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He made money for the bank during the Asian crisis and was named a partner in But shortly before he was set to become president of Goldman Sachs Latin America, he left the firm under a cloud. Novogratz is also a board member of the Jazz Foundation of America. Soon after leaving Goldman, he bounced back to become a partner at Fortress, which had former Goldman colleague Peter Briger among those at its helm.
In , when Fortress became the first alternative asset management firm to go public, its partners were instant billionaires. But the billionaire status was short-lived, as the financial crisis and its aftermath pummeled macro traders. In , his hedge fund, by then known as Fortress Macro, was finally shut down after it lost money due to a series of bad bets Novogratz had made on the Swiss franc and Brazilian interest rates. The failed hedge fund manager did not leave empty-handed.
By then, he and a number of his Fortress colleagues had already begun investing in Bitcoin as a macro bet. His colleagues had introduced him to Wences Casares, an Argentinian entrepreneur who portrayed Bitcoin as a way to avoid the type of hyperinflation that had enveloped his home country. When inflation did come back over the past year, Bitcoin was no hedge for it.
Instead, it collapsed along with other risk assets. Novogratz has called himself the Forrest Gump of Bitcoin — meaning he was in the right place at the right time. While he abandoned a plan to start a hedge fund dedicated to cryptocurrencies, he moved on to the idea of a merchant bank made in the image of Goldman — and Galaxy Digital was born.
But when the Fed opened the money spigots during the pandemic, cryptocurrencies took off. Cryptocurrency definitely filled a void for more than a few financiers. Novogratz was not the only famous macro hedge fund manager to hit hard times. That helps explain the lure of crypto. Prop trading had disappeared at traditional banks, and the traditional investment banking and brokerage business had also become more competitive and less profitable, adds Green. The volume of dollars that were being spent on commissions were very high.
The fees that could be earned from listing new tokens were incredibly robust. It employs people, with plans to bring that to by year-end. Do we have a lead or not? Galaxy is known as the shop where hedge funds go to place their short bets on crypto, and the current volatility in the space is encouraging more hedge funds to get into the market.
Novogratz, however, has predicted that about two-thirds of crypto hedge funds will go under, and he acknowledges that huge institutional flows into the space have been slow to materialize. And again, is it going to happen in the next two months? The firm went public via a reverse merger in Canada, with its looser regulations, in Novogratz had predicted the U.
The big question is how quickly crypto will recover — and that may depend on what type of regulations are forthcoming and how much systemic fraud is found in the system. Luring back retail investors is likely to be a slow process, as even Novogratz admits. Boosters would have none of it, and Three Arrows Capital founder Su Zhu taunted Burry, suggesting that he was just too old to understand.
The crypto lending platforms that failed were neither decentralized nor transparent, and some of them had leverage up to percent, according to Novogratz. One main regulatory worry has been that the SEC would regulate the industry under the tough scrutiny of Chairman Gary Gensler. But with little oversight and next to no self-regulation, the crypto universe has instead been replete with bankruptcy filings, enforcement actions, and ongoing investigations by both the SEC and the Department of Justice.
Terraform Labs has said it is unaware of the latter probe. Novogratz, through a spokesman, declined to comment. With this bull run, with the money printer goes brr — everything kind of went up. And the speculative mania that took place in baseball cards and fine wines and watches and tech stocks also happened in crypto.
I think the speculative frenzy part is over for the time being. So it becomes a much more sober business of having to build shit that people use. Is it over for DeFi, a decentralized financial system on the blockchain? Has the crash raised too many doubts? It just is worth a lot less. Celsius and BlockFi were black boxes that investors put their money in and then they did whatever they wanted with it.
They borrowed short and they lent long. Those are the two ways you die a sudden death in markets. Luna and terra are a little different because it was completely transparent. So that was a combination of greed by the investors, and it was a very charismatic founder. But that was the biggest black eye because it was transparent. So is your experience with luna and this collapse going to change the way that you invest in the future? The market will grade me. We did some things very, very well. If you look back on the last year, we sold crypto, we sold some private equity and some of our venture stuff.
We took a lot of chips off the table, but we left a lot of chips on the table. And if I was that smart, I would have sold more. If you were to short crypto, it seems like this would have been a good time to make money. Did you short at all, or did you consider shorting? We never got net short, or I would have a much bigger smile on my face. Our investors bought us to be long crypto. They also bought us to be good risk managers. Like I said earlier, I wish I had been less long even though we did sell a lot.
You could have shorted Coinbase, you could have shorted futures — there are plenty of ways to do it. But we only use those tools to hedge our business. Well, so to be fair, we never really participated in algorithmic stable coins.
But I do think staked ETH is going to be a big business. And so my sense is we will be in that business. The mistake other companies in the space made is they took more credit risk than they should have. Yes, crypto is in a recession. The rest of the economy is also going to get a recession. How severe do you think it will be and how long will it last?
I wish I had that crystal ball. You could blame the Fed. I say all that kind of tongue in cheek. You put all those together and it just forced a much faster unwinding of the bubble. And so people that took too much leverage have paid the price already.
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