Institutions are market-beta-chasing cucks. They get paid to amass a large pool of assets and charge a management fee. Their mediocrity is protected by various financial regulations. Go to the right school, study the right thing, wear the right costume, and you too can make a few hundred thousand dollars a year using basic Excel skills like =vlookup() and =sumproduct().

Many of these hard-working humans are muppets because that is what they are paid to be. But when they manage their own money, many recognize the value of crypto and are keen to participate. As a fiduciary, you care about arithmetic year-on-year returns, and the bonus clock resets on January 1st every year. As one of the heads of a family unit, you care more about compounded returns over time that outpace the rise in energy prices. The clock never stops, and you likely take a more holistic view of investing and saving

The number one goal of any organism in any milieu is survival, and money managers are no exception. In their working lives, fiduciaries want to survive the year to receive their next bonus. That means they will buy crypto only when it’s safe to do so. Safety is found when the price has already risen multiple times off of the bottom. When the market turns lower and they lose their investors’ money, at least they can defensibly say they bought when everyone else was buying.

In finance, there are no new paradigms. There are only new humans who have neither heard of nor studied our financial past. And these humans are doomed to repeat the same mistakes. Technology doesn’t transcend the thermodynamics of ponzies, technology just makes the ponzies even bigger and with better graphics.

Never give your money to the hot fund manager that runs a “Multi factor volatility minimized risk adjusted high Sharpe ratio back tested returns optimized discretionary strategy.”