Dinosaurs. A Confession

Dinosaurs. A Confession.

By Julien B. Booth

May 26, 2021

Good Afternoon:

I hope this note finds you doing well.

As the more risk-averse, income-focused manager of BRC Wealth Management, my role is often typecast as overly fearful (read-prudence).  I am used to it and it is often subject to the duration/time in question.

My primary role is protecting capital – a job very difficult in an age of 0% interest rates, little care for actual fundamentals, and tremendous unfunded Government “stimulus” programs.

REAL Confession – I am an optimist, but I am not particularly fond of speculation with low probability outcomes.

After 25 years in the financial markets, I have seen many a cycle, many a fantasy, many a fraud, and quite a lot of fragility (think Government bailouts).  These days are eerily similar to the internet mania of the 2000’s.  I believe fundamentals should matter – I am a dinosaur too.  As such, I have been terribly hesitant to get involved in the Bitcoin/Crypto debate.  The recent loss of $1 Trillion of “market value” inside of 10 days has made me want to at least engage.  It is truly painful for me to watch good people lose Real$.

The short essay attached-link provides a wonderful perspective from the crypto skeptic point of view.  Mr. Giustra has standing for writing such an essay.

Thank you for your interest.  Please advise questions/comments etc.  I cherish your feedback.


Chief Investment Officer – Fixed Income & Real Assets

BRC Wealth Management