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<ul><li><strong>Investors have been raising cash in August even as the <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> hit record highs.</strong></li><li><strong>"Investors liquidate risk assets at a pace not seen in more than a year," Fundstrat's Tom Lee said.</strong></li><li><strong>The cash raised now serves as dry powder that will likely flow back into stocks, according to Lee.</strong></li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"><strong>Sign up here for our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong>.</strong></li></ul><p>Investors have turned cautious in recent weeks even as the stock market surged to new record highs, according to <a href="https://fsinsight.com/">Fundstrat's</a> Tom Lee.</p><p>In a Tuesday note, Lee highlighted that both institutional and retail investors have raised billions in cash over the past five and three weeks, respectively. That's according to data provided by the Investment Company Institute.</p><p>"Investors liquidate risk assets at a pace not seen in more than a year," Lee said, adding that "a lot of dry powder has been raised." The bearishness among investors comes as the S&amp;P 500 just closed at a record high for the 50th time this year. </p><p>But that dry powder will likely flow back into stocks as investors shake off their bearish feelings and put the cash back to work. The investor panic seen in recent weeks represents a buying opportunity "if the larger fractal remains positive," Lee said. </p><p>While shallow price moves in the broader index haven't showed fear among investors, short-term pops in the VIX definitely have, according to the note. And weakening sentiment among investors is also apparent in the weekly AAII survey, with the difference between bulls and bears at its lowest level since October 2020. </p><p>"The Delta-variant and taper talk clearly raised anxiety" among investors, said Lee. But whenever the AAII indicator shows panic among investors, it has paid to buy stocks.</p><p>The larger question going forward is whether market risks like the Delta surge, rising inflation, and the recent collapse in consumer sentiment are permanent or transitory. Lee believes they are transitory, leading to his bullish view on stocks, especially in sectors poised to benefit from a continued reopening of the economy. </p><div type="image" title="AAII Sentiment chart with S&amp;P 500" height="687" width="673" msid="85634763" hostid="261"></div>

Investors have been raising cash in August even as the stock market hits record highs, suggesting a wave of investment could be looming, Fundstrat says

<p><strong>It's </strong><a href="https://www.youtube.com/watch?v=2XY3AvVgDns" target="_blank" rel="noopener"><strong>Countdown</strong></a><strong> time, friends. </strong>I'm Diamond Naga Siu, and it's the penultimate (woah — a word I don't get to use often) day of this newsletter.</p><p>As a bittersweet reminder, <strong>this is the last week of 10 Things in Tech. </strong>I'm moving over to our flagship newsletter Insider Today. And it'll continue keeping you updated on the top tech news of the day. <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">Sign up for it here</a>!</p><p>Also, please let me know what you want to see in Insider Today. Feel free to reach out at <a href="mailto:dsiu@insider.com" target="_blank" rel="noopener">dsiu@insider.com</a> with feedback, tips, food recs, jokes, or anything else.</p><p>Before I <a href="https://www.youtube.com/watch?v=DRS_PpOrUZ4" target="_blank" rel="noopener">get in my feels</a>, let's dive into today's tech.</p><p><em>Download Insider's app </em><a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56" target="_blank" rel="noopener"><em>here.</em></a></p><p><a href="https://www.businessinsider.com/fractal-vertical-software-startup-venture-studio-ownership-founder-equity-grant-2023-6"></a></p><p><strong>1. Founders from startup studios say they're 'blacklisted' from investors. </strong><a href="https://www.businessinsider.com/fractal-layoffs-venture-studio-stop-create-startups-2023-5#:~:text=An%20unusual%20funding%20structure,to%20produce%20an%20outsized%20outcome.">Startup studios like Fractal</a> think of startup ideas, then hire founders to execute the vision. But multiple Fractal founders say their businesses are on life support. Plus, they claim that investors seem to run when they hear the name Fractal.</p><ul><li>"There's a cancer on all of the businesses that are coming out of this studio," one founder told Insider. Many of them think it's because of how startup studios structure terms and conditions for investing — they take a massive chunk of ownership.</li><li>Investors also prefer when startup founders create the ideas themselves. So founders said that the selling point for startup studios is actually a double-edged sword.</li><li>My colleagues <a href="https://www.businessinsider.com/author/melia-russell">Melia Russell</a> and <a href="https://www.businessinsider.com/author/stephanie-palazzolo">Stephanie Palazzolo</a> spoke with 20 founders associated with Fractal and broke down the unique struggles they face.</li></ul><p><strong><a href="https://www.businessinsider.com/fractal-vertical-software-startup-venture-studio-ownership-founder-equity-grant-2023-6">Dive into their hurdle-filled startup journeys here</a>.</strong></p><p><u><strong>In other news:</strong></u></p><p><a href="https://www.businessinsider.com/ai-voice-generator-phone-scam-imposter-crime-money-cash-2023-6"></a></p><div type="image" title="A robot hand reaching for a red landline phone" height="1000" width="1333" msid="101367222" hostid="261" sizebytes="69464"></div><p><strong>2. AI voice generators are scamming parents. </strong>The call is from an unknown number. But the voice sounds like your kid asking for money. New technology is making imposter scams easier and more believable. <a href="https://www.businessinsider.com/ai-voice-generator-phone-scam-imposter-crime-money-cash-2023-6">Get all the details of this supercharged scam here.</a></p><p><strong>3. Google's controversial Pride Month drag show. </strong>Hundreds of employees signed a petition opposing the company-sponsored drag show. They claimed it disrespected Christian workers and that it amounted to religious discrimination. <a href="https://www.businessinsider.com/google-drag-show-pride-offensive-to-christians-lgbtq-religious-discrimination-2023-6">More on the dispute here.</a></p><p><strong>4. How to land deals with brands. </strong>Insider compiled dozens of media kits that influencers use to land brand deals. These examples helped influencers partner with Nike, Abercrombie, Amazon, Tinder, and other major companies. <a href="https://www.businessinsider.com/how-to-create-an-influencer-media-kit">Check them out here.</a></p><p><strong>5. No bonuses, no salaries, no negotiations. </strong>OpenAI (the creator of ChatGPT) has a straightforward compensation system. All employees get a flat base salary of $300,000 and $500,000 in equity yearly. That's it. <a href="https://www.businessinsider.com/openai-unique-compensation-package-among-tech-companies-ppu-2023-6">More on the unusual salary structure here</a><a href="https://www.businessinsider.com/shopify-logistics-deliverr-sale-flexport-layoffs-crisis-2023-6">.</a></p><p><strong>6. Shopify's midlife crisis. </strong>Layoffs. A failed logistics pivot. Culture shifts. The e-commerce company is struggling to redefine itself. Now, it's planning to pair AI with its original (and successful) software — it just might work. <a href="https://www.businessinsider.com/shopify-logistics-deliverr-sale-flexport-layoffs-crisis-2023-6">Look into the tumultuous company's future here</a>.</p><p><strong>7. Microsoft's former HR VP: Leave right away if you're put on a PIP. </strong>Chris Williams explained that "surviving [a performance improvement plan] is like a sign on your back." <a href="https://www.businessinsider.com/what-to-do-if-placed-on-pip-microsoft-vp-leave-asap-2023-7">Here's his step-by-step advice on what to do after getting "PIPed."</a></p><p><strong>8. From selling generic Viagra to selling prescription weight-loss drugs.</strong> Injectable anti-obesity and diabetes drugs like Ozempic <a href="https://www.businessinsider.com/digital-health-startups-obesity-care-market-ozempic-semaglutide-2023-5">remain in high demand</a>. So digital-health startup Ro pivoted its business plan to bet on the hype. <a href="https://www.businessinsider.com/ro-weight-loss-program-insurance-delays-wegovy-shortage-2023-6">More on its strategy switch here</a>.</p><p><u><strong>Odds and ends:</strong></u></p><p><a href="https://www.businessinsider.com/home-renovation-greater-syracuse-land-bank-photos-2023-6#-1"></a></p><div type="image" title="The exterior of an abandoned Victorian house." height="2160" width="2880" msid="101367225" hostid="261" sizebytes="975614"></div><p><strong>9. This couple is transforming a $7,500 abandoned New York home. </strong>Dr. Lindsay Noah-Vermillion and Jim Vermillion are restoring a 120-year-old house back to its Victorian glory. They took Insider behind the scenes of the transformation. <a href="https://www.businessinsider.com/home-renovation-greater-syracuse-land-bank-photos-2023-6">Check it out here.</a></p><p><strong>10. Leasing a car actually makes sense. </strong>Despite conventional wisdom, leasing makes a lot of sense for car buyers. It puts people in less debt. You can drive a nicer vehicle. And most repair costs fall on the dealership. <a href="https://www.businessinsider.com/leasing-a-car-vs-buying-why-lease-is-a-good-idea-2023-6">Hop in for the full picture here.</a></p><p><u><strong>What we're watching today:</strong></u></p><ul><li>After years of delay, <a href="https://markets.businessinsider.com/news/stocks/virgin-galactic-stock-price-commercial-flight-announced-richard-branson-spce-2023-6">Virgin Galactic is launching commercial space operations today</a>. Crewmembers will conduct microgravity research.</li><li>SpaceX's Cargo Dragon will leave the International Space Station and head back to Earth. <a href="https://www.nasa.gov/nasalive" target="_blank" rel="noopener">Watch NASA's livestream here.</a></li><li>The <a href="https://confidentialcomputingsummit.com/speakers/" target="_blank" rel="noopener">Confidential Computing Summit</a> is today in San Francisco. Speakers include leaders from Intel, Microsoft, MIT, and other major institutions.</li></ul><p><em>Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email </em><a href="mailto:dsiu@insider.com" target="_blank" rel="noopener"><em>dsiu@insider.com</em></a><em> or tweet </em><a href="http://www.twitter.com/diamondnagasiu" target="_blank" rel="noopener"><em>@diamondnagasiu</em></a><em>) Edited by Alistair Barr (tweet </em><a href="https://twitter.com/alistairmbarr" target="_blank" rel="noopener"><em>@alistairmbarr</em></a><em>) in Silicon Valley and Hallam Bullock (tweet </em><a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener"><em>@hallam_bullock</em></a><em>) in London.</em></p>

