Scenius Studio (Episode #28)
David Kalk -- Reflexive Capital
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to the Scenius Studio
As a crypto-dedicated Fund-of-Funds Manager at Scenius Capital, host, Ben Jacobs has the unique opportunity to speak daily with the brightest investors in the blockchain space. In Scenius Studio, Ben chats with crypto Hedge Fund Managers and Venture Capitalists in wide-ranging, evergreen, and alpha-focused conversations.
In each episode of Scenius Studio, Ben dives deep with these talented professionals to understand what drove them to crypto, and how they approach the complex craft of investing in the wild west of digital assets and blockchain technology. We are excited to share these discussions publicly through this podcast.
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In this episode, Ben sits down with David Kalk, Founder and CIO of Reflexive Capital.
Dave recently spun Reflexive out of Commonwealth Asset Management where he was head of global macro and digital assets. Prior to Commonwealth Dave was CIO of Peter Thiel’s macro fund and a trader at Goldman Sachs. Now at Reflexive, Dave brings an institutional mindset and cross-asset market experience to liquid tokens and the early-stage venture space.
See below👇 for a sneak peak of the episode, links to the podcast, topics discussed and resources mentioned.
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Apple Podcasts
In this episode we discuss:
Transitioning from trading macro to trading digital assets
The theory of reflexivity and the theory’s magnification in crypto
Gaps and opportunities in the current crypto asset management space
“Capital is the enemy of returns”
What institutional investors need in order to underwrite liquid token hedge funds
Investing in digital assets without a clear valuation framework
Why commodity models are the most helpful lens to assess a token
Using a regime framework as an overlay for investment decisions
The criteria of a token worth owning
Macro backdrop: BTC Spot ETF, interest rates, the Chinese economy
Why DeFi is not investable
Dave’s spiciest takes 🌶️
Resources Mentioned
We hope you enjoy listening to this conversation with Dave. If you got any value out of the podcast then please consider sharing Scenius Studio with your network 💪