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Mastering the Psychology of Crypto Cycles | David Kalk & Jeff Park
Empire
Santi on Managers Holding Majors & Cash: Prioritize Performance Over Looking Smart
Managers often hesitate to communicate openly with their limited partners (LPs) about holding major assets or maintaining cash positions, particularly in the context of increasing influence from Exchange-Traded Funds (ETFs). Clients primarily seek performance, and that may occasionally require strategic inertia, such as holding cash, Bitcoin, or other significant assets. There is a lack of intellectual honesty among many managers, who fail to explain their decisions to LPs, particularly when it comes to maintaining cash or selecting major assets. It's crucial for managers to take client concerns seriously, as those paying fees expect guidance through volatile and chaotic asset classes. Ultimately, trust in the manager’s judgment is essential; clients need to accept periods of uncertainty. If they struggle with this understanding, they should consider withdrawing their investments.
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