There's fundamentally three ways to make money in financial markets. You can run some time of momentum trade, buy things that are going up and ride them until they become overvalued. The third way you make money is by running some kind of carry trade with assets who always generate higher payments than whatever your cost of capital is. It's highly unusual to have assets that take all three boxes. When you do, you kind of have to back the bus.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode