2026-08-03 21:25:20
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To investors,
Hackers have stolen more than $100 million of bitcoin from over 5,000 wallets in the last few days. This theft is particularly noteworthy because it is happening to users who were using Coldcard, a type of cold storage device that was previously thought to be the most secure way to store your bitcoin.
It is important to call out that the bitcoin network was not hacked, nor does this hack disprove the importance and efficacy of self-custody and cold storage. Instead, this hack was due to a software flaw with a specific vendor (Coinkite) related to the way their random number generator worked.
These details won’t matter though as the mainstream media reports headlines like “Hackers Hit Bitcoin’s Safest Hiding Place In Ongoing Attack.” That type of coverage will obviously not help bitcoin’s adoption. But more importantly, this hack strikes at the heart of the true bitcoin believers. The people who took the time to learn self-custody, and spent the time to implement it, are not casual investors.
These are the most hardcore bitcoiners. And now a hacker has been able to siphon away their bitcoin through an attack vector that most bitcoiners didn’t even know existed.
I don’t believe bitcoin will ultimately suffer long-term from this. There could be a few rocky weeks ahead though depending on the fear driven by mainstream media coverage. Bitcoin has been through worse and it will once again prove how resilient it can be.
I also think this incident will drive renewed interest in the bitcoin ETFs or other third-party, multi-sig arrangements. People are willing to pay for security when security is a concern. And this Coinkite situation is going to make security a VERY big concern.
In addition to my opinion on how this situation will impact the market, I shared a few other thoughts with the bitcoin community over the weekend. Here they are in no particular order:
1. This is devastating for a lot of people. They lost their hard-earned economic value in a way most didn’t realize was possible. Not everyone is a technical genius, but almost all are merely looking to build a better life for themselves and their family. I feel for these people and their new reality.
2. I have personally lost bitcoin in the past and it is never fun. The only lesson I can impart from my personal experience on those going through this is that you are unlikely to change the past. Don’t spend immense time thinking about what could have been, but rather focus on a plan moving forward. You can only control your actions and response, so focus on how to come back stronger.
3. People will inevitably attack the various investors in Coldcard, or the podcasters promoting the product, but that anger is misplaced and unproductive. I saw this phenomenon first-hand with the BlockFi situation. Even though I wasn’t involved in the company’s operations, people wanted someone to blame and they came for those who were the most accessible. To those who are angry, don’t waste your time attacking those who are not responsible. To those who will be unjustly attacked, this too shall pass.
4. This incident highlights the difficulty with self-custody. I fundamentally believe in an individual’s right to have true sovereignty over their assets. It is one of the core value propositions of bitcoin. But we must also recognize that self-custody is a technically complex topic that some, but not all, are prepared to take on. Better education and better technology can help bridge this gap in the future.
5. The mainstream media hasn’t picked up this story yet, but I am sure they will at some point. They can’t resist the “bitcoin was hacked!” storyline. Obviously bitcoin was not hacked and there is no known security vulnerability with the protocol. This was a third-party issue, but that won’t stop the misinformation, so it is important to combat the misinformation with facts.
6. Sentiment in the bitcoin industry is very bad right now. This is normal in a bear market, so it is not surprising. But a security incident like this is equivalent to throwing a match on gasoline. There will be more anger, in-fighting, and unproductive nonsense. If this is your first time experiencing it, welcome to the arena. If you have seen it before, you know the negative sentiment will eventually evaporate and the sun will shine again over the next 12-18 months.
7. There are very real ramifications to the acceleration in AI technology. I am not sure if AI played a part in this hack, but it wouldn’t surprise me if that was the case. Every developer should take this new capability seriously and consider how they can enhance their security practices accordingly.
8. The bitcoin community is just as resilient as the network itself. We have been through insane, painful moments throughout the years. This is another one. The only way forward is to go through the fire.
In conclusion, this situation sucks for everyone affected. I genuinely feel for them and intimately understand the pain from my own past experiences. If you are one of the affected folks, keep your head up and continue walking forward. For those who own bitcoin and were not affected, understand there will be a lot of noise in the coming days, but nothing about bitcoin or its future outlook has changed.
Hope everyone has a great start to their week. I will talk to you tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.
