An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
The SaaS sector is undergoing a ‘reset’: on the public side, revenue multiples went down from 17x a year ago to 6x today. On the private side, funding is down 42% in Q3 with similar trends observed in the US and Europe. What does this mean for European and Israeli SaaS companies? In this presentation, we will dive deeper into:
- How should founders think about their company valuation?
- Are public markets overcorrected?
- How are the public market dynamics impacting the private funding market?
- Will we see a flurry of down round for the 120+ Cloud Unicorns created in Europe and Israel over the past few years?
- Which top 100 companies have been selected for the 2022 Accel Euroscape?
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
Decision Analysis in Venture Capital workshop for Stanford Angels and Entrepr...Ulu Ventures
This is a workshop given for Stanford Angels and Entrepreneurs India on Jul 10, 2018 at Nexus Venture Partners, Bangalore. The video for this talk is at: https://vimeo.com/279467353
The SaaS sector is undergoing a ‘reset’: on the public side, revenue multiples went down from 17x a year ago to 6x today. On the private side, funding is down 42% in Q3 with similar trends observed in the US and Europe. What does this mean for European and Israeli SaaS companies? In this presentation, we will dive deeper into:
- How should founders think about their company valuation?
- Are public markets overcorrected?
- How are the public market dynamics impacting the private funding market?
- Will we see a flurry of down round for the 120+ Cloud Unicorns created in Europe and Israel over the past few years?
- Which top 100 companies have been selected for the 2022 Accel Euroscape?
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
Decision Analysis in Venture Capital workshop for Stanford Angels and Entrepr...Ulu Ventures
This is a workshop given for Stanford Angels and Entrepreneurs India on Jul 10, 2018 at Nexus Venture Partners, Bangalore. The video for this talk is at: https://vimeo.com/279467353
Embedded Finance - a new $7 trillion market opportunitySimon Torrance
Embedded Finance builds on bank as a service and open banking business models to enable any organisation to generate new revenues from adding financial services to their propositions: payments, lending, insurance, investments. The market opportunity for those who enable Embedded Finance is very significant.
Alternative Data: Transforming SME FinanceJohn Owens
This presentation summarizes the IFC/World Bank/G20 GPFI report on the landscape of alternative data and players that are expanding access to SME finance. This presentation was prepared jointly with the effort of my co-author Lisa Wilhelm. The complete report can be downloaded at https://www.smefinanceforum.org/post/alternative-data-transforming-sme-finance
From Bessemer Venture Partners, Partner Mary D'Onofrio releases the definitive benchmarking report on how cloud companies grow operationally efficient businesses and scale to $100 million in ARR (and beyond).
2021: The second wave of Fintech Disruption: Trends to watch outIndusNetMarketing
2020 has been a global shock for the world but it has also been a reason for digital adoption. The financial sector is evolving with time and 2021 will visualise many new disruptive trends that are going to shape the future of financial services.
Drivers for CBDC and implications for architectureDavid Birch
A discussion of the key drivers for central bank digital currency and the implications of those drivers for the likely technical architecture of a retail implementation.
In Bessemer’s State of the Cloud 2020 Report, we distill twenty years of data on the private and public cloud market trends, dive into the time tested tenets that early-stage cloud founders need to prioritize for growth, and of course, share our predictions that explain the emerging categories we’re eyeing to spot promising new companies.
Since the early 2000s, the industry has seen exponential growth, both in private and public spheres. Many companies have cloud strategies in place, but they are amidst their digital transformations. We believe the future of technology is forged in the cloud, and after two decades of growth it’s just the beginning.
In a time when founders and investors are faced with unprecedented market volatility, it is especially timely to step back and look at the long arc of technology, and the cloud computing revolution in particular.
Source: bvp.com/cloud
Bessemer Venture Partners (Byron Deeter, Elliott Robinson, Hansae Catlett, Mary D'Onofrio)
Embedded Finance intro presentation - Simon Torrance August 2021Simon Torrance
What is Embedded Finance, how does it work, why is it important, who benefits, what do brands and companies in all sectors need to consider if they want to take advantage of it?
Bessemer uncovers the year’s top trends and insights in the global cloud economy, including how the model is only getting better, and why being a Centaur is the new milestone to celebrate.
Read the full report: https://www.bvp.com/atlas/state-of-the-cloud-2022
Central banks have a mandate for monetary and financial stability in their jurisdictions and, explicitly or
implicitly, to promote broad access to safe and efficient payments. A core instrument by which central
banks carry out their public policy objectives is providing the safest form of money to banks, businesses
and the public – central bank money.
Corporate Venture Capital best practices from interviews and researchMark S. Brooks
Summary research from interviews with 13 CVCs to identify best practices in creating a corporate venture capital (CVC) unit or a corporate accelerator.
Key takeaways include having clear objectives, clear processes and structure, easy to measure metrics, having patience and board or executive support, and making contributions to select startups that go well beyond capital.
I hope you find it useful. Feel free to distribute further to others who might find value in it.
You can reach me at https://www.linkedin.com/in/markbrooks
In State of the Cloud 2021, we explore the major milestones and changes within the cloud economy and original analysis on what’s driving today’s private cloud valuations. In addition, we share new frameworks and emerging strategies to help founders measure growth endurance and drive go-to-market momentum. Plus, we dive into our seven predictions for 2021.
Top takeaways
Cloud companies have not just reset in the New Normal, but have thrived with a record-breaking market capitalization of more than $2 trillion.
There’s been a changing of the guard afoot: MT SAAS has overtaken FAANG.
Cloud multiples are rising to new heights, with both public and private cloud trading over 20x.
Cloud growth rates and access to capital are at all-time highs, with the average Cloud 100 company growing 80% YoY and $186 billion going into private cloud companies in 2020 alone.
Good-better-best of growth endurance is 70%-75%-80%.
GTM strategies have adapted in the New Normal; best practices include product-led growth, usage-based pricing, and the adoption of cloud marketplaces.
Both 2021 and 2022 have been hallmark years in all things Web3, crypto, and blockchain. The market has dramatically expanded - we’ve seen new highs and some sobering lows alongside extraordinary and constant innovation. Here at Vayner3, we’ve grown from a small group of passionate crypto- natives to an end-to-end Web3 consultancy with 25+ enterprise clients across CPG, Retail, Fashion, Automotive, and Tech. Recent events have certainly surfaced clear bad actors and put the space in the spotlight for the wrong reasons, but we remain optimistic about our Web3 future. This paper will help explain why.
Web3 is the next evolution of the internet, consumer behavior, and culture powered by blockchain technology. Our definition of Web3 includes new technologies - cryptocurrencies, NFTs, DeFi, and the “metaverse” - but it also includes an important cultural and behavioral layer. Over the last 2 years, we have seen a renaissance begin in digital art, fashion, sports, music, and identity. As consumers spend more and more of their time online - and younger generations grow with a more intertwined version of physical and digital realities - we expect today’s fundamentals of emerging Web3 technology and culture to grow exponentially with profound implications.
