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00:00:07

I invite Andrey We

00:00:14

can start Marat Yes yes Hello everyone

00:00:18

Good afternoon Today our guest is Andrey

00:00:22

Andreevich Movchan investor financier

00:00:25

founder of the Movchans group Andrey

00:00:27

Andreevich Hello

00:00:29

good afternoon Good afternoon Thank you for

00:00:32

coming then let's start I don't know the

00:00:36

news about the collapse of ftx followed the

00:00:39

crypto exchange

00:00:42

lost more than 1 billion of client

00:00:44

funds and went bankrupt, I’m going to ask that

00:00:47

before mortgaging funds

00:00:49

in connection with this news I wanted to ask

00:00:52

if now at all a Safe Haven is not

00:00:55

necessarily in crypto in general and

00:00:58

traditional ones,

00:01:00

but Thank you for inviting me again, good

00:01:03

afternoon, the news of course reached me

00:01:06

because where are get away We all

00:01:07

work in the market and hear it all Although we do

00:01:13

n’t deal directly in non-arbitrage transactions And we don’t deal with cryptocurrencies at all, but

00:01:16

nevertheless, of course, it leaves a certain

00:01:19

aftertaste. It seems to me that there’s nothing new in this.

00:01:21

In general, there was nothing predictable in

00:01:23

this.

00:01:25

I know very much a large number of

00:01:27

financiers who at one time

00:01:30

criticized the regulatory system of

00:01:32

modern world finance for excessive

00:01:35

rigidity for unnecessary rules for

00:01:37

bureaucracy, considering it an invention of uh,

00:01:40

large players who are trying to survive

00:01:42

from the small market. But it seems to me that the whole

00:01:44

sad history of cryptocurrencies shows

00:01:47

that regulation is really needed and

00:01:49

insufficient regulation of the

00:01:51

cryptocurrency market leads to the fact that the level of

00:01:53

fraud and the level of stupidity that

00:01:55

is done there And the level of risks that

00:01:58

are taken thoughtlessly prohibits anyone from seriously

00:02:02

dealing with cryptocurrencies at all, but unless of course you want to

00:02:05

engage in an extremely speculative and very

00:02:08

dangerous tool against, but just

00:02:10

for fun and in hope on

00:02:11

lottery type luck and this is of course not

00:02:15

the last crash and it is completely understandable

00:02:17

why against this background both shares and debts of

00:02:20

coinbase for example also fell because no

00:02:22

matter how beautiful the good coinbass exchange

00:02:24

was, but still regulation still no

00:02:26

one guarantees that next time

00:02:29

it will not will happen with scoinbase or with any

00:02:31

other cryptocurrency With anything here this

00:02:33

is the most well-known cost the well-known well-

00:02:37

known contradiction between the fight between the

00:02:39

contents of regulation for the free

00:02:42

market and the fight against the energy of the free

00:02:44

market here This contradiction is quite

00:02:46

clearly manifested and did not seem to be in favor of

00:02:49

free markets,

00:02:54

but if we talk about investments in ordinary

00:02:58

Orenbuffet once said do not buy

00:03:00

shares if you are not ready to own them for at least

00:03:03

10 years, who is Buffett for you

00:03:06

and if you have any points of

00:03:07

contact with him, he is suitable for

00:03:10

investing

00:03:12

Well, look, the person is extremely famous and

00:03:15

like any very a famous person in the

00:03:18

market, he is partly

00:03:20

history, partly Legend,

00:03:22

Warren Buffett's main merit at one

00:03:24

time was that he came up with the idea of

00:03:26

Negotiating with the government about your

00:03:28

investments before investing

00:03:30

and therefore made several very

00:03:32

serious investments, very large ones,

00:03:34

otherwise it’s generally simple source of

00:03:36

reasonable macroeconomic advice

00:03:38

that wins and loses just

00:03:41

like any other investors

00:03:42

strategy his investors it gives a

00:03:45

fairly calm income below the indices

00:03:49

over the last time the further the further the

00:03:51

lower these indices go that's what is generally

00:03:55

typical now you

00:03:58

bought shares you should hold longer

00:04:00

it is quite consistent with the principle

00:04:02

investors does not mean at all that

00:04:03

any strategy in the stock market should

00:04:06

be exactly like this; there are arbitrage

00:04:08

strategies; there are a lot of them; most recently, there are

00:04:10

the most numerical quantum

00:04:13

strategies that rely on one or

00:04:16

another complexities of the market pattern; they are more

00:04:19

or less successful; the majority, as usual, are

00:04:21

less successful; the minority is successful

00:04:24

strategies there are derivative strategies in the

00:04:26

stock markets, there are, after all,

00:04:29

macro strategies in the stock markets that

00:04:31

do not descend to the level of selecting an individual

00:04:34

security, invest in markets depending

00:04:36

on the macro situation, they are also very

00:04:38

successful, so I don’t think that there is a

00:04:41

need to use a universal formula here,

00:04:43

but also once again I want to emphasize Warren

00:04:45

Buffett is not really an investor after all. He is a

00:04:47

big player in the market of controlled

00:04:50

investments, plus he does not have a fund, he even has

00:04:53

a company instead of an insurance company, he has

00:04:55

very cheap liabilities, and at the same time,

00:04:57

he uses them to

00:04:59

improve his investments. So Well, it’s

00:05:02

almost impossible to equal Buffett’s damage.

