Dinosaurs. A Confession.
By Julien B. Booth
May 26, 2021
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