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- Froth, Chaos, and Crypto: Your 2025 Survival Kit
Froth, Chaos, and Crypto: Your 2025 Survival Kit
Liz Ann Sonders, Owen Lamont, David Senra, Charlie Dreifus, Brad Gerstner & More
The Idea Farm
January 19, 2025
Together With
“We have to invest in the world we live in, and not the world we want.”
Research
Charles Schwab - It Was A Very Good Year (6 pages)
Liz Ann Sonders looks back at a banner year for stocks. Then she looks ahead to 2025, noting that strength has bred a frothy sentiment environment, which continues to loom as a risk for likely coming volatility.
Source: Charles Schwab. As of January 6, 2024.
Apollo - Outlook for Private Markets 2025 (78 pages)
Apollo’s private market outlook covers private equity, private credit, real estate, venture capital and more. There are four pages with commentary and the rest is comprised of charts.
Man Group - In Crypto We Trend (7 pages)
Man Group explains that cryptocurrencies may be well suited to trend-following approaches due to their inherent liquidity, volatility and lack of fundamental valuation anchors.
Index Ventures - Scaling Through Chaos: The Founder’s Guide to Building and Leading Teams from 0 to 1,000 (11 chapters)
Index Ventures studied over 200,000 founder and employee career profiles from 210 of the most successful tech companies. This shares their insights and frameworks for what does and doesn’t work when scaling a company.
As of March 2024.
Bonus Content
Owen Lamont’s latest piece looks at the seven pillars of market bubbles. Link
The WSJ wrote about the devastating downside of the markets' gamblification. Link
“...the huge performance of the USA isn’t a sign that diversification is failing. It’s a sign that diversification is doing precisely what we expect it to.” Link
Vikram Mansharamani published his annual list of 25 global developments to watch over the next five years. Link
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Podcasts
 12/16/24 - 140 minutes | Senra walks through the 15 ‘harsh truths’ which you can read here. |
 11/6/24 - 55 minutes | Royce Special Equity Funds portfolio manager Charlie Dreifus covers timely and timeless lessons from his career. |
 12/27/24 - 31 minutes | VenCap CIO David Clark covers the venture capital landscape, the importance of power laws, the difference between small and large funds, and more. |
What Else Is Happening
Meb Faber spoke with Wendy Li about how elite endowments invest. Apple | Spotify | YouTube
Brad Gerstner wants to create private investment accounts for the 3.7 million children born each year in the U.S. Watch
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