In this paper, we attempt to dissect the meta Web3 narrative, dive into the data, and identify true signal in a (very) noisy market. We look at what matters most to marketers and operators at large enterprise organizations considering Web3 tech, and we focus on the near-term future. We stay grounded in business and technological realities, and we fully acknowledge that macroeconomic forces and regulatory changes could play a major role in how 2023 unfolds. All things considered, we remain convinced: Web3 is going increasingly mainstream in 2023. Let’s build the future together.
Google Accel Report - SaaS India, Global SMB Market, $50B in 2025 #SaaSinIndi...Accel Partners India
#SaaSinIndia
A joint report released by Google & Accel Partners outlined the growth opportunity for Indian SaaS Startups as SaaS adoption by SMBs is set to overtake that by large enterprises. The report outlines that purpose built SaaS products will see hyper growth and adoption by SMBs, and will contribute to more than 75% of the public cloud revenues driving the global SaaS industry to $ 132B revenues by 2020, of which SMB SaaS is expected to reach $76B.
2020 has been a challenging year. Yet, amidst the various trials, widespread digital transformation has sparked several triumphs in SaaS. For instance, UiPath made history this summer when they became the first European Cloud Decacorn. Now we’re 10 months in, the question on everyone’s lips is what’s just happened and what’s coming next? In this keynote presentation, Philippe Botteri, Partner and Varun Purandare, VP at Accel will present original findings from Accel’s 2020 Euroscape. They'll explore the biggest trends in SaaS, deep dive into COVID's impacts on the ecosystem and share the region’s top 100 cloud companies.
Netwealth educational webinar - Top 10 learnings from Silicon Valley fintech ...netwealthInvest
Michelle Baltazar, Director of Media at Financial Standard, shared digital trends and insights that are set to impact the financial planning industry, gained first hand from her recent tour of Silicon Valley.
BITCOIN: LEFT FOR DEAD HUNDREDS OF TIMES – STILL ALIVE AND KICKINGSteven Rhyner
Bitcoin has been left for dead… hundreds of times in the last 5 years. But it’s still here between us, in better health than ever and there’s no sign it’s going to leave us anytime soon. The question is: why so many experts keep failing at declaring it dead ahead of time?
Embedded Finance - a new $7 trillion market opportunitySimon Torrance
Embedded Finance builds on bank as a service and open banking business models to enable any organisation to generate new revenues from adding financial services to their propositions: payments, lending, insurance, investments. The market opportunity for those who enable Embedded Finance is very significant.
Alternative Data: Transforming SME FinanceJohn Owens
This presentation summarizes the IFC/World Bank/G20 GPFI report on the landscape of alternative data and players that are expanding access to SME finance. This presentation was prepared jointly with the effort of my co-author Lisa Wilhelm. The complete report can be downloaded at https://www.smefinanceforum.org/post/alternative-data-transforming-sme-finance
From Bessemer Venture Partners, Partner Mary D'Onofrio releases the definitive benchmarking report on how cloud companies grow operationally efficient businesses and scale to $100 million in ARR (and beyond).
2021: The second wave of Fintech Disruption: Trends to watch outIndusNetMarketing
2020 has been a global shock for the world but it has also been a reason for digital adoption. The financial sector is evolving with time and 2021 will visualise many new disruptive trends that are going to shape the future of financial services.
Drivers for CBDC and implications for architectureDavid Birch
A discussion of the key drivers for central bank digital currency and the implications of those drivers for the likely technical architecture of a retail implementation.
In Bessemer’s State of the Cloud 2020 Report, we distill twenty years of data on the private and public cloud market trends, dive into the time tested tenets that early-stage cloud founders need to prioritize for growth, and of course, share our predictions that explain the emerging categories we’re eyeing to spot promising new companies.
Since the early 2000s, the industry has seen exponential growth, both in private and public spheres. Many companies have cloud strategies in place, but they are amidst their digital transformations. We believe the future of technology is forged in the cloud, and after two decades of growth it’s just the beginning.
In a time when founders and investors are faced with unprecedented market volatility, it is especially timely to step back and look at the long arc of technology, and the cloud computing revolution in particular.
Source: bvp.com/cloud
Bessemer Venture Partners (Byron Deeter, Elliott Robinson, Hansae Catlett, Mary D'Onofrio)
Embedded Finance intro presentation - Simon Torrance August 2021Simon Torrance
What is Embedded Finance, how does it work, why is it important, who benefits, what do brands and companies in all sectors need to consider if they want to take advantage of it?
Bessemer uncovers the year’s top trends and insights in the global cloud economy, including how the model is only getting better, and why being a Centaur is the new milestone to celebrate.
Read the full report: https://www.bvp.com/atlas/state-of-the-cloud-2022
Central banks have a mandate for monetary and financial stability in their jurisdictions and, explicitly or
implicitly, to promote broad access to safe and efficient payments. A core instrument by which central
banks carry out their public policy objectives is providing the safest form of money to banks, businesses
and the public – central bank money.
Corporate Venture Capital best practices from interviews and researchMark S. Brooks
Summary research from interviews with 13 CVCs to identify best practices in creating a corporate venture capital (CVC) unit or a corporate accelerator.
Key takeaways include having clear objectives, clear processes and structure, easy to measure metrics, having patience and board or executive support, and making contributions to select startups that go well beyond capital.
I hope you find it useful. Feel free to distribute further to others who might find value in it.
You can reach me at https://www.linkedin.com/in/markbrooks
In State of the Cloud 2021, we explore the major milestones and changes within the cloud economy and original analysis on what’s driving today’s private cloud valuations. In addition, we share new frameworks and emerging strategies to help founders measure growth endurance and drive go-to-market momentum. Plus, we dive into our seven predictions for 2021.
Top takeaways
Cloud companies have not just reset in the New Normal, but have thrived with a record-breaking market capitalization of more than $2 trillion.
There’s been a changing of the guard afoot: MT SAAS has overtaken FAANG.
Cloud multiples are rising to new heights, with both public and private cloud trading over 20x.
Cloud growth rates and access to capital are at all-time highs, with the average Cloud 100 company growing 80% YoY and $186 billion going into private cloud companies in 2020 alone.
Good-better-best of growth endurance is 70%-75%-80%.
GTM strategies have adapted in the New Normal; best practices include product-led growth, usage-based pricing, and the adoption of cloud marketplaces.
Both 2021 and 2022 have been hallmark years in all things Web3, crypto, and blockchain. The market has dramatically expanded - we’ve seen new highs and some sobering lows alongside extraordinary and constant innovation. Here at Vayner3, we’ve grown from a small group of passionate crypto- natives to an end-to-end Web3 consultancy with 25+ enterprise clients across CPG, Retail, Fashion, Automotive, and Tech. Recent events have certainly surfaced clear bad actors and put the space in the spotlight for the wrong reasons, but we remain optimistic about our Web3 future. This paper will help explain why.
Web3 is the next evolution of the internet, consumer behavior, and culture powered by blockchain technology. Our definition of Web3 includes new technologies - cryptocurrencies, NFTs, DeFi, and the “metaverse” - but it also includes an important cultural and behavioral layer. Over the last 2 years, we have seen a renaissance begin in digital art, fashion, sports, music, and identity. As consumers spend more and more of their time online - and younger generations grow with a more intertwined version of physical and digital realities - we expect today’s fundamentals of emerging Web3 technology and culture to grow exponentially with profound implications.
