BTC072: MACRO OVERVIEW

W/ LAWRENCE LEPARD

5 April 2022

Preston Pysh interviews Lawrence Lepard about the dramatic change in financial markets. They cover the decline of the dollar’s global reserve status among many other current events.

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IN THIS EPISODE, YOU’LL LEARN:

  • What market indicators are surprising Lawrence the most right now?
  • The energy market in a time of war.
  • If gold can’t rally in this environment, when can it?
  • Portfolio construction versus age.
  • What would Yield Curve Control look like?
  • What are some key knowledge points to watch out for?
  • What are his thoughts on the equity “melt-up” thesis?
  • The battle between deflation and inflation.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

Preston Pysh (00:00:03):

Hey, everyone. Welcome to this Wednesday’s release of the podcast, where we’re talking about Bitcoin. On today’s show, I have a veteran investor and fellow Bitcoiner with Lawrence Lepard. Lawrence has been in the private equity space for multiple decades and goes by the buyline, fix the money, fix the world. During our conversation, he provides an in-depth framework for why the current circumstances are a very different setup compared to anything we’ve seen during the past 10 years. We talk extensively about the inner plumbing and the flows of the various financial sectors. We talk about the impacts of global events that are making prices skyrocket. We talk about why Bitcoin will be so instrumental to a portfolio in this type of environment, among many other themes. So without further delay, here’s my chat with the thoughtful Lawrence Lepard.

Intro (00:00:48):

You’re listening to Bitcoin Fundamentals by The Investor’s Podcast Network. Now, for your host, Preston Pysh.

Preston Pysh (00:01:10):

Hey everyone. Welcome to the show. I’m really excited. This conversation is long overdue, Larry. I’m really excited to have this and have it recorded. So welcome to the show.

Lawrence Lepard (00:01:20):

Thank you very much. Nice to finally talk to one-on-one.

Preston Pysh (00:01:24):

Yeah. And I’m excited that hopefully we bump into each other in Miami here next week.

Lawrence Lepard (00:01:28):

For sure. It’s a plan.

Preston Pysh (00:01:31):

Here’s where I want to start off. And this was the question that I saw posted online for you specifically, and I just really like this to kind of kick off the discussion. The person asked which market indicators are you most surprised about, concerned about or paying attention to right now?

Lawrence Lepard (00:01:47):

A great question. Very smart. Well, a couple things. Just the general stock market. And this ties into what probably is going to be one of your later questions, which is why hasn’t gold taken off, given all the gold friendly stuff that’s going on, or even Bitcoin, why has Bitcoin kind of mired down below it’s all time high, given what happened in Russia.

Lawrence Lepard (00:02:07):

I think, Preston, what’s really going on here, it reminds me a lot of 82 and 83. And I was an investor back then, which tells you my age. And it takes a while for the world to wake up. You got big investment committees, you got decisions that take time. You and I can change on a dime. We see Putin do something. We’re like, oh, I know what that mean, boom, do it. But big asset allocators, they get reports and they have a timeframe and they have to have votes. Just things don’t happen instantly in investment land.

Lawrence Lepard (00:02:36):

And to that point, it’s shocking to me. Probably the biggest indicator that I’m most shocked about is given everything that’s going on, it’s shocking to me that the S&P is still within 5% of it’s all time high, right?

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