The Foundation

We mine Bitcoin because its supply is fixed by mathematics, not by policy, and no future committee can dilute it. We don't need to believe a whole lot, but based on the bitcoin protocol, the issuance schedule is mapped out until 2140. Mining is a way to get a royalty or a toll on the settlement volume of the asset class, while acquiring the coins below market value. 

Land, water and infrastructure rarely go out of style. In this next iteration of AI, land and water are the limiting factors for power generation and data centers. Similarly, national infrastructure like airports, utilities, and rails are support assets. We focus on land and water royalties as our primary, with national infrastructure as a stabilizing ballast.

Exchanges are toll roads. They earn a fee on every trade made across them — long, short, hedge, speculation — without ever taking a directional position themselves. In a world that is becoming less predictable, this group of assets is a great asset class to capture that volatility. Global exchanges, options exchanges, and the the like are the best way to capture this increasing volatility in the world.