In this paper, we attempt to dissect the meta Web3 narrative, dive into the data, and identify true signal in a (very) noisy market. We look at what matters most to marketers and operators at large enterprise organizations considering Web3 tech, and we focus on the near-term future. We stay grounded in business and technological realities, and we fully acknowledge that macroeconomic forces and regulatory changes could play a major role in how 2023 unfolds. All things considered, we remain convinced: Web3 is going increasingly mainstream in 2023. Let’s build the future together.
Google Accel Report - SaaS India, Global SMB Market, $50B in 2025 #SaaSinIndi...Accel Partners India
#SaaSinIndia
A joint report released by Google & Accel Partners outlined the growth opportunity for Indian SaaS Startups as SaaS adoption by SMBs is set to overtake that by large enterprises. The report outlines that purpose built SaaS products will see hyper growth and adoption by SMBs, and will contribute to more than 75% of the public cloud revenues driving the global SaaS industry to $ 132B revenues by 2020, of which SMB SaaS is expected to reach $76B.
2020 has been a challenging year. Yet, amidst the various trials, widespread digital transformation has sparked several triumphs in SaaS. For instance, UiPath made history this summer when they became the first European Cloud Decacorn. Now we’re 10 months in, the question on everyone’s lips is what’s just happened and what’s coming next? In this keynote presentation, Philippe Botteri, Partner and Varun Purandare, VP at Accel will present original findings from Accel’s 2020 Euroscape. They'll explore the biggest trends in SaaS, deep dive into COVID's impacts on the ecosystem and share the region’s top 100 cloud companies.
Netwealth educational webinar - Top 10 learnings from Silicon Valley fintech ...netwealthInvest
Michelle Baltazar, Director of Media at Financial Standard, shared digital trends and insights that are set to impact the financial planning industry, gained first hand from her recent tour of Silicon Valley.
BITCOIN: LEFT FOR DEAD HUNDREDS OF TIMES – STILL ALIVE AND KICKINGSteven Rhyner
Bitcoin has been left for dead… hundreds of times in the last 5 years. But it’s still here between us, in better health than ever and there’s no sign it’s going to leave us anytime soon. The question is: why so many experts keep failing at declaring it dead ahead of time?
Why is china cracking down on cryptocurrenciesAmineLarhrib4
In this two-part article series, we will explore the world of cryptocurrencies, how different nations have reacted to the technological developments, and what the broader implications are for China and the rest of the world as a whole.
We are in the midst of an unprecedented flood of innovation. The convergence of technological mega-trends in mobile, social networking, cloud computing, and big Data is something we at Menlo Ventures call The Right Now Economy. Previously impossible, The Right Now Economy centers around the idea that information can now be accessed, analyzed, and acted upon almost instantaneously - anytime and anywhere. This mega-trend is disrupting established industry sectors and players, creating opportunities for emerging growth companies to displace previously unassailable incumbents.
The Future of Money, Frank Schwab, 2019Frank Schwab
Bitcoin, Blockchain & Co: The future of money in the digital age
A short history of money
Digital money
Bitcoin: hype or digital gold?
The potential of cryptocurrencies
Blockchain and Smart Contracts: First Applications
Money becomes programmable
The future of cryptocurrency—some challenges
As we gaze into our crypto ball, let’s see what the future of cryptocurrency has in store for traders. With many experts estimating that the 2020 COVID-19 pandemic has hastened the decline of cash by almost five years, few are asking whether digital currencies will actually succeed (they have already). Instead, it’s a matter of when they’ll go mainstream. Nevertheless, there are some challenges ahead.
Perceptions
A significant generational divide exists when it comes to adoption rates of cryptocurrencies. Older generations are typically more sceptical of crypto’s long-term viability, expressing fears about volatile financial bubbles as well as uncertainty over how cryptocurrencies actually work.
I have distilled my understanding of Bitcoin in this presentation to help people looking for answers to basic questions. Hopefully, it will lead them to more important and pressing questions.
BITCOIN IS POTENTIAL NATIONAL THREAT, SAYS U.S. REGULATORSteven Rhyner
The last century of {financial|monetary|economic} {regulation|policy|law} within the {world|globe}s {largest|biggest} {economy|economic climate|economic situation}, in the United States, {has|has actually} {bred|reproduced} {a literal|an actual} {treasure chest|depository} of {regulatory|regulative|governing} bodies that look {more|even more} like {an alphabet soup|a hodgepodge} {than|compared to} {any|any type of|any kind of} {cohesive|natural} {form|type|kind} of {governance|administration}.
How to make money with cryptocurrency in 2022.pdfNerajKumar2
How to make money with crypto,how to make money with cryptocurrency,how to earn from cryptocurrency,how to make money,how to make money daily with bitcoin
Similar to Fundstrat Bitcoin & Blockchain presentation for Upfront Summit (20)
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
If you want to understand how decisions are made at a VC firm it is important to understand the staff who work there. Here is a guide but you can also read more at this blog post: https://bothsidesofthetable.com/how-to-improve-your-odds-of-getting-to-yes-with-a-vc-land-and-expand-b46a0a102a07
Upfront Ventures surveys VC firms every year to gauge their views on technology markets. This year we asked people their views about cryptocurrencies & blockchain.
Upfront Ventures blockchain and crypto deckMark Suster
Mark Suster of Upfront Ventures gives a presentation primer on Cryptocurrencies & Blockchain. This is best consumed with a video that will be released and available on Upfront's YouTube page: https://www.youtube.com/user/upfrontventures/videos
Every year Upfront Ventures surveys our peer group for their sentiment on the fund raising environment, burn rates, areas of technology interest and the year ahead. This report summarizes the views as of January 2017.
Upfront LP Survey of the Venture Capital & Startup IndustryMark Suster
Upfront Ventures surveyed Limited Partners (LPs) on their outlook on the venture capital markets and the underlying technology startups we back. This presentation created in Q1 2017 shares this outlook.
A 2016 overview of the technology & venture capital industries in Los Angeles presented by Mark Suster, Managing Partner of Upfront Ventures for the Mayor's LP / VC Summit.
The Changing Structure of the Venture Capital IndustryMark Suster
I presented this deck at the 2014 PreMoney Conference. I wrote a blog post here that goes into more detail: http://bit.ly/ChangingVC
The video of the presentation I gave is here: http://youtu.be/5MClCBUjbbE
The VC industry is changing. The press has focused on the wrong story - crowd funding. The bigger story is the shift from public financing to private financing and the bifurcation of the venture industry. This presentation examines the case.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fundstrat Bitcoin & Blockchain presentation for Upfront Summit
1. Fundstrat Global Advisors
150 East 52nd St, 31st floor | New York, NY 10022
Bitcoin and Blockchain
Trust, Millennials and Wall Street
For Reg AC certification and other important disclosures, see Disclosures, Slide 54.