In this conversation, we break down the Leopold Aschenbrenner hedge fund unwind, the market crashes in South Korea and Japan, Kevin Warsh and the Fed's next move, and the case for compute scarcity as AI demand outpaces supply. We also discuss tokenization and why bitcoin remains the ultimate hedge and store of value in a world being reshaped by AI.
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🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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2026-07-31 22:04:45
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Today’s edition is a guest post by Phil Rosen, chief market strategist at ProCap Financial and the author of the Opening Bell Daily newsletter.
Bull markets do not end when the average stock in the market keeps hitting new highs.
That’s exactly what’s happening right now.
The equal-weight S&P 500 is up 12.2% this year against 8.7% for the market-cap weighted benchmark. Not only that, but the NYSE advanced-decline line hovers near all-time highs, which means there are far more names going up than going down.
That is compelling evidence that the bull run is still broadening out, however top-heavy the index might look from the outside.
Over the last month, the average stock has gained more than 1% despite the bear market in many of the most popular semiconductor and memory names like Micron, Sandisk and Western Digital.
Roughly two-thirds of S&P 500 stocks are higher today than at the start of June, and 8 of 11 sectors have climbed. Healthcare and financials have led the way — hardly what you’d expect in a market that’s supposedly propped up by an AI bubble.
That participation doesn’t show up in the S&P 500’s headline number because the Magnificent 7, which is negative as a group so far in 2026, still accounts for close to 30% of its value.
The same broad pattern holds true with the Nasdaq 100, the market’s most concentrated and tech-heavy index.
The average Nasdaq 100 stock is up 14.2% this year, outperforming the cap-weighted Nasdaq 100’s 11.3% return.
To be clear, the current bull market is nearly four years old and it was indeed top-heavy for most of its early run. That said, a broadening out like this is still historically what you would see in the middle innings of a rally.
No investing story is usually simple enough to explain in a headline. That’s why the bears will pound the table about a popping bubble when semiconductor stocks turn red or when broader indexes move sideways.
Yet the more intriguing and accurate story isn’t happening at a headline level. It’s unfolding beneath the surface and across the most boring names and sectors in the market.
The risk-reward favors the bulls right now. So does history.
Phil Rosen is the chief market strategist at ProCap Financial and the co-founder of Opening Bell Media.
Darius Dale is the founder and CEO of 42 Macro.
In this conversation, we break down what the Fed should do next, how money printing quietly erodes your purchasing power, Kevin Warsh's plan to reshape the Fed, what history says happens to economies as K-shaped as ours, and what gives Darius hope for the future.
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BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
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2026-07-30 20:58:57
You already know what the Arch Public tools can do. This is your shot to own them for good.
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To investors,
Portfolios have been punished the last few days, which is causing many investors to question their commitment to the AI trade. The Nasdaq is down about 5% in the last 5 trading sessions and the index has suffered a 10% drawdown in the last month.
It doesn’t matter that tech investors are up 8% year-to-date or up 16% in the last 12 months. This is a “what have you done for me lately” market, so investors are beginning to freak out at the recent weakness.
But what is driving this sell-off? Should you actually be worried?
The short answer is no, there is nothing to worry about in the medium-to-long term. The recent drawdown is largely being driven by a deleveraging that has taken no prisoners. For example, the South Korean stock market had surged 135% over the last 6 months, which invited every speculator and gambler to go mega-long various Korean equities.
We have seen how that movie ends time and again throughout history. Adam Kobeissi writes, “in an unprecedented move, South Korea’s stock market just collapsed -44% in 40 days, erasing -$2 trillion in market cap. Now, South Korea’s finance ministry has announced plans to “stabilize” the market.”
You don’t have an entire stock market gain tripe-digits in 6 months without seeing some sort of violent drawdown later on. This is how modern volatility works. You go up faster than ever before, but you also see destruction occur just as swiftly.
Everything, including capital and information, moves at the speed of light now.
The deleveraging is not only happening in South Korea though. Japan is feeling the pain too after “$200 billion has been wiped from the Japanese stock market as the Nikkei plunges 2.3% from its intraday highs.”
