In his latest essay, Arthur Hayes, the co-founder of BitMEX, has laid out his investment playbook in the current global economic landscape, focusing on the potential of Bitcoin, cryptocurrencies, big tech, and traditional financial markets.
Dumb Trades
Hayes begins with a blunt critique of traditional investment strategies, particularly the purchase of long-term bonds in the current economic climate. He explicitly states, “The dumbest thing one can do is purchase long-term bonds with a buy-and-hold mentality.”
Hayes explains this viewpoint by highlighting the risks associated with these bonds, especially when liquidity conditions shift, saying, “You will experience a market-to-market gain today, but…the market will start to discount the impact of further Reverse Repo [RRP] balance decreases and long-end bond yields will creep higher, which means prices fall.”
Moving on to smarter investment approaches, Hayes acknowledges leveraging short-term debt, as exemplified by Stan Druc
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