Thomas J. Lee, CFA AC
Head of Research
thomas@fundstrat.com
twitter: @fundstrat
Robert Sluymer, CFAAC
Head of Technical Strategy
robert.sluymer@fundstrat.com
twitter: @rsluymer
Sam DoctorAC
Head of Data Science
Research
sam.doctor@fundstrat.com
twitter: @fundstratQuant
L. Thomas Block
Policy Strategist
tom.block@fundstrat.com
twitter: @TomBlock_FS
Strategy Research
Portfolio Strategy
Quantitative
Strategy
Technical Strategy
Washington & Policy
Strategy
Sales
John Bai
Head of Sales
john@fundstrat.com
Bill Vasilakos
bill.vasilakos@fundstrat.com
Tzu-Wen Chen
tzuwen.chen@fundstrat.com
Thomas J. Lee, CFA AC
Robert Sluymer, CFAAC
Sam DoctorAC
Ken Xuan
www.Fundstrat.com | Bloomberg: FSGA <<GO>>
Crypto Currency
Strategy
Performance 1Q18 2Q18 3Q18 QTD YTD
Bitcoin (28%) – – (28%) (28%)
FS CryptoFX 10 (28%) – – (28%) (28%)
FS CryptoFX 40 (20%) – – (20%) (20%)
FS CryptoFX 250 (9%) – – (9%) (9%)
FS CryptoFX 300 (26%) – – (26%) (26%)
FS CryptoFX Agg. (26%) – – (26%) (26%)
4. Slide 4
Figure: Trust in U.S. Government at 60-year lows
% who trust the US government in Washington always or most of the time
Trust in U.S. government at 60-year lows…
Source: Pew Research Center. Fundstrat, Bloomberg
5. Slide 5
Figure: Few countries see their citizens trust their government
Question is what % “Trust the national government to do what is right for our country”
Outside the US, trust in governments is even worse…
Source: Fundstrat, Bloomberg
U.S.
Few countries
score better
than the U.S., in
terms of trust by
their citizens...
…Note the
prevalence of
Asian and Latin
American
nations with low
trust ratings…
6. Slide 6
Blockchain and bitcoin growing faster outside the US
Bitcoin and blockchain are attractive
outside the US because of the inherent
structures of those regions.
• Regions with unstable financial
systems or governance make
bitcoin more attractive.
• Regions with currency controls
or strict regulations.
• Regions with uncertain economic
or financial outlook.
• Hence, we see bitcoin and
blockchain adoption as a global
story.
7. Slide 7
Earlier in 2016, Facebook IQ,
a team of researchers,
scientists and analysts funded
and supported by Facebook
Inc., published a white paper
entitled “Millennials +
money: The unfiltered
journey” to evaluate the
beliefs and thoughts of
today’s youth on traditional
banking and financial
systems. The paper found
that 92 percent
of millennials firmly
expressed their distrust of
banks.
92 Percent of Millennials Don’t Trust Banks
8. Slide 8
Blockchain enables digital money to exist with trust…
Paper money Credit card / Electronic
Digital money Blockchain
Double
spend…
Fraud…
Printing
press…
51%
protection…
9. Slide 9
Figure: Examples of fractionalization to digital asset tokenization
Not a complete list
Asset tokenization is an evolution of fractionalization….
Source: Fundstrat, Bloomberg
2008: Airbnb
Brian Chesky and Joe Gebbia came
up with the idea of putting an air
mattress in their living room and
turning it into a bed and breakfast.
2009: Uber
Founded ias UberCab by Garrett
Camp, the cofounder of
StumbleUpon, and Travis Kalanick.
2009: Kickstarter
Kickstarter launched on April 28,
2009, by Perry Chen, Yancey
Strickler, and Charles Adler.
1972: Frequent Flyer Miles
the very first modern frequent-flyer program was created in
1972 by Western Direct Marketing, for United Airlines.
1970: Mortgage Securitization
The U.S. Department of Housing and Urban Development
created the first mortgage-backed security. Ginnie Mae
mortgage loans.
1969:Time-shares
The first non-hotel timeshare in
the US was the Kaua`i Kailani,
started in Kauai, Hawaii in 1969
by the people who later founded
Vacation Internationale.
1987: Netjets fractional jet ownership
In 1987, the NetJets program was officially
announced becoming the first fractional aircraft
ownership format in history.
2017: Venezuelan Oil
Venezuela plans to issue a crypto
currency backed by oil
10. Slide 10
Figure: Illustrative example of a token for a social media company
Simply a concept, please do not judge this to be a business plan
Would Facebook be an ICO today?
Source: Fundstrat, Bloomberg
Customer
Operations
Capital
Structure
Posts
engaging
content
user
Adds other
users
Speculate
on user growth
Equity
(FB owns 33%
tokens)
Speculate on
monetization
token
11. Slide 11
Figure: Illustrative example of a token for a digital based business
Simply a concept, please do not judge this to be a business plan
Should Amazon issue a token?
Source: Fundstrat, Bloomberg
Customer
Operations
Capital
Structure
Purchases
goods
customer
Writes
engaging
reviews
Speculate
on user growth
Equity
(AMZN owns 33%
tokens)
Speculate on
spending
token
12. Slide 12
Risks
• Mining conglomerates becomes too powerful and essentially
takeover the blockchain.
• Millennials decide they like gold and allocate away from risky
assets.
• A major blockchain is hacked by a nation-state.
• Governments decide they have to destroy blockchain.
• Citizens decide they trust governments and banks.
• Quantum computers hack encryption.
• Humor: A crypto-expose is featured on 60 minutes
14. Slide 14
Figure: Comparative size of generations
Population in millions
Millennials are largest population cohort ever
Source: Fundstrat, Census Bureau. Note, the population of each cohort exceeds the total births due to immigration.
43.2
44.1
79.5
65.8
95.8
Peak size of generation
(includes immigration)Generation
Year of
peak Peak size
As %
Pop # in cohort
As %
Pop
Avg
age
Greatest Generation 1910 1927 1930 43.2 35% 2.6 1% 92.9
Silent Generation 1928 1945 1974 44.1 21% 25.8 8% 78.5
Baby Boomers 1946 1964 1999 79.5 28% 73.8 23% 61.3
GenX 1965 1980 2018 65.8 20% 65.8 20% 44.5
Millenials 1981 2000 2038 95.8 25% 89.2 27% 26.5
Years of
birth
Statistics @ 2017
Generation
Year of
peak Peak size
As %
Pop # in cohort
As %
Pop
Avg
age
eatest Generation 1910 1927 1930 43.2 35% 2.6 1% 92.9
ent Generation 1928 1945 1974 44.1 21% 25.8 8% 78.5
by Boomers 1946 1964 1999 79.5 28% 73.8 23% 61.3
enX 1965 1980 2018 65.8 20% 65.8 20% 44.5
llenials 1981 2000 2038 95.8 25% 89.2 27% 26.5
Years of
birth
Statistics @ 2017
Greatest Generation
Silent Generation
Baby Boomers
Generation X
Millennials
15. Slide 15
Figure: What did each generation look like in their 20s
Fundsdtrat and public information
Demographics: Looking at the world through the eyes of a millennial…
Source: Fundstrat, Bloomberg
Baby Boomers
Generation X
Millennials
1980 1990 2000 2010 2020
16. Slide 16
Each generation sees innovations… its mostly digital today
Source: Fundstrat
Figure: Innovations seen when each generation was in their 20s
General sources. Wired magazine.