10 Things in Tech: Shopify's midlife crisis, how to land deals with brands, and Microsoft's former human resources vice president shares advice

<ul class="summary-list"><li>Investors at JetBlue Ventures, Mighty Capital, and other VC firms shared their favorite podcasts.</li><li>They include "All-In" with Chamath Palihapitiya and "The Future of Everything" by the WSJ.</li></ul><p>Global venture-capital funding in 2022 may have <a href="https://www.cbinsights.com/research-state-of-venture?utm_campaign=marketing_state-venture_2022-07&amp;campaignid=17130804447&amp;adgroupid=137057131835&amp;utm_term=venture%20capital%20slowdown&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_content=adwords-reports-quarterly-annual-reports&amp;hsa_tgt=kwd-1684919686729&amp;hsa_grp=137057131835&amp;hsa_src=g&amp;hsa_net=adwords&amp;hsa_mt=e&amp;hsa_ver=3&amp;hsa_ad=610211246529&amp;hsa_acc=5728918340&amp;hsa_kw=venture%20capital%20slowdown&amp;hsa_cam=17130804447&amp;gclid=CjwKCAjw3qGYBhBSEiwAcnTRLkGjbBXo9pQ9StzEkoAmJNP6qyrlitI9FHW1DcBuaftyueWz6eCwMhoCMqkQAvD_BwE">dipped 35%</a> from 2021, according to a report by analytics company CB Insights, but <a href="https://www.businessinsider.com/vc-startup-investors-ramp-up-deals-after-summer-slowdown-2022-9">VCs are still eager to make deals</a>. </p><p>It's a tough market right now, though, and investors need reliable insights, news, and information to spot opportunities and avoid making the wrong moves. </p><p>Podcasts can help. Here are 11 great options, recommended by VCs,  founders, CEOs, and other industry insiders.</p><h2><strong style="color: #000000;">1. 'The Full Ratchet' with Nick Moran</strong></h2><p>Steve Taub, the managing director of investments at <a href="https://affiliate.insider.com?postID=63c19fa7232821203b57cc2b&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fjetblue-ventures%2F">JetBlue Ventures</a>, JetBlue Airways' VC firm that's invested in startups like <a href="https://www.jobyaviation.com/">Joby</a> and <a href="https://flyrlabs.com/">Flyr Labs</a>, said he likes "<a href="https://fullratchet.net/">The Full Ratchet</a>" because it "demystifies" the VC world. The podcast's host, Nick Moran — the founder and general partner of <a href="http://newstack.vc/">New Stack Ventures</a> — has interviewed VCs and startup founders like <a href="https://podcasts.apple.com/gb/podcast/118-economic-theory-in-venture-capital-part-1-mark-suster/id888084300?i=1000378448924">Mark Suster</a>, <a href="https://fullratchet.net/135-dispelling-conventional-wisdom-in-vc-part-1-eric-paley/">Eric Paley</a>, and <a href="https://fullratchet.net/ep30-the-dark-side-of-vc-predatory-investor-practices-joanne-wilson/">Joanne Wilson</a> on how they build great companies.</p><p>"Moran often has interesting guest interviews, and I like the short 'investor stories' about lessons learned and unusual situations," Taub said. "I like that they're brief so I can listen to them when I don't have time for a full interview." </p><h2><strong style="color: #000000;">2. 'Catalyst' with Shayle Kann </strong></h2><p>Taub is also a fan of "<a href="https://www.canarymedia.com/podcasts/catalyst-with-shayle-kann">Catalyst</a>," which interviews investors, researchers, and executives knowledgeable about the world of climate tech. </p><p>While this isn't a strictly VC-focused podcast, the host, Shayle Kann, is a partner at <a href="https://www.energyimpactpartners.com/">Energy Impact Partners</a> and leads EIP's investments at the frontier of climate tech, so the show covers timely topics in the climate-tech space.</p><p>Taub told Insider he listens to "Catalyst" because the threat of climate change — and humanity's response to it — is among the defining issues of the 21st century. "It will shape almost every aspect of our society and economy, so it's creating enormous opportunities for innovation and entrepreneurs," Taub said. "I think Kann does a great job of finding people with interesting ideas in the space, and he teases out the real challenges they need to overcome to be successful, so it's not just cheerleading."</p><h2><strong style="color: #000000;">3. 'The Twenty Minute VC' with Harry Stebbings</strong></h2><p><a href="https://affiliate.insider.com?postID=63c19fa7232821203b57cc2b&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fandrewger%2F">Andrew Gershfeld</a>, a partner at the Boston-based investment fund <a href="https://flintcap.com/">Flint Capital</a> — whose investments include the unicorns <a href="https://www.crunchbase.com/organization/socure">Socure</a> (valued at $4.5 billion) and <a href="https://www.crunchbase.com/organization/walkme">WalkMe</a> (valued at $2.5 billion at IPO) — is a fan of "<a href="https://www.thetwentyminutevc.com/">The Twenty Minute VC</a>" podcast. </p><p>"Permanent lack of time in an investor's life makes you very picky when it comes to podcasts," he told Insider. "I find the '20VC' podcast very useful and insightful. Listening to how other VCs speak about themselves and how entrepreneurs describe the VCs they work with helped me understand how to differentiate our firm from the crowd." </p><p>Gershfeld said the host, Harry Stebbings, asks high fliers from successful VC firms — including <a href="https://twitter.com/wquist">Will Quist,</a> a partner at <a href="https://slow-prod.herokuapp.com/">Slow Ventures</a>, and <a href="https://contrary.com/blog/welcoming-kyle-harrison">Kyle Harrison</a>, a general partner at <a href="https://contrary.com/">Contrary</a> — how they forged investment scenarios to achieve big goals and what's impacted their leadership approach. </p><p>"The main thing about the VC world is building relationships, and Harry is an example of a great networker," Gershfeld said. "He's a self-made VC professional who turned from a VC fan in his teens into a full-fledged investor who manages over <a href="https://www.businessinsider.com/vc-lerer-hippeau-hosting-summit-for-gen-z-tech-startup-2021-7">$140 million</a>."</p><h2><strong style="color: #000000;">4. 'All-In' with Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg </strong></h2><p>Gershfeld loves the podcast "<a href="https://www.allinpodcast.co/">All-In</a>" because so few podcasts cover "all major things of the week" — from economics and technology to politics and social agendas. He said the four hosts possess "unmatched experience" and knowledge about technology and the VC market. </p><p>"Chamath Palihapitiya appears to be one of the few investors who has gone from VC into hedge-fund management," Gershfeld said. "Jason Calacanis has more than two decades in tech. David Sacks has over 20 unicorns in his portfolio, including Airbnb, Facebook, SpaceX, Twitter, and Uber. And David Friedberg of Climate Corporation, one of the first 1,000 employees at Google, helped run Google's AdWords and worked with Larry Page, Google's cofounder."</p><p>Gershfeld favorite segments include "<a href="https://podcasts.apple.com/us/podcast/e100-reflecting-on-the-first-100-shows-fan-questions/id1502871393?i=1000582630529">Reflecting on the first 100 shows</a>," and "<a href="https://podcasts.apple.com/us/podcast/e91-softbanks-%2421b-vision-fund-loss-signals-of/id1502871393?i=1000575944980">Softbank's $21B+ Vision Fund loss</a>."