling it, it's just very different when you're just constantly being reinforced.

And then suddenly you have something that returns five X your portfolio in year 10, you're like, what just happened?

I technically got a four X in my entire portfolio, but that felt that I don't want to do that again.

You got into crypto in 2012, very early.

You bet big.

What early signs did you see in crypto that made you really double down in it in 2012?

I had this argument the other day about that, which is...

There's this Bitcoin purist argument, which is if you own Bitcoin in ETF, it's kind of like owning gold in ETF.

It's only when the government seizes Bitcoin at some point, then owning the ETF isn't going to help you.

It's not truly decentralized.

But my counter argument to that is if you actually run the math.

So let's say for now, 20, 30 years from now, the government quote unquote seizes Bitcoin, which I think probably less than 10% chance.

At that point, first of all, it's very unlikely that the government will actually seize Bitcoin.

They'll probably force sell.

So you'll wake up in the morning and all your ETF will be sold and now you'll have cash.

It's very unlikely that they're just going to literally take your Bitcoin ETF.