Jason Strasser (strassa2.eth)
@strassa2
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Co-founder, CIO Caption Partners, Punk 5512
Oklahoma City, OK
Joined June 2011
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My favorite finance related books I read in 2020: The Man Who Solved The Market and Flash Crash. Best non-finance was Killers of the Flower Moon. But the real reason I posted this is to make sure everyone reads Reminiscences of a Stock Operator if you haven't. What are your favs?
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If you made money today, you are over the age of 35.
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Don't underestimate poker players / gamblers when they move on to other fields. Winning at poker or gambling is much more challenging than pretty much any job.
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Crypto trades as if everyone who owns crypto has 100% of their net worth in crypto.
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Yes Citadel, Susquehanna and Jane Street are going to be so upset when he exercises 120k call options and gives away about 70c of EV per contract to them, AKA an $8.4m blunder. They're also going to be super terrified when the 94d option is exercised and they have to adjust 6
What if Roaring Kitty exercises his GameStop calls tomorrow during the livestream?
I don't think the hedgies have enough shares to cover his position.
Ultimate Squeeze 🚀
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Did she forget to cheat on all the other hands she played?
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Image replies only. Which picture best describes the Moneymaker fueled poker boom? I’ll start (credit
@PhilGalfond
)
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Conversation with a poker player: "I only invest in index funds-- the idea of paying someone 0.5% a year to make decisions with my money makes me want to throw up"
5 mins later
"Are you interested investing in my tournament package at 1.7?"
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To all poker players, sports bettors, DFS pros and twitter degenerates: welcome to the options market!! The only game left in town! When are we doing a teach-in??
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I can’t believe Twitter is free. Can someone turn this into a NFT?
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It just didn't feel right not having one
Punk 5512 bought for 77.99 ETH ($101,061.00 USD) by 0xdef490 from 0xb4bb41.
#cryptopunks
#ethereum
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Today we closed my fund for new investment. I thought it might be cool to share things I’ve learned about fundraising over the last 9 years since we started the fund. Some of this advice is probably specific to hedge fund land, but I hope most of it isn’t.
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This is absolutely mandatory to watch. He’s incredibly smart and amazing at explaining his thoughts. Everyone should take an hour and listen to him. I listen to this guy any time he opens his mouth. Let me know your thoughts on his views!
Stan Druckenmiller gave the keynote speech at the USC Student Investment Fund annual meeting last week:
A rare long form (1 hr) conversation where he touched on a wide range of topics.
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What’s an older movie that everyone should watch? My pick: LA Confidential
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Incredible. Don’t underestimate poker players. If Musk continues giving away huge $, Igor becomes one of the most important people on earth. I’d rather a good poker player is in charge of this vs pretty much anyone else.
NEW: Months before Musk donated $5.7 billion of his Tesla stake to charity in November, he'd added a new face to his foundation's staff.
Igor Kurganov, a former poker player-turned effective altruist seems to be running things at the Austin-based org
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There’s just a ton of nonsense all over the place right now re: crypto. Let’s get a few things straight.
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I am not
@JasonKoon
but who wants to be my partner? I'll cover buy in, prize money split to you &
@DoubleUpDrive
, and I'll cover your airfare/hotel. Someone who really needs it! I might only be able to play a little on Sunday so the good news is you get to play a lot!
Who wants to be my tag-team partner at this year's
@WSOP
? I'll put up all the money but whatever money we win we have to donate to
@DoubleUpDrive
.
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My fav books I read this year: Black Edge, Billion Dollar Whale, Bad Blood, The Man Who Solved the Market... and my fav was the very underrated book on Kirk Kekorian, The Gambler, which every finance and poker player should read. I got a flight tonight, any suggestions?
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10 years ago today, I quit an extremely good job at
@MorganStanley
. They were wonderful to me there. I was paid well, I had a great relationship with my bosses, and many of my colleagues back then are my best friends today. I left to join a hedge fund that immediately lost 30%.
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Bitcoin is a Ponzi scheme
In 5 words or less, start a fight without politics
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@Joeingram1
I regged a $5k HU sng, fell asleep,
@DarioMinieri
joined. Sent me back the money. Thought that was a baller move and I remember it 14 years later.