As if it wasn’t bad enough that trillions of dollars are evaporating across various global stock markets, we are now getting reports that large US hedge funds, like Leopoldo Aschenbrener’s Situational Awareness, have experienced massive drawdowns as well.
The poster boy for the AI trade is getting hit hard, so naturally everyone begins predicting his demise. They start talking about Long Term Capital Management, the Global Financial Crisis, and whatever additional fear porn they think will get clicks online.
I prefer Citrini’s theory that Situational Awareness will likely convince their LPs to double-down, which helps create the market bottom and lays the groundwork for the next leg up in the AI trade. Citrini explains by writing:
“Imagine, for a moment, you are an LP in Situational Awareness. The fund that launched on a pitch that was essentially “AI is the only thing that matters and if you recognize that and wish to be invested in a vehicle that will express that view by getting massively nips to nuts long the most beta to our informed AI views this fine stock market can offer us, then you invest”. And you invested. Not just because you’re bullish on AI, thousands of hedge funds are “bullish on AI”, but because you think Leopold is uniquely situated as being one of/knowing “the few hundred people” who will bring about Machine God before 2030.
Then over the next two years, the fund did exactly what it said it would. And it went up. By, like, twenty something times if I’m remembering properly.
Again, in this scenario you are the person who read Situational Awareness (the paper) and said “Yes, I agree AI is more powerful than the nuclear bomb and will render the world unrecognizable before the decade is out. And I want my investments into the hedge fund version of that view”.
Now those stocks go down, so the fund goes down.
Let me ask you - do these LPs seem like the type of people that are going to become bearish on AI because SK Hynix got cut in half in six weeks? The people who likely regard “I’m going long TQQQ” levels of tech bullishness the same way normal people view investing into a muni bond fund?
Yeah...I would not expect many of them are calling Mr. Ash Burner to complain right now. Some people don’t realize how insane being up 2200% since inception (in 2024) is. To put that into perspective, if you invested $100M with SALP at inception and wiped out ninety percent in July, your investment would be worth $230M.
I think it’s probable the LPs will BTFD. Situational Awareness is going to get the money they’re asking for. And, once it’s in, they’ll take off their (likely short dated) hedges because they’re not at risk of getting liquidated by their prime, meaning the market makers that sold them the hedges will cover their delta hedge on what’s probably quite a lot of notional exposure. And at the same time, they will be deploying that capital into what they think is “the best buying opportunity since April 2025”.
I don’t think @leopoldasch is in trouble so much as he’s likely to raise the capital he’s asking for, which would mean it’s more likely now that Leopold causes the bottom than causes AI to continue going down.
If there’s something I’m missing that would cause this cohort of LPs who are AI-super-believers that are likely still up significantly on their SALP investment to decide that they would rather not buy the dip, then, sure, every stock even vaguely AI-smelling is probably going to Hades. But…”
The believers are not going to stop believing. And thankfully for everyone, the hardcore believers have way more money than the pessimists who sound smart but never make money.
Chris Camillo said it best: “Forced deleveraging fueled by AI confusion and misinformation rarely lasts. The rebound is going to be violent. The goal is simple: stay solvent long enough to participate.”
Don’t play with fire. Don’t get liquidated. Don’t panic. And don’t get emotional. Artificial intelligence is going to positively impact every industry in the world. This is a true supercycle that will create trillions of dollars in value for the people who are smart enough to take risk, but prudent enough not to get shaken out with the volatility.
I am not dumb enough to ever attempt calling a market bottom, but there are signs that we are closer to the bottom than most realize. For example, JPMorgan put out a note this week showing “that most leveraged ETFs in the Korean stock market have been liquidated and estimated that hedge funds’ deleveraging is also about 90% complete.”
Timing market tops and bottoms is a fruitless exercise. Instead, I suggest you take notes from the young investors who invented the phrase “buy the fucking dip” or otherwise known as BTFD. When stocks go down, they pour capital into the market.
They have been convinced that stocks only go up over the long-run. And while that may sound crazy to some people, it has proven to be an excellent strategy over the last decade, so I don’t think that will change any time soon.
Hope everyone has a great day. I will talk to you tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
I sat down with Polina to discuss why socialism — both explicit and implicit — is the biggest threat to investor portfolios, and why the economy feels painful despite the stock market hitting all-time highs.