00:05:03

There are a large number of

00:05:05

other examples that you can

00:05:07

try to equal, but he’s probably unique in this

00:05:10

sense. It’s

00:05:14

good, but for investing a lot of money

00:05:16

in general, this is a predominantly

00:05:18

conservative approach, or is there room for

00:05:21

risk,

00:05:22

you know, the more money, the

00:05:26

naturally you more

00:05:27

conservative investments because

00:05:29

risky investments are usually either

00:05:31

less liquid or the markets for them are

00:05:34

much smaller

00:05:35

when you invest conservatively you

00:05:38

can invest a trillion dollars these are

00:05:40

generally huge markets large

00:05:44

capitalizations of these markets the liquidity is

00:05:47

quite high and so on If you

00:05:49

want to add some the diet is already That

00:05:52

is, you need Let's say, use

00:05:53

short positions

00:05:55

or you need to use some kind of

00:05:58

derivatives or you build them, you

00:06:01

strategy willy-nilly falls into

00:06:03

captivity in this niche Where you with significant

00:06:07

money very often become a

00:06:08

price maker, you move the market simply

00:06:10

by what is present there

00:06:12

Especially this applies to some

00:06:14

exotic things, options, low-

00:06:17

liquid indices or even securities of a

00:06:19

small market. Try

00:06:23

to do something big on the Iraqi or Iranian market. Do

00:06:25

nothing, or on the

00:06:27

Uzbek market, for example, the Uzbek market is very

00:06:29

interesting now, but try to invest

00:06:31

even a few million dollars, you have

00:06:33

nothing it will work out That's why

00:06:35

Yes, of course, the risk is an

00:06:37

advantage that

00:06:39

players can not afford, but

00:06:41

some kind of systematic

00:06:43

complex strategies like those that are

00:06:46

used there, I don’t know, the notorious ones,

00:06:48

they can be used quite successfully

00:06:51

on a volume of several

00:06:53

billion dollars already, yes If

00:06:56

Of course, you will do some kind of

00:06:57

niche work, so to speak, and use not

00:07:00

very sophisticated equipment, then here you

00:07:02

drop to several, sometimes even

00:07:05

several million dollars, sometimes

00:07:07

several hundred thousand dollars.

00:07:09

If you try to increase the volume of the

00:07:12

strategy, you begin to lose profitability

00:07:14

and liquidity and the risks increase

00:07:17

disproportionately

00:07:19

Andrey Andreevich Allow me to

00:07:21

ask questions, just now I was listening to you and arose But is a

00:07:24

short-term investment

00:07:27

speculation or not

00:07:29

I You know the terrible child of stickers It

00:07:32

seems to me that you can stick anything on

00:07:34

anything If you talk to a

00:07:36

Japanese he will say that a short-term

00:07:38

investment is something less than 10 years if you

00:07:40

will talk to a Russian then for

00:07:41

long-term investment This is everything that

00:07:43

passes overnight and the next day

00:07:45

only the seller it very much depends

00:07:47

firstly

00:07:50

What is speculation

00:07:53

we invest in any case with the

00:07:56

same goal of buying cheaper than selling

00:07:59

What is the nature of what you sold more expensive

00:08:03

speculation probably the main nature is

00:08:06

that someone is valuing your investment

00:08:08

now at a higher price than the

00:08:11

investment strategic main

00:08:13

nature is that the quality of this

00:08:15

investment will change as the market did not

00:08:17

expect and it will increase in price in fact these

00:08:21

qualities can change quickly

00:08:23

and they are long-term may not change and

00:08:26

at the same time you will sell your

00:08:27

strategic investment, also on

00:08:29

absolutely speculative grounds, that

00:08:31

just say there is more money on the market

00:08:33

and therefore its price

00:08:35

has increased or let’s say rates have fallen

00:08:37

refinancing and therefore there will be a

00:08:40

revaluation of the entire market in this sense, those

00:08:43

who tell you that they are absolutely

00:08:45

strategic investors, they invest in

00:08:47

changes in the value of assets very often

00:08:50

with their souls, and they can earn a very large share of their

00:08:54

income due to

00:08:55

absolute macro or systematic

00:08:58

phenomena, that is, just like speculators, and yet pass

00:09:00

it off as strategic

00:09:03

investments, and at the same time there are very

00:09:05

short-term investments there in eventriv,

00:09:07

for example, some yes there when people

00:09:09

invest on a calendar basis or when they

00:09:11

invest in anticipation of some

00:09:13

short event and they can

00:09:15

benefit from transactions that

00:09:17

are closed there in a week or 3 weeks and

00:09:20

at the same time they will be absolutely not

00:09:22

speculative because the quality of

00:09:23

investments has changed Yes, that’s why I’m

00:09:26

very, very afraid of these labels here.

00:09:29

Thank you very much for your answer. By the way, I heard

00:09:32

one very interesting phrase from you,

00:09:34

which I basically haven’t heard from our Crypto

00:09:38

speculative traders, you

00:09:40

say that buying is cheaper than selling,

00:09:43

and

00:09:45

crypto speculative traders usually

00:09:46

say that selling is more expensive than bought

00:09:49

seems to have the same meaning, but

00:09:51

the play on words is very interesting,

00:09:54

thank you very much for the answer, no problem I You know, I’ll

00:09:56

even think about it, especially since what you said

00:09:58

really probably

00:10:01

means different When we say buy

00:10:04

cheaper than sell, we are looking for an

00:10:06

opportunity to buy cheaply, we

00:10:09

proceed from the fact that the market is Fair and

00:10:13

we are looking for local operations on it to

00:10:15

buy and then sell fish fairly

00:10:18

when when a trader buys at the market

00:10:21

because he expects that he

00:10:23

will sell more expensively and does it speculatively, then

00:10:26

here the calculation is only for the so-called yes,

00:10:29

that is, for the next fool who

00:10:31

will buy unreasonably expensive on the

00:10:34

cryptocurrency market, this is possible and a relevant

00:10:37

calculation on the market of serious assets This is a

00:10:40

calculation In general, not particularly relevant

00:10:41

because the players are mostly

00:10:43

professionals Yes, I

00:10:45

understand Thank you very much Marat, we

00:10:47

continue,

00:10:50

I wanted to ask what is better for a

00:10:54

fund or to try to invest yourself,

00:10:56

let’s say the stock market is represented I

00:10:59

think that there is no adequate answer to this

00:11:01

question because there is no such dilemma as

00:11:04

But it was more complicated, I will immediately have to

00:11:07

ask you the question of how

00:11:09

professional you are, how good is the fund

00:11:11

that you are going to invest, who

00:11:13

makes it and why does this fund do what, for

00:11:15

example, if

00:11:18

it is a fund which

00:11:21

makes a very simple strategy

00:11:23

of some kind buys a set of

00:11:25

shares at random randomly you

00:11:28

can buy them yourself

00:11:31

why, if we are talking about more complex

00:11:33

strategies that require equipment

00:11:37

good access to the market efficiency there are

00:11:40

low commissions brokers for example and so

00:11:42

on the funds will win Because

00:11:45

good features This is built for

00:11:47

its size, large, the

00:11:49

average investor is not easy, it’s not easy to

00:11:58

build, don’t waste time on it, neither of this size has an investment, again, if we’re talking about index funds Well, go build an index, it’s not that

