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Crypto Asset Allocation


Coindesk did me a disservice with this blog post: USV’s Fred Wilson Predicts ‘Big’ Cryptocurrency Crash https://t.co/P8085HlhW1 pic.twitter.com/8rVaudYnlA — CoinDesk (@coindesk) September 26, 2017 It made it seem like I was predicting an imminent crash which I was not. But just as bad, it has led to a lot of tweets like this one suggesting that I also said that people should have 10-20% of their net worth in crypto: Interesting viewpoint: @fredwilson believes #cryptocurrencies could represent 10-20% of the allocation strategy for an informed investor https://t.co/0tphYEQ5sG — Jean-Michel Pailhon (@jmpailhon) October 14, 2017 What I did say is that “true believers” in crypto might want to have 10-20% of their net worth in crypto assets. For many of these true believers that would be down from 80-100%. So, what do I think is a reasonable asset allocation to crypto for the average investor? Well to start, as I mentioned in that blog post, The Gotham Gal and I have about 5% of our net worth in crypto assets, across a number of vehicles; direct holdings, USV funds, token funds, etc. We have a fairly diversified crypto portfolio, likely much more diversified than most folks could do on their own. I think that’s likely at the high end of what the average person should have, but I also think its not a ridiculous number for the average person to have. Many endowments, pension funds, etc allocate 3-5% of their portfolio to venture capital. They know its a risky asset but it has the potential for outsized returns. The largest allocation I have seen to venture capital from a big endowment or pension fund is 10%. So that gives you a sense of what sophisticated investors do with risky asset classes. If you had to pin me down on a number, here is where I would end up: young, aggressive risk taker – 10% of net worth in crypto sophisticated investor seeking a high performing portfolio – 5% of net worth in crypto average investor, slightly conservative, but with some appetite for risk – 3% of net worth in crypto retiree seeking to preserve portfolio value and generate income – 0% of net worth in crypto Hopefully this will set the record straight. It makes me very nervous when I see folks tweeting out “advice” that I did not give. http://avc.com/2017/10/crypto-asset-allocation/

Crypto Asset Allocation1


Coindesk did me a disservice with this blog post: USV’s Fred Wilson Predicts ‘Big’ Cryptocurrency Crash https://t.co/P8085HlhW1 pic.twitter.com/8rVaudYnlA — CoinDesk (@coindesk) September 26, 2017 It made it seem like I was predicting an imminent crash which I was not. But just as bad, it has led to a lot of tweets like this one suggesting that I also said that people should have 10-20% of their net worth in crypto: Interesting viewpoint: @fredwilson believes #cryptocurrencies could represent 10-20% of the allocation strategy for an informed investor https://t.co/0tphYEQ5sG — Jean-Michel Pailhon (@jmpailhon) October 14, 2017 What I did say is that “true believers” in crypto might want to have 10-20% of their net worth in crypto assets. For many of these true believers that would be down from 80-100%. So, what do I think is a reasonable asset allocation to crypto for the average investor? Well to start, as I mentioned in that blog post, The Gotham Gal and I have about 5% of our net worth in crypto assets, across a number of vehicles; direct holdings, USV funds, token funds, etc. We have a fairly diversified crypto portfolio, likely much more diversified than most folks could do on their own. I think that’s likely at the high end of what the average person should have, but I also think its not a ridiculous number for the average person to have. Many endowments, pension funds, etc allocate 3-5% of their portfolio to venture capital. They know its a risky asset but it has the potential for outsized returns. The largest allocation I have seen to venture capital from a big endowment or pension fund is 10%. So that gives you a sense of what sophisticated investors do with risky asset classes. If you had to pin me down on a number, here is where I would end up: young, aggressive risk taker – 10% of net worth in crypto sophisticated investor seeking a high performing portfolio – 5% of net worth in crypto average investor, slightly conservative, but with some appetite for risk – 3% of net worth in crypto retiree seeking to preserve portfolio value and generate income – 0% of net worth in crypto Hopefully this will set the record straight. It makes me very nervous when I see folks tweeting out “advice” that I did not give. http://avc.com/2017/10/crypto-asset-allocation/

