LEVERAGE

Wealth is assets that earn while you sleep.

Code and media are permissionless leverage. They're the leverage behind the newly rich. You can create software and media that works for you while you sleep.

Leverage is a tool. In the right hands, it builds fortunes. In the wrong hands, it destroys them.

Leverage in crypto is just a tool. Used correctly, it amplifies returns. Used incorrectly, it amplifies destruction.

We believed crypto was going much higher. Why hedge something you believe in?

The GBTC trade was printing money. Borrow Bitcoin, deposit into GBTC, wait for the premium, sell. Repeat.

We went from $10 billion to zero in about two weeks. That's not a drawdown. That's an extinction event.

Leverage is a tool that makes smart people feel invincible right up until the moment it destroys them.

Apple needs us more than they’ll ever admit publicly. Try finding someone else who can make 500,000 iPhones a day.

Never borrow money to invest. It destroys patience, which is the only real edge a value investor has.

Confidence is more valuable than cash. As long as we maintain confidence, we can solve every problem.