</p><h2><strong>5. '</strong><strong>The Future of Everything</strong><strong>'</strong><strong> by The Wall Street Journal</strong></h2><p>The WSJ's "<a href="https://www.wsj.com/podcasts/wsj-the-future-of-everything">The Future of Everything</a>" podcast is the top pick of Ryan Nelson, a partner at the early-stage venture studio and VC fund <a href="https://www.wearejobi.com/">Jobi</a> and the cofounder of Jobi Brands, which has helped build celebrity brands like Courteney Cox's home-care brand <a href="https://affiliate.insider.com?postID=63c19fa7232821203b57cc2b&amp;site=bi&amp;u=https%3A%2F%2Fhomecourt.co%2F">Homecourt</a> and Kate Hudson's wellness brand <a href="https://www.tobeinbloom.com/">Inbloom</a>. </p><p>"I love this podcast for being very far-forward-looking and covering potential changes in technology that could dramatically alter our world," Nelson said. "Personally, I'm interested in how our lives and societal trends will evolve and be shaped by new inventions — or new applications of older technologies.  </p><p>"I think it's worthwhile to understand what types of opportunities to be on the lookout for in the near to medium term that are in line with these longer-term movements. By the time things are very obvious and in the mainstream, it can be too late to capitalize fully on the opportunity provided." </p><h2><strong>6. '</strong><strong>Venture Unlocked</strong><strong>'</strong><strong> with Samir Kaji</strong></h2><p>Jenny He — the founder and general partner of <a href="https://streaklinks.com/BNja_QseHqTfmoTefw6BSMbj/https%3A%2F%2Fwww.positionventures.com%2F">Position Ventures</a>, an early-stage venture fund backed by Bain Capital Ventures and Tiger Global that's invested in <a href="https://fractal.ai/">Fractal</a>, <a href="https://www.anrok.com/">Anrok</a>, and <a href="https://www.workwhilejobs.com/">WorkWhile</a> — said the <a href="https://www.allocate.co/">Allocate</a> CEO and founder Samir Kaji's "<a href="https://streaklinks.com/BNja_QouLnvoaZO00QsqsQtJ/https%3A%2F%2Fpodcasts.apple.com%2Fus%2Fpodcast%2Fventure-unlocked-the-playbook-for-venture-capital%2Fid1535501313">Venture Unlocked</a>" podcast is "a must-listen for any emerging manager or anyone looking to get into venture capital."</p><p>The podcast interviews fund managers from all walks of life to reveal their approach to venture, trends they're seeing in the market, and how they got started with their first fund, featuring interviews with established VCs as well as emerging managers on their first fund. One of He's favorite episodes is "<a href="https://podcasts.apple.com/us/podcast/776s-alexis-ohanian-on-the-new-era-of-vc/id1535501313?i=1000557512012">Alex Ohanian on the new era of VC</a>."</p><p>"'Venture Unlocked' gives listeners unique access into the world of starting and scaling a venture-capital firm — as well as a rare glimpse into the LP perspective, which few people know the ins and outs of," He said. "As a first-time fund manager, it was valuable to hear from other fund managers on how they got started, as starting a fund is also a founder journey." </p><h2><strong>7. '</strong><strong>Capital Allocators</strong><strong>'</strong><strong> with Ted Seides</strong></h2><p>Ted Seides, an allocator and asset-management expert, hosts "<a href="https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016">Capital Allocators — Inside the Institutional Investment Industry</a>," which <a href="http://www.scmoatti.com/">SC Moatti</a>, the founding managing partner of the San Francisco-based VC firm <a href="https://mighty.capital/">Mighty Capital</a>, a backer of Airbnb and Amplitude, said has "the most quality, in-depth discussions on how institutional investors select the VCs they invest in." </p><p>"My favorite series of the show is their manager interviews, where an endowment will invite one of the venture funds they invested in — great nuggets on what makes VCs get excited about deals," Moatti added.</p><h2><strong>8. '</strong><strong>Masters of Scale</strong><strong>'</strong><strong> with Reid Hoffman</strong></h2><p>Chenxi Wang, the founder and general partner of the Silicon Valley-based venture fund <a href="http://www.raincapital.vc/">Rain Capital</a> and a former executive at Intel and Forrester, is a fan of the "<a href="https://podcasts.apple.com/ro/podcast/masters-of-scale/id1227971746">Masters of Scale</a>" podcast, where the LinkedIn cofounder Reid Hoffman proves unconventional theories about how businesses scale and interviews top CEOs.</p><p>"As a general partner of a venture fund, I don't have a lot of time, but I can always learn something valuable from Reid's conversations with leaders who have scaled a massively successful business," Wang said. "In my opinion, building a successful startup is 30% about the idea and 70% about the ability to scale up the operation. Scaling a business is about building repeatable motions, establishing meaningful business metrics, and responding to evolving market conditions. The 'Masters of Scale' podcast hits on those aspects really well, and I recommend all founders listen to this podcast and make it a regular resource."</p><h2><strong style="color: #000000;">9. 'What Is Money?' with Robert Breedlove</strong></h2><p>Nathan Montone, the cofounder and CEO of <a href="https://www.m31.capital/">M31 Capital Management</a>, a global investment firm focused exclusively on crypto assets and blockchain technology, and an early backer and advisor to Helium, lists "<a href="https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400">What Is Money?</a>" with Robert Breedlove, a former hedge-fund manager and philosopher in the bitcoin space, as one of his favorite podcasts and the best starting point for anyone looking for a "first principles understanding" of monetary technologies.</p><p>"'What Is Money?' takes deep philosophical dives into the importance of bitcoin through historical, political, technical, and spiritual lenses," Montone said. "BTC is the single-most important asset in the world, and that podcast gets to the heart of why that is."</p><h2><strong>10. '</strong><strong>Origins</strong><strong>'</strong><strong> by Notation</strong></h2><p>Jenny Rooke, the managing director of <a href="http://www.genoavc.com/">Genoa Ventures</a>, a VC investing in early-stage companies like <a href="https://www.crunchbase.com/organization/intabio">Intabio</a> and <a href="https://intervenn.com/">InterVenn</a> in the biology and tech sectors, said "<a href="https://podcasts.apple.com/us/podcast/origins-a-podcast-about-limited-partners-created-by/id1111792048">Origin,</a>" a podcast created by Alex Lines and Nick Chirls, partners at the VC firm <a href="https://notation.vc/">Notation Capital</a>, is "excellent" for providing the LP perspective. </p><p>"The Notation Capital hosts ask LPs the questions that are on general partners' minds, such as how LPs think about allocating to new and emerging managers, tips and guidance for communicating well with LPs, and the LP view on markets and trends that need to be reflected in a manager's evolving strategy in order to stay current and succeed," Rooke said.</p><h2><strong>11.</strong> <strong>'</strong><strong>Built to Sell Radio</strong><strong>'</strong> <strong>with John Warrillow</strong></h2><p>"<a href="https://podcasts.apple.com/us/podcast/built-to-sell-radio/id1018988393">Built to Sell Radio</a>" airs weekly and features an entrepreneur who's recently sold their business to share why they sold it, focusing on their mistakes and victories along the way.</p><p>"Host John Warrillow is a thought leader in his own right, focused on creating and maximizing business value on the customer side and on the exit side," SC Moatti said. </p><p>"A great show to hear stories about entrepreneurs who made it all the way, with stories of entrepreneurs selling their businesses," Moatti added. "So many lessons that can be applied to early-stage startups, because at the end of the day, it doesn't matter how much money you raise, it's all about the exit and being able to land that plane."</p>