Crypto Asset Allocation1


Coindesk did me a disservice with this blog post: USV’s Fred Wilson Predicts ‘Big’ Cryptocurrency Crash https://t.co/P8085HlhW1 pic.twitter.com/8rVaudYnlA — CoinDesk (@coindesk) September 26, 2017 It made it seem like I was predicting an imminent crash which I was not. But just as bad, it has led to a lot of tweets like this one suggesting that I also said that people should have 10-20% of their net worth in crypto: Interesting viewpoint: @fredwilson believes #cryptocurrencies could represent 10-20% of the allocation strategy for an informed investor https://t.co/0tphYEQ5sG — Jean-Michel Pailhon (@jmpailhon) October 14, 2017 What I did say is that “true believers” in crypto might want to have 10-20% of their net worth in crypto assets. For many of these true believers that would be down from 80-100%. So, what do I think is a reasonable asset allocation to crypto for the average investor? Well to start, as I mentioned in that blog post, The Gotham Gal and I have about 5% of our net worth in crypto assets, across a number of vehicles; direct holdings, USV funds, token funds, etc. We have a fairly diversified crypto portfolio, likely much more diversified than most folks could do on their own. I think that’s likely at the high end of what the average person should have, but I also think its not a ridiculous number for the average person to have. Many endowments, pension funds, etc allocate 3-5% of their portfolio to venture capital. They know its a risky asset but it has the potential for outsized returns. The largest allocation I have seen to venture capital from a big endowment or pension fund is 10%. So that gives you a sense of what sophisticated investors do with risky asset classes. If you had to pin me down on a number, here is where I would end up: young, aggressive risk taker – 10% of net worth in crypto sophisticated investor seeking a high performing portfolio – 5% of net worth in crypto average investor, slightly conservative, but with some appetite for risk – 3% of net worth in crypto retiree seeking to preserve portfolio value and generate income – 0% of net worth in crypto Hopefully this will set the record straight. It makes me very nervous when I see folks tweeting out “advice” that I did not give. http://avc.com/2017/10/crypto-asset-allocation/

Announcing The Next 2 Token Summits: San Francisco and New York


Source: http://startupmanagement.org/2017/10/13/announcing-the-next-2-token-summits-san-francisco-and-new-york/ Yesterday, I tweeted that Nick Tomaino and I are bringing the next Token Summit to San Francisco on December 5th 2017. The location we chose is the stylish Mission Bay Conference Center at the University of California, San Francisco (UCSF). We will be using Robertson Hall which can hold 600 seated people. For these next 2 conferences, we are evolving from the ICO topic, and focusing more on the Successful Business Models behind Designing Token-Based Economies. This has always been about the token, and less about the ICO itself. For San Francisco, we have announced only 4 key speakers: Kathryn Haun, Naval Ravikant, Balaji Srinivasan and Fred Ehrsam. Many more on the way, as we sift through the choices and options, and we will announce them over the next days, along with initial sponsors. As well, there will be some surprise announcements, new company pitches, panels and a couple of solo presentations. Here is the registration link for the San Francisco Token Summit II event. And here is the one for the New York Token Summit III 2018 event. We will soon unravel an update website as well. We also just released the sizzle video tape from the last Token Summit 2017 in New York. It is 2 minute-long, with clips of highlights from that inaugural event. If you attended, you can check out if you appear in it! We hope to see many of you in San Francisco and / or New York City.

Angst at the airport


Go to any boarding queue at the airport and you’re likely to find someone in angst. “This boarding line seems to be too long.” “Why are they taking forever?” “This airline is so incompetent.” The angst is useless, of course. Everybody in that area is going to the same place and will get there at the same time. If a delay is meant to happen, it’ll happen anyway. Complaining about it isn’t going to do anyone any favors. But, this post could just as easily been about angst at the DMV or angst at the office. Angst is hardly ever useful and nearly always unhelpful. If you are that unusual person for whom angst spurs constructive action, please ignore this post. But, for the rest of us, any time we find ourselves feeling angst, let’s ask ourselves – “Is this moment going to matter in 5 years?” Assuming it isn’t (and it generally isn’t), let’s just put some music on our headphones or open up a book and let it pass. If it is going to matter, let’s just put some music on or open up a book anyway. Angst isn’t going to help with constructive action. Some calm is. The world will be better for it. And, we will be happier too. Share this: Facebook Twitter LinkedIn Like this: Like Loading... Related https://alearningaday.com/2017/09/29/angst-at-the-airport/