How Horizon and Murray Stahl were one of the earliest asset
managers to put client assets in GBTC
How Horizon's value approach landed them at a Bitcoin
James' reaction when Horizon first made the Bitcoin allocation
Whether Bitcoin is a growth or a value asset, and how to reason
about it from either perspective
James' reaction to Jerome Powell's announcement on rates
The genesis of the idea to create an inflation beneficiaries
James' case for inflation
Should the disinflationists be taking victory laps?
Why the Fed is calling inflation 'transitory'
Why we didn't get inflation from 2010-20
What crystallized the case for inflation for Horizon
The importance of the 'taper tantrum'
Why historical parallels are so hard to find – and why we have
no historical precedent for our current moment
How the dollar is the 'least rotten apple'
The prospects for a non-dollar monetary system
The effect of ESG on commodity cycles
How fiscal spending and the political anti-capital movement
represents a structural shift
The constant battle between capital and labor
Why equities may suffer from higher labor costs
Why Horizon focuses on asset light companies
James' answer to the equity-inflation return puzzle
Horizon's specific allocations to benefit from inflation
The early success of the Inflation Beneficiaries ETF
Why the inflation beneficiaries ETF does not contain
How this ETF sets itself apart from other ways to play
inflation – and why TIPS aren't the best bet
Is the thesis playing out so far?
Why the Fed has to remain subtle with their debasement
James' pitch to Bitcoiners
About the Podcast
Hosts Matt Walsh and Nic Carter of Castle Island Ventures explore the political, ethical, and economic significance of Bitcoin and other public blockchains and talk to some of the leading experts in the industry. Learn more and stay up to date at CastleIsland.vc and follow on twitter @CastleIslandVC