11 podcasts that busy venture capitalists and founders say they trust right now

<p><a href="https://www.businessinsider.com/category/master-your-crypto"></a></p><div type="image" title="People playing video games" height="4480" width="5973" msid="94207720" hostid="261"></div><ul class="summary-list"><li>Insider spoke with industry experts about gaming's potential to take crypto to a broader audience. </li><li><strong>Blockchain gaming VC investments notched $2.5 billion during Q2 2022, according to DappRadar.</strong></li></ul><p>Blockchain gaming raked in $2.5 billion in funding during Q2, 2022, according to a DappRadar <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">report</a>. The burgeoning space has attracted some of the biggest names in Silicon Valley, with Andreessen Horowitz <a href="https://www.wsj.com/articles/andreessen-horowitz-debuts-600-million-gaming-fund-to-add-to-web3-bets-11652878800">debuting</a> a $600 million fund for gaming startups in May. Animoca Brands, a Hong Kong-based game developer and crypto investor, also <a href="https://www.forbes.com/sites/zinnialee/2022/07/12/animoca-brands-hits-59-billion-valuation-as-crypto-winter-deepens/?sh=7d12d3f8469d">secured</a> a $75 million raise at a $5.9 billion valuation in July. </p><p>Total investments in the sector this year, by some <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">measures</a>, are outpacing last year's by around 33%.</p><p>Franklin Bi, the director of portfolio development at crypto hedge fund Pantera Capital, previously told <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">Insider</a> that it is blockchain gaming's "perfect moment" to "take off."</p><p>"The gaming industry travels in cycles. New cycles are historically marked by new tech or new business models or novel user experiences. Crypto and NFTs have opened up all of the above," Bi said in a statement.</p><p>There have been a slew of household names jumping on the blockchain gaming bandwagon. Microsoft Corp. <a href="https://decrypt.co/90634/microsoft-69b-activision-blizzard-deal-metaverse-move">announced</a> plans in January to acquire Activision Blizzard Inc. – commonly known as the publisher of franchises like Minecraft and Call of Duty – for $68.7 billion. Microsoft says the deal will help develop "building blocks for the metaverse," according to a statement from CEO and Chairman Satya Nadella. </p><p>With the gaming market <a href="https://newzoo.com/insights/trend-reports/newzoo-global-games-market-report-2022-free-version">valued</a> at almost $200 billion this year, there is potential in onboarding a critical mass of users through blockchain games. Insider spoke with industry experts about the nascent space and its potential to take crypto to a broader audience. </p><h2>NFTs as a way to own in-game assets</h2><p>Gaming may be one of the main driving forces for mainstream adoption in crypto, Pavel Bains, the CEO of blockchain startup Bluzelle, says.</p><p>"I have three kids who grew up on Fortnite, Minecraft, and Roblox," Bains told Insider in a statement. "Virtual currencies and acquiring in-game digital assets is what they already know." </p><p>He added: "The power of crypto can help turn those virtual goods into tangible assets for committed gamers. It's a natural progression for the upcoming generation and they will use it as a vehicle to learn valuable finance lessons at the same time."</p><p>In traditional games, players commonly buy skins or virtual cosmetics for their characters. This is a market, per trading platform <a href="https://venturebeat.com/2020/12/18/newzoo-u-s-gamers-are-in-love-with-skins-and-in-game-cosmetics/">DMarket,</a> that generates roughly $40 billion in annual revenue. These assets belong to the studio, instead of the buyer, which could make NFTs an attractive alternative to the traditional gaming model. </p><p>"So what's happened with the advent of blockchain games is that now those virtual goods and items can be put on-chain and you can have actual ownership of that," Justin Kan, cofounder of NFT marketplace Fractal, previously told <a href="https://www.businessinsider.com/nfts-in-gaming-twitch-justin-kan-investing-outlook-advice-2022-4">Insider.</a> "The only difference is that these companies themselves are giving up control and what they get in exchange is a more robust economy."</p><p>NFTs verify ownership of a player's asset because it's recorded on a public ledger via the blockchain. Instead of holding these assets with a Web2 gaming studio, participants can hold tokens in their crypto wallets or some other more decentralized custodian.</p><p>"We believe ownership of digital assets will open up another layer of excitement and experience for gamers as they will now have additional motivation playing the games they enjoy," Kyu Lee, a partner at venture capital firm CRIT Ventures, told Insider in a statement.</p><h2>Games are entertaining and people want to play them</h2><p>Gaming is an effective onboarding tool, STEPN's Shiti Rastogi Manghani says, because it's entertaining and accessible to a broader audience. STEPN, dubbed a "move-to-earn app," allows users to earn game tokens through exercising. </p><p>"Anything that is fun, social, engaging will get the users in the door," Manghani, the startup's CMO, told Insider in a statement. "We've seen this time and again in multiple industries like retail, e-commerce, and social media. It serves basic human needs. Gaming or any utility app that checks those boxes will go mainstream. If it benefits the users in the process, that's icing on the cake." </p><p>Younger generations, in particular, are long accustomed to playing video games. Games have always been at the "forefront of emerging technologies" because humans love to be entertained, Shahaf Bar Geffen, the chairman of Web3 startup UnCaged Games, says. </p><p><strong>"</strong>The game of Tetris was built by Alexey Pajitnov to make computers less intimidating and more accessible to people," Geffen told Insider in a statement. </p><h2>Roadblocks to blockchain gaming</h2><p>With any new technology – and especially one in a volatile market – comes plenty of obstacles.</p><p>Amid a crypto bear market, blockchain gaming has shown signs of slowing down as well. Axie Infinity, the game which once had the largest user base in the industry, had 83% fewer participants in Q2 than in Q1, according to <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">DappRadar.</a> The downtrend in players steepened following a $650 million hack on its Ethereum-linked sidechain, Ronin.</p><p>"While gaming activity still dominates the overall landscape, we have also begun to see the first cracks appearing in the industry, and many top blockchain games started to show weakness," the DappRadar report says.  </p><p>Potential hurdles for mainstream adoption are a game's usability, Steven Goldfeder, the CEO and cofounder of Ethereum scaling solution provider Offchain Labs, says. Is it fun or are people just playing for the returns and financial rewards? </p><p>"A good blockchain game needs to be a game first, and a blockchain application second," Goldfeder said in a statement to Insider. "The incorporation of blockchain technology should be purely additive, enhancing the gaming experience for users that wish to engage with the blockchain, but not by limiting accessibility to those who just want to play the game."</p><p>He added: "Ironically, in order for blockchain to go mainstream, it needs to be able to operate in the background, and core to that are ease of onboarding, fast confirmation times, and low transaction costs that are abstracted away from users." </p><p><em>This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.</em></p>

Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream &ndash; and explain potential hurdles for widespread adoption

