The 2024 year-end letter to investors of RockDen Digital Assets LP, articulated the bullish long-term outlook for bitcoin & crypto. It also highlights that we are well into the middle innings of the current crypto rally. Macro factors provide bullish long-term tailwinds but bitcoin’s on-chain valuations suggests we are well into the middle innings of […]
Favorable Digital Asset Outlook
The year-end letter to investors of RockDen Digital Assets LP, a private fund that we manage, articulated the favorable outlook for digital assets. We are publishing excerpts of that letter to educate our reader on the crypto asset class, including the largest assets bitcoin and ethereum. Please view the excerpts (in PDF format) This report […]
2024 Market Outlook
We see a more balanced 2024 market outlook as the US economy has been resilient absorbing very high rates. Yes, the lagged impact of rates will continue to slow activity, but the consumer remains underleveraged and large companies have refinanced debt at low fixed rates. We are also conscious that we have never witnessed a […]
China Economic Slowdown
The China economic slowdown is well documented, and foreign investors have been notable net sellers of the country. This post looks at the economy’s overreliance on investments, the need to stimulate consumption and tactical near-term positives. As fundamental analysts that have followed China since the 1990s, The Dispatch can’t get excited about doubling down on […]
2H23 market outlook
Our 2H23 market outlook has brightened modestly following the most recent inflation report, which lowered our recession assessment. However, inflation will need to continue to ease into the autumn months in order to provide an all clear on the inflationary coast. While recession risk has ebbed, the economy continues to straddle a knife’s edge. If […]