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PODCAST

The Pomp Letter

Anthony Pompliano

Audio edition of Pomp"s daily newsletter where he shares his analysis on the latest in business, finance, the economy, and bitcoin. pomp.substack.com

business investing

All Episodes

5:43

Bitcoin Is Moving In Lockstep With Treasury Yields?!

The Pomp Letter ·

2021/12/20

To investors,The global financial markets are obsessively watching what the Federal Reserve is going to do with interest rates in the coming months. Based on the most recent FOMC meeting, Fed Chairman Jerome Powell has signaled that the Fed is likely to hike interest rates approximately three times in 2022. I don’t want to spend our time together this morning debating whether the Fed will actually raise interest rates or not, but rather I want to talk through what is likely to happen if interest

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5:19

The Automated Central Bank Is Superior

The Pomp Letter ·

2021/12/17

To investors,There has been immense scrutiny on the Federal Reserve and central banks around the world over the last 18 months. Everyone from investors to business owners to retirees are trying to figure out what the central banks will do with interest rates and asset purchases, so they can better prepare their portfolios for the future. It is easy to get lost in the day-to-day drama of what the central banks are going to do. Every mainstream media outlet is talking about the various scenarios

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3:53

Warren Buffett, Bitcoin, and Compounding

The Pomp Letter ·

2021/12/14

To investors,We have all heard Albert Einstein’s famous quote that “compounding is the eighth wonder of the world” and “he who understands it, earns it; he who doesn't, pays for it.” This concept sounds great as a theory, but there is something incredible when you actually see it play out in reality. The most recent example is when I saw Garry Tan tweet this excerpt from The Psychology of Money about Warren Buffett:This means that Warren Buffett accumulated 99% of his net worth in the second half of

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6:09

Young People Have Lived Through More Market Downturns...

The Pomp Letter ·

2021/12/01

To investors,There was an article in the Financial Times recently that discussed market cycles, sell-offs, and investor risks. My friend Josh Wolfe from Lux Capital shared it on Twitter with a fairly sober warning that most young investors haven’t experienced a market downturn. Here is the article and the tweet:This got me thinking — has the generation of 35 year olds and younger actually never experienced a market downturn?We know that the 2009 - 2020 performance of the stock market was the single

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2:49

Bitcoin's On-Chain Distribution Continues To Be More...

The Pomp Letter ·

2021/11/29

To investors,Bitcoin’s on-chain distribution continues to become more decentralized over time. We can explicitly prove this claim by looking at the on-chain metrics, which offer unique insight into the amount of bitcoin that is held by each individual bitcoin address. First, let’s take a look at the largest holders of bitcoin on-chain. We can see that the number of bitcoin addresses with at least 10,000 bitcoin in their balance peaked in October 2018. Bitcoin's price was ~ $6,500 and we were about

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3:18

10 Epic Bitcoin Mining Photos

The Pomp Letter ·

2021/11/24

To investors,I thought it would be fun to assemble the most breathtaking photos that I could find related to bitcoin mining as we head into Thanksgiving here in the United States. The bitcoin miners spend immense time, effort, and capital to help secure the world’s strongest computer network. Here are some visualizations of their work:These are two Bloomberg photographs from inside Bitriver, the largest data center in Russia, which is attached to the Bratsk aluminum plant (the largest in the world)

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7:00

Bitcoin City Will Be Funded By Bitcoin Bonds

The Pomp Letter ·

2021/11/22

To investors,The President of El Salvador announced on Saturday night that he was planning to build the world’s first “Bitcoin city,” which would live at the foot of a volcano in his country. There is a lot to unpack here. Before we get into the details though, it is important to remember what El Salvador and President Bukele have already accomplished. The country announced in June at the Bitcoin Conference that they would make the digital currency legal tender across the nation. This legislation

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4:19

Your Portfolio Gains Aren't What You Think They Are

The Pomp Letter ·

2021/11/15

To investors,Financial markets have been on a tear for the last 12 months. Everything in your portfolio appears to be going up at an exciting rate. If I were to ask each of you the performance of your portfolio, you would quote me a percentage increase on a nominal basis. If I then asked you for the real rate of return, you would take the nominal number and subtract 6%+ inflation to get the real rate.The problem?Your nominal rate of return is based on a comparison to an asset that continues to

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5:49

Focusing On What Is Most Important

The Pomp Letter ·

2021/11/08

To investors,Last week, I told the limited partners at Pomp Investments that I would be returning all outside capital at the end of the year and would be converting my investment activities into a family office. The response to this communication was incredibly powerful so I figured that I should share the decision publicly. No matter your occupation or life goals, my hope is that the letter below can help you. Here is the letter that I sent to the limited partners at Pomp Investments:To

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7:00

Crypto Equities: One Of The Most Overlooked Corners...