We also discuss bitcoin, the Clarity Act, and Google's AI spending bet.
Figure – Get a slice of $160,000 with their Community Appreciation event. T&Cs apply True DeFi Democratized Prime yielding ~8.5% APY. They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Crypto Backed Loan today. Figure Lending LLC dba Figure (NMLS 1717824)
Arch Public’s platform automates your trading strategy beyond DCA for equities, commodities, ETFs, and crypto. With advanced inputs that reflect your own intentions, Arch Public supports smarter entries, exits, and opportunities in volatile markets. Connect with their team, try the product for free, and see how agentic trading can work for you, with Arch Public!
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-07-28 21:44:37
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To investors,
I fundamentally believe socialism is the largest risk to investors’ portfolios over the next 20 years. There are two types of socialism that I am worried about: explicit and implicit socialism.
First, explicit socialism can be seen on full display in New York City by Mamdani. He is promising free buses and childcare, while laying out plans for five city-run grocery stores. He claimed yesterday that the grocery stores will sell every item in the store for 30% less than the retail price at other stores.
Here is Mamdani’s plan:
“Today, I am proud to announce a collection of essential staples that will be predictably 30% cheaper at all five of our city-run grocery stores. This core set of goods will include all fresh produce, meat, and seafood, along with 20 other essential items like cheese, milk, and bread.
Here’s how it will work. Once a month, our five city-run grocery stores will set prices for this core set of goods at 30% below typical retail prices. No exceptions, no gimmicks. The savings will last for the entire month. That means no weekly fluctuations or sticker shock at the checkout line—not for our seniors living on fixed incomes, nor for the parents who rely on a regular supply of apple slices to keep toddler tantrums at bay.”
He is hoping we ignore the fact that the only way for the government to do this is for the bureaucrats to hemorrhage money like a gun shot victim laying on the operating table. And this doesn’t even get into what the mayor plans to do when the stores are overrun with demand and he has to choose how to ration to food? Who gets priority? Do we create a list based on race, wealth status, gender, or some other socialist construct that is untethered from reality?
If we are able to navigate those impossible questions, then the government will have to deal with individuals buying the food at a discount only to resell it at market rates elsewhere. How are they going to stop those free market actors? Will they outlaw selling food?! You never know what could happen when a lunatic is in charge of economic policy, especially when he has never had to run a business, employ people, or think about the long-term consequences of government’s involvement in private industry.
Remember, the government makes things more expensive, private companies make things less expensive.
This explicit socialism experiment being run by Mamdani has been tried over and over again throughout history, but it never works. Just ask the Russian or Venezuelan immigrants who fled to America over the last few decades because there was literally no food on the shelves in the grocery stores.
But explicit socialism is easy to spot and easy to argue against. History is on our side. It is the implicit socialism that is harder to recognize and likely a much bigger threat to Americans’ investment portfolio.
This implicit socialism shows up in the form of money printing. Republicans and Democrats are both guilty of participating in the destruction of US dollar purchasing power.
This money is printed and handed out across the economy. Wealthy people get government contracts, subsidies, and a persistent bid in certain financial markets. The social safety net in America directs hundreds of billions of dollars to a variety of government services, NGOs, and a significant amount of fraud.
So much of politics has become an argument over who gets the pleasure of receiving the money printed by the government. This may not be labelled socialism, but it is just as negative as Mamdani’s ridiculous policies on the local level.
Investors are directly in the cross-hairs of this double-team from the extremes of both political parties. Some people want to use explicit socialism to redistribute wealth, while relying on the government to artificially manipulate prices lower. Other people want to print money and hand it out like candy on Halloween.
This means inflation runs hot, purchasing power evaporates, and investors are forced to take on more risk as they stretch for a real return on their investment. This is the biggest risk over the next two decades in my mind and I don’t see it dissipating any time soon. In fact, every data point is telling us that the problem is going to get much worse.
So my suggestion is to buckle up for the ride and create a portfolio that is insulated from the insanity that is coming fast. There are many assets you can use to protect yourself, but I continue to reiterate the Crazy Uncle portfolio of land, gold, bitcoin, and guns.
