The Pomp Letter

To investors, It has been Crypto Week in Washington DC and it looks like the week is going to end with a bang. Each piece of legislation received the necessary House votes yesterday to move forward in their respective processes. First up we have the GENIUS Act. This creates the first federal regulatory framework for stablecoins, it sets standards for issuers, and it mandates consumer protections....

To investors, We got more data this morning that proves tariffs are not inflationary. The Producer Price Index (PPI) is a collection of different indexes that measure the average change over different timelines for selling prices received by domestic producers for the goods and services they produce. The PPI metrics came in lower on every single measurement this morning than economists’ expectatio...

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To investors, The bitcoin invasion of Wall Street has just begun. We have seen the bitcoin ETFs become the most successful ETF launch in history, bitcoin treasury companies are some of the best performing stocks in recent years, and now real estate funds are starting to marry bitcoin with one of the largest asset classes in the world. This is happening at warp speed because Wall Street doesn’t fee...

To investors, A few weeks ago, I announced that my bitcoin treasury company, ProCap BTC LLC, entered into a definitive agreement for a $1 billion business combination with Columbus Circle Capital Corp 1 (Nasdaq: CCCM). As part of the proposed business combination, ProCap BTC LLC raised more than $750 million. My goal with this business is to continue acquiring as much bitcoin as possible. ProCap B...

To investors, America was built on the idea of risk-taking. Whether it was citizens pushing west in search of freedom on the frontier or modern self-directed investors allocating capital in financial markets, the United States has always been unique compared to the rest of the world when it comes to our risk appetite. You can clearly see this in recent public equity data. Goldman Sachs shows US in...

Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor ! Bitizenship helps Bitcoiners secure EU residency and a path to Portuguese citizenship, without abandoning their long-term thesis. Bitizenship Helps You: ✔ Unlock visa-free travel across Europe ✔ Secure residency with minimal physical presence ✔ Maintain Bitcoin exposure through a regulated structure ✔ Set up a fut...

To investors, Ric Edelman is a legend. He was named the #1 financial advisor in the United States and Barron’s put him in the Financial Advisor Hall of Fame. Yes, that is a real thing. And Ric Edelman is sitting comfortably in the Hall of Fame. So a lot of people were shocked to see Ric Edelman’s recent suggestion that investors should put 10% - 40% of their portfolio into crypto assets . These nu...

To investors, It is hard to quantify the range of emotions felt in financial markets over the last few months. Thankfully, we have data that measures just how historic the market recovery has been. We have literally never seen such a strong rebound in the S&P 500 at any point in history. Down 14% in the quarter. Now back to a positive 9% gain in the same time period. Volatility is an understatemen...

To investors, The best investors in the world have been thinking about volatility for decades. Charlie Munger once said “Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.” Peter Lynch said “The key to making money in stocks is not to get scared out of them.” And Peter Drucker said “The greatest danger in times of turbulence is not the turbulence;...

To investors, Now that the recession has been cancelled, all eyes are on what will happen to asset prices through the end of the year. I previously predicted in April, at the depths of the fear-mongering, we would see new all-time highs across assets by the end of 2025 . We have seen bitcoin, gold, and the Nasdaq 100 each reclaim a new high since then. Next it will be the S&P 500’s turn. Four diff...

Today Brought To You By A Golden Visa for the Bitcoin-Forward Investor ! Bitizenship helps Bitcoiners secure EU residency and a path to Portuguese citizenship, without abandoning their long-term thesis. With Bitizenship , you can: ✔ Unlock visa-free travel across Europe ✔ Secure a second residency with minimal physical presence ✔ Maintain exposure to Bitcoin through a regulated structure ✔ Set up...

To investors, I have watched the public company bitcoin treasury landscape develop over the last year and it became obvious to me there were ways to potentially improve on the model. Rather than sit around as a Monday morning quarterback, I decided to jump into the arena and build the solution that I envisioned. Today I am announcing a $1 billion merger to create ProCap Financial, a bitcoin-native...

