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Bitcoin for Millennials
Ex-Sotheby’s CEO: Bitcoin Changed Everything I Knew About Money | Tad Smith | BFM126
Feb 13, 2025
Tad Smith, former CEO of Sotheby’s and Madison Square Garden, now invests in blockchain and AI. He discusses the pitfalls of traditional finance, emphasizing the burdens of student loans and credit debt. Tad highlights the need for millennials to rethink their investment strategies, advocating for financial literacy and self-custody in the crypto space. He critiques the emotional toll of financial insecurities and contrasts generational investment behaviors, pointing out the transformative potential of Bitcoin amid economic uncertainties.
01:24:09
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Quick takeaways
- Investors often underperform due to emotional decision-making, highlighting the need for mental discipline when navigating volatile markets like Bitcoin.
- Traditional narratives emphasizing education and homeownership are increasingly inadequate, necessitating active investment strategies to combat inflation for millennials.
Deep dives
The Mental Discipline of Investing
Understanding investment concepts is not enough to ensure success in investing. Many investors experience a significant gap between the overall market returns and their actual returns, often underperforming due to poor decision-making influenced by market emotions. For example, while the S&P 500 generated over 26% returns in a year, the average investor achieved returns closer to 9.8%. This disparity highlights the crucial need for mental discipline when investing, especially in volatile markets like Bitcoin, which necessitates a strong psychological framework to withstand the ups and downs.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode