Can't Stop...
...Won't Stop
In 2021, I competed in a half Ironman and a full marathon. I trained very well for both; I was disciplined and well-prepared, yet neither race went as planned.
In the half Ironman, I actually swam and biked faster than I’d expected, but my legs just blew up on the run. I couldn’t pull it together and bring it home the way I’d wanted or planned to.
In the marathon, I followed my race plan to a T, and it worked out beautifully for the first 19 miles, but, at mile 20, my legs blew up in a way that made the blow up in the half Ironman seems like child’s play.
So, while both races hurt and were more challenging than expected, I still finished them, and I did so at an overall pace that I was still proud of. And, though they hurt and didn’t go as expected, I haven’t stopped training for future races.
I share all of this because what I felt yesterday as a result of the market sell off reminded me of that feeling of my legs blowing up (maybe a cross between what it felt like in the half Ironman and the marathon). Yesterday’s new/most recent bottom in the digital asset world (and 2022 bottom for traditional markets) was the fourth time since I got into this game that I’ve watched my digital asset portfolio drop over 50%, yet, still, right around the bottom, it hurt. I felt that adrenaline well up in the back of my mouth, and I felt like puking. I realized that I had a choice in that moment of pain, though. I could capitulate, or I could keep on keeping on, as I’d done the three times before during drawdowns like this.
While doom scrolling Twitter, I came across this Tweet.
Now, for context, I’m a big Ryan Selkis fan. He’s the CEO of Messari, a company that provides data, research, and tools to help people gain a better understanding of cryptocurrency markets. Ryan also wrote this masterpiece: The Crypto Theses for 2022. I’ve cited it a few times in this newsletter, but I still recommend that you read it on your own. He also writes smart stuff like the content of the the Tweet below on Twitter.
Anyway, in the midst of the pain, I put on my big boy pants, Googled the address for the Messari offices in NYC, got on the subway, stopped at FedEx location to print my CV, and entered the Messari offices at about 1:30pm. I felt like fire fighter rushing into a burning building, but it felt right. Unfortunately, Ryan wasn’t in, so I sat in the lobby and wrote him an email. Just for fun, here’s the content of the email:
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SUBJECT: I Would Like to Join the Messari Team (CV Attached, and I'm Downstairs)
BODY: Hello, Mr. Selkis,
Please pardon my emailing you directly. I know today is an incredibly stressful day in markets, so I will keep this as brief as possible.
I've been in the crypto space for a little over four years now (you can read my story in my newsletter here), and your voice is one of a select few in the space that resonates deeply with me - particularly your thoughts on Gensler's acting in bad faith regarding crypto as well as the importance of the USDC network (I included some of your words on the USDC network from your 2022 Theses in this piece I wrote.)
I know that Messari is currently looking to hire developers, and, unfortunately, I am not one. Here's what I am, though. I'm a former university lecturer (a writing teacher) with experience ranging from managing development projects internationally to working on research teams at the UN and Columbia University to working on small teams at independent and major record labels. I also managed artists independently for a period of time. (It's actually the DIY and permissionless nature of crypto that first attracted me to the space, as it reminded me of the independent music scene that I came up in.) I'm also a published writer, and I've lived, worked, and studied on five continents. You can read more in my CV (attached). My greatest strengths are my ability to adapt, to analyze, and to build. It's actually your repeated use of this word "build" on Twitter as of late that inspired me to show up to Messari's offices today...
I know it's a bit atypical/old school, but something in my gut this morning told me to come here - [office address (redacted)] - in person to drop off my CV and to introduce myself. I didn't/don't mean to be intrusive or too up-front, but I do seriously want to help Messari build, whether we are going into a bear market or not. I'd particularly love to aid you in any efforts that you/Messari might make to challenge Gensler and the SEC.
I've been told by the person at the front desk here that I cannot drop my CV off in person as per the building rules, so I've attached it here. I would greatly appreciate just 10 minutes of your time to speak either in-person or over the phone if by chance you feel that my skills could be of use to Messari.
Thank you for taking the time to read this, and I hope to hear from you or someone on your team in the near future.
Best,
Frank Corva
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You’ll noticed that I highlighted the word “build” because, I feel like it’s the step that comes after learning. As I Tweeted below, I’ve read and learned so much in the past four years as a result of getting into cryptocurrency, that I have days where I simply cannot absorb any more information; my bandwidth just completely depletes.
And I’ve written about how downturns have made me want to give up, but that, instead, I’ve chosen to continue to educate myself. More in the thread below.
So, anyway, I went to bed last night without a response from Ryan. I figured he probably just thought that an insane person had showed up at his office and wrote him an email and that luckily he wasn’t there to interact with this insane person. I didn’t care, though. My gut told me what what I’d done was right. And this morning, when I opened my inbox, what I saw at the top was an email from Ryan, thanking me for stopping by the office and asking me to apply to Messari through the proper channels. He also said he hoped we would remain in touch. I thought that was nice.
So, what does this have to do with you and your portfolio? Well, on downturns like this current one, you can make a choice to bow out, and to just say that markets and finance are just too difficult to understand or predict (the latter is far more true than the former), which is what I told myself for the first 36 years of my life, or you can keep some skin in the game, and use the pain and anxiety as a catalyst to better yourself. If you were overexposed; learn that lesson, and don’t get overexposed again. If don’t understand the catalyst that has caused this nosedive in markets, learn more about what Quantitative Easing and Quantitating Tightening are. Much of the material world is governed by policies that most people don’t understand. My suggestion is to start trying to understand them. I began writing this newsletter because I wanted to help people do so, but, as I’ve said in the past, this newsletter should only be a jumping off point for you. I don’t know everything. No one does. A market actually exists because the sum intelligence of all who partake in it, not just one person or a committee of people try to guide it (This is why Jay Powell and the Fed ultimately won’t be able to stop major corrections when they are due; for context, I don’t include recent corrections in the “major correction” category. I think what we just saw in markets was an emotional overreaction, but I could be wrong.)
I’m actually reading Ray Dalio’s new book, Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail, and I really like the fact that, in the introduction of the book, he states:
“I can’t be sure that I’m right about anything” (after describing just how rigorous his research for the book was)
And…
“I also know from experience that if I wait to learn enough to be satisfied with what I know before acting or sharing, I’d never be able to use or convey what I’ve learned.”
I particularly love this second quote. I waited for a long time to share what I’ve come to understand about markets for fear of getting it wrong. Getting it wrong has come to matter a lot less to me now, though. Now, I just want to continue to learn, build, and share what I’ve learned with others.
So, yeah, things blow up. Legs blow up in races. Markets blow up when least expected. This is life. I haven’t stopped training nor investing because of it. But I have learned what I’ve done wrong or what didn’t feel right about my training and investing strategies, and I’ve made adjustments as necessary. I hope you do the same.
Best,
Frank
Twitter: @frankcorva