Each generation is also characterized by innovations that differentiate that generation from prior generations.
• As shown below, what differentiates the millennial experience (in their 20s) is the growth of social media and
digital businesses. Notably, we believe blockchain is the newest innovation.
Baby Boomers in their 20s
1970s-1980s
GenX in their 20s
1990s-2000s
Millennials in their 20s
2000s-now
Woman entering workforce
Mail order business
PCs/Apple
Microsoft/GUIs
GPS
Game consoles
Mobile phones
Laserdisc/CDs
email
WWW/ e-commerce
Digital Cellular
Mobile email
Mobile data
Text messaging
Google
Paypal
Video Games
Digital photography
MP3
Facebook
Uber
Airbnb
Instagram
Kickstarter
Digital video streaming
Blockchain/Bitcoin
Electric cars
Online dating
Disruptive and
misunderstood
by prior
generation
Disruptive and
misunderstood
by prior
generation
17. Slide 17
Figure: Topix vs S&P 500
Boomers: By 1975, many would have said Japan stock bubble peaked…
Source: Fundstrat, Bloomberg
Baby Boomers
40X rise from
1950 to 1972
18. Slide 18
Figure: Topix vs S&P 500
Boomers: Good thing “bosom buddies” didn’t listen to bubble talk…
Source: Fundstrat, Bloomberg
Baby Boomers
400X rise from
1950 to 1990
40X rise from
1950 to 1972
19. Source: Fundstrat, Bloomberg, Updata
Slide 19
Figure: Life cycle of Millennial spending and income
Survey of Consumer Finance for 2017 “real income” levels (born between 1981-2000)
Source: Fundstrat, Bloomberg, Census Bureau
Millennials average age is 26.5… still early in life cycle
The oldest millennials are 36 but the average age is 26.5. As shown below, this means the peak of millennials are driving the
automobile market but just beginning to impact the housing market. And early in the investing market.
• As the following slides show, millennials are now the most important cohort to follow for several key segments.
$15,080
$21,684
$27,924
$40,456
$50,440 $49,556
$51,324
$48,932
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67
Averageannualearnings
Age of Millennial
Age 21-35
Automobile
+ Drinking age
Age 25-45
Home
purchasing
Age 30-60
Prime Income
years
2001 2004 2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043 2046 2049 2052 2055 2058
Millennials
Average Age
today
20. Source: Fundstrat, Bloomberg, Updata
Slide 20
Figure: Composition of Generations by age group
Census bureau
Source: Fundstrat, Bloomberg, Census bureau
Millennials maturing autos, peak homebuying and early prime income
To highlight the life cycle of various generations, we have highlighted population distribution and shown the various generations
and their respective distribution. Additionally, we shaded the various life cycle behaviors (auto buying, etc.).
• Millennials are now dominating Automobile purchasing, entering homebuying and beginning to generate prime
income.
8.9
22.1
20.1
16.9
5.8
2017
12.6
19.7
21.0
12.6
2017
12.8
22.2
23.5
22.0
8.7
2017
20.2
20.3
20.7
12.6
2017
20.2
20.3
20.7
21.1
22.2
23.5
22.0
21.3
19.7
21.0
21.4
22.1
20.1
16.9
12.9
8.8
6.0
3.9
1.9
0.6
Age 0 ~ 4
Age 5 ~ 9
Age 10 ~ 14
Age 15 ~ 19
Age 20 ~ 24
Age 25 ~ 29
Age 30 ~ 34
Age 35 ~ 39
Age 40 ~ 44
Age 45 ~ 49
Age 50 ~ 54
Age 55 ~ 59
Age 60 ~ 64
Age 65 ~ 69
Age 70 ~ 74
Age 75 ~ 79
Age 80 ~ 84
Age 85 ~ 89
Age 90 ~ 94
Age 95 ~ 99
Age 100 ~ 104
2017 GenerationZBoomers GenX Millennials
1st time Car
buyer (21-35)
1st time
homebuyer
(25-49)
Prime income
(30-64)
Retirement years
(65+)
Peak per capita
Healthcare costs
(75+)
21. Source: Fundstrat, Bloomberg, Updata
Slide 21
Source: Fundstrat, Bloomberg, Factset
Housing follow generations and implies peak starts 2029 or so…
We believe the prime market for homebuyers is age 25-45 and as shown below, this cohort size seems to explain housing cycles.
• If precedent generations are a template, housing starts should rise through 2029 towards 2.5 million starts.
1973
1989
2010
2026
1.0
11.0
21.0
31.0
41.0
51.0
61.0
71.0
81.0
91.0
101.0
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
#age25-45(millions)
Silent Generation:
1929-1945
Baby boomers:
1946-1964
GenX:
1965-1980
Millennials:
1981-2000
Millennials only now
starting to buy
homes and should
boost the market
past 2026…
BULLISH
Housing SAAR
Figure: Housing starts and comparative size of generations age 25-45. Starts reported in thousands.
Since 1960
22. Source: Fundstrat, Bloomberg, Updata
Slide 22
Figure: Composition of Generations by age group
Census bureau
Source: Fundstrat, Bloomberg, Census bureau
Millennials are just entering their prime income years
Of the 96 million millennials, about 30 million are just entering their prime income years.
• Thus, the key question from an investment perspective is how the millennials will impact the investment market in
the coming decades. After all, each generation seemed to prefer a different investment product.
8.9
22.1
20.1
16.9
5.8
2017
12.6
19.7
21.0
12.6
2017
12.8
22.2
23.5
22.0
8.7
2017
20.2
20.3
20.7
12.6
2017
20.2
20.3
20.7
21.1
22.2
23.5
22.0
21.3
19.7
21.0
21.4
22.1
20.1
16.9
12.9
8.8
6.0
3.9
1.9
0.6
Age 0 ~ 4
Age 5 ~ 9
Age 10 ~ 14
Age 15 ~ 19
Age 20 ~ 24
Age 25 ~ 29
Age 30 ~ 34
Age 35 ~ 39
Age 40 ~ 44
Age 45 ~ 49
Age 50 ~ 54
Age 55 ~ 59
Age 60 ~ 64
Age 65 ~ 69
Age 70 ~ 74
Age 75 ~ 79
Age 80 ~ 84
Age 85 ~ 89
Age 90 ~ 94
Age 95 ~ 99
Age 100 ~ 104
2017 GenerationZBoomers GenX Millennials
Prime
income
(30-64)
About 30 million of the 96 million millennials are
entering their prime income years…
Hence, they will be sizable contributors to the
change in the investing landscape…
23. Slide 23
Silent Generation bought gold…
Millennials
aren’t buying
Gold…
Gold
As shown below, the Silent Generation was in their prime income years. The USD moved off the gold standard in 1971.
• As shown, this surge in gold and coincident generational prime income of “Silent Generation” means this
generation is the key cohort of “gold bugs”.