00:12:00

easy, in fact, it’s better to give it to a

00:12:02

fund Tem Moreover, they are very cheap

00:12:04

if we are talking about a fund that

00:12:07

realizes some kind of

00:12:09

sustainable advantage, even if we don’t take a

00:12:11

technological one, it’s simply not alive. Like

00:12:13

at one time, we worked, we created the

00:12:15

Russian market there at the dawn of this century for

00:12:18

foreign investors. Why were they

00:12:20

included in our funds because that they did not

00:12:22

understand what was happening in Russia We

00:12:24

understood quite well Sitting in Moscow

00:12:25

and being in touch with issuers And here it

00:12:29

also makes sense, of course, a fund is money

00:12:31

Why is a fund and not just managed as a rule a fund

00:12:36

if it has an

00:12:38

adequate management strategy as a

00:12:41

rule a fund is of course better because it’s

00:12:42

more convenient for the manager to have one wallet

00:12:44

a little and his rapper track is quite

00:12:47

transparent, absolutely clean, understandable to you, it’s clear to you

00:12:50

that this manager has

00:12:52

independent sources of this information,

00:12:55

while with a manager who

00:12:58

just has a lot of accounts, you can

00:13:00

get very caught up with the data because

00:13:02

here again But if you have 50 different

00:13:04

accounts, all of them, for example, are small and

00:13:07

you implement very different strategies on them,

00:13:08

ideas, you will always have

00:13:10

an account to show that will

00:13:12

work well, then the investor

00:13:14

will come to one more and it’s

00:13:16

not at all a fact that it will be a good account

00:13:17

which and that the ideas will be well

00:13:19

implemented on it While in the fund

00:13:22

you see what you see and there it is

00:13:24

impossible not to deceive, not to come up with

00:13:26

something, not to paint over something, but not to choose the

00:13:29

good that you just have and not to

00:13:31

show the bad in in this sense, with funds it is

00:13:33

much more convenient, simpler, easier, that’s why

00:13:36

large investors usually choose

00:13:38

a fund,

00:13:42

I understand, thank you. Here we have a question on YouTube. Do

00:13:45

you think in 2023 the top

00:13:49

50 by capitalization will change a lot? This is

00:13:52

a question about the stock market As far as I

00:13:54

understand Yes,

00:13:55

I understand, that means this is a question about which

00:13:58

stock market it’s not very clear about the

00:14:00

American one about the world market and so on But

00:14:02

that’s not the point. Probably this question should be

00:14:04

understood as in general how the

00:14:07

comparative capitalization of a company changes so quickly,

00:14:10

as far as I can see, practice shows that

00:14:13

it does not change quickly, with the exception of

00:14:15

some I don’t know moments like the

00:14:17

year 20, when

00:14:19

online companies rushed upward sharply in the

00:14:22

year 23, no

00:14:24

serious global crisis seems to be

00:14:26

expected, no sharp

00:14:29

technological

00:14:30

improvements are expected, and again, we

00:14:33

cannot expect any breakthrough of

00:14:34

breakthrough technology. It can appear

00:14:36

at any moment. But it cannot be

00:14:38

adapted by companies With such a

00:14:39

speed to dramatically change the market, that

00:14:42

is, one company, for example,

00:14:43

can sharply increase in price For these

00:14:45

technologies, but not a lot of companies, so

00:14:48

no, I think that it will change, if it

00:14:50

changes not much,

00:14:52

the question will increase or their capitalization

00:14:56

in 23 or will it actually decrease

00:14:58

for me?

00:14:59

If everything develops as it is

00:15:02

developing now, then I would rather say that

00:15:04

shares in American shares in the twenty-

00:15:07

third year will grow, but the balance is

00:15:10

now being formed so precarious that

00:15:12

I didn’t guarantee

00:15:15

photos I’ll ask you a question Andrey Andreevich

00:15:17

And how now Russians can invest in

00:15:19

standard American shares if all

00:15:21

access is closed, as you can see.

00:15:24

This is a very difficult question because

00:15:27

access is closed on purpose, it’s not like it

00:15:30

happened by accident, you can get around it. It’s

00:15:32

no secret that our company has

00:15:35

many Russian-speaking clients with

00:15:38

Russian passports, historically Yes, we

00:15:40

parted from Russia worked in Moscow for

00:15:42

quite a long time

00:15:44

and what we see now is that the

00:15:47

vast majority of our investors

00:15:49

and Clients receive residence permits and

00:15:52

citizenship in other countries. What gives them the

00:15:55

opportunity to bypass these problems is

00:15:58

the ability to open foreign accounts,

00:15:59

gives the opportunity to invest, gives the

00:16:01

opportunity to invest to us makes it

00:16:03

possible to operate with investments to

00:16:05

us, among other things,

00:16:06

and all this is naturally superimposed

00:16:08

on the huge immigration of rich people from

00:16:11

Russia and people simply decide the issue radically;

00:16:14

they move, leave and get out from under the

00:16:19

pressure of these sanctions, this combination,

00:16:22

apparently, will be the final answer In the end, I

00:16:25

believe, and again, I cannot be sure of

00:16:28

this, just as no one can be sure of the

00:16:30

opposite and this, but I believe that

00:16:32

the process of financial closure of Russia

00:16:34

will develop and continue. Apparently,

00:16:37

Russia is moving according to such a quasi-

00:16:39

Iranian development scenario, including

00:16:41

international relations and the markets will be

00:16:45

quite rigidly divided As a result,

00:16:46

investors, domestic investors

00:16:48

will outwardly be divided more and more, but

00:16:53

for now this window of dual citizenship

00:16:54

exists and it doesn’t seem like the Kremlin

00:16:57

wants to change anything here, it doesn’t seem like the

00:16:59

West wants to change anything here,

00:17:00

therefore this is probably the best

00:17:02

option there, a residence permit in Europe, a residence permit somewhere

00:17:05

in Central Asia or in Turkey,

00:17:08

especially Israeli citizenship,

00:17:12

citizenship of some other country is quite popular in Russia and this

00:17:15

opens up markets.

