Devin Baker

Truly listening to other’s perspectives is a sign of inner strength.

It also follows, as noted, that duration and liquidity should typically correlate together: more liquidity forces investors into longer duration investments. Another irony in this story is that technology stocks are long duration i.e. high P/E investments and largely outside the ‘value’ framework. However, they are exactly the assets that gain most... See more

The US is likely heading toward:

• Lower rates (circa 3%) despite near-term inflation


• More liquidity injections (US$1.5 trillion in 2026)


• Continued unconventional policy tools (Treasury QE, stable coin-driven demand)

Investment Implications

• Risk-On: favor Bitcoin, equities, and growth assets


• Watch for Fed rate cuts and monitor US Treasury bill

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But the opportunity for Attention Assets goes far beyond pricing equities. We believe that predicting attention is an economically valuable activity. Attention is a leading indicator to consumer preferences and spending. Businesses allocate R&D, hiring, and marketing dollars depending on where attention goes. It is a matter of figuring out new... See more

Filecoin functions as a peer-to-peer network for individuals to store and retrieve data across the internet. Traditional services that require sophisticated levels of data storage utilize either centralized systems or build it themselves. Filecoin’s goal is to fix this and offer bespoke or umbrella data services to everyone, anywhere in the world,... See more

The beauty of blockchains and smart contracts is that they are under-explored spaces in which you can look at problems through a news lens – specifically those related to capital formation, coordination and automation.

So if I step back, a good consumer token model in my mind:

• Releases a token early, recognizes the end state is entirely unclear, and maintains optionality on how it’ll evolve in future


• Has mechanics to distribute tokens over a long time frame to users / participants that are creating value


• Captures value from the speculation layer and funnels it into

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The institutional ETFs are here en masse and there is now regular traditional media coverage of the crypto startup scene. It mostly lacks nuance but it’s permeating the mainstream zeitgeist. The maturation of market structure also helps here as liquidation cascades are simply less prevalent given the enormous liquidity provided by these traditional... See more

What you find here is that at a high level, highly resistant assets are by definition likely to share attributes of being decentralized, scarce, and timeless. This is the radical way we must imagine portfolio theory. We must live our lives within institutions for the most part (60%), but we also need to live our private lives away from such... See more