Practical analysis for investment professionals

cryptocurrencies


FTX: Crypto Is the Cure, Not the Cause

The FTX fiasco has more to do with fractional reserve banking than it does with crypto.

The Alchemist’s Paradox, Central Bank Sovereignty, and the Fate of Crypto

“It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.” -- John Kenneth Galbraith

How Do Cryptocurrencies Correlate with Traditional Asset Classes?

The crypto market’s recent gyrations necessitate a fresh look at the evolving relationships between crypto and traditional asset classes.

Valuing Digital Assets with TradFi Tools: Three Methods

Not all traditional investment management techniques are applicable to digital assets, but sector breakdowns, DCF models, and risk factor modeling are solid starting points.

Book Review: The Future of Money

Eswar S. Prasad provides an interesting and insightful exposition on the shifting landscape from traditional paper notes to digital currencies.

Digital Gold or Fool’s Gold: Is Crypto Really a Hedge against Equity Risk?

When it comes to hedging equity risk, bitcoin and cryptocurrencies are less "digital gold" and more fool's gold.

Crypto Tokens: Does Security Selection Matter? 

What role does security selection play in cryptocurrency investing? Can token pickers demonstrate differentiated performance?

DeFi-ing the Rules: Five Opportunities and Five Risks of Decentralized Finance

Campbell Harvey explains why DeFi has such transformative potential.

Crypto Tokens and Crypto Coins: What Drives Performance?

The correlation between volume and price of crypto coins and tokens is negligible no matter how it's measured.

Crypto Mania, Financial Contagion, and the “Goldilocks Zone”

The crypto craze will make for a fascinating case study in the annals of financial history.