BREAKDOWN: Cronyism, Zombie Companies and the True Cost of the Coronavirus, Feat. Morgan Creek's Mark Yusko
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 March 2020
⏱️ 64 minutes
🧾️ Download transcript
Summary
Mark Yusko is the founder of Morgan Creek Capital Management. In this wide-ranging conversation, he and @NLW discuss:
- Why bitcoin has fallen with stocks over the last few weeks
- Why price and value are not the same thing
- Why stocks have been manipulated
- An argument for buy backs being illegal
- Why cronyism is not capitalism
- Why bailouts and other types of intervention help zombie companies that should perish
- A debate about whether the “cure is worse than the disease”
- The costs of a 0-risk tolerance
- The polarization of health vs. economics
- Why there should be a market holiday
- Why bitcoin is the last and only free market
- Why the big market announcements are always on Sunday
- Why we’re headed to debt jubilee
- There is a non-zero probability that Trump tries to cancel the election
- Why a lack of leadership is the biggest cause for pessimism today
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.4 | Welcome back to The Breakdown. It is Tuesday, March 24th. And today, guys, I got to tell you, |
| 0:26.2 | this is a hell of an episode. My guest today is Mark Yusko. Mark is the founder of Morgan |
| 0:33.3 | Creek Capital Management and has been investing in markets for decades, has an extremely |
| 0:38.6 | wide-ranging view on the world, and today we just let it rip. We talk about why Bitcoin fell |
| 0:45.1 | with stocks, why there is a difference between price and value, why stocks are of fundamentally |
| 0:51.0 | manipulated assets, why buyback should be illegal, why cronyism is not capitalism, |
| 0:56.4 | the cost of propping up zombie companies. We get into the extremely important and painful |
| 1:02.8 | and all-to-politicized conversation about the cure being worse than the disease and whether that's |
| 1:09.3 | the case now. We talk about the cost of a zero |
| 1:11.9 | risk tolerance in society. We talk importantly about the polarization of health versus |
| 1:17.5 | economics as though there wasn't solutions available that didn't have those two things as |
| 1:22.8 | mutually exclusive. We talk about why Mark thinks there should be a market holiday because |
| 1:26.6 | it can't price anything right now. We talk about why Bitcoin is the only be a market holiday because it can't price anything right now. |
| 1:28.5 | We talk about why Bitcoin is the only free market, the last free market. |
| 1:32.0 | We talk even on the granular level about why big market announcements happen on Sunday. |
| 1:36.9 | We talk about the future and why we're headed to Debt Jubilee. |
| 1:40.6 | And we talk about why Mark thinks there is a non-zero probability that President |
| 1:46.1 | Trump tries to cancel the election. There is no one single overarching theme, although I think that |
| 1:53.3 | there is a palpable frustration that you'll hear from both of us around the trying to box |
| 1:59.8 | everything into one extreme reaction or another extreme |
... |
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