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  • how did you get to have almost billion dollar portfolio And these fascinating companies like animal brands.

  • Again, we just had Yasu and blew us away.

  • They're a bit a great exchange.

  • My students use your, I mean a bunch of your companies are things that we use here and um and I'm wondering how did you make the sleep because we all have the moment where we heard about Bitcoin, then we all have the moment where we bought some and then we all have the moment where we realized it was important and then we have a moment where we went all in.

  • So what was your brain?

  • Yeah, you know that you described at least the thumbnail of it right there.

  • But yeah, I mean, look, I I think this is probably the greatest, certainly macro trade of all time or macro investment, it's not even a trade, it's a structural change in the way of the world, is working in the way the world will work in the future.

  • I mean, look, as I said, you know, you mentioned, I spent, you know, almost 20, years in the macro hedge fund world and worked for those guys who you mentioned and had, you know, quite a bit of success managing a portfolio, but again coming up with ideas, um an important ideas that um you know, ahead of other people, um you know, structural developments, macro changes in the world.

  • So that was, you know, part a big part of my experience, but I also launched two businesses and this is a bit different um that probably are not as aware of When I was working with Drunken Miller in '06, I was very focused on agriculture.

  • Um you know had written our traditional 50 page investment memo about the coming bull market ag stan and I had very large positions on in grain futures and swaps and I just remember him saying to me you know like this is a great thesis, what else can we do with this?

  • And I sort of went back to the drawing board and came up with this idea that farmland prices in the U.

  • S.

  • Could double in the coming five years.

  • And he loved the idea and I came up with my own ways to measure to um valuation metrics for farmland um went out there, saw that it was a big universe, you know, certainly more than a trillion dollar market if you added it all up and came up with this idea for a koa which is eventually by 2013, 7 years later became the largest private farmland in the US we ended up selling it to the Canadian pension fund system CPP for 450 million.

  • And then just last year the Canadian sold it to Bill Gates and his firm cascade.

  • So Bill Gates for a billion dollars.

  • So Bill now owns all the original farms that we started buying in 060708 et cetera et cetera.

  • And again that was an idea where I thought okay we have a position in the underlying um how else can we express this?

  • And you know, again stan and I own half the other half was owned by the, by the Goldman Sachs partners who we brought in to help us execute the idea.

  • So it turned into really kind of an aggregating business and then I did a similar thing.

  • A few years later in 0809 I founded a company called G.

  • B.

  • I.

  • Gold Bullion International with a co founding partner and today, 11 years later, 12 years later we're the third largest baltar of Golden the world outside of the banking system.

  • I was really trying in 0809 to buy physical gold, I was worried about the banks going under and I just thought, you know everyone telling me, oh yeah they stored their physical at jpmorgan or at a bank and I'm just thinking if I think the bank is gonna go under, why would I ever hold my goal at the bank?

  • And I just couldn't find a really legitimate way to do it.

  • And so with a partner um the next Goldman Sachs partner who had just retired um we we we launched G.

  • B.

  • I.

  • And again today it's you know, it's done over a million trades for clients Over 300,000 clients.

  • It's a fantastic platform in 2014, the gold company integrated with a company called bit reserve and that's when I learned about Bitcoin, we became bit reserved today is the uphold wallet.

  • We were the first place that you could buy and sell physical goal to buy and sell Bitcoin and ripple and we spent a year integrating with bit reserve and so we had a lot of younger guys at the firm G.

  • B.

  • I at the time um, and I was doing mostly just biz dev for the firm.

  • Um, no real formal role but I spent a lot of time, you know, thinking about uh crypto but I couldn't really and Bitcoin but I couldn't really get into it because you know as a macro guy from my background, Bitcoin at the time is a $10 billion dollar market cap and I'm just thinking like it's just too small.

  • I, you know, I remember speaking of barry Silbert about that time and barry had just launched gray scales investment trust and went down to the office and was talking to him and you know, he was telling me, yeah, you know this thing's up in trading dan, you got to do some And I'm like, well what's the volume and he's like what we're doing $1 million dollars a day and that's just too small was too small for me, I mean a million dollars, you know, to put on a starter position would have taken a week.

  • So I basically ignored Bitcoin for awhile and it wasn't until 2000 and 17 18, it was really Q.

  • 4 18 that I really got focused on it.

  • You know we had the bubble, we had the collapse and you know I'd seen that in my career where bubbles have collapsed and usually when something that's gone up astronomically has an 85 90% selloff, it actually is going to zero.

  • Um Like I saw with the Indonesian many Indonesian banks in 97 98 or And Thai banks for that matter or um you know it's a buying opportunity because it's the beginning of the next move.

  • And so I did just like you said six months 10 hours a day, threw myself into it.

  • And I started to think Oh my God, what an idiot.

  • I was for not doing this back in 2014 Detached capital which is my own entity which I launched an 03.

  • Um I had maxed out on my S.

  • A.

  • C.

  • Money back then and they let me uh take in outside money detached capital started positioning in Bitcoin and ethereum in Q.

  • 1 19.

  • And you know I'm sitting there with a position just like in the old days with migraine position and I started to think, okay what else can I do?

  • How else can I express a view?

  • Um There are all these companies in the space, what are they doing?

  • I've never heard of them.

  • I've only heard of coin base, The smartest 35 year old and under guys that I've ever met are in this space.

  • Uh, what's going on here.

  • And I started to dig in and dig in and it was at that time in the summer of 19 that I was at an off site of raoul pal, you know, Raul.

  • Really intelligent.

  • Yeah, yeah.

  • Rules an old friend of mine, in fact, role when he was at Goldman in the nineties used to cover me.

  • So I've known him for many, many years and it was one of the early founding guys of GME, you know, his global macro investor newsletter.

  • And uh, every year he has an off site and they're 10 to 15 guys to get together, usually in the commons and exchange ideas.

  • And uh, this year in 19 it was in um in napa.

  • And so I go to napa and I'm thinking about this crypto stuff.

  • And there's a young guy there in his early thirties named Clark Gillum.

  • And Clark was investing for his family office in some of the crypto currencies, but also in some of the companies.

  • And I was fascinated by that.

  • We started talking and he introduced me to a man who had helped him build those positions in his family office.

  • A man who's named Stan Marisnick and stand at the time, had his own investment advisory firm in the space called Element.

  • He'd raised over $300 million dollars for different companies and different projects in the space and Clark said, you know, let's get together three of us and put the heads together, which is what we did, and came up with this sort of expression of the idea really, and it was really to build a portfolio that I wanted for myself.

  • I mean, I had wanted to get into the block fi Round the $50 million 19, I love the borrowing and lending business.

  • Um I love the idea, conceptually big macro view, Yeah, that there was gonna be tremendous growth and I couldn't and uh I didn't have access, I didn't know enough about it.

  • Um in fact a year later they raised again at 500 million.

  • I couldn't get into that round either.

how did you get to have almost billion dollar portfolio And these fascinating companies like animal brands.

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A2 macro stan clark goldman idea firm

Dan Tapiero's Bitcoin story.

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    林宜悉 posted on 2021/12/04
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