X @Bankless

Investment Strategy & Market Dynamics - Passive investing is portrayed as a flow-driven algorithm, influenced by policy, that directs capital towards mega-caps while potentially starving small-caps [1] - The strategy raises the likelihood of market non-clearing shocks [1] - The discussion includes lessons from Volmageddon, suggesting potential market instability [1] - The aging of investor cohorts is considered as a relevant factor [1] - Stress in the market may initially be deflationary before becoming inflationary [1] - Portfolio "doom-proofing" involves assets that generate cash flow [1] - Large cap companies are dominating the market [2] - Other market distortions are identified and discussed [2] Crypto & Tokenization - Crypto's burn-it-down narrative is distinguished from the potential of tokenized, programmable securities to improve TradFi's infrastructure [2] - Tokenization is presented as a solution to fix TradFi's paper plumbing [2]