I want to thank Justin Carbonneau and Kai Wu for having me on the Excess Returns Podcast. It's a really great no fluff conversation that gets directly to some of the big issues and opportunities in digital asset investing today and how our liquid token trend following and DeFi market neutral yield strategies interact with them. Specifically we talk about the corollary between the tech bubble crash and crypto transitioning from the fat protocol thesis to the fat app thesis, wh

By Leigh Drogen and Dennis Qian of Starkiller Capital In the late 1990’s, as the tech bubble was inflating, many questioned whether the internet would ever produce applications that drove sustainable businesses. Yes there were a limited number of early successes, but most of the profitable businesses in Web1 were basically physical infrastructure companies and ISPs. There was a lot of hand wringing over the chicken and egg issue for why applications couldn’t find a critical m

Was it the smelling salts that did it or was it just a matter of time? We’ll never know, and does it really matter? Digital asset markets have been on a tear the past six months, awoken from their crypto winter slumber of unknown duration. Last September we published this piece detailing the miserable 2023 trend following and cross-sectional momentum strategies had seen despite the solid year-to-date performance from Bitcoin. We highlighted a set of variables that were likel