Figure: Comparative Gold prices and the prime income years of various generations
Census bureau
USD off gold
standard August
15, 1971
China demand +
Financial crisis
1962 1980
1999
2018
2036
1.0
11.0
21.0
31.0
41.0
51.0
61.0
71.0
81.0
91.0
101.0
1930
1933
1936
1939
1942
1945
1948
1951
1954
1957
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
2020
2023
2026
2029
2032
2035
2038
2041
2044
2047
2050
2053
2056
2059
#Americans
Prime income years (age 35-60)--Greatest generation (1910-1927) Prime income years (age 35-60)--Silent Generation (1928-1945)
Prime income years (age 35-60)--Boomers (1946-1964) Prime income years (age 35-60)--GenX (1965-1980)
Prime income years (age 35-60)--Millenials (1981-2000)
25. 1
11
21
31
41
51
61
71
81
91
1930
1933
1936
1939
1942
1945
1948
1951
1954
1957
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
2020
2023
2026
2029
2032
2035
2038
2041
2044
2047
2050
2053
2056
2059
#ofAmericans
Prime income years (age 35-60)--
Silent Generation
Prime income years (age 35-60)--
Boomer
Prime income years (age 35-60)--
Gen-X
Prime income years (age 35-60)--
Millenial
Slide 25
GenX really liked Hedge funds…
The prime years for hedge funds (based on number) was 1990s to 2007. Since then, the number of funds has been declining.
• The hedge fund industry is evolving and those with deep fundamental or a unique advantage will likely appeal to
millennials..
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Dec'45
Jul'48
Feb'51
Sep'53
Apr'56
Nov'58
Jun'61
Jan'64
Aug'66
Mar'69
Oct'71
May'74
Dec'76
Jul'79
Feb'82
Sep'84
Apr'87
Nov'89
Jun'92
Jan'95
Aug'97
Mar'00
Oct'02
May'05
Dec'07
Jul'10
Feb'13
Sep'15
Apr'18
# Hedge funds
(worldwide)
Figure: Comparative number of Hedge funds and the prime income years of various generations
Morningstar
Not entirely
clear…
Prime years
were 1999 to
2007, coinciding
with GenX
28. Slide 28
Regulation: St Louis Fed is constructive on bitcoin and blockchain…
Source: https://files.stlouisfed.org/files/htdocs/publications/review/2018/01/10/a-short-introduction-to-the-world-of-cryptocurrencies.pdf
Figure: Abstract St Louis Fed
Published January 10, 2018
The St Louis Fed even sees bitcoin as a useful crypto-currency
29. Textbook 30-yrs ago… Reality today…
IPOs
Only profitable Technology
companies go public…
% profitable at IPO
1980-1995
average 92%
1999-2000
2013-2017
average
20%
Private
Equity
Public equity is larger than
the private market…
# private equity
companies as percent
of Wilshire 5000
2000:
32% 2016: 84%
Bonds
Bonds are income
instruments…
% bonds with negative
rates (G7, ex-US)
2000: 0% 2017: 80%
Central
Banks
Central banks only own
bonds and risk-free assets…
BoJ ownership of Topix 2002: 0% 2015: 2.5%
Slide 29
Finance 101 books 30-yrs ago not true anymore… will evolve for crypto…
Figure: Comparative changes in approach to valuations
Fundstrat estimates.
We believe crypto and blockchain valuations will lead to an evolution in thinking about market valuations for tokens.
While these are not traditional equities, there are elements available to create a valuation approach.
• Investors seem to be dismissive of the value of tokens, because of the apparent blurriness of token
governance versus equity (like a tracking stock) and the unclear position within a capital structure.
• But as highlighted below, while fundamental valuation remains central to any approach, markets have evolved
their approach to valuations of assets.
https://site.warrington.ufl.edu/ritter/files/2018/01/IPOs2017Statistics-1.pdf
https://www.toptal.com/finance/private-equity-consultants/private-equity-industry
30. Slide 30
Digital Store of Value addresses $280T market…
20-yr
CAGR
Value
($ billions) % Total
Gold Estimate Fundstrat 5.0 $9,000 3
Collectible Art https://www2.deloitte.com/lu/en/pages/
art-finance/articles/art-finance-
report.html
3.0 $17,000 6
Real Estate
http://www.mcguire.com/blog/2017/04/
savills-world-worth/ 5.0 $228,000 82
Government bonds
(neg rate)
Deutsche Bank -0.5 * $20,000 7
Cars, collectibles Estimate Fundstrat 7.0 $5,000 2
Global stores of value $280,000 100
Bitcoin n/a $200 0.1
Figure: Comparative Store of Value
$ Billions.
%
* Average interest rate of negative rate government bonds
%
%
%
31. Slide 31
Figure: Annual World Gold Production
Units in metric tons. Thru 2015. From US Geological Survey
Gold supply growth is ~3%... Will be higher than bitcoin in a few years…
Source: Fundstrat, Bloomberg
3,100
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan '21 Sep '32 May '44 Jan '56 Sep '67 May '79 Jan '91 Sep '02 May '14
Annualworldgoldproduction
(metrictons,1000kg)
2.7%
-6%
-4%
-2%
0%
2%
4%
6%
8%
Jan '21 Sep '32 May '44 Jan '56 Sep '67 May '79 Jan '91 Sep '02 May '14
10-yrCAGRAnnualProduction
10-yr CAGR of Gold production
surged to 2.7%...
Annual production exceeded
3,100 metric tons
Surged in
past 7 years..
100-yr avg:
1.9%
32. Dec '35
$35
Feb '75
$184
Jan '80
$684 Dec '87
$493
Sep '11
$1,789
Jul '17
$1,223
Dec '35
1157%
Feb '75
773%
Jan '80
1879%
Dec '87
817%
Sep '11
956%
Jul '17
481%
0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
1800%
2000%
Jan '21 Apr '27 Jul '33 Oct '39 Jan '46 Apr '52 Jul '58 Oct '64 Jan '71 Apr '77 Jul '83 Oct '89 Jan '96 Apr '02 Jul '08 Oct '14 Jan '21
Goldoutstandingas%
USDincirculation
Slide 32
Figure: Gold price and gold value outstanding as % USD in circulation
Gold price is shown as $ per troy oz. Ratio of Gold value to USD is percent. Since 1921
Gold a buy when value as % circulation <300%... a sell >750%
Source: Fundstrat, Bloomberg
Gold
Spot price
($/troy oz)
Gold overvalued
>750%
Gold under-
valued
<300%
1934 Gold Reserve Act passed:
Private ownership prohibited
1971 gold standard abandoned:
USD no longer pegged to gold
33. Slide 33
Figure: Comparative value of Intangibles as % total EV
Based on Bloomberg data
Intangibles (including brand) essentially 91% FANG value…
Source: Fundstrat, Bloomberg
EV Tangible Assets Intangible value estimates
Ticker Company
Enterprise
Value PP&E
Prepaid
expenses
Deferred
Tax
Assets LT Assets
Current
Assets ex-
Cash
Intangible
Value
Intangible as
% EV
FB Facebook Inc-A $485,860 $8,591 $1,312 $4,952 $471,005 97%
AMZN Amazon.Com Inc $642,703 $29,114 $3,869 $19,800 $589,920 92%
AAPL Apple Inc $738,444 $33,783 $8,974 $1,188 $54,464 $640,035 87%
NFLX Netflix Inc $97,807 $250 $227 $7,389 $3,987 $85,954 88%
NVDA Nvidia Corp $130,831 $521 $62 $1,738 $128,510 98%
GOOG Alphabet Inc-Cl C $674,371 $34,234 $1,819 $383 $0 $19,075 $618,860 92%
TSLA Tesla Inc $64,871 $5,983 $9,539 $2,867 $46,483 72%
FAANNG Composite $2,834,887 $112,476 $1,819 $9,584 $23,359 $106,882 $2,580,767 91%
S&P 500 $28,618,706 $4,541,372 $4,556 $359,580 $1,140,730 $3,988,148 $22,017,705 77%
34. Slide 34
Figure: General categories of tokens
Per Fundstrat
Store of Value still best. Is 2018 the year we see growth in tokenization?