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Got up, walked the dogs. Then swapped ETH for USDC on uni, swapped USDC for UST on curve, bridged my UST to my Terra wallet, swapped my UST for Luna, staked my Luna as collateral to borrow UST on anchor, swapped half of the UST for mQQQ, staked it on mirror, now eating eggs. You?
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It’s almost like he’s never lost money before. This was stuff I was telling myself when I was 18 having my first downswing on partypoker.
A reminder to myself and others: If it were easy everyone would do it. In reality, it’s hard and most people give up.
Good luck to all the players in the arena. Be proud of the dust on your face.
Back to the grind...❤️❤️
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Things you should never do:
1) let the car dealer upsell you on the dumbest insurance products around (esp depreciation ins)
2) be in any Forbes 30 under 30
3) buy vs. rent a NYC apartment
4) be embarrassed by any of your passions (poker, video games, growing radishes, whatever)
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1) Defi isn’t dead or over. The case for Defi has never been stronger. Uniswap, Aave, Maker and others look much more appealing than any of their centralized competitors. If you thought Defi was ponzifarming Ohm then you never understood what Defi really was. Defi ponzi = dead.
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Worst part of that hand was when Wesley lost the hand we had to hear all the pros who have been taking his money for a while, console him. “Wesley you have the heart of a Lion” they all say in unison.
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Gm. Doing some (forced) yoga, meeting my Shaman where she is going to burn a whole in my skin with incense and inject me with toxic frog blood, then I might play a $25k tourney if there’s overlay and I’m going to eat a cheeseburger in the closet so vegans don’t catch me, HBU?
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He’s clearly an expert in due diligence.
1/ I first heard
@AnnieDuke
on a podcast, read her book -- and begged her to meet. Now, after 3+ years of working together behind the scenes to refine our decision-making, I'm excited to announce she's
@firstround
's Special Partner for Decision Science.
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Ok I've casually messed around with DEFI farming. This is not a good casual hobby. In order to do this right you need an understanding of contract risks / project potential / game theory / what the whales are up to. If you're casual stick to things like lending USDC for 12%.
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Holding random crypto and watching movies all day has outperformed my defi experiment which has outperformed every major hedge fund in the world. So yeah I guess the lesson is: try less?
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Have you ever folded aces preflop? I’m not talking about when it’s correct to do so in a satellite or crazy ICM spot… but just folded them for no good reason? Back in 2005 a bunch of us on 2p2 did this. The ultimate way to be in control of yourself. Try it it’s worth the -EV.
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One of the last times I played NL cash at Bellagio I get into a hand w some local pro who is 25 years old max. I bet pot on river he calls and he loses. He then has a 2 hour conversation with another “pro” next to him about how when fish bet pot on river these days it’s never a
Food for thought maybe. The person who wrote this is a very accomplished professional in a competitive field and rather good part-time poker player.
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I would argue that the Bezos divorce was one of the best things to happen in the history of philanthropy.
@mackenziescott
is amazing. She gets so little appreciation.
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This is horseshit. There are clearly things you are allowed to do within the rules, that you just shouldn’t do. He wouldn’t do this vs Jason Koon. Just a cheap trick only worth trying vs an amateur. Surprised he’d do this on a televised broadcast.
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Are we as a society going to be okay with deaths caused by autonomous driving vehicles, provided we are 100% sure they are still safer on average vs human driving? I am— but I feel like the general public will not be ok with any loss of life this way. $TSLA
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TSLA only needs to fall another 60% for its market cap to be equal to the combined market cap of Ford, GM and Volkwagen.
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I liked this one, what do you think? Getting a physical copy for my office as well.
gm
1/7
what an amazing morning again in a few months for 1/1!!! what a perfect piece to celebrate it!
" The Bear Market" has been collected by
@strassa2
I being doubted to meet new collectors who could purely look for only value of art. I just did it! Thank you Jason again!!!
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There are so many scary things about this market. Bond market is more distorted than ever (crappiest companies in the world borrowing money for 6-8%, best ones 0%). Valuations for broad market are high with pockets of pure insanity.
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I spent 2 summers in Vegas when I was 21 and 22 playing poker. I roughly knew my tournament schedule and roughly knew the cash game stakes I planned to play. On the flight I would picture cashing zero tournaments and losing 50 cash buy ins. How is my bankroll and life now post
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Insurance company googles last pandemic. 100 years ago. Shrug let’s lay 70-1?