<p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Denise Shull</span></p></div><p></p></div></div></strong></p><p>Denise Shull is a decision coach and performance architect who<span> consulted on Showtime's </span><em>BILLIONS </em>for the Wendy Rhodes character, the <span>in-house psychotherapist for Axelrod hedge fund. </span></p><p>A former trader, <span>Shull graduated from Harvard Kennedy's executive program in "Investment Decisions and Behavioral Finance"  and holds a Masters in neuroscience from the University of Chicago. Her thesis research, "The Neurobiology of Freud's Repetition Compulsion" was</span><span> cited as one of the earliest groundbreaking papers in the emerging field of neuropsychoanalysis. <span>Bloomberg's Tradebook created their <a href="http://www.businessinsider.com/bloomberg-tradebook-launches-trader-brain-exercise-based-on-brain-research-2016-6">trader brain exercise game</a> based on her work.  </span><em> </em></span></p><p><strong>Tina Wadhwa:</strong><span style="font-weight: 400;"> How do people's emotions shape their feelings about investments and risk-taking? </span></p><p><strong>Denise Shull: </strong>H<span style="font-weight: 400;">ow investors think they make decisions isn't really what's happening. It only looks like a purely thought driven, mathematical analysis. Neuroscience consistently demonstrates that thoughts are the product of feelings, emotions and the body. These elements constantly cycle in a reciprocal way and create what we call confidence or conviction - the aspect of decision making that investors do acknowledge but that is feeling/emotion based. </span></p><p>There are levels of feeling and emotion that play into perception: Basic body - tiredness will cause you to see less risk. Affect - or the difference before and after coffee, like a mood or outlook. Emotion - an intense form of affect with meaning that is partially about the situation and partially about one's personality and past.</p><p><span style="font-weight: 400;"><em><strong>For investors and traders, two examples are the fear of missing out and the fear of future regret.</strong> </em>FOMO, a term I began using in 2007, causes people to get into positions they haven't fully vetted. FOFR causes them to say in positions that aren't working. In the latter, there is a great fear of getting out at the worst possible moment and feeling "stupid." </span><strong><em>Investors want to avoid that at any cost and it keeps them in losers for too long.</em></strong></p><p>Fractal emotions are the expectations and explanations for why things happen to you in the same way. The repetitive emotions we all feel that make one situation look like another. This is where life experience really comes into play.</p><p>Examples from my clients include a former rugby player who always wanted to add to a position whenever it wasn't going well - he was trying to power through it. Conversely, an equity derivatives guy who could never get as big as he wanted into a position. This came from a mother who was so risk-averse she wouldn't let him play soccer growing up.</p><p><strong><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Daniel Goodman / Business Insider</span></p></div><p></p></div></div>Wadhwa: </strong><span style="font-weight: 400;">How can investors protect themselves from emotional reactions in decision making or trading scenarios? </span></p><p><strong>Schull:</strong><span style="font-weight: 400;"> Learn to separate the integral emotions - the ones with market info - from the incidental - the irrelevant ones. </span></p><p>The mistake is trying to set all emotion aside. It won't work and you don't want it to otherwise you would have no confidence or conviction. Worse, by setting it all aside, the fractal or life experience ones will win at the worst possible moment. Their energy builds up to the point that it compels action - if the emotions are shunned.</p><p>Emotional sophistication - understanding both how emotions work and how they work for you - allows an investor or trader to glean important information from their unconscious pattern recognition which is delivered as a what we call gut feel or intuition. It may just be telling you to dig deeper. Fear in it's pure form is trying to help you by pointing out a risk or deficit in information.</p><p>Within all of this, one way to help oneself is to understand the true nature of the market: A never-ending global poker game. This matters because in contrast to sports, where the game or race always has a known end-point, your brain plays tricks on you because there is always another quarter to play. This level of possibility plays into fear of future regret for example. The uncertainty, you can always make a case for up and down, also causes your brain to go to context and pattern recognition more than it would if you were engineering a bridge where there are specific quantifiable relationships.</p><p>Investors try to deduce those same type of relationships but they don't exist. <em><strong>The market is a social, human game.</strong> </em>All you are ever doing is better that someone else will think it's a good idea to pay more for something in a year. It's really social prediction which is uncertain. But it helps to recognize the essential question of why will the guy next door buy this from me for more. Brain science shows that people who are good at that question are better price predictors.</p><p><span style="font-weight: 400;">Feeling the angst of the uncertain, unknowable market future helps one navigate it better. Research shows that labeling one's feelings precisely and accurately is the best way to sort them, the best way to not act on the irrelevant or incidental ones and the best way to understand the information component in the body-based sensations of affect and emotion.</span></p><p>The ability to recognize the sensations of your body is called interoception and it's associated with greater P&amp;L and longer track records in traders. It's also associated with more loss aversion but not more risk aversion - meaning that the person can get out of positions that aren't working and get into ones that are.</p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Showtime</span></p></div><p></p></div></div>Wadhwa:</strong><span style="font-weight: 400;"> What types of personalities show up in high-stakes situations? </span></p><p><span style="font-weight: 400;"><strong>Shull:</strong> I think there are some personalities who love the game of risk more than others. They love the human game of it and it's really about that - everyone thinks it's about the big paycheck but it's not. It's about winning the poker game - being able to predict the future, the way the cards will play out, better than the next guy. </span></p><p><strong>Wadhwa: </strong><span style="font-weight: 400;">What are the biggest mistakes investors and traders make?</span></p><p><span style="font-weight: 400;"><span><strong>Shull: </strong>It's fair to say that holding onto positions too long -  looking for more profit or hoping to recoup a loss -  is the biggest mistake. Both stem from unrealized fears - fear of missing out or fear of future regret respectively but in their quest to set their emotions aside, investors fail to recognize these fears as the motivating factors and rationalize not getting out. To behavioral finance, it looks like confirmation bias and on one level it is, just driven by the fears of missing out on more profits or the regret of getting out right before the position comes back to you.</span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1">Here's how to use one of the many apps to buy and trade bitcoin</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="8xa3Z1ODE6jmPca8bIn4JsdTak2saJbY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

A trader psychologist who consulted on Showtime's 'Billions' reveals the biggest mistake traders make

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Courtesy of Denise Shull.</span></p><p class="caption">ReThink Group founder Denise Shull.</p></div><p></p></div></div></p><p>Wall Street is full of investors and traders with big egos, and Denise Shull sees them at their most vulnerable.</p><p>She's the founder of <a href="https://therethinkgroup.net/">the ReThink Group</a>, a performance coaching group that specializes in clients on Wall Street. <a href="http://fortune.com/2016/02/04/showtime-billions-performance-coaches-therapists/">She's also one of the inspirations for Maggie Rhoades</a>, the in-house psychiatrist at the fictional hedge fund starring in Showtime's hit show "Billions."</p><p>Shull isn't a psychiatrist, but established her coaching method on the neuropsychology of unconscious thought, tailored to the needs of investors and traders. It's a combination drawn from her own life: She studied the neuropsychology of unconscious thought at the University of Chicago and spent 15 years as an equities trader.</p><p>She started ReThink in 2003 to put her own spin on the niche market of Wall Street performance coaching, <a href="https://dealbook.nytimes.com/2009/11/30/ari-kiev-psychiatrist-to-traders-dies-at-75/">a path paved by the late psychiatrist Ari Kiev</a>, who was employed by Steve Cohen's hedge fund SAC Capital.</p><p>Over the past 13 years, Shull says she has worked with hundreds of clients who include traders, portfolio managers, risk managers, and private equity investors.</p><p>She explained to Business Insider how her approach is based on what she considers to be the widely misunderstood dynamic between thoughts and emotions, and the role that her clients' past plays into their current problems.</p><p>Below are five truths about human behavior Shull uses to stop her Wall Street clients from being their own worst enemies, when they could be losing tremendous amounts of other people's money and risk losing their jobs.</p><h2>1. Pure resolve won't get results.</h2><p>Shull thinks many people have assumptions based on an outdated theory of the "triune brain," which basically says emotions, thoughts, and basic functions are handled separately within the brain; the reality, she says, is that all three of these roles are related in brain mechanics. Too many people, she said, think that "if we have a plan and that we're disciplined then we'll be able to do the things that we want. ... It doesn't work like that."</p><p>It's why Shull has clients in the first place, she explained. The clients know that they are underperforming and they see their mistakes. But no pep talk from a manager or colleague and no <a href="http://www.businessinsider.com/the-philosophy-of-roman-emperor-marcus-aurelius-is-supposed-to-help-you-be-more-resilient-and-at-peace-heres-how-to-master-it-in-7-days-2016-10">Stoic denial of feelings</a> can get them back to their peak.</p><h2>2. You're going to make the same mistake over and over.</h2><p>"Everyone has a fingerprint of what they do right and what they do wrong in the market and it's kind of like personality," Shull said. It's why she considers the market to be a sort of Rorshach test, on which investors and traders can project all of their beliefs and insecurities.</p><p>She's found that everyone has mistakes they regularly repeat, and for her clients, these mistakes have become overwhelming. These could be tendencies such as:</p><ul><li>"I get too big when things aren't going well."</li><li>"I don't get big enough when things are going right."</li><li>"I over-trade when I'm bored."</li><li>"I take too long to analyze and then miss opportunities."</li></ul><p>"I first help them realize all of their feelings around that weak point," Shull said. It's important to attach a label to these feelings, rather than leaving them an ambiguous jumble. She won't accept explanations for what they're feeling - each feeling has to be identified as concern, worry, anxiety, or whatever it is.</p><p>"The more they can put the right label on it, for whatever level of intensity the feeling is, the less chance they act it out," Shull said.</p><h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>"Billions"/Showtime</span></p><p class="caption">Wendy Rhoades (Maggie Siff) coaches hedge fund manager Bobby Axelrod (Damian Lewis) in the show "Billions."</p></div><p></p></div></div></h2><h2>3. Your personal and professional life aren't as separate as you think.</h2><p>Shull asks her clients about their personal lives in their first session. She's found that every recurring mistake tied to an insecurity has roots in a person's biography outside of their professional lives. "Someone's actual background matters more than anything," she said.</p><p>This is due to what she calls fractal emotions, where patterns develop throughout someone's life in different manifestations, the same way a fractal is a whole composed of pieces that have the same characteristics as the whole.</p><p>Examples: She had a client who had a crisis of confidence in his abilities that mirrored the one he had when he realized he had to give up his sporting career at some point in college; a client who was over-trading would seek out experiences that gave him a feeling of power, the same reason he played rugby; another client who had developed a fight or flight reaction to unexpected movements in the market displayed this in other aspects of his life, built on a childhood where his missionary parents uprooted the family repeatedly.</p><h2>4. And ignoring your emotions won't get you anywhere.</h2><p>Once these feelings are identified, Shull has her clients dive as deeply as possible into them, since she's found that ignoring or trying to negate these feelings are what cause her clients to continue repeating mistakes.</p><p>"These emotions always exist in an iceberg, so you have the stuff you know you feel on the top, about the here and now," she said. "If you've just had a disaster, we're just going to have the feelings about the disaster. We're going to be upset and I'm going to help you be upset, which means you're going to be mad at yourself, you're going to be mad at the markets, you're going to be mad with your risk manager, you're going to feel stupid. I'm going to help you feel all those sh---y things, frankly, that you don't want to feel. Why? Because you basically have to go through a grieving process."</p><p>The idea is to get her clients feeling these debilitating emotions in the room with her so that they confront them when they're at their office. When clients can stop hiding from the emotions tied to their weaknesses, they can embrace them and pull the power from them.</p><h2>5. In fact, choosing the emotions you want will make all the difference.</h2><p>Then it's time to replace bad behavior.</p><p>"Everyone else tries to fight behavior with thoughts," Shull said, referring to traditional ways of working through a down period. "What works better is to create behavior through expected feelings."</p><p>She has her clients decide how they want to feel in a given week. She said that actions follow, and stick when the negative emotions clients worked through have been stripped of their control.</p><p>"If you consciously exchange future feelings for each other, your chances of doing what you want to do, and having discipline, go wildly up," she said.</p><p>"If you work on the level of feelings, the thoughts take care of themselves."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/navy-seals-stategy-military-leadership-check-your-ego-2017-1">Navy SEALs explain how a leader's ego can destroy a team</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FiYXR1ODE6uniXMY-Y2MXMmMVN2RKpL-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