Source: Fundstrat, Bloomberg
Store of Value Digital Currency Utility Security tokens
Purpose Digital Gold Currency Pay for services Fractional exposure
A store of value is the function
of an asset that can be saved,
retrieved and useful when
retrieved. More generally, a
store of value is anything that
retains purchasing power into
the future.
Digital currencies use
encryption to regulate the
generation of units of currency
and verify the transfer of funds,
independently of a central
bank.
The utility tokens are services
or units of services that can be
purchased, similar to API keys,
used to access the service.
These fund projects of shared
infrastructure.
Tokens are representing shares
of a business. The SEC
considers these a security and
fall under the 1934 Security
Exchange Act.
Appreciation potential Yes Yes Yes Yes
Decentralized or not? Blockchain Blockchain mostly Mixed Mixed
Representative Tokens Bitcoin
Ethereum classic
Ethereum
Neo
Qtum
Bitcoin Cash
Zcash
Monero
Dash
Telegram (GRAM)
Powerledger
SingularityNET
FunFair
Paragon
STEEM
KWHcoin
Filecoin
Tron
Tether
Basecoin
LAToken
Goldmint (MNT)
Jibrel Networks (JNT)
35. High-net worth families allocate $1.6T to Art…
Per PrivateInvestor.com
Art cannot be compared to
traditional assets such as equities,
bonds or even commodities. The
access to information is restricted
for the layman, liquidity is often
constrained, holding costs are
comparatively high and even
through there are techniques to
analyze the market, the value of an
artwork is ultimately driven by a
large variety of parameters, part of
those being extremely difficult to
predict.
If family offices own
about 10%-15% of all
collectible art, this
implies that the
aggregate value of Art
as a store of value is
$11 to $17 Trillion.
http://www.privateartinvestor.com/art-business/art-collecting-as-a-means-to-store-value/
https://www2.deloitte.com/lu/en/pages/art-finance/articles/art-finance-report.html
Figure: Estimated Family Office allocation to Art
From Deloitte Art Report 2017
36. 3.0%
-20%
0%
20%
20-yr CAGR
Slide 36
Art has appreciated at 3% gross 20-year CAGR…
0
1
4
16
64
256
1,024
4,096
16,384
1875
1879
1883
1887
1891
1895
1899
1903
1907
1911
1915
1919
1923
1927
1931
1935
1939
1943
1947
1951
1955
1959
1963
1967
1971
1975
1979
1983
1987
1991
1995
1999
2003
2007
2011
2015
2019
2023
2027
2031
2035
2039
Mei Moses/ Artprice.comFigure: Art Price performance since 1875
1875 to 2002 is Mei Moses. From 2002 to now is Artprice.com. 100=1875
Source: Fundstrat, Bloomberg
Art has essentially been
flat past 20-years…
Flat
Flat
We have shown the price performance of art from 1875 to today, concatenating the Mei Moses art index (acquired by
Sotheby’s) with a more modern series developed by artprice.com.
• While there was a period of tremendous appreciation from 1950 to 1987, Art since then, has performed a lot
less spectacularly—in fact, in the past 20 years, the CAGR was 3%. Art storage has high maintenance cost
(see prior page) and there is also survivorship bias (does not track destroyed art)—hence, future durability of
Art as a store of value to outperform the last 20-years is not clear.
37. Slide 37
Figure: Key variables in valuing Bitcoin and other cryptocurrencies
$ trillions, except bitcoin value
Framework for bitcoin: ~$125,000 per unit by 2022
We have created a framework for valuing bitcoin, based on the assumptions outlined below:
• In short, we looked at the projected growth of money supply (M0) and a forecast for the ratio of the
alternative currencies to M0 (gold historically is the bulk of this value). And then allocated a share to bitcoin.
Under this forecast, we see bitcoin rising to $125,000 by 2022.
Source: Fundstrat, Bloomberg
M0, or cash assets,
including currency and
is called narrow money
Money supply
growth
Ratio of alternatives,
including gold to M0.
Ratio alternative
currency to M0
Bitcoin share of
alternative currency. 5-
year projection
Bitcoin share of
alternative
1. 2. 3.x x =
Based on 21mm
maximum units (fully
diluted)
Bitcoin
value
Value
$1.55TCurrent: 487% ~3.5% ~$15,000
$2.2T2022E: 600% ~20.0% ~$125,000
1921-2017
Average:
7.0% 554%
38. Slide 38
Figure: Alt-coins surged since December
Based on the liquid universe of alt-coins. 57 in 2014. 250 in 2015. 400 in 2016. >700 in 2017.
2017 was an exceptionally good year for alt-tokens and 2018 so far…
Below we have calculated the percentage of alt-tokens that have risen by at least 200% in the past 90-days—and since
2014, this has been a surprisingly cyclical series.
• In 2015 and 2016, the peak of the alt-coin rallies was 28% of tokens rising 200% in a rolling 3M period. In 2017,
this figure peaked at 81% in mid-2017 and in early-2018, this is hovering at 78% and approaching the 2017
highs.
• Not surprisingly, when alt-coins are selling off, this is bullish for bitcoin/ETH.
Source: Fundstrat, Bloomberg
28.0% 29.6%
80.6%
77.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
%Coins(liquiduniverse)
% of coin with over 200% 90-day trailing return
Alt-coin
rotation peak
Alt-coin
rotation peak
Alt-coin
rotation peak
42. Slide 42
Figure: Comparative Profitability
Estimates for Coinbase
Profits to be made: Coinbase profitability may exceed ICE in 2018
Source: Fundstrat, Bloomberg
Coinbase
Intercontinental
Exchange
(ICE)
Est. sales 2017 >$1 billion $4.6 billion
Est. profit margin 60% 35%
Net profit $600mm $1.6 billion
43. Slide 43
Figure: Market Cap of Country Stock Markets
$
Cryptoassets are larger than most country equity markets…
Source: Fundstrat, Bloomberg
Market Cap
Crypto assets $550,000,000,000
Rank Country Name Market Cap
1 United States $27,352,200,720,000
2 China $7,320,738,379,789
3 Euro area $6,217,813,253,466
4 Japan $4,955,299,652,289
5 Hong Kong SAR, China $3,193,235,542,860
6 France $2,156,832,792,355
7 Canada $1,993,522,735,730
8 Germany $1,716,041,505,061
9 South Asia $1,585,359,261,547
10 India $1,566,680,487,701
11 Switzerland $1,403,355,611,193
12 Australia $1,268,493,506,774
13 Korea, Rep. $1,254,541,184,535
14 South Africa $951,320,328,604
15 Netherlands $854,349,119,294
16 Brazil $758,558,918,035
17 Spain $704,551,326,648
18 Singapore $640,427,546,857
19 Russian Federation $622,051,532,645
20 Saudi Arabia $448,831,069,542
21 Thailand $432,956,179,451
22 Indonesia $425,767,769,936
23 Belgium $377,756,548,791
24 Malaysia $359,788,303,781
25 Mexico $350,809,553,624
Ranks 26-100 $2,817,299,785,779
Total $71,728,582,616,286
Crypto assets $550,000,000,000
Almost same size as:
Brazil
Spain
Singapore
Russia
Larger than:
Ireland
Spain
Israel
Greece
Turkey
Thailand
Vietnam
44. Slide 44
Crypto-currencies are simply not correlated to equities, bonds, gold, HF.