Wimbledon reportedly paid $2 million a year for pandemic insurance for the last 17 years
(Total: $34 Million)
For this year's cancellation as a result of the Coronavirus, Wimbledon will reportedly receive $141 million from the policy.
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2) Crypto is not over. The case for crypto has never been stronger. Just because a bunch of dipshits at FTX, Blockfi, Voyager, Celsius acted atrociously at the expense of their customers, that doesn’t mean crypto is dead. It’s the opposite. We need to build crypto on chain.
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¯\_(ツ)_/¯
Squiggle 5626 welcome to my vault
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Lastly I felt like if my career went really down the tubes I could probably find another job at a bank. It just didn’t seem insanely risky to take a chance at expanding my skill set for the future. Take chances when you have less responsibilities in life.
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Almost everyone does less work than you think they do.
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This bro buying all the NFTs seems to have a really good understanding on women.
If I'm DeBeers I'm worried. Imagine NFT engagement rings leveraging ERC-998 (NFTs containing NFTs). All the costliness / signalling of diamond rings, add smart contract / zero-loss to intermediaries like jewelers, and young people will retain much more wealth to start families w.
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My thoughts:
After seeing the absurdities of UIGEA and the mess that followed, it’s hard for me to root for lawmakers to make gambling harder. I support every law that makes gambling of all kinds easier. The more that people have to gamble in the shadows, the more bullshit that
I made my gambling $ in a different epoch. Where it was in the shadows, hidden in the dark.
Do you know how hard it was to be a gambler back then problem or otherwise?
How much work you had to do to find a bookie, place a bet , make sure you got paid. It wasn't advertised
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@michael_saylor
Isn’t this Bitcoin investment distracting for people working at Microstrategy? The stock performance won’t reflect how the team performs, just how Bitcoin trades. Why not just go ham on Bitcoin in your own account vs having MSTR buy it? Is it just because MSTR can borrow cheap?
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In 2008, John Mack told all of Morgan Stanley everything was fine. Our bosses took us into conference rooms and told us everything was fine. Privately, Mack told his wife he thought it was all over.
This is no comment about FTX-- but "WE ARE FINE" tweets always scare me.
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I met Bill Hwang once. Went to his office. They did a book reading where the entire team read together. Guess the book they were reading when I was there and you get $100 Venmo. It’s not a trick question, and it’s not the Bible. Finance book.
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I was introduced to Bitcoin in 2012 as “money of the future”. I learned about the blockchain— didn’t think Bitcoin would be money of the future— and ignored it. Most expensive decision of my life.
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People always ask me if there is any good trading content on the internet. The short answer is there isn’t any. But a former colleague Nick Yoder just published this and you should read.
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@jimcramer
This is bizarre to me. You guys worship almost every hedge fund on your show and you call Cathy a false idol? She’s had terrific performance and has a lot of fans. What’s your problem with her?
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Something like this seems reasonable to me
15% big cap tech minus TSLA
10% IWM
10% XOP & XME
10% KBE
15% crypto (BTC/ETH if noob)
10% lending stablecoins to crypto (gemini if not comfortable in crypto world)
15% real estate
10% alternatives
5% gold (or just make crypto 20%)
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1) Professionals are a huge part of any market. If you care about the recreational investor, sports better, etc, then you need to understand the Billy Walters of the world are good for the system. Prices that are closer to fair are good for everyone clueless.
With
@DKSportsbook
opening up at
@FoxwoodsCT
today
#FollowTheMoney
@MitchMossRadio
&
@paulyhoward
caught up with CEO Jason Robins at the grand opening
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The real story is being missed here so far. Archegos because of their structure and use of swaps was able to accumulate gigantic positions without normal disclosures. If my fund has to publish a 13F quarterly— how is this massive operation not required to publish a 13F? Broken.
CONFIRMED: Ex-Tiger Management Bill Huang behind Friday’s crazy liquidations
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@GreenhavenRoad
It’s just shocking that absolutely no one in finance has bothered to look up Annie Duke’s reputation in the poker community.
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Based on reporting Tiger Global went -8% November -11% December -15% January -10% February. They are one of the best. Mid 11 figures in $ drawdown. Investing is hard don’t beat yourself up during a drawdown happens to everyone. They’ve had these before and came back strong.