00:17:17

Thank you for the answer and, accordingly, here’s a

00:17:20

question for him right away Couldn’t

00:17:23

cryptocurrency be a way out for Russians

00:17:25

in this situation if he

00:17:28

can’t get a residence permit? Let’s

00:17:29

assume that if he doesn’t have the

00:17:32

opportunity to become a client of a foreign

00:17:35

company, cryptocurrency seems like this, really

00:17:37

probably, but perhaps the

00:17:40

only way out. The Russian market, in

00:17:42

my opinion, no one is investing now at all

00:17:44

wants

00:17:45

I wouldn’t invest in the Russian

00:17:47

market either To be honest, I think that we will have to

00:17:50

go through a phase of crisis there, maybe even

00:17:53

catastrophic. After which it will be born

00:17:54

as some kind of internal tool, like in

00:17:56

Iran, but if we talk about cryptocurrency,

00:17:59

this is also not a solution because the

00:18:02

dominant procedure is now in the whole world when

00:18:04

brought, it is a Kiwasi, but

00:18:07

the problem here is not that

00:18:09

money cannot be withdrawn from Russia, money can be withdrawn from Russia,

00:18:11

there are two dozen

00:18:14

different ways to do this, and the Kremlin deliberately does not have

00:18:17

these windows and the West cannot physically close them; it is

00:18:20

that it does not control

00:18:21

the entire perimeter. But question What

00:18:24

will you do with this money when it was

00:18:25

withdrawn from Russia How will you explain its

00:18:28

origin How will you Confirm your

00:18:31

right to work in global markets,

00:18:33

taking into account the fact that almost all

00:18:35

serious providers now follow the

00:18:37

European directive Yes, and cryptocurrency

00:18:40

is only getting worse The situation you

00:18:41

conditionally bought there bitcoins they conditionally

00:18:44

took them somewhere

00:18:46

outside the country, so to speak, conditionally they were even able to

00:18:49

sell them to receive Fiat into your account

00:18:50

somewhere abroad How will you show

00:18:52

the origin of the money I You, with the help of

00:18:54

cryptocurrency, broke the chain And here

00:18:57

and there the European

00:18:59

directives and plus the incomprehensible

00:19:01

origin of the money, you’ll just be, ah,

00:19:04

with this money, it’s as if under sanctions

00:19:06

on the spot, it will actually be frozen.

00:19:08

Unless you, I don’t know,

00:19:10

buy real estate in Central Africa, well,

00:19:13

probably it will be possible to do it there,

00:19:14

some serious global investments will

00:19:17

not will end up and the investment is simply in

00:19:19

cryptocurrency, but you yourself can probably see

00:19:21

how risky and dangerous it is and it seems, to be

00:19:24

honest, that this is so. Many people, including

00:19:27

me, predicted it a

00:19:37

long time ago. The hype of cryptocurrencies is passing. Refinancing rates are rising and ordinary currencies are becoming more interesting, and therefore you won’t earn much on cryptocurrencies

00:19:39

unless by chance,

00:19:48

and if it’s not a secret, I heard about

00:19:50

real estate in Central Africa. Why,

00:19:53

I just don’t know,

00:19:55

I don’t see any point in buying real

00:19:57

estate in Central Africa, I’ll be honest,

00:19:59

but I assume that it can

00:20:01

be bought for bitcoins, just unlike

00:20:03

real estate in England, for example, I

00:20:05

understand everything well continue

00:20:10

Yes, I wanted to ask what do millionaires invest in?

00:20:17

I don’t know. I don’t know all millionaires.

00:20:21

Of course, all millionaires are very different. Those

00:20:23

whom I know invest in a

00:20:25

variety of things, and millionaires are also people; a

00:20:28

billionaire is already people; and the

00:20:30

more money you have, the statistically

00:20:33

how the rule is: You are more confident in yourself and

00:20:35

listen less to others, and therefore the

00:20:38

exoticism of investments of large players is

00:20:40

much greater than that of the

00:20:43

so-called ones who have, I don’t know, 1-2

00:20:46

million dollars,

00:20:48

what they don’t make is a very large

00:20:51

fortune, but they don’t invest very much in venture capital

00:20:53

still now although it seems like the

00:20:56

epiphany is slowly coming and

00:20:58

more and more people are saying, we’ll probably

00:20:59

wait for now because valuations are falling

00:21:02

very much and a cleansing storm

00:21:05

of course must pass in this market,

00:21:07

it’s already close by now it should already be

00:21:10

a lot of people are investing in what is

00:21:14

called the continuation of life people

00:21:18

have earned a lot of money and people want to

00:21:19

become immortal and a lot of money is invested in the slightest, even the

00:21:22

slightest idea that exists here,

00:21:24

and in

00:21:26

traditional real estate investing there is a

00:21:27

huge market and there is not

00:21:30

only houses but also some commercial

00:21:31

real estate and live real estate in

00:21:34

recation houses and in

00:21:37

assista it’s raining and in nursing homes

00:21:42

all over the world, there’s a lot of

00:21:44

investment in the track at various

00:21:46

stages, a lot of people are trying to make

00:21:49

their own unicorn, it’s very rare when

00:21:52

someone succeeds in it naturally. But if we

00:21:55

talk about more liquid and more

00:21:57

conventional things, then in general

00:22:00

investments still the same as

00:22:01

others have the same ones

00:22:06

actively invest in the rules But usually with very

00:22:09

large houses like some Black

00:22:12

invest

00:22:15

in loans in private loans in

00:22:19

illiquid history there

00:22:21

are a lot of such one-

00:22:25

time interesting transactions here stress

00:22:28

tactiles is generally Rich people really like to

00:22:29

find some kind of distressed asset,

00:22:32

buy it back somehow, put it in order.

