VISARY.io - Investment Meditations

Venture Fund Update – Q3 2021

This was a very active quarter with 5 quality new deals closed. We're excited to partner with these teams closely. We also cover the state of the venture capital market.

Crypto

The Next Leg: Crypto Fund Update – Q3 2021

The third quarter of 2021 turned out to be one of the best performing single quarters since the fund's inception. Profit-taking in certain positions through the previous quarter, followed by the strategy of sidelining a strong allocation of dry powder until market clarity gave us some breathing room to make

analysis

Using What We Invest In

Skin in the game and incentive alignment are becoming increasingly important across businesses and institutions. You want governments, politicians, and executives to be held accountable for their actions. You want CEOs who believe in and use their own products, whether it be biotech CEOs taking their vaccines, or car company

Venture

Venture Fund Update – Q2 2021

This was a lighter quarter in terms of new venture investments that we expect to make up for with incoming Q3 deals. We also had 6 excellent uprounds announced for existing portfolio companies.

Crypto

Market Correction: Crypto Fund Update – Q2 2021

The second quarter in the crypto markets began with a bang and we saw continued euphoria across crypto, culminating in an eventual 50%+ correction which we will delve into in detail and how we performed, along with thoughts on where valuations are headed. Although we've been proponents of looking at

Venture

Venture Fund Update – Q1 2021

We continue investing in entrepreneurs with a passion to open up investment opportunities to anyone, globally. The digital economy, as expected, is going to the moon.

Crypto

Managing the Cycle: Crypto Fund Update – Q1 2021

The first quarter of 2021 was action-packed for the crypto markets, as Bitcoin hit new highs every month, finally topping at the last local high of ~$61,500 in March. The fund saw major growth across the portfolio which was more pronounced in DeFi and a number of longer term

Bitcoin

The Bitcoin Energy Debate

As usual, when the price of Bitcoin goes up, the doomsday headlines about its energy usage start re-emerging from the usual suspects. The last time price had a downturn, even as mining hashrate was still increasing, the same crowd was mostly silent on this issue. Since we've gotten this question

analysis

Open-Source Social Media and Web 3.0

As the zeitgeist continues to become increasingly shaped by social media engagement and political views become more polarized, it's becoming clearer that we are still fundamentally figuring out how to govern content and moderate these relatively new networks. In their earliest days, when times were simpler, Facebook, Twitter, et al

Crypto

Rotate and Consolidate: Crypto Fund Update – Q4 2020

Q4 2020 was all about rotating and consolidating the portfolio into stronger conviction positions with risk in mind. We took profits where we needed to and rebalanced. We also recently wrote our Q4 update for the Venture Fund, which you can read here. We are now focused on three main

Venture

Venture Fund Update – Q4 2020

“The most valuable businesses of coming decades will be built by entrepreneurs who seek to empower people rather than try to make them obsolete.” -Peter Thiel

Crypto

Yearn Finance (YFI) – Overview/Thesis

As mentioned in our previous Crypto Fund update, we acquired a substantial position of Yearn Finance (YFI) back in July 2020, shortly after its launch. We believe Yearn will be a primary gateway to hook into a large portion of the top DeFi yield strategies. With the traditional finance world

Bitcoin

The King (BTC)

Antifragile, deflationary, scarce, trustworthy, restorative, hardest money, honey badger, unstoppable, censorship-resistant. These are some of the common terms to describe Bitcoin. And unlike many things in life, it has actually lived up to its 'buzzword' descriptors. Bitcoin is a foundational investment position of Visary Capital. In many ways, it's how

Venture

Venture Fund Update – Q3 2020

“Any trends that were in effect, were probably accelerated in 2020 because of this [COVID]” -Bill Miller, Value Investor

Crypto

Memetic Markets: Crypto Fund Update – Q3 2020

As promised, here is our Crypto Fund update, general outlook, new allocations and upcoming project launches. We recently wrote our Q3 2020 update for the Venture Fund, which you can read here: Q3 Update. We are currently approaching these markets as if they are about 25-30% through the cycle. There

Thesis

Investment Thesis v2.1 : The Great Acceleration

UPDATE Many of the overarching trends and themes we talked about in our official Investment Thesis 2.0 have been greatly accelerated due to the circumstances of the COVID-19 pandemic. We are writing this supplementary update in regards to the current state of the world and where we see markets

Thesis

Investment Thesis v2.0: Populism and Trust

INTRODUCTION In 2018 we wrote about the unwavering growth of populism around the world (read here). We’ve received very positive feedback and believe it makes sense to take some of those ideas and formalize them into an investment thesis for the decade of 2020. Since writing the original overview,

Bitcoin

Mandelbrot Markets

Bitcoin has breached previous support levels and dropped to a new ~$3,500 low on 11/25/2018. As of writing this, Bitcoin is back above $4,000 and could find some temporary support before another definitive move in either direction. This feels like the 8th inning of substantial selling.

Regulation

Farewell, New York

As many New Yorkers know, this state has been by far the most restrictive on Bitcoin and cryptocurrencies via the infamous BitLicense–a prime example of how rent-seekers enter and exploit industries through prohibitive legislation. This is just one of many examples of New York becoming increasingly anti-business and prioritizing

Populism

Investment Themes in a Populist Era

Beyond simply looking at technology sectors and trends, a long term investment thesis should incorporate the zeitgeist of our time and sociopolitical trends, as these things are all inextricably linked. Macro investors like Ray Dalio have pointed out a growing sentiment towards populism while this debt/business cycle comes to