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Non-poker players make jokes about how she doesn’t understand anything about defi. Poker players remember
@bfrist
and UIGEA and we don’t laugh. The government took away what we loved and it looks like they might try again. Thankfully this is much harder to pull off.
Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.
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I’m not political— but this is 🤡. Fed policy, Gov spending, and supply/demand in energy (a distant third) is the cause of our inflation right? Why is Biden dying on this hill?
Biden: "I'm sick of this stuff ... the American people think the reason for inflation is government spending more money. Simply not true!"
🤔
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The only Russian stock worth buying is whichever company makes really really long tables.
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Story time:
When I was just starting Caption my mom realized she had a connection to a fairly prominent hedge fund founder. She coordinated a meeting at his office and I was really looking forward to it.
I get to the meeting and sit down. Behind the founder is a fish tank. As a
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Poker twitter has turned on
@elonmusk
. My advice to Elon to repair this key internet relationship: dump $2m to
@RealKidPoker
and
@TomDwan
on High Stakes Poker. You’d be untouchable on poker twitter, where any grifter is fair game to get called out... unless they lose at poker.
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Would you rather make $1m quietly or $1m the way
@DougPolkVids
made it? Me personally-- I'd rather make it the way Doug made it. Tournament wins always felt better than cash wins.
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If you’re a young person and you get a job offer from Goldman, Morgan, Jane Street, Susquehanna, etc I would think real hard before taking this advice.
If you’re a young person, don’t go work at a traditional bank or investment firm.
All the innovation and majority of the returns in finance will be in bitcoin and crypto.
Work on the future, not the past.
Get a job:
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Apple: barely growing… nothing new or interesting for years… 26x ern
Google: search potentially about to be majorly disrupted. Search results also super frustrating for any commercial search— you will only see ads for first 3+ results. 20x ern
Meta: stopped going mega donkey
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This is absolutely amazing. I hadn't paid attention to the
@fame_ladies
project. It was first marketed as the first women pfp project led by women. Turns out it was 3 Russian dudes who made the project. They have since turned the project over to some awesome women to run.
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Just a daily reminder that there is virtually no chance you know what the market is going to do tmrw.
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Day 5 of main event was the most pivotal moment of my professional career. It was 2006, I was 21, doing really really well at poker, with plans to probably keep playing full time. I was between junior and senior year in college.
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Never seen an easier question
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This is never a good sign
If you sold
#DKNG
today, just be aware that my team and I are on a mission to make you regret that decision more than any other decision you’ve ever made in your life
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I miss live poker. But flopping set under set for all the money I miss that less
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Have your own style. My style is to make things harder for myself by selling my punks at a 50 eth floor, not buying Bitcoin for $30 when
@yellowsub86
told me to (bro we’re never gonna use this to buy coffee), and to grind out small edge every day for hours. Be true to yourself.
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So you're telling me someone is smart enough to hack the SEC twitter, but also dumb enough to send an approval tweet while being long bitcoin futures instead of shorting bitcoin futures and sending a rejection tweet?
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At some point Bitcoin for some people has crossed from investment to religion. Can someone explain how accepting Bitcoin as legal tender is going to liberate poor people in El Salvador?
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Does anyone actually think Mikki can win at Baccarat?
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I set over set Rick Solomon. He gave me a fist bump and told me he had more on this MLB game on TV and told me to root for Cleveland. I did. Later in summer in a long WSOP taxi line he offered to let me ride w him to Bellagio. Good dude
What’s the biggest pot you’ve ever played? Did you win?
Mine was jamming river on AJ4J4 with AJ for like a 7k pot 😁🔥
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In gif form only, what emotion are you feeling after seeing this headline?
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You get fired at mid tier investment banks for referring to the DOW instead of the S&P 500.
STOCK MARKET UP BIG, 466 Points! 28,149. Great News for America. Jobs, Jobs, Jobs!
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Crypto needs to focus on the on chain solutions to the real world. Remittances and other money transferring, borrowing/lending/trading/settlement without counterparty risk, art/community. Unrealistic, uneconomic returns based on depositing your crypto with a shitty 3p is over.
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I haven't found any generative art that I really liked to look at. Then I found Ecumenopolis by
@gengeomergence
. Loved it. Bought one that reminded me of Hong Kong (where I grew up), and one that made me think of the windy weather in OKC.
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