00:22:34

Then sell

00:22:36

it, maybe, but in Europe in southern

00:22:39

Europe there are a lot of

00:22:41

distressed assets with which this kind of

00:22:43

work is done. That is, what exactly am I

00:22:46

saying this for? that there are no such

00:22:48

specific secret investments of very

00:22:50

rich people that would not be known to everyone, the

00:22:52

quality of investment of rich

00:22:55

people is on average lower than the quality of

00:22:56

investment of people with

00:22:59

less wealth because, on the one

00:23:01

hand, they do not have time, on the other hand, there is

00:23:02

a lot of self-confidence, on the third hand, there are

00:23:04

a lot of self-interested people advisors around

00:23:07

So in general, I think that it’s just from

00:23:11

billionaires that you don’t need to learn how to

00:23:13

invest there, how to invest

00:23:14

professional managers with good

00:23:16

results, but they, as a rule, instead

00:23:19

of teaching, they usually

00:23:20

manage money, rarely do any of them

00:23:22

take on the functions of a teacher there are

00:23:26

classic examples of trading or he,

00:23:28

for example, with Bridge Water Yes, but if you

00:23:29

look at his books Everything is

00:23:32

wonderful, he is a prophet like

00:23:34

Elon Musk practically And if you

00:23:37

look at the results of his funds,

00:23:38

they are generally very average and nothing

00:23:40

particularly specific management is

00:23:42

used in by the general index,

00:23:45

of course, they lose more or less

00:23:46

relevantly or go on par with their

00:23:48

benchmarks, which is why there would be no need

00:23:51

to have these hundreds of billions of

00:23:53

dollars under management; this result

00:23:55

can be obtained by any

00:23:57

reasonable investor with several

00:24:00

million or several hundred

00:24:01

million

00:24:05

in this regard. By the way, I agree I heard

00:24:07

this opinion, ours is not worth copying

00:24:09

because they may have more money and

00:24:11

you have little capital, you

00:24:14

are trying to do like them and you can

00:24:16

lose everything and for them it will be a

00:24:18

small part of course And here another

00:24:21

important thing is

00:24:23

diversification. How shall we say? a successful

00:24:26

large venture fund makes money, it

00:24:29

invests there, say 100 companies, of

00:24:32

which 90 go bankrupt. There, five pay off out of the

00:24:36

remaining five; there, let’s say three get, I do

00:24:39

n’t know, a ten-fold increase, but a 2,000-

00:24:42

fold increase. Yes, if we calculate this in total,

00:24:44

we will get a good performance

00:24:46

fund. But if you have money to

00:24:49

buy two or three venture

00:24:51

companies Calculate the probability with which

00:24:53

you will get 0 in the end it will be

00:24:55

almost one hundred percent there are also some

00:24:58

historical examples to take a look yes

00:25:00

What our great Gurus of the

00:25:01

Russian venture market grew up on they have one or two

00:25:04

deals in Yandex mail.ru there may still

00:25:07

be one or two deals that

00:25:09

brought in a lot of money, but

00:25:12

in general they just usually don’t

00:25:14

tell you everything else because nothing

00:25:15

serious worked out there or during the

00:25:17

next Russian crisis everything

00:25:19

broke down, but in the end they

00:25:21

look very good for them very

00:25:22

good

00:25:23

if you don’t have the opportunity to make a

00:25:26

lot of investments you will never do this

00:25:33

We have another question from the chat

00:25:36

Tell me why brokerage houses don’t accept children

00:25:39

Why can’t you

00:25:41

top up or withdraw stablecoin funds

00:25:44

I’m first of all not sure what they don’t accept from

00:25:47

me I am a small specialist Yes, I don’t run

00:25:50

our office myself, of course, and therefore

00:25:52

there is no table of who accepts what where,

00:25:54

calculates, but I have seen and heard

00:25:57

about funds deposits through Table Coin, that

00:26:01

is, some brokers accept

00:26:02

depositories, I can

00:26:05

assume that the acceptance is limited

00:26:07

is connected with the fact that in order to accept

00:26:09

her from children you need to have

00:26:10

the infrastructure for this, and if your

00:26:13

fund works with conventional

00:26:14

assets with money, you will

00:26:17

not always have this infrastructure, it’s

00:26:19

just that, roughly speaking, the Castes in which

00:26:21

you can get this usdt and a system

00:26:24

through which you can sell it,

00:26:26

plus another problem that

00:26:29

is completely objective here? Yes, how

00:26:32

many balcoins are worth have already

00:26:33

collapsed recently? Well, definitely

00:26:35

more than one? Who can guarantee

00:26:39

the manager of such a fund from the fact that he

00:26:41

will accept the asset? And then this asset somehow

00:26:43

will depreciate or become visible Well, it’s not

00:26:46

clear to me And even if there may be

00:26:48

experts on these

00:26:50

cryptocurrencies who can confirm

00:26:52

convincingly that stable Coin is reliable, then the

00:26:55

conventional manager doesn’t

00:26:57

know this, his knowledge does not extend that far,

00:26:59

he does not fit into this

00:27:00

mechanics and he would prefer instead

00:27:03

accept shooting coins just say

00:27:05

Listen Well, sell the money come Yes

00:27:07

okay Yes it’s easier for me, it’s easier for you

00:27:09

Why bother

00:27:15

Is it even worth keeping at least five percent of

00:27:17

the capital in crypto, let’s say if a

00:27:21

person only invests in traditional

00:27:23

finance

00:27:24

and Well, again, you’re turning to me as a

00:27:28

person who knows the truth and I don’t

00:27:30

know the truth I only have my

00:27:32

opinion I believe that if you want to

00:27:35

build a

00:27:36

portfolio that is not a lottery type,

00:27:39

your main task is to earn money there,

00:27:43

let’s say more inflation, you may

00:27:44

take on even more risks Yes, in

00:27:46

order to earn more water you can

00:27:49

quite clearly define for yourself,

00:27:51

the limit of tolerance, that is, how much you are

00:27:53

not prepared to lose under any

00:27:54

circumstances, then there

00:27:57

is no place for cryptocurrencies in such a portfolio

00:27:59

because their future behavior is in no way

