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Episode 109 features Preston Pysh. Preston is co-host of The Investor’s Podcast. Preston is a graduate of West Point and Johns Hopkins University. He’s the founder of BuffettsBooks.com, and the Pylon Holding Company.
When Did You Become Interested in Bitcoin?
“Back in 2015 I was seeing what was happening from a central banking standpoint. I was really looking at quantitative easing and saying this just does not add up. There’s no way this ends well.”– Preston Pysh
Normalcy and Recency Bias
“And I think one thing that’s underlying some of that is this perception. And again, this is what we’re taught in finance courses at university that the government 10 year bond is the risk free rate. And I think to your point again around recency bias and normalcy bias, we’ve all tricked ourselves into believing that this government particularly the US government, 10 year is seen as the risk free rate. But really is it a risk free rate?”– Stephan Livera
Managing Emotions While Investing
“So, from an emotional standpoint, I’d tell you that whenever you have your strongest emotions, just do the exact opposite.”– Preston Pysh
Buying and Holding vs Trading
“When you have something that has this much volatility, which it has 80% volatility in a single year, that it can go down. If you think you’re going to trade that and outperform its sheer performance of 200% annually, you are absolutely kidding yourself. You are totally kidding yourself. I would make the argument that it would be impossible to do, absolutely impossible to outperform somebody who just has a buy and hold strategy.”– Preston Pysh
What’s Keeping Professional Money Managers Out of Bitcoin?
“I’d be willing to bet that the ego risk or the risk of people being worried that they would get it wrong and then that being branded onto them is way more of what’s keeping people out of it at this point.”– Preston Pysh
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