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John Pfeffer is an entrepreneur, investor and author of \\u201cAn (Institutional) Investor\\u2019s Take on Cryptoassets.\\u201d\\xa0 He is currently Partner of Pfeffer Capital.\\xa0 In the 2000s, John was a Member at private equity firm KKR, and in the 1990s, he was Chairman of the Executive Board of leading French IT company Groupe Allium S.A. Before that, he advised on turnarounds while with McKinsey in Europe and Latin America.

Our conversation jumps in the thought process and structure behind John\\u2019s family office portfolio, which combines building new businesses alongside fund investments in public equity, private equity and venture capital. We touch on common issues like active vs. passive, access and fees, but from a very different insider\\u2019s perspective.

We then turn to his work in the crypto world and discuss his framework for incorporating crypto investing in a portfolio, conducting research in the space, defining the proposition for store of value and utility protocols, and valuing tokens and coins.

John was the first investor I\\u2019ve come across that has both done a deep dive into the crypto world and is neither all-in nor all-out.\\xa0 He connects markets and economics with the complex ecosystem just simply enough that a layman like me can follow along.

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Show Notes

2:38 \\u2013 How John thinks about managing his own capital

2:51 \\u2013 Process to find a business to build

5:08 \\u2013 Sizing of thematic deals

5:50 \\u2013 New project copying a European retail model

7:18 \\u2013 Core of the portfolio

9:02 \\u2013 Biases of investment alternatives

11:18 \\u2013 How will tax changes impact the private equity business

11:49 \\u2013 What does he know about GP\\u2019s as an insider that other LP\\u2019s might not know

13:53 \\u2013 How do they tackle venture capital investing

16:25 \\u2013 Fees

17:40 \\u2013 First involvement in looking at cryptocurrencies

\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 17:46 \\u2013 Institutional Investors Take on Crypto Assets

19:40 \\u2013 Where do crypto assets fit in the structure of the portfolio

21:20 \\u2013 Holding period for an asymmetric option

22:07 \\u2013 What else did he do in cryptoassets after that first investment

24:54 \\u2013 Store of value and utility protocols

29:51 \\u2013 Valuing crypto assets

31:51 \\u2013 Velocity of crypto exchange

40:12 \\u2013 Gold replacement value of bitcoin

45:21 \\u2013 Closing questions