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The Tidal Financial Group (Tidal) expanded rapidly over the last decade and encompassed multiple ETF related brands including Toroso Investments, Tidal ETF Services, and the ETF Think Tank. Going forward all activity will be unified under the Tidal brand as we become one company, dream, family, and platform focused on holistic ETF customer solutions.

Get Think Tanked Distilled with Peter Doyle

Zingers, Questions and Answers

Sorry for those who missed it – we purposely don’t record the Happy Hour because the best insights shared are done “off the record,” and given the unscripted nature of Happy Hours, we never know what is going to be said. We are not inflating ourselves; this was a great chat. Here are a couple pivotal questions, zingers and even proposed solutions.

Top Zingers and Fun Exchanges
  • Gayed: “I don’t know if we’ve ever counted seven and a ‘half’ years… what is this, like height?”
  • Doyle: “We practice what we call ‘intelligent inactivity'”
  • Doyle: “The level of disruption I’ve seen in my career is staggering.”
  • Venuto: “You guys are missing a lot of ‘inflations’ here”
  • Doyle: “fundamentally, there’s nothing wrong with indexing and passive management. It becomes a problem when it becomes the dominant theme”
  • Weiskopf: [on investing in Cisco in his career] “I look at that company as massively failing in their opportunity, and along the path, the Value Investor should have walked away.”
  • Doyle: “the things that people really desire, actually have a very high rate of inflation”

Laughter and Fun

We launched the Get Think Tanked Happy Hour with this exact purpose: addressing serious investment subjects with humility, authenticity and yes, a little fun during these difficult times. Given that, we were thrilled to raise a glass on February 25, 2021 and use the toasting word “Inflation.” And they said inflation would never come back.

Questions and Key Discussion Points

Inflation hasn’t been an issue for some time, but we may be on the verge. How do you combat that with your investment portfolio? Find out how Peter Doyle of Horizon Kinetics is applying his prowess in finding active ways to play future inflation, which includes investing in the asymmetrical outcomes of cryptocurrencies and mining cryptocurrencies as well. Some of the questions and debate covered includes:

  1. There are a lot of similarities to the mid- to late-90’s trading in the markets today. Given your experience, having lived through that period with an internet fund in those times, is that true? Or is it a new environment altogether?
  2. When will growth and valuations slow in some of these tech companies?
  3. Did the last bull run in crazy technology names actually create deflation?
  4. What are your thoughts on real estate as an asset class in this environment?
  5. Does price ever invalidate an investment thesis?
  6. On the value investing process – when do value investors walk away?
  7. What are you doing, as an active approach, in regard to inflation beneficiaries?
  8. What are some different ways to measure inflation?
  9. Given all the money printing, why hasn’t hyper-inflation taken place?
  10. How does a deep-value manager get involved in crypto?
  11. What kind of technological advances are you looking for in mining crypto?

Thank you, Peter Doyle (@HorizonKinetics), for allowing us an inside look into your long-spanning career through the last tech bubble, and how you’re playing inflation in an active way in this market. We especially were interested in your take on how QE will affect inflation in the future, especially with the new stimulus package.

Key Takeaways

The Happy Hour was a constructive discussion and highlighted various key points that we often address at the ETF Think Tank.

Inflation could be the defining problem of the next decade, and our chat talked about how to play this from an active perspective. In addition, learning about how Peter got himself invested into crypto early – by simply looking at (limited) supply and demand, the advent of the ETF industry, and greed. We also got into this in our Clubhouse chat afterwards, and also our FIRST Twitter Spaces, which is not something you want to have missed!

Thank you, Peter, for coming to our show last week. Check out his twitter to get updates or their website to see how you could invest alongside him in any of his products. Horizon Kinetics pursuit of independent, creative thought and application to investing will surely guide you to success.

This week we have Lyn Alden of Lyn Alden Investment Strategy (@LynAldenContact), who helps us with fundamental investing via her macro overlay. Given her background in finance and engineering, you won’t want to miss her take on the current market. Come join us! Bring on your questions.

Disclosure

The information provided here is for financial professionals only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

All investments involve risk, including possible loss of principal.

The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested, and can be affected by changes in interest rates, in exchange rates, general market conditions, political, social and economic developments and other variable factors. Investment involves risks including but not limited to, possible delays in payments and loss of income or capital. Neither Toroso nor any of its affiliates guarantees any rate of return or the return of capital invested. This commentary material is available for informational purposes only and nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security and nothing herein should be construed as such. All investment strategies and investments involve risk of loss, including the possible loss of all amounts invested, and nothing herein should be construed as a guarantee of any specific outcome or profit.  While we have gathered the information presented herein from sources that we believe to be reliable, we cannot guarantee the accuracy or completeness of the information presented and the information presented should not be relied upon as such. Any opinions expressed herein are our opinions and are current only as of the date of distribution, and are subject to change without notice. We disclaim any obligation to provide revised opinions in the event of changed circumstances.

The information in this material is confidential and proprietary and may not be used other than by the intended user. Neither Toroso or its affiliates or any of their officers or employees of Toroso accepts any liability whatsoever for any loss arising from any use of this material or its contents. This material may not be reproduced, distributed or published without prior written permission from Toroso. Distribution of this material may be restricted in certain jurisdictions. Any persons coming into possession of this material should seek advice for details of and observe such restrictions (if any).
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