00:28:03

connected with the history of their circulation and it is

00:28:06

absolutely not amenable to systematic

00:28:07

analysis. And therefore, somewhere this is an absolute

00:28:10

lottery Here you just, so to speak,

00:28:12

throw a ball Yes, it can fall out plus

00:28:13

There a million can fall out minus 100%,

00:28:17

can fall out in any other place

00:28:19

and the systemic risks of structural risks

00:28:22

here are no less than market risks,

00:28:24

uh, so I can’t say that

00:28:27

cryptocurrency for some period of time they

00:28:29

will not become the most profitable asset again,

00:28:31

but from the point of view of system management

00:28:34

they are absolutely not a suitable asset, they are a

00:28:36

completely different type of action I

00:28:40

had a question Andrey Andreevich,

00:28:43

look, we have one like this, I’m

00:28:46

sorry, I’ll speak for

00:28:48

traditional finance I will tell you

00:28:50

In our crypt we have

00:28:52

this guy Michael to sell him this is the

00:28:55

head of microstigi here his strategy

00:28:59

is to constantly invest

00:29:02

beginning of September 2022 he owns Well

00:29:05

almost 130,000 bitcoins is colossal

00:29:09

The condition is simply colossal let’s say

00:29:10

so please tell me what you

00:29:13

think motivates people who have

00:29:15

such a lot of money to still

00:29:18

invest in cryptocurrency, what do you think

00:29:22

again? Yes, I can’t know exactly what

00:29:25

motivates which specific person I

00:29:27

think that there are three completely different types of motivation at work here,

00:29:34

the simplest and most understandable but

00:29:37

the least known to the general public is the

00:29:39

motivation of an insider. I don’t know what the

00:29:43

person you mentioned can

00:29:45

actually do in this market, what he

00:29:47

actually does, and in general on the

00:29:49

cryptocurrency market. Nobody knows this. This

00:29:50

market is extremely opaque, it seems

00:29:52

that everyone knows everything, because well

00:29:54

you have, so to speak, a collection of flocks Yes, and the

00:29:57

blockchain is at the core, but in fact

00:30:00

all of this is all extremely open to manipulation,

00:30:04

collusion, to

00:30:06

some actions directed against

00:30:08

other participants, and so on. That is,

00:30:10

many investors in cryptocurrency, they

00:30:13

simply have Market Power of one or another

00:30:16

kind of legal illegal semi-legal

00:30:18

legal from the point of view of the law

00:30:21

illegal from the point of view of the system Yes

00:30:23

there and so on which they very

00:30:25

actively use including they can

00:30:27

simply manipulate the market and

00:30:31

make money from people who are pro

00:30:34

stakers who get into this

00:30:37

story the second type of motivation he too

00:30:40

it is clear that it is on the other side of

00:30:42

the Spectrum, this is ordinary greed, an echo of

00:30:45

how Bitcoin grew from zero to 60

00:30:48

thousand dollars apiece, it

00:30:50

will be heard over the market for a very long time And a

00:30:52

huge number of people just

00:30:54

not to miss their opportunity,

00:30:56

suddenly he did it again, yes they will be in

00:30:59

it’s common for people to invest

00:31:00

in general to have a poor ability to calculate

00:31:03

probabilities; this

00:31:04

is a very

00:31:06

serious problem in the psychological

00:31:08

consciousness of investors, including the

00:31:11

argument; it has grown; it has

00:31:15

absolutely no statistical

00:31:16

significance; no logic

00:31:18

will nevertheless be actively used in the future;

00:31:20

plus, the industry needs both neophytes and

00:31:23

investments from those who is already in it, which

00:31:25

means Marketing is an industry means

00:31:27

active work as influencers means

00:31:30

active psychological treatment of the

00:31:31

public, including rich people, there

00:31:33

will also be no escape, and

00:31:36

of course someone will bear the money, here is the

00:31:39

third argument, it comes across to me very often

00:31:42

and it looks like

00:31:45

classic reasonable If you do not take into account the

00:31:49

nature of cryptocurrency, this is an argument for

00:31:51

global diversification;

00:31:54

indeed, if we are talking about

00:31:56

statistically

00:31:58

assessed asset classes, those that

00:32:01

have a history by which one can judge

00:32:03

their behavior patterns, then very often

00:32:07

indeed the Market portfolio is the so-

00:32:09

called one, that is, a portfolio From a large

00:32:11

number of different ones correlated

00:32:13

asset classes behave better than

00:32:16

any other portfolios, often

00:32:19

and technically, purely formally, you can

00:32:22

apply logic here when communicating always

00:32:24

crypto assets and saying Well, we

00:32:26

add another element, it seems to be

00:32:29

uncorrelated with others logically, so therefore you

00:32:35

add it and improve

00:32:37

the characteristics of the portfolio in practice This is

00:32:40

of course not true because, firstly, it is an

00:32:41

absolutely non-statistically assessed

00:32:44

asset, it is completely unclear how it

00:32:45

will behave, you cannot say anything about it

00:32:47

and calculate anything, and secondly,

00:32:49

it is actually very highly

00:32:50

correlated. What is happening in the markets

00:32:52

Look Yes how the fall of cryptocurrencies

00:32:54

coincides with the fall of the main markets Yes,

00:32:57

and the rise of cryptocurrencies coincided In general with the

00:32:59

growth of the main markets That is, this is

00:33:01

actually great Iliesov Where does

00:33:04

excess money go when there is less excess money, then

00:33:06

it leaves from there and it is

00:33:11

very difficult to say that there is discrepancy here sense, on the

00:33:14

one hand, of course, it’s clear why

00:33:15

people invest; on the other hand, if

00:33:16

you do a serious analysis, then again,

00:33:19

if you are a fundamental investor, then it is

00:33:21

very difficult for you to find a reason why you

00:33:23

should enter cryptocurrency. But if you are a

00:33:25

portunistic investor, if you want to

00:33:27

try Happiness,

00:33:29

then of course this is a form of a beautifully and

00:33:33

complexly constructed

00:33:35

intellectual very modern

00:33:37

lottery that you can play.