This may not be popular right now, but eventually people will realize why they need these assets over the coming years. Hope you have a great day. I will talk to everyone next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Dan Ives is the Partner and Senior Managing Director at Yorkville Ives, a new merchant bank he's building.
In this conversation, we break down the AI trade—Chinese open-source models, Anthropic's slowing revenue growth, the biggest bottlenecks in chips, memory, and energy, and the political battles over data centers.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public’s platform automates your trading strategy beyond DCA for equities, commodities, ETFs, and crypto. With advanced inputs that reflect your own intentions, Arch Public supports smarter entries, exits, and opportunities in volatile markets. Connect with their team, try the product for free, and see how agentic trading can work for you, with Arch Public!
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-07-27 22:06:30
Legendary VC investor Tim Draper bought 29,656 BTC at $632 in 2014. That trade is up roughly 100x. Now, he’s backing a new venture called mogul.
mogul is a revolutionary real estate investment platform that tokenizes property ownership on the blockchain. The mogul founders built Goldman Sachs’s institutional single-family rental program and deployed over $1B to this strategy. Then, they left to bring that same institutional strategy to investors like you and me.
To date, they’ve launched 100+ properties and averaged an 18.8% annual IRR, which is ~3x higher than competitors.
What you get: ownership in institutional-quality rental properties. Monthly rental income. Real-time appreciation. Tax benefits. No tenant calls.
Long story short: Draper backed it. The founders built the model at Goldman. Now you can access it.1
To investors,
The S&P 500 is up 8% year-to-date and the Nasdaq has gained 11% in the same timeframe. The perma bears don’t like nice things though, so they are all doing their best impressions of Michael Burry in 2007.
“Bubble! A crash is coming! The next global financial crisis is upon us!”
These are examples of the sentiment coming from the pessimist crowd. The media is not immune from this nonsense either. Here is a list of recent headlines from media outlets:
New York Times: “The A.I. bubble is coming for your retirement account.”
Axios: “Revenge of the A.I. bubble”
The Guardian: “When the AI bubble bursts, what will Australia do with the tools it built? One man thinks he has the answer.”
The Atlantic: “The A.I. bubble is no ordinary bubble”
Financial Times: “Portfolio construction in the shadow of the A.I. bubble”
The Telegraph: “The real AI bubble is dangerously hidden.”
Investing.com: “SK Hynix’s US share premium flashes another AI bubble warning”
The funniest part about these headlines is they are written as if the A.I. bubble is a widely accepted fact and now everyone is just trying to figure out what to do about it. These folks couldn’t be more wrong though. I have the data to prove it too.
Adam Kobeissi shows “the S&P 500’s net profit margin is on track to surge to 15.7% for Q2 2026, the highest in data going back to 2009. If the current margin holds, it will mark the 10th consecutive quarterly increase.
Meanwhile, 86% of reporting S&P 500 firms have so far beaten EPS estimates, while 80% have exceeded revenue expectations. AI is driving historic earnings growth.”
These are truly breathtaking numbers. The largest companies in America are driving net profit margin growth at the highest rate in nearly 20 years. That isn’t hype and it isn’t future dreams. This is a positive development in the answer to one of the most important questions on Wall Street: how much money are you making?
As if the Q2 numbers weren’t good enough, Carson Group’s Ryan Detrick points out estimated 2027 earnings-per-share (EPS) has officially cracked $400. If this is accurate, EPS would have experienced a mind-boggling 4x increase since 2012.
So you want to know why company stock prices are skyrocketing? Because they are making 4x more money than they were less than 15 years ago.
If you continue pulling on that thread, the P/E multiples right now are not even in the same zip code as the 2000 tech bubble. Mike Zaccardi writes “Nasdaq 100 P/E was 86x in May 2001... its 24x today.”
Again, I am not saying there won’t be a bubble that pops at some point in the future, but I am showing you data that proves we are nowhere near that bubble right now. It is your choice to believe the data or not.
Lastly, before I let you go, I will leave you with this chart from Merrill Lynch (which originally was Ryan Detrick’s idea I am pretty sure). This shows “the S&P 500 has gained around 110% since October 2022. Historical comparisons suggest the rally may still have room to run, as bull markets since 1949 have averaged around 192% returns over around 5.5 year”
The pessimists are loud. They sound smart. But always remember, they rarely make money. And I don’t think the historical trend is going to change any time soon.