A Wall Street psychologist who's consulted on Showtime's 'Billions' outlines 5 truths of human behavior all her clients must face

<br /> Do you stay glued to the daily ups and downs of <keyword id="6368159" type="ORGANIZATION" weightage="100" keywordseo="Stock">stock</keyword> prices? Do you wonder what to conclude from the prices, fluctuating every now and then? Do you hope to make a windfall on the hot new stock you bought?<br />
<br />
And yet, things don’t go as you want. Trust me, this can be simply termed as human misjudgement of the underlying value.<br />
<br />
What is a stock? It’s a small piece of business. What does that mean? Simply, that you own the earnings and the cash flows that the business generates from time to time.<br />
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To give you an evident analogy, the dividend on the stock is similar to rent you receive on your property, and capital gain from the stock is similar to gains you earn after selling the property. Does the rent or property price change every day? It changes only over a period of time, may be a year or after three years. What does it depend upon? It depends upon the area of the property (the market in case of business), location (position of the company) and the built or construction (quality of the earnings).<br />
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Do you buy in or out of the property just because the street lights are temporarily out of work or streets are momentarily worn out due to excessive rains? Of course not! What do you actually look at? You look at the infrastructure, like electricity or water supply, commercial presence, road leading to the property and access to malls and public places.<br />
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Why are businesses not sought in a similar fashion? The developments in the business do not happen every day but over several days, months and even years. It largely depends on the market it operates in, the strategy the company adopts to tackle competition and the tactics the company deploys to increase earnings year after year.<br />
<br /> You have to understand that the company’s value is dependent only and only on fundamentals of the underlying business. The company’s brands, business model, product innovation and management abilities together decide the value of the company. There is no other factor which influences the value of the business, not the temporary swings of currency, crude oil and <keyword id="6391506" type="COMPANY" weightage="80" keywordseo="Equity">equity</keyword> markets. As the legendary investor Peter Lynch once put it: <em>“If you spend more than 15 minutes a year worrying about where the stock markets are going, you’ve wasted 12 minutes.”</em><br />
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Never get influenced by the daily buy-and-sell calls given by the brokerages. Brokerages earn revenues from your trading. Do you think they send out these calls solely for our benefit? Definitely not.<br />
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<em>"We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current." Charlie Munger</em><br />
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<strong>How can you ensure you’re making the right <keyword id="6355120" type="ORGANIZATION" weightage="100" keywordseo="investment">investment</keyword>?</strong><br />
Invest in financially sound companies with good track record, excellent management and presence in a growing industry. These companies will generate free cash flows, which will be distributed amongst shareholders at a later date. Do not track the daily price movements of these stocks. Only be updated with the companies’ quarterly, annual and related fillings. Do not judge the companies based on the earnings of single quarter or single financial year. It might be due to some restructuring in accounting policies, cost structure or some cyclical fluctuation.<br />
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<em>“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.” <keyword id="6358963" type="PERSON" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword></em><br />
You have to trust your own research of the company and not become judgemental based on what others are saying. You have to review what the management communicates to you about the business. The companies sometimes see things differently. (Like Exide Industries cited poor market growth rate for their average performance, while Amara Raja feels that they achieved growth because the market is growing).<br />
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Understand if the management is rational behind the deployments of capital. One may analyse whether M&amp;M’s strategy to venture into two wheeler segment will earn incremental returns on capital in future. So, effectively you should monitor the developments in the industry and strategies of the companies to win over their peers.<br />
<br />
You should consider learning more about upcoming industries, new business models and emerging marketplaces. For example, will the eCommerce sites like Flipkart and Amazon change the course of doing business by diverting people to buy online, turning brick-and-mortar business obsolete? Or say businesses like Fractal Analytics going to change how the knowledge processing industry works. Ultimately these things are going to help you generate new ideas, which will add to your corpus someday.<br />
<br />
The key to making money in the markets is simple. Be patient and stay invested for long till the full potential of the company is realized. Or else you stand to miss out opportunities of becoming wealthy by moving in and out of the stocks.<br />
<br />
<em>"Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, “I can calculate the movement of the stars, but not the madness of men.” If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: <strong>For investors as a whole, returns decrease as motion increases</strong>." Warren Buffett</em><br />
<em>This article is submitted by </em><a href="http://www.moneyworks4me.com/"><em>www.moneyworks4me.com</em></a><br />
<br />

Investing Is Fun, If You Follow This Thumb Rule!

