Chapter 1: How did Bridger Pennington start his first investment fund?
And I went to raise capital. Like I'm going to go pitch my dad. Who better? Apparently my dad's rich. He doesn't spend it on cars or vacations or nothing. You know, like he'll probably have tons of money. So I went and pitched my dad and he emphatically said no. Wow. Yeah. He said, if I invest in your fund, it would ruin the experience of you raising money on your own.
To this date, he's, I've now launched three funds. We're kind of doing a fourth right now. Last week was the first time he's ever invested in a single fund. I currently run two funds right now. I run a blockchain investment fund. We run a GP stakes fund. We manage roughly $50 million of AUM right now. Damn. That's crazy.
All right, guys. We got the fund master here today, Bridger Pennington. Thanks for coming on, man. What's up? Good to see you. Long time waited. Yeah, I've been seeing you at events for years, man. Yes, we have. I think we were trying to plan this out limitless like two years ago, right?
Yep, yep. Good to be here. And congrats to you, man. You're blowing up. Just crushing it. I see all your clips. You guys are crushing it. Thanks, dude. You too. You're the fund expert, man. How'd you get into this stuff? Yeah, the quick story is I grew up in a normal household. Didn't know until college my dad was running a $28 billion family of funds. He didn't tell you?
Had no clue. He drove a car with a dent in the door, an old Ford Expedition. And I mean, to put that in perspective, that is... five times bigger than Cardone Capital today. Wow. He's now retired. Their funds are $48 billion, something like that. Holy crap.
And now we weren't poor by any means, but we weren't rich by any means either. And in college, I was like, dad, what have we been doing? Anyways, long story short, my dad started teaching me about funds. So he started to teach me. We got a whiteboard out. He teach me how funds are built, how to raise capital, how to put them together, how to work with the SEC.
My brother then went into law, became an investment funds attorney as well. And so I started in college. I started looking around for fund ideas. I launched a fund in college. At 22 years old, I had this interesting idea. I was at a company, pitched it to the owners of the company. They liked the idea. Went and launched this fund. My dad kind of helped me put it together.
And I went to raise capital. And I'm like, I'm going to go pitch my dad. Who better? Apparently, my dad's rich. He doesn't spend it on cars or vacations or nothing. He'll probably have tons of money. So I went and pitched my dad. And he emphatically said no. Wow. Tough love. Yeah, he said, if I invest in your fund, it would ruin the experience of you raising money on your own.
This is a lesson that you have to learn. He said no. And to this day, I've now launched three funds. We're kind of doing a fourth right now. And actually, sorry, last week, this is seven years ago, last week was the first time he's ever invested in a single fund I've ever done. Wow. So he just always said no, but it taught me a valuable lesson.
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Chapter 2: What lessons did Bridger learn from his father's investment advice?
Well, the whole crypto market is $3 trillion. Gold is $14 trillion. If JP Morgan, one company, can manipulate the gold market at $14 trillion, how much easier would it be to manipulate the $3 trillion crypto market?
Way easier. Plus, you could trade it all day, every day. It's not closed on the weekends, like gold and silver. Yeah, I'm mixed on gold. I got some, but I hear these wild things about gold, so we'll see.
Well, last week, there's a lot of people calling their gold duke. Really? In the United Kingdom. So this whole report that I was reading, people are calling because they have gold reserves. It's supposed to be physical gold. But they own like an ETF or a GLD or whatever. And they're actually calling their gold back because of Trump's tariffs. Because Trump's looking to tariff.
They don't want to get tariffs on that gold. So they're going to try to get it and put it in a safer vault. They have delayed. So usually it's a three to four day delay to get your gold out. They've now jumped it to six to eight weeks. Whoa. Which everyone's theorizing they don't have the gold. They've been pontificating the price of gold.
They've been selling, you know, GLD shares of gold or whatever, and they don't actually own the gold. So right now there's a run on the bank right now on gold, which could do some pretty interesting things to the price of gold going forward. Yeah, because now other countries will see that and call theirs, and then it could be a worldwide thing.
It's a run on the bank on gold, and we actually are going to see how much gold is out there. It's going to be interesting. That is very interesting. Do you have any? I have some gold, yeah. I have physical. I don't have the ETF. Yeah, some physical, some ETF. It's funny, the whole entire gold, I saw a stat. It could fit, the entire gold in the whole world could fit into an Olympic-sized pool.
I saw that. I was like, that's crazy. Really crazy. That's wild. But there's theories that there's more in space. Oh, yeah, an asteroid or something. Yeah, Elon's going to try to mine it in like 10, 20 years. Oh, dang. They found one? Yeah, there's a lot of people that say it's on asteroids and stuff. Well, you see, there's an asteroid coming to Earth right now. I saw that.
It's like a 2% chance it's going to hit us in, what, 2033, something like that? Yeah, it keeps going up, I think, too, the odds. So we'll see what happens. What do you do about that? Yeah, I mean.
I saw last year there was another asteroid. NASA put out a hydrogen bomb into space as a potential deterrent for these asteroids if they're coming close. Really? Which a hydrogen bomb is, what, 100 times bigger than an atomic bomb? Something like that? Like wild stuff. Maybe there are ways to blow them up in space. Yeah, go. I don't know. Wow. I bet they'll figure something out.
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