The Pomp Letter

To investors, Retail investors have long been thought of as the “dumb money” in financial markets. The hedge funds and large institutions were the sophisticated money. They had the Ivy League degrees, lots of technology at their fingertips, and they were paid millions of dollars per year to find the edge to create massive profits. But multiple data points in recent years suggest individuals on the...

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To investors, Humans are full of fear and greed. They get over-excited in the good times and they run in fear during the bad times. This is a story as old as time. You can’t change human nature, therefore you can’t change markets. So the only thing you can do is study history to be prepared for the future. That is why I posted on X on April 6th two words: Study reflexivity. Reflexivity is one of t...

To investors, There has been a wave of publicly-listed crypto companies in Canada trying to crossover into the United States. The idea is that America has the strongest, most liquid capital markets in the world. If you can get listed on the Nasdaq or the New York Stock Exchange then you appeal to a wider investor base. The problem for the last few years was the prior administration’s SEC was not w...

To investors, There has been fear and maximum negativity dominating financial markets in the last few months. All the pessimists are wrong though. I believe things are about to get very crazy in markets. The sell-off in stocks, bitcoin, and other assets earlier this year was based on uncertainty. As we get clarity on the economic policies of this administration, we should expect asset prices to ag...

To investors, Gold has been dominating Bitcoin’s performance this year. The precious metal is up 27%, while bitcoin is only up 4% year-to-date. But there is something fascinating happening — investors are pouring capital into the bitcoin ETFs at an unprecedented rate. Split Capital points out that inflows for BlackRock’s bitcoin ETF have now surpassed inflows this year for GLD, the most popular go...

To investors, Growing up most of us were taught to never talk about politics at work, but that is no longer possible — politics and investing is so intertwined that you have to evaluate the totality of the situation. If you ignore one or the other, you will end up uninformed. Let me give you a few examples. First, we can look at tariffs. There is new data out suggesting a massive shift in the atti...

To investors, Warren Buffett held his annual conference this year and it did not disappoint. The event has become the Woodstock of Capitalism. More than 40,000 Buffett disciplines make the trip to Omaha as if they are visiting Mecca to hear from their prophet. There are parties, there are side events, and there is a lot of worshiping of one of the greatest investors of our lifetime. And this year...

To investors, Bitcoin is up over the last 5 days, while gold has been falling. This outperformance is a departure from the trend year-to-date where gold has been significantly outperforming bitcoin. Gold is up more than 20% since January 1st and bitcoin is only up 3%. As I continue to say, both assets embody the sound money principles that investors are seeking during times of uncertainty. But the...

To investors, Liberation Day was about one month ago. It feels like years ago at this point. But the Declaration of Economic Independence brought market uncertainty, chaos, fear, and a hell of a lot of screeching from the cheap seats about how the economy was going to be destroyed. All that noise ended up being just that — noise. The S&P 500 is essentially flat for the month of April and the Nasda...

Today’s letter is brought to you by Consensus ! Consensus is Crypto’s Most Influential Event 20,000 of the world’s most ambitious builders and boldest investors are coming to Consensus to make connections and shape the future of the digital economy in Toronto this May 14-16, 2025. Here’s a glimpse at what’s ahead: * New! Bitcoin & Mining Summit: Discover Bitcoin’s potential with insights on energy...

Today’s letter is brought to you by Consensus ! Consensus is Crypto’s Most Influential Event 20,000 of the world’s most ambitious builders and boldest investors are coming to Consensus to make connections and shape the future of the digital economy in Toronto this May 14-16, 2025. Here’s a glimpse at what’s ahead: * New! Bitcoin & Mining Summit: Discover Bitcoin’s potential with insights on energy...

To investors, The last few weeks in financial markets have been a roller coaster. Fear is running wild and investors are worried there is no end in sight to the recent market drawdown. I come bearing good news though. Fidelity’s Jurrien Timmer writes “ Statistically speaking the further the market falls the more likely it is to recover. Yes, some 20% declines become 50% “super bears,” but more oft...

To investors, The Financial Times reported this morning that Binance, the world’s largest crypto exchange, has been advising numerous countries and sovereign wealth funds on crypto policy and establishing a strategic bitcoin reserve. It makes sense that countries would reach out to industry players to ensure they have informed views on policy. This happens in every industry and in most countries....

To investors, There are more than 37 million crypto tokens in existence today. That number blew my mind when I saw it recently. Most of these tokens are obviously inactive or not viable, but the fact that so many tokens have been created over the last 15 years tells a broader story — there is intense competition for attention and capital in the crypto industry. This increasing competition makes it...

To investors, I went to the White House last week to interview Bo Hines, the Executive Director of the Presidential Council of Advisors on Digital Assets. He is responsible for shaping our national policy on bitcoin, stablecoins, and crypto assets. You can watch the full episode by clicking here . Here are some of my personal takeaways from my conversation with Bo: * Crypto has become a bi-partisa...

To investors, Bitcoin and gold are brothers from a different mother. They both embody the sound money principles that allow an asset to benefit from the debasement of a currency. Those principles include being outside the traditional financial system and the inability for anyone to create more of the asset. Simply, sound money can’t be messed with. And both assets have had an epic run over the las...

To investors, Everyone is prepared for a volatile week as the reality of US tariff policy sets in. There have been plenty of negative reactions from investors and market participants, but it is important to stay focused on the signal, rather than the noise. We can start with Stanley Druckenmiller, one of the best-performing and well-respected investors in the world. He explained in a recent interv...

To investors, President Trump stood in the Rose Garden yesterday and fulfilled his promise of Liberation Day with historic words: “This is our Declaration of Economic Independence.” That sentence kicked off a firestorm of opinions online as Trump announced sweeping tariffs on almost every country in the world. Perplexity, my favorite AI search engine, summarizes the top three points of the announc...

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To investors, The Wall Street Journal broke the news yesterday that the Trump family was jumping into the bitcoin mining game. Vicky Ge Huang writes : “The president’s two oldest sons are investing in a bitcoin-mining company, adding to the Trump family’s expanding portfolio of cryptocurrency businesses. Eric Trump and Donald Trump Jr.’s American Data Centers will merge with and take a 20% stake i...

To investors, There are very few crypto-related publicly traded companies available to investors. If you remove energy companies like bitcoin miners and bitcoin treasury companies, such as MicroStrategy or Metaplanet, the available pool of companies gets even smaller. One company that I have talked about a few times over the last year is DeFi Technologies ( CBOE CA: DEFI ) ( GR: R9B ) ( OTC: DEFTF...

Today’s letter is brought to you by Consensus Consensus is Crypto’s Most Influential Event 20,000 of the world’s most ambitious builders and boldest investors are coming to Consensus to make connections and shape the future of the digital economy in Toronto this May 14-16, 2025. Here’s a glimpse at what’s ahead: * New! Bitcoin & Mining Summit: Discover Bitcoin’s potential with insights on energy,...

To investors, There is a global race under way to see who can acquire the most amount of bitcoin. We have seen Microstrategy buy more than $33 billion worth (506,000+ bitcoin) since August 2020. Companies like Metaplanet, Semler Scientific, Tesla, and Block have all followed suit in recent years. We have various large financial institutions pounding the pavement to help their clients get exposure...

To investors, Home affordability is the worst it has been in decades. The problem is so bad that I decided to do something about it just over a year ago — I cofounded ResiClub , the leading residential real estate analytics and content platform, with Lance Lambert, who I believe is the best residential real estate reporter in the country. Our thesis is simple — you can’t solve a problem if you don...