Hey, it's Guy, and you're listening to a bonus episode of On the Tape.

This week, I'm in Miami at the Context 365 conference,

and I had the pleasure of sitting down with Mike Novagrats,

CEO of Galaxy Digital Partners,

about crypto, his family, Galaxy Digital, the Fed, and so much more.

Hope you enjoy it.

I'm back.

Hope everybody enjoyed lunch.

So I worked at Goldman Sachs for a period of time.

I got there when it was actually quasi easy to get a job in the commodities world. Clearly

couldn't get one now, but one of the people we used to hear about all the time at Jay

Aaron was this guy, Michael Novagrats. Larger than life, I had never met him, but the mythology

around him was fascinating. And if you're not following him on Twitter, you're doing Twitter wrong. And if you don't know who he is,

probably leave the room now

because in my world, he's a legend.

So without further ado, ladies and gentlemen,

Michael Novagrantz. So it's interesting.

I mentioned I was at Goldman Sachs, and one of the years I was there, the guy that ran

foreign exchange, Mike probably knows, his name was Peter Gerhardt.

And the year that he made partner at Goldman, Pete lost about $150 million or so.

And we all looked at each other, like, how do they make somebody a partner after a year like that?

And it dawned on me that the rationale was somebody that could lose that amount of money probably could make that and much more so.

...