00:33:41

Thank you very much Andrey for the answers.

00:33:45

By the way, I have another question. But it’s

00:33:48

not a secret, after all, that

00:33:51

traditional investors are entering the cryptocurrency market, to

00:33:55

live faithfully, that is, this is how you

00:33:58

say the third part Yes, they want to

00:33:59

try his happiness, they go there for this,

00:34:01

well, and not only it

00:34:04

seemed to me, it seemed to describe the various

00:34:07

reasons they go, but you understand what the matter is,

00:34:10

until cryptocurrencies appeared, non-

00:34:11

traditional investors simply did not

00:34:13

exist, so no matter who went into

00:34:16

this market, they were still there

00:34:17

traditional investors before

00:34:19

So So in any case,

00:34:23

traditional investors were such

00:34:26

non-traditional investors don’t know

00:34:28

ant farms invested That’s the

00:34:31

story was people invested in anything

00:34:33

and quite traditionally I

00:34:36

remember how absolutely classic

00:34:38

traditional investors like for example for

00:34:41

investing in the production of

00:34:44

smoking herbs Yes that’s what

00:34:48

we call hemp. I don’t know how to say

00:34:50

this word correctly in Russian, and by the way, they were

00:34:54

very successful. Although it was Well, it was

00:34:55

n’t traditional at all at first, and

00:34:59

once upon a time computers were considered

00:35:01

investments and social networks were

00:35:04

extremely traditional investments.

00:35:06

I already I already worked in the market. I remember

00:35:09

conversations around social networks about

00:35:11

how

00:35:12

meaningful this thing is or is it a toy. Yes, and

00:35:15

that it will be worn somewhere in general,

00:35:16

in computer games, yes, or in

00:35:20

some other section,

00:35:21

so no, well how is all this I would say

00:35:24

that all traditional investments are here Well,

00:35:26

if you want to highlight crypto as an asset

00:35:29

that

00:35:30

imitates

00:35:32

imitates equivalent value,

00:35:34

then probably yes, in some sense it is a

00:35:37

new asset, a new class,

00:35:40

in principle, just like social networks. They

00:35:43

used to be. Can they?

00:35:45

cryptocurrencies in general Become such a

00:35:47

traditional asset in the future according to you,

00:35:49

of course,

00:35:50

look at social networks This is a type of product,

00:35:55

relatively speaking, that was produced by a

00:35:56

company that imitated quite

00:35:58

traditional shares in these shares there was

00:36:01

nothing no

00:36:03

information between people this is a product the

00:36:06

products can be anything If you

00:36:09

look at the s&p 500 for example there

00:36:12

some products are not produced Yes,

00:36:15

including many non-traditional ones,

00:36:17

but still they are all traded see

00:36:21

traditional shares which in general are a

00:36:23

culture of share capital It

00:36:25

has developed since the times of Ancient Rome,

00:36:27

in reality it there, say in the 17-18th century,

00:36:30

developed very rapidly in the 19th century this century

00:36:32

shares in general, that is, this is a completely old

00:36:35

instrument,

00:36:37

cryptocurrency, this is

00:36:39

precisely an instrument of circulation, this is a

00:36:43

claim to create a new

00:36:45

surrogate equivalent, the value of the

00:36:47

claim has not yet justified itself.

00:36:50

We do not see that cryptocurrencies could

00:36:53

play a real role as an equivalent;

00:36:54

value today does not even reach cowrie

00:36:56

shells yet in terms of their properties

00:36:59

In this sense, cowrie shells

00:37:01

were used a lot.

00:37:02

Cryptocurrency is still not used as money.

00:37:04

And in this sense, of course, they are

00:37:08

much less traditional than the

00:37:09

same social networks and in order for

00:37:12

them to become traditional, they must

00:37:13

make some kind of historical choice, or

00:37:16

they must abandon the claim to the

00:37:18

area of money and say we are a certain

00:37:22

Form of asset that is not at all

00:37:25

monetary, but we have some meaning and

00:37:28

say relax Yes, NFC is just an

00:37:31

attempt

00:37:32

to build such an active meaning

00:37:36

for cryptocurrency to get away from the thing, get away from the

00:37:39

monetary

00:37:40

component and say we are the same assets

00:37:43

like everything else, here you go

00:37:45

pictures.

00:37:46

Either they must make some kind of

00:37:51

breakthrough in the field of circulation of themselves

00:37:53

as money, for this, first of all, they must

00:37:55

become much more reliable and much more

00:37:57

widely used, that is, there must

00:37:59

be simplicity,

00:38:01

low volatility, very high

00:38:04

reliability of the retention system low

00:38:07

turnover costs ease of accepting transfers

00:38:11

yes And if this somehow happens then

00:38:14

they can really try

00:38:15

to become money in the fight against the

00:38:18

world’s central banks because the central

00:38:19

banks will not be happy with the appearance of this

00:38:21

money and thus gain a foothold as a

00:38:24

monetary form of asset that there in

00:38:27

the future awaits I can’t say now there

00:38:28

is a big option there is a high probability

00:38:30

that cryptocurrencies Well, at least in an

00:38:34

option similar to what is now there

00:38:35

after some time It’s just that many

00:38:38

say that Yes, they will die there,

00:38:40

other more advanced ones will appear and they are they

00:38:43

will just live for a long time

00:38:45

Well, just like it was, I don’t know about airplanes,

00:38:47

for example, the first airplanes. They were

00:38:49

n’t really good for anything, only for the circus. Yes, and

00:38:51

then completely different

00:38:53

airplanes appeared on completely different principles,

00:38:56

and so on, or media for storage

00:38:59

media. Yes, no one has floppy disks anymore.