Hope everyone has a great start to your week. I will talk to you next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.
In this conversation, we break down the AI trade — Chinese open-source models catching up, Google's massive CapEx bet, and the memory shortage bottlenecking it all. We also cover Travis Kalanick's stealth robotics empire, what AGI in three years means for jobs and the Fed, and where Bitcoin, Ethereum, and the Clarity Act go next.
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mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
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Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
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2026-07-24 21:47:05
To investors,
The 60/40 portfolio has been a staple of financial portfolios for decades. The inverse correlation between stocks and bonds were long thought to protect investors, regardless of the market environment. That promise has essentially evaporated into thin air and smart investors are rightfully abandoning the 60/40 portfolio in droves.
As correlations between stocks and bonds have risen to significantly higher levels, bonds are now amplifying moves in equities rather than mitigating them. This means the 60/40 portfolio has the opposite effect than what was intended.
On top of the lack of risk-mitigation, bond performance has been atrocious on its own. Take TLT (iShares 20+ Year Treasury Bond ETF) as an example. The fund is down almost 50% in the last 5 years. That is the nominal loss, which is only exasperated by the insane levels of inflation and loss of purchasing power in the last half-decade.
So what have investors been doing to combat the problem? Private credit.
Trillions of dollars have poured into various flavors of this opaque asset class in search of higher yields. Some capital has come from individuals looking for a bond solution, while other capital has flowed due to increased banking regulations after the Global Financial Crisis. Regardless of the reason, private credit went from a niche industry to the mainstream, but recent pressures in private credit now have people questioning the accuracy of portfolio values, resilience to downturns, and the quality of underlying companies.
I don’t have a strong opinion on the industry at large. My view is that some private credit portfolios are high quality and others are time bombs waiting to explode. If you are allocated to funds in the vertical, you should quickly figure out which bucket you are in.
Unfortunately, most individual investors are boxed out from participating in these funds. They don’t know where to get access, nor may they qualify for high minimums or other filters. So the question becomes what should they do if they are facing the same bond problem I discussed earlier?
This is where I think on-chain yield generation will become an interesting option for investors over the coming years. The argument crypto folks would make is that yield generated through transparent, auditable mechanisms like staking, DeFi-based lending, liquidity provisioning, and funding-rate arbitrage will be superior to government bonds or private credit’s current form.
It is hard to disagree with their perspective.
What investor doesn’t want their position marked in real-time, along with a transparent view on how and when the yield is being generated? I am not an expert in on-chain finance, but my understanding is that most of this promised yield is delta-neutral and designed to harvest funding rates, lending spreads, and trading fees rather than to bet on the direction of individual assets.
One group that I think intimately understands this shift in yield investing is Abra, which is run by Bill Barhydt. They have created USDAF, a dollar-yield strategy that seeks to generate yield through delta-neutral on-chain strategies.
You can learn more about USDAF and their other products by clicking here.
I see more people talking about the death of the 60/40 portfolio, but I haven’t heard a lot of talk about what the solution is. I don’t see a world where people give up on yield. Instead, I think investors will seek superior ways to generate yield, including more transparency, more accurate marks, and more robust resilience to the whims of our government.
Hope everyone has a great day. I will talk to you on Monday.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Peter Schiff is the host of The Peter Schiff Show podcast and a longtime economist and gold advocate.
In this conversation, we break down real inflation versus the official CPI, the Fed's political motivations, and whether AI and tariffs are inflationary or deflationary. We also cover the Iran war's impact on oil, Social Security's looming collapse, and a five-year bet on bitcoin versus gold.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public’s platform automates your trading strategy beyond DCA for equities, commodities, ETFs, and crypto. With advanced inputs that reflect your own intentions, Arch Public supports smarter entries, exits, and opportunities in volatile markets. Connect with their team, try the product for free, and see how agentic trading can work for you, with Arch Public!
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
Plaud - Plaud builds AI-powered wearable devices designed to help people capture, organize, and recall important information from real-world conversations and moments.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.