To investors, Stablecoins are eating the world. It seems like every market participant is jumping head first into the game right now. Here are a few examples: * The Senate recently passed the GENIUS Act in another step towards a federal framework for stablecoins. * Stripe announced a deeper partnership with Shopify to help businesses in 34 countries immediately start accepting stablecoins via Shop...

To investors, The rise of self-directed investors has been widely discussed, but we just got new data that suggests the trend is even more pervasive than we previously thought. As retail investors have entered the market, there has been a bifurcation in their behavior. One group is sophisticated and informed. They follow timeless investing principles, allocating their capital based on thorough ana...

To investors, You begin thinking you have seen nearly everything that is possible after being in the bitcoin and crypto industry for nearly a decade, but every once in awhile you see something new that surprises you. That is exactly what happened yesterday when I saw a video clip of Cardano founder Charles Hoskinson talking in a recent recording. Here is Hoskinson talking about selling his altcoin...

To investors, Pessimists sound smart, optimists make money. This old adage is proving to be more true every day. Adam Kobeissi is just as impressed with the market’s historic recovery as I am. He writes: “The S&P 500 has rallied +20.4% over the last 41 trading sessions, its third-best run this century. During the same period, the Nasdaq 100 has risen +27.3%, its third-biggest rally since 2002. Onl...

To investors, The Federal Reserve cracked the market in 1971 when we went off the gold standard and America’s central bank finished the job by breaking the market in 2008-2009 with the undisciplined use of quantitative easing. Prolonged bear markets have been outlawed and anyone saving in dollars is punished annually with 5% or more debasement of their economic value. Not exactly a rosy picture fo...

To investors, Fred Krueger had a great write-up yesterday about the importance of “8%” in modern finance. He started by pointing out since 2000, global money supply has been growing exactly at 8%. But then Fred pointed out that US debt has also been growing at 8% — what a coincidence! Next, if you look at the S&P 500 and add in dividends, then you see another result that looks pretty damn close to...

To investors, There has been a lot of talk about bitcoin coming to the bond market in the last few weeks. We have seen Strategy and other bitcoin treasury companies use unique structures to get capital leveraging anything from convertible debt to structured notes. But the more interesting area is the idea of a BitBond. Sam Lyman writes for Forbes : “BitBonds are like regular bonds in the sense tha...

To investors, We have been hearing for months about an incoming economic calamity. The doomsday predictors promised us recessions, depressions, and stock market crashes that would make Black Friday blush. Of course, these people look absolutely insane in hindsight. We didn’t get any of that. In fact, we got the exact opposite. Ryan Detrick shows the S&P 500 just posted the best performance for the...

To investors, We got news yesterday that a federal court has thrown a major wrench into President Trump’s economic plan. CNBC writes: “The U.S. Court of International Trade on Wednesday blocked steep reciprocal tariffs unilaterally imposed by President Donald Trump on scores of countries in April to correct what he said were persistent trade imbalances. The ruling deals a potentially serious blow...

To investors, The administration is making a significant pivot in their economic policy. We just watched them shift from a focus on cutting government spending to an obsession with growth at all costs. This strategic change is coming at an interesting point in time. Creative Planning’s Charlie Bilello highlights “ the US Money Supply hit an all-time high in April for the first time in three years....

To investors, Traditional markets are full of misinformation right now. You know how stock investors always say they want to hold equities because of the cash-flow? Well Mike Zaccardi shows gold has destroyed the return of the S&P 500 by 2x since the year 2000. Public market investors must be in shambles seeing this. But the misinformation doesn’t stop there. You know how everyone always says to d...

To investors, I have spent the last 15 years of my career in the private markets. I started out building companies, then went to work at Facebook, and eventually became a full-time investor. I always joke that my generation watched The Social Network movie and everyone wanted to be the next Zuckerberg or they wanted to invest in him. My generation has over-rotated to private markets. It is impossi...