00:39:01

uses now and use a

00:39:03

completely different method of transmitting

00:39:04

information, even if you need to

00:39:07

do this not through the network, I won’t

00:39:09

deny that this will not happen, but so far in

00:39:12

modern cryptocurrency, from the point of view of

00:39:14

investment, it’s not even disks, yes, these are

00:39:17

some Well, so to speak,

00:39:18

exotic Side method which in

00:39:21

general As a way of investing

00:39:24

probably can’t be considered a

00:39:28

big question

00:39:32

Yes, that’s exactly the question we have from the audience

00:39:35

Richard Tyler in the book new

00:39:37

behavioral economics highlights such an

00:39:39

industry as the economy of impressions games

00:39:42

social networks luxury brands Can

00:39:44

cryptocurrency in particular nft be

00:39:46

part of this economy,

00:39:49

you probably already understood because I am

00:39:52

moving away from all the answers to the question because

00:39:54

we never know how exactly the

00:39:57

future impression will be structured;

00:39:59

in fact, there was always

00:40:01

another question that the human

00:40:04

ability to transmit an impression to a

00:40:06

large mass of consumers was very

00:40:08

limited, but now it has become practically

00:40:10

limitless, therefore this economy

00:40:13

has grown very much

00:40:15

[music]

00:40:16

cryptocurrencies

00:40:18

all new forms of similar systems they

00:40:22

are not systems for organizing the final

00:40:25

product anyway your final one is a

00:40:27

monkey this is not a system Its organization

00:40:31

is not where it lies not how it is

00:40:33

structured in this sense ask a question:

00:40:35

can an electronic image, an

00:40:37

electronic picture, be an important part of the

00:40:41

experience economy

00:40:43

? Maybe I don’t know, I think

00:40:47

maybe it’s more likely that the

00:40:49

Zuckerberg brand Yes, I’m sure that maybe he’s

00:40:52

investing a lot of money in the metro

00:40:55

universe, which is all in

00:40:58

itself, everything is part of the

00:41:00

experience economy and everything is built through

00:41:02

electronic images

00:41:04

while the market doesn’t buy it too much

00:41:08

As you can see, yes Judging by

00:41:10

the capitalization of Facebook and methods, but the

00:41:13

possible situation will change. That is, I would

00:41:15

answer here why not, of course it

00:41:17

can be, but still

00:41:19

blockchain currency is correct to say

00:41:22

blockchain and various modifications it and

00:41:25

modifications of the system of decentralized

00:41:26

finance and not even finance but simply

00:41:29

decentralized storage of information,

00:41:31

they will still be service for this

00:41:34

economy and it is correct to ask the question

00:41:36

Will such an economy in its

00:41:40

electronic part use these

00:41:43

systems as service

00:41:44

Well, I will ask a counter question Why not

00:41:47

completely perhaps there

00:41:51

is a question from Andrei Andreevich,

00:41:54

look, you listed the properties for

00:41:57

cryptocurrencies such as ease of

00:41:59

circulation, low volatility, low

00:42:01

costs when translating them,

00:42:03

but from what you described, it seems

00:42:06

like 70 meet all these

00:42:08

parameters. That is, have you heard a lot about cbdc

00:42:12

or not? no,

00:42:16

strictly speaking, a financial instrument

00:42:18

is a cryptocurrency that is

00:42:20

imitated with the help of the state, that

00:42:23

is, it is backed by its real money,

00:42:26

now let’s say some countries are

00:42:28

introducing 70 if I’m not mistaken, by the way,

00:42:31

next year it’s called the

00:42:33

Hamilton project, that is,

00:42:35

this system will be introduced there when

00:42:39

the state starts using

00:42:40

blockchain for its own purposes What do you think

00:42:43

it will look like in traditional

00:42:47

finance

00:42:48

and you know I honestly have to say

00:42:51

that I don’t quite understand the logic of this

00:42:54

design

00:42:55

all that was sold to us when they sold

00:42:59

us blockchain is independence from the

00:43:02

state independence from the mission

00:43:03

center equal access to information

00:43:07

secrecy transaction security and

00:43:10

so on,

00:43:12

if we build anything dependent

00:43:15

on the state and related to the

00:43:17

state mission, then by and large the

00:43:20

system of centralized accounting

00:43:22

through central banks works just as well

00:43:24

as it worked before and the

00:43:27

blockchain has absolutely no

00:43:28

advantage over this system as soon

00:43:31

as we abandon from this system of

00:43:34

anonymity and equal access, the

00:43:36

impossibility of external regulation

00:43:39

and independence from the state

00:43:42

Yes, this year it is not clear whether

00:43:45

blockchain can be adopted as an

00:43:47

accounting system because for some reason, somewhere, some

00:43:49

state thought that this

00:43:52

accounting system was good Yes, but it will be

00:43:55

just the use of

00:43:56

blockchain technology in

00:43:58

building the monetary aggregate of the

00:44:00

state Well, well, we will know with

00:44:03

you that there is a conditional dollar, for example, it is

00:44:06

now taken into account through

00:44:07

blockchain technology. By the way, an excellent

00:44:09

question is who will

00:44:10

confirm transactions there?

00:44:12

I don’t believe that America will give

00:44:15

confirmation to the owners of the dollar for a duck transactions of

00:44:17

dollars there And how are sanctions implemented there,

00:44:20

for example, yes, here is the system and so on,

00:44:23

I just don’t see anything like currency in this Yes, yes

00:44:27

there is some kind of limited Crypto mechanism

00:44:29

used for accounting Well,

00:44:32

good, great. Many of your listeners

00:44:35

know how the real

00:44:37

mechanism works accounting for money now, let's do it in

00:44:39

America I think that not many people do this by any means.

00:44:41

Well, we will know that crypto is also

00:44:45

used. So what? Well

00:44:48

understood. Thank you very much. Yes, I have a

00:44:53

question then, if

00:44:56

if the transition of people from cryptocurrencies to

00:44:59

traditional finance is acceptable, as far as

00:45:03

I see many young people there and older people, they

00:45:07

make initial capital in cryptocurrencies and do

00:45:09

they wonder about the transition to

00:45:12

traditional ones? If they come, then what

00:45:15

strategies do they choose? Maybe you have

00:45:18

such clients, it

00:45:19

seems to me that it looks a little backward now in the

00:45:23

sense that of course, while

00:45:25

cryptocurrencies were growing actively, many

00:45:27

young people came to this growth on

00:45:30

what we call how they

00:45:32

made money and made money from such

00:45:36

guys who earned millions of

00:45:37

dollars simply because