Bitcoin
FS
CryptoFX
10
FS
CryptoFX
40
FS
CryptoFX
250
FS
CryptoFX
300
FS
CryptoFX
Aggregate S&P 500
The US
Dollar
Index
MSCI All
World
Index
Bloomberg
Barclays
US Agg
Bond
Index
Salient
Risk
Parity
Index
Bloomberg
Comdty
Total
Return
Index
Bloomberg
Barclays
US
Treasury
Index Gold Oil
Bitcoin 100 91 31 37 88 88 13 14 1 8 2 (17) 9 (9) (11)
FS CryptoFX 10 100 54 55 100 100 11 4 5 10 1 (15) 11 (5) (7)
FS CryptoFX 40 100 79 62 62 13 (3) 10 9 3 (0) 9 11 5
FS CryptoFX 250 100 62 62 5 (14) 10 16 1 (5) 16 17 (8)
FS CryptoFX 300 100 100 12 3 7 11 1 (14) 11 (4) (7)
FS CryptoFX Aggregate 100 12 3 7 11 1 (14) 11 (4) (7)
S&P 500 100 23 69 (20) 16 (12) (22) (6) 3
The US Dollar Index 100 11 (17) (3) (26) (19) (45) (7)
MSCI All World Index 100 (16) 28 (6) (18) 7 11
Bloomberg Barclays US Agg Bond Index 100 65 35 99 50 27
Salient Risk Parity Index 100 71 64 59 53
Bloomberg Comdty Total Return Index 100 35 63 67
Bloomberg Barclays US Treasury Index 100 50 26
Gold 100 27
Oil 100
Figure: FS Crypto FX Indices Correlation Matrix against Major Asset Classes (%)
Based on the daily return of last 90 days
Take a look at the correlation matrix below. What really stands out is that correlations to other asset classes is low.
• Interesting to see the negative correlation to other commodities and perhaps this explains why CTAs and
commodity funds seem to be earlier in looking at crypto.
45. 12.4%
6.4%
(11.5%)
2.0%
(20%)
(10%)
0%
10%
20%
30%
90Dcorrelation
6.1%
10.2%
6.4%
8.3%
(9.0%) (7.6%)
18.2%
0.7%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
90Dcorrelation
Slide 45
Crypto correlation to other asset classes is low and falling…
Source: Coinmarketcap.com, Bloomberg, other sources and Fundstrat.
Figure: 90D Rolling Correlation - Bitcoin & FS CryptoFX 10 Correlation against Major Asset Classes
Over last 100 days
Bitcoin
FS CryptoFX 10
S&P 500
BBG US Agg Bond Idx
Gold
Salient Risk Parity Idx
Bitcoin correlation to other asset
classes is declining and continues
to be negatively correlated to
Gold—not surprising and
evidence of cannibalization of
demand for gold.
Even looking at the top 10 tokens
(which includes bitcoin), the
correlation to other asset classes
is quite low.
When looking at rolling correlations of Bitcoin to other asset classes, the correlation is still low.
46. Source: Fundstrat, Bloomberg, Updta
$120.68
$128.54
$141.01
$168.89
$90
$180
10/2/2014
11/2/2014
12/2/2014
1/2/2015
2/2/2015
3/2/2015
4/2/2015
5/2/2015
6/2/2015
7/2/2015
8/2/2015
9/2/2015
10/2/2015
11/2/2015
12/2/2015
1/2/2016
2/2/2016
3/2/2016
4/2/2016
5/2/2016
6/2/2016
7/2/2016
8/2/2016
9/2/2016
10/2/2016
11/2/2016
12/2/2016
1/2/2017
2/2/2017
3/2/2017
4/2/2017
5/2/2017
6/2/2017
7/2/2017
8/2/2017
9/2/2017
Typical Conservative Moderate Bitcoin-plus Crypto 10
Figure: Performance metrics of various asset allocation portfolios with modest crypto-currency exposure
Each portfolios rebalanced every 3-months.
ENHANCED PORTFOLIO RETURN: Crypto adds return, boosts Sharpe-ratio
Slide 46
To illustrate the positive effects from adding Crypto currencies to a portfolio, consider the performance of various
portfolios below.
• By adding even 2% to the portfolio (funded by reducing equities by 200bp), 3-yr annualized gains rise 226bp.
Pushing this to 5% increases total return by 547bp, nearly doubling the return of a typical stock/bond blend.
Ratio 3-yr Portfolio Performance Metrics
Stocks / Bonds /
Bitcoin / Crypto 10
Return
CAGR
Annualized
Volatility Sharpe Ratio
Maximum
Drawdown
Typical 60% / 40% / 0% / 0% 6.47% 7.38% 59% (7.9% )
Conservative 58% / 40% / 2% / 0% 8.73% 7.32% 91% (7.2% )
Moderate 55% / 40% / 5% / 0% 12.14% 7.86% 128% (7.4% )
Bitcoin-plus Crypto 10 50% / 40% / 5% / 5% 19.22% 9.54% 180% (8.0% )
47. Disclosures
This research is for the clients of Fundstrat Global Advisors only. For important disclosures and rating histories regarding sectors or companies that are the subject of this report, please contact your sales
representative or Fundstrat Global Advisors at 150 East 52nd Street, New York, NY, 10022 USA.
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Thomas J. Lee, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been
influenced by considerations of the firm’s business or client relationships.
Neither I, nor a member of my household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is/are the subject of this research
report. There is a possibility that we will from time to time have long or short positions in, and buy or sell, the securities or derivatives, if any, referred to in this research
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This research contains the views, opinions and recommendations of Fundstrat. As of the time of writing and publication of this presentation, Fundstrat does not know of, or have reason to know of any
material conflicts of interest at the time of the publication of this presentation. The Company has no contractual relationship, nor have we received any compensation from any of the companies listed in
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Positive (+): The analyst expects the performance of his industry/sector coverage universe over the next 6-18 months to be attractive vs. the relevant broad market benchmark, being the S&P 500 for
North America.
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North America.
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Slide 47Version: 6/26/17