MI045: Bitcoin, COVID-19, and Macroeconomics for Beginners Part 2 with Pomp (Investing Podcast)
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 592 Ratings
🗓️ 17 June 2020
⏱️ 42 minutes
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| 0:00.0 | You're listening to TIP. |
| 0:02.4 | On today's show, Pomp and I finish our conversation for this two-part series all about |
| 0:07.2 | Bitcoin, cryptocurrency, and the history of money. |
| 0:10.6 | If you haven't listened to last week's episode yet, I highly recommend you go listen to that |
| 0:14.8 | one before you start listening to this one. |
| 0:17.6 | For today's episode, we dive right into the conversation where we left off last week. |
| 0:23.3 | You're listening to Millennial Investing by the Investors Podcast Network, where your host, Robert Leonard, interview successful entrepreneurs, business leaders and investors to help educate and inspire the millennial generation. |
| 0:45.6 | Thank you. to help educate and inspire the millennial generation. And I think that's a perfect example of where traditional financial education almost comes |
| 0:51.2 | in back to hurt us because when you think about it, in school, everyone's |
| 0:54.9 | taught that volatility is the way to quantify risk. So when you see this type of volatility, |
| 0:59.9 | your mind, it's all you studied for four, six, eight years, and you just automatically think |
| 1:04.1 | risk, where really risk is, you know, Bitcoin going to zero, not necessarily the volatility. |
| 1:09.4 | The volatility introduces opportunity, |
| 1:11.2 | just like you said. |
| 1:12.1 | And like here's a great thing. So I've got the pleasure of, you know, I talk to a lot of |
| 1:16.5 | people way, way smarter than me who have decades of experience across macroeconomics and investing. |
| 1:21.5 | And I always ask them kind of little questions to try to just pull the real core of what |
| 1:26.3 | makes them great, right. And one of the things |
| 1:28.8 | that I think I have come to understand, which I did not understand before, was one, the best |
| 1:35.2 | investors seek out volatility. They actually run into the volatility because volatility means |
| 1:40.2 | opportunity. If something just stays stable like the dollar and it's pretty stable all the time, there's not that much opportunity to find dislocations in the market. You need volatility to drive returns. That's kind of lesson one. The second lesson is the very best investors, a friend of mine recently told me, the very best investors are only right 55 to 60% of the time. |
| 2:03.0 | So if you think about that, you're like, wow, that's a pretty low number. |
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