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:
- 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?
- When will growth and valuations slow in some of these tech companies?
- Did the last bull run in crazy technology names actually create deflation?
- What are your thoughts on real estate as an asset class in this environment?
- Does price ever invalidate an investment thesis?
- On the value investing process – when do value investors walk away?
- What are you doing, as an active approach, in regard to inflation beneficiaries?
- What are some different ways to measure inflation?
- Given all the money printing, why hasn’t hyper-inflation taken place?
- How does a deep-value manager get involved in crypto?
- 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.
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.
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