The Pomp Letter ·

2021/11/02

To investors,I was talking to a friend recently about the various investment opportunities in the crypto industry. He kept explaining how much exposure he had to publicly traded stocks, so I asked my friends at Bitwise to do an analysis on that piece of the market. Below is their write-up. Really fascinating stuff.Crypto assets are the best returning asset class over the past one, three, and five years. And yet, many traditional investors remain on the sidelines.Why? Among other reasons, because

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7:30

Everyone Wants More Bitcoin

The Pomp Letter ·

2021/11/01

To investors,There are many deeply held beliefs in the bitcoin and crypto industry that get repeated over and over again. One that I have always found peculiar is that “[Fill in the blank] is merely an attempt to get more bitcoin.”The argument is presented as a negative swipe at anyone who is buying, holding, or creating any investment assets outside of bitcoin. Before we dig deeply into this perspective, it is helpful to take a look at what capitalism and investing actually mean.Capitalism is

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6:55

Corporations Understand Inflation Better Than The Fed

The Pomp Letter ·

2021/10/25

To investors,Jack Dorsey sent the tweet heard ‘round the world on Friday night. He explicitly called out hyperinflation, which has been historically considered an off-limits topic for executives and politicians in developed nations.As you would expect in today’s internet age, everyone started to pile in and call Jack Dorsey uninformed, stupid, irresponsible, and much more. No one topped this one though:Not everyone immediately took to yelling at Jack Dorsey though. A few people replied with

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4:48

The First Public Pension Funds Buys Bitcoin Directly

The Pomp Letter ·

2021/10/22

To investors,It was confirmed yesterday that the Houston Firefighters Pension Fund has officially become the first pension fund in the United States to purchase, and directly hold, bitcoin in their portfolio.As many of you will remember, two public pension funds from Fairfax County in Virginia previously invested in the first two Morgan Creek Digital funds. They were the first public pension funds to allocate to the industry. These were venture funds that had approximately 15-20% invested in

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3:00

Plug Into The Network

The Pomp Letter ·

2021/10/19

To investors,The best entrepreneurs and investors seek efficiency. They are in a constant search for how they can do more with less resources. You see this in capital allocation decisions, supply chains, headcount, and strategic efforts. Invest the least amount of resources to get the highest amount of impact.One of the biggest arbitrage opportunities in this pursuit is for an individual or entity to plug into the bitcoin network. When you plug into the network, you are essentially hiring millions

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7:41

Square Is A Bitcoin Company & Mark Cuban Is A Bitcoiner

The Pomp Letter ·

2021/10/18

To investors,Bitcoin is knocking on the door of a new all-time high in US dollar price as I begin to write this letter. The market structure for the asset has been quite clear for months now. The long-term, strong hands were accumulating as much bitcoin as they possibly could, while short-term, weak hands were selling their bitcoin.Approximately 85% of all bitcoin in circulation has not moved in the last 90 days. The last time that occurred was in October of 2020, which was followed by a 600%

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3:17

The Bitcoin Futures ETF Timing Is Ridiculous

The Pomp Letter ·

2021/10/15

This installment of The Pomp Letter is free for everyone. I send this email to our investors daily. If you would also like to receive it every morning, join the 190,000 other investors today.To investors,Bloomberg reported last night that insiders have confirmed the SEC will not oppose the Bitcoin Futures ETF applications that are set to begin trading on Monday. This led to a short term price appreciation of bitcoin, along with quite a bit of excitement on Twitter.It is important to remember that

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7:48

The Incumbents Are Taunting Us

The Pomp Letter ·

2021/10/08

To investors,The Head of the Bank of International Settlement Innovation Hub, Benoît Cœuré, gave a speech yesterday at the 23rd Geneva Conference on the World Economy. The speech was titled “Finance disrupted” and contained a number of interesting insights into how central banks are thinking about new digital technologies. The main theme of the speech is that disruption is upon us. Cœuré opened with:“Let me begin by stating the obvious: we live in an age of disruption. We hear every day about

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6:41

Helping 10,000 People Get A Job In Crypto

The Pomp Letter ·

2021/10/05

To investors, I set a goal earlier this year of helping 10,000 people leave their legacy jobs and get a new job within the bitcoin and crypto industry. That may seem like a big number initially, but we were able to create and launch a company that is well on the way to accomplishing that goal. Below is a guest post from CEO Colton Sakamoto on how we are training thousands of people this year to make the transition. In January of this year, we created a single product to start with — our Crypto Job

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3:42

The US Should Buy Bitcoin For Strategic Reserves

The Pomp Letter ·

2021/09/28

To investors,We discussed last week the issues related to China’s decision to emphasize their existing ban on bitcoin and cryptocurrencies. This ban has manifested itself in multiple ways, including kicking miners out of the country, outlawing cryptocurrency transactions, and recently blocking access to various crypto websites that show asset prices and charts. There has been plenty of speculation about what China’s actions will mean for the crypto market, but the more interesting conversation to me

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8:40

The Economic Data Can't Possibly Be Accurate. Here Is...

The Pomp Letter ·

2021/09/20

To investors,I hope each of you had a great weekend. At the end of last week, I saw a chart that really confused me. It showed the difference between the CPI Rent Index and the Zillow Rent Index. These numbers show that Zillow is estimating rents are increasing about 5.5% to 6% annually right now. The CPI Rent Index is showing just under 2% rent growth.The confusing part of this was that the two metrics, which are supposed to be measuring the exact same thing, are apparently coming in at such

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