<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span> MPI/Getty Images</span></p></div><p></p></div>The stock market continues to set new highs, which is exciting and fun for those of us who own stocks.</p>
<p>I own stocks, so I'm certainly enjoying it.</p>
<p>I hope stocks continue to charge higher through 2014, but I can't find much data to suggest that they will. I only have a vague hope that the Fed will continue to pump air into the balloon, the U.S. economy will finally start cranking again, and corporations will continue to find ways to cut more costs and grow their already record-high profit margins and earnings.</p>
<p>Meanwhile, every <em>valid</em> valuation measure I look at suggests that stocks are at least 40% overvalued and, therefore, are<a href="http://www.businessinsider.com/stock-market-crash-2013-9"> likely to produce lousy returns over the next 10 years</a>.</p>
<p>Which valuation measures suggest the stock market is very overvalued?</p>
<p>These, among others:</p>
<ul>
<li>Cyclically adjusted price-earnings ratio (current P/E is 25X vs. 15X average)</li>
<li>Market cap to revenue (current ratio of 1.6 vs. 1.0 average)</li>
<li>Market cap to GDP (double the pre-1990s norm)</li>
</ul>
<p>(See charts below.)</p>
<p>How lousy do these measures suggest stock returns will be over the next decade?</p>
<p>About 2% per year for the S&amp;P 500, including dividends - a far cry from the double-digit returns of the past 5 years and the ~10% long-term average.</p>
<p>If stocks just park here for a decade and return 2% a year through dividends, that wouldn't be particularly traumatic. But stocks rarely "park." They usually boom and bust. So the farther we get away from average valuations, the more the potential for a bust increases.</p>
<p>So the higher we go, the less surprised I will be to see the stock market crash. </p>
<p>How big a crash could we get?</p>
<p>According to the aforementioned valuation measures, and <a href="http://www.hussmanfunds.com/wmc/wmc131104.htm">the work of fund manager John Hussman of the Hussman Funds</a>, 40%-55%.</p>
<p>A 50% crash would take the S&amp;P 500 below 900 and the DOW below 8,000.</p>
<p>Is that going to happen?</p>
<p>I don't know. But it wouldn't surprise me. </p>
<p>One thing I do know is that no one else knows, either. We're all just dealing in probabilities. And, just as importantly, no one knows <em>when</em>. Valuation measures like the ones above are unfortunately not helpful in predicting short- or intermediate-term market moves. So, maybe the market will continue to move higher through 2014. I certainly would be happy about that.</p>
<p>But a careful study of history suggests that a crash is increasingly likely and that long-term stock returns from this level are likely to be crappy.</p>
<p>I've explained <a href="http://www.hussmanfunds.com/wmc/wmc131104.htm">in detail here why I think the odds of a crash are increasing</a>. And I've also explained why, despite this, <a href="http://www.businessinsider.com/why-im-not-selling-stocks-2013-9">I'm not selling my stocks</a>. (In short, because I am a long-term investor, I am mentally prepared for a crash, and I am planning to ride out any crash, the same way I did with the 2008-2009 crash. And also because none of the other major asset classes are particularly compelling investments at these prices, either.).</p>
<p><span>Importantly, there are at least three sophisticated arguments about why the aforementioned valuation measures are wrong - and, therefore, that "it's different this time."</span></p>
<ul>
<li><span style="line-height: 1.5em;">Interest rates are likely to stay near zero for many more years, and in a near-zero interest rate environment, the fair value for stocks is much higher than it is in a normal interest rate environment.</span></li>
</ul>
<ul>
<li><span style="color: #222222; line-height: 1.5em;">On average, stocks are getting increasingly less risky - and, therefore, that old "average" valuation measures don't apply. </span></li>
</ul>
<ul>
<li><span style="color: #222222; line-height: 1.5em;">Changes in accounting rules and aberrant earnings performance during the financial crisis have skewed average long-term valuation measures, making stocks look more expensive than they actually are.</span></li>
</ul>
<p>These are all sophisticated arguments, and they merit close consideration.</p>
<p>After considering them, however, I don't find any of them particularly persuasive. Or, more accurately, I don't find any of them to be <em>more</em> persuasive than the long-term valuation measures I have cited above.</p>
<p>All of these bullish arguments, moreover, boil down to the following:</p>
<p>"It's different this time."</p>
<p>"It's different this time," are known as "the four most expensive words in the English language." Because, too often, when investors and analysts try to justify high prices by arguing that "it's different this time," it turns out not to be different, and the investors and analysts end up losing their shirts.</p>
<p>(I know this from experience. Back in 1999, I used a variety of "it's different this time" arguments to persuade myself and others that the dotcom stocks could continue appreciating. They could have. But they didn't.)</p>
<p>Of course, you can't just scoff at those arguing that it's different this time by saying that it's <em>never</em> different this time, because sometimes it is.</p>
<p>And that, among other reasons, is why it makes little sense to expend too much energy trying to forecast the market. Because it's really hard to be right consistently enough to avoid costing yourself serious money.</p>
<p>But making specific forecasts is different than managing your own expectations.</p>
<p>And my own expectations are that 1) stocks will have lousy returns over the next decade, and 2) the odds of a severe market pullback are steadily increasing.</p>
<p>I will therefore not be surprised to see stocks crash in 2014. And neither should you!</p>
<p>Below are some of the charts that show why I am concerned...</p>
<h2><strong>1. Valuation.</strong></h2>
<p>The following three charts show three long-term, time-tested valuation measures, all of which suggest the market is drastically overvalued.</p>
<p>First, from Bill Hester of the Hussman Funds, a recent chart of <strong>Professor Robert Shiller's "CAPE" (cyclically-adjusted PE ratio).</strong>  The blue line shows the prediction for 10-year returns. The red line shows the actual returns. If you have heard people say, "CAPE doesn't work anymore," you might want to read <a href="http://www.hussmanfunds.com/rsi/cape.htm">Bill Hester's analysis</a>. He looks at all the arguments why CAPE doesn't work and concludes that it does. (We'll know for sue in 10 years).</p>
<p><div class="KonaFilter image-container"><div class="image"><p class="source"><span><a href="http://www.hussmanfunds.com/rsi/cape.htm">Hussman Funds</a></span></p></div><p></p></div></p>
<p> </p>
<p>Second, in case you have been convinced that "CAPE" no longer works, here's a look at <strong>price-to-revenue</strong>. This measure is calling for a slightly better long-term return for the S&amp;P 500 - just under 5% - but still a far cry from the long-term average.</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></span></p></div><p></p></div></div></p>
<p><br />Third, in case your favorite bulls wave away both earnings and revenue, here's a chart of <strong>market-value-to-GDP.</strong> It's the most pessimistic of the lot. This chart suggests that the S&amp;P 500's average annual returns for the next 10 years will be negative.</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></span></p></div><p></p></div></div></p>
<h2><strong>2. A bogus (but popular!) valuation measure.</strong></h2>
<p>One thing that people do when stocks get expensive is to find ways to explain why they aren't expensive. They don't do this to hoodwink you. They do this because stocks have been expensive for so long that the obvious conclusion must be that they're not expensive - that it's different this time.</p>
<p>One measure that people are using right now to argue that stocks are not expensive is the difference between the "earnings yield" and "Treasury yield." Interest rates are low and earnings are high, so it appears that stocks are delivering far higher "yields" than bonds and are therefore cheap.</p>
<p>The problem with this analysis is that it doesn't work. Check out this chart below <a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">from John Hussman,</a> which "backtests" the analysis. It doesn't have any predictive power at all.</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></span></p></div><p></p></div></p>
<h2><strong><br />3. Profits</strong></h2>
<p>Over the long haul, stocks track profits. And profits and profit margins are at record highs. Every time previously that profit margins have gotten way above or below average, they have violently reverted to the mean. Many people, including me, think this will happen again this time. The only question is when.</p>
<p>Here's a long-term look at profit margins. Note how high they are. Note what has happened every time this has happened in the past.</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://www.businessinsider.com/">Business Insider, St. Louis Fed</a></span></p></div><p></p></div></p>
<p><br />Byron Wien, a strategist at Blackstone, is worried about profit margins. He also just circulated this chart, which he says suggests that profit margins are "rolling over." This, he says, is bad news for earnings in 2014.</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Blackstone, Wisdomtree</span></p></div><p></p></div></div></p>
<p><br />John Hussman is also worried about profits. He thinks profit margins are so out of whack that corporate earnings will <em>decline</em> at 10% per year for the next 4 years.</p>
<p><div class="KonaFilter image-container"><div class="image"><p class="source"><span><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></span></p></div><p></p></div></p>
<p> </p>
<p>Hussman thinks that two things might cause profits to tank: 1) the decline of government deficits (which have been going directly into corporate coffers), and 2) increasing labor costs, as the labor market gets tighter. Hussman believes that these factors are already causing profits to miss estimates. This, Hussman suggests, may be why there are suddenly way more companies missing profit estimates than beating them:</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></span></p></div><p></p></div> </p>
<h2><strong>4. When?</strong></h2>
<p>Market timing is always tough, and I don't know when profits and the market might break down. That really is anyone's guess.</p>
<p>John Hussman has posted a fun technical chart addressing this question, though. Technical analysis is generally bunk, and I would never bet a dime on it. But it's also often fun. And this chart is especially fun.</p>
<p>This chart suggests that the S&amp;P rise off the 2009 bottom has followed a clear "fractal" pattern that is often seen near the end of speculative advances. This chart suggests that the S&amp;P 500 (blue) might hit 1900 before collapsing. (It's at about 1,820 now).</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></span></p></div><p></p></div></div></p>
<p class="largeText"><br />Anyway, maybe it is indeed "different this time." So do what you want. But don't say you weren't warned!</p>
<p class="largeText"><strong>SEE ALSO:<a href="http://www.businessinsider.com/stock-market-crash-2013-9"> I Think There's A Decent Chance Of A Stock-Market Crash</a></strong></p>

I Certainly Won't Be Surprised To See Stocks Crash Next Year (And You Shouldn't Be, Either!)

<p><span><div class="image-container"><div class="image"><p class="source"> Hulton Archive/Getty Images</p></div></div><keyword id="6354298" type="ORGANIZATION" weightage="60" keywordseo="stocks">Stocks</keyword> have started trading in the new year of 2014.</span></p>
<p><span></span><span style="line-height: 1.5em;">They're down!</span></p>
<p>Fortunately, they're not down much. Yet. But one alarming thing about making any negative observation about the stock market these days is that you quickly get heaped with scorn and ridicule. Meanwhile, Wall Street strategists are already one-upping each other in <a href="http://www.businessinsider.com/david-zervos-dump-the-hedge-2014-1">the race to be the most bullish</a>.</p>
<p>The amazing run that stocks have had over the last several years has certainly been exciting and fun for those of us who own stocks.</p>
<p>I own stocks, so I have certainly enjoyed it.</p>
<p>I hope stocks continue to charge higher through 2014, but, unlike most Wall Street strategists, I can't find much data to suggest that they will. I only have a vague hope that the Fed will continue to pump air into the balloon and corporations will continue to find ways to cut more costs and grow their already record-high profit margins and earnings. And, yes, if<span> the U.S. economy finally starts cranking again, that will likely be a huge help.</span></p>
<p>But, meanwhile, every <em>valid</em> valuation measure I look at suggests that stocks are at least 40% overvalued.</p>
<p>That doesn't mean that stocks will crash. But it does strongly suggest that, at best, stocks are<a href="http://www.businessinsider.com/stock-market-crash-2013-9"> likely to produce lousy returns over the next 10 years</a>.</p>
<p>Which valuation measures suggest the stock market is very overvalued?</p>
<p>These, among others:</p>
<ul>
<li>Cyclically adjusted price-earnings ratio (current P/E is 25X vs. 15X average).</li>
<li>Market cap to revenue (current ratio of 1.6 vs. 1.0 average).</li>
<li>Market cap to GDP (double the pre-1990s norm).</li>
</ul>
<p>(See charts below.)</p>
<p>How lousy do these measures suggest stock returns will be over the next decade?</p>
<p>About 2% per year for the S&amp;P 500, including dividends - a far cry from the double-digit returns of the past five years and the ~10% long-term average.</p>
<p>If stocks just park at this level for a decade and return 2% a year through dividends, that wouldn't be particularly traumatic. But stocks rarely "park." They usually boom and bust. So the farther we get away from average valuations, the more the potential for a bust increases.</p>
<p>So the higher we go, the less surprised I will be to see the stock market crash. </p>
<p>How big a crash could we get?</p>
<p>According to the aforementioned valuation measures, and <a href="http://www.hussmanfunds.com/wmc/wmc131104.htm">the work of analysts like John Hussman of the Hussman Funds</a>, 40%-55%.</p>
<p>A 50% crash would take the S&amp;P 500 below 900 and the DOW below 8,000.</p>
<p>Is that going to happen?</p>
<p>I don't know. But it wouldn't surprise me. </p>
<p>One thing I do know is that no one else knows, either. We're all just dealing in probabilities. And, just as importantly, no one knows <em>when</em>. Valuation measures like the ones above are unfortunately not helpful in predicting short- or intermediate-term market moves.</p>
<p>So, maybe the market will continue to move higher through 2014. I certainly would be happy about that. <span>But a careful study of history suggests that a crash is increasingly likely and that long-term stock returns from this level are likely to be crappy.</span></p>
<p>I've explained <a href="http://www.hussmanfunds.com/wmc/wmc131104.htm">here why I think the odds of a crash are increasing</a>. And I've also explained why, despite this, <a href="http://www.businessinsider.com/why-im-not-selling-stocks-2013-9">I'm not selling my stocks</a>. (In short, because I am a long-term investor, I am mentally prepared for a crash, and I am planning to ride out any crash, the same way I did with the 2008-2009 crash. And also because none of the other major asset classes are particularly compelling investments at these prices, either.). I have also argued that <a href="http://www.businessinsider.com/catalyst-for-a-market-crash-2013-12">everyone who thinks we will all see a "sign" or "catalyst" before a crash should brush up on their history</a>. </p>
<p><span>In defense of the bulls, there are at least three sophisticated arguments about why the aforementioned valuation measures are wrong - and, therefore, that "it's different this time."</span></p>
<ul>
<li>Interest rates are likely to stay near zero for many more years, and in a near-zero rate environment, the fair value for stocks is higher than in a normal rate environment.</li>
</ul>
<ul>
<li>On average, stocks are getting increasingly less risky - and, therefore, old "average" valuation measures don't apply. </li>
</ul>
<ul>
<li>Changes in accounting rules and aberrant earnings performance during the financial crisis have skewed average long-term valuation measures, making stocks look more expensive than they actually are.</li>
</ul>
<p>These are all sophisticated arguments, and they merit close consideration.</p>
<p>After considering them, however, I don't find any of them particularly persuasive. Or, more accurately, I don't find any of them to be <em>more</em> persuasive than the long-term valuation measures I have cited above.</p>
<p>All of these bullish arguments, moreover, boil down to the following:</p>
<p>"It's different this time."</p>
<p>"It's different this time," are known as "the four most expensive words in the English language." Because, too often, when investors and analysts try to justify high prices by arguing that "it's different this time," it turns out not to be different, and the investors and analysts end up losing their shirts.</p>
<p>(I know this from experience. Back in 1999, I used a variety of "it's different this time" arguments to persuade myself and others that the dotcom stocks could continue appreciating. They could have. But they didn't.)</p>
<p>Of course, you can't just scoff at those arguing that it's different this time by saying that it's <em>never</em> different this time, because sometimes it is.</p>
<p>And that, among other reasons, is why it makes little sense to expend too much energy trying to forecast the market. Because it's really hard to be right consistently enough to avoid costing yourself serious money.</p>
<p>But making specific forecasts is different from managing your own expectations and being comfortable with a range of possible outcomes.</p>
<p>And my own expectations are that 1) stocks will have lousy returns over the next decade, and 2) the odds of a severe market pullback are steadily increasing.</p>
<p>I will therefore not be surprised to see stocks crash in 2014. And neither should you!</p>
<p>Below are some of the charts that show why I am concerned ...</p>
<h2><strong>1. Valuation.</strong></h2>
<p>The following three charts show three long-term, time-tested valuation measures, all of which suggest the market is drastically overvalued.</p>
<p>First, from Bill Hester of the Hussman Funds, a recent chart of Professor Robert Shiller's "CAPE" (cyclically-adjusted PE ratio). The blue line shows the prediction for 10-year returns. The red line shows the actual returns. If you have heard people say, "CAPE doesn't work anymore," you might want to read <a href="http://www.hussmanfunds.com/rsi/cape.htm">Bill Hester's analysis</a>. He looks at all the arguments why CAPE doesn't work and concludes that it does. (We'll know for sure in 10 years.)</p>
<p><div class="image-container"><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/rsi/cape.htm">Hussman Funds</a></p></div></div></p>
<p>Second, in case you have been convinced that "CAPE" no longer works, here's a look at <strong>price-to-revenue</strong>. This measure is calling for a slightly better long-term return for the S&amp;P 500 - just under 5% - but still a far cry from the long-term average.</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></p></div></div></div></p>
<p>Third, in case your favorite bulls wave away both earnings and revenue, here's a chart of <strong>market-value-to-GDP.</strong> It's the most pessimistic of the lot. This chart suggests that the S&amp;P 500's average annual returns for the next 10 years will be negative.</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></p></div></div></div></p>
<h2><strong>2. A bogus (but popular!) valuation measure.</strong></h2>
<p>One thing that people do when stocks get expensive is to find ways to explain why they aren't expensive. They don't do this to hoodwink you. They do this because stocks have been expensive for so long that the obvious conclusion must be that they're not expensive - that it's different this time.</p>
<p>One measure that people are using right now to argue that stocks are not expensive is the difference between the "earnings yield" and "Treasury yield." Interest rates are low and earnings are high, so it appears that stocks are delivering far higher "yields" than bonds and are therefore cheap.</p>
<p>The problem with this analysis is that it doesn't work. Check out this chart below <a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">from John Hussman,</a> which "backtests" the analysis. It doesn't have any predictive power at all.</p>
<p><div class="image-container"><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></p></div></div></p>
<h2><strong>3. Profits</strong></h2>
<p>Over the long haul, stocks track profits. And profits and profit margins are at record highs. Every time previously that profit margins have gotten way above or below average, they have violently reverted to the mean. Many people, including me, think this will happen again this time. The only question is when.</p>
<p>Here's a long-term look at profit margins. Note how high they are. Note what has happened every time this has been the case in the past.</p>
<p><div class="image-container"><div class="image"><p class="source"><a href="http://www.businessinsider.com/">Business Insider, St. Louis Fed</a></p></div></div></p>
<p>Byron Wien, a strategist at Blackstone, is worried about profit margins. He also just circulated this chart, which he says suggests that profit margins are "rolling over." This, he says, is bad news for earnings in 2014.</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source">Blackstone, Wisdomtree</p></div></div></div></p>
<p>John Hussman is also worried about profits. He thinks profit margins are so out of whack that corporate earnings will <em>decline</em> at 10% per year for the next four years.</p>
<p><div class="image-container"><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></p></div></div></p>
<p>Hussman thinks that two things might cause profits to tank: 1) the decline of government deficits (which have been going directly into corporate coffers), and 2) increasing labor costs, as the labor market gets tighter. Hussman believes that these factors are already causing profits to miss estimates. This, Hussman suggests, may be why there are suddenly way more companies missing profit estimates than beating them:</p>
<h2><div class="image-container"><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></p></div></div><strong>4. When?</strong></h2>
<p>Market timing is always tough, and I don't know when profits and the market might break down. That really is anyone's guess.</p>
<p>John Hussman has posted a fun technical chart addressing this question, though. Technical analysis is generally bunk, and I would never bet a dime on it. But it's also often fun. And this chart is especially fun.</p>
<p>This chart suggests that the S&amp;P rise off the 2009 bottom has followed a clear "fractal" pattern that is often seen near the end of speculative advances. This chart suggests that the S&amp;P 500 (blue) might hit 1900 before collapsing. (It's at about 1,820 now).</p>
<p><div class="image-container display-table"><div><div class="image"><p class="source"><a href="http://www.hussmanfunds.com/wmc/wmc131216.htm">Hussman Funds</a></p></div></div></div></p>
<p class="largeText">Anyway, maybe it is indeed "different this time." So do what you want. But don't say you weren't warned!</p>

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Henry Blodget

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Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream – and explain potential hurdles for widespread adoption