Psychology, Value, and Data: How Santiago Santos Navigates The Markets

Recorded live at the Selini Summit, Avi sits down with Santiago Santos, founder of Inversion and one of the best-performing managers in crypto, who famously sold the top in 2021. We discuss how growing up in Mexico and consciously erasing his accent shaped his high-agency approach, why crypto matters far more outside the first world than inside it, why being "marginally delusional" is how outsiders win, the investor letter he just sent shutting down his own crypto thesis, why he pivoted to buying boring cash-flow businesses and treating technology as orthogonal, why he may be the only fund manager who refused to deploy capital he'd raised, the difference between wanting to make money and wanting to be right, and what he'd tell a 22-year-old to go deep on in the age of AI. Enjoy!

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Timestamps:

(00:00) Coming Up on 1000x...

(00:36) The Kid From Mexico Who Erased His Own Accent

(04:25) Why Crypto Actually Matters Outside America

(12:08) Marginally Delusional: How Outsiders Win

(19:34) "We Haven't Found A Sector": Killing His Own Thesis

(24:03) Buy Boring: Why Technology Is Orthogonal

(28:13) The Only Fund Manager Who Wouldn't Deploy

(36:56) Make Money Or Be Right?

(41:59) What A 22-Year-Old Should Go Deep On In The AI Era

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Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.