Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
Midas’ website: https://midas.app/
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Fabrice Grinda’s website: https://fabricegrinda.com/
Fabrice Grinda on Twitter https://x.com/fabricegrinda
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Timestamps:
(00:00) Introduction
(00:54) How Fabrice Grinda Thinks About Macro
(05:19) Fabrice's Early Journey In VC During The Venture Capital Bust of 2000
(07:06) The VC Boom of 2020 & 2021
(11:24) Why Raising Too Much Money At Too High A Valuation Can Be A Big Problem (For Real)
(16:38) Layoffs In Tech While The Overall U.S. Job Market Has Been Strong In 2023 & 2024: How To Square This?
(19:18) The Biggest Risk Now Is Not Macroeconomic In Nature: It Is Geopolitical
(21:19) VanEck Ad
(21:59) Palantir and Anduril
(26:48) Why An Increasing Percentage of Grinda's Investments Are Now In The U.S.
(30:42) VC Tourists Who Got Smoked In 2022
(33:15) Have VC Valuations Bottomed? A Tale of Two Cities (AI & Non-AI)
(36:02) Fabrice's Journey Into Crypto
(39:29) Midas: Yield-Bearing Stablecoin That Can Actually Do Stuff On-Chain
(44:13) The Crypto Basis Trade & mBasis
(47:50) Tether and Circle
(49:41) Midas' Decision To Be Regulatory Compliant In Europe (And Not The U.S.)
(51:44) The U.S. Regulatory Crackdown on Crypto Has Been Hardcore
(53:17) Bankruptcy Remoteness In Crypto Is Rare
(57:27) Are Onchain Treasury Bills Still Zero Coupon?
(58:32) Fabrice's Longer-Term Vision For Midas
(59:49) Fabrice's Views On Payment Rails Such as MasterCard, Visa, etc.
(01:04:27) FedNow
(01:07:29) How Did The Fall of Silicon Valley Bank (SVB) Impact The Venture Capital (VC) Ecosystem?
(01:14:35) Additional Thoughts On Macro and Recession Risk
(01:17:45) State of AI VC Market In 2024
(01:24:50) Self-Driving Tech
(01:27:12) Who Will Be The Biggest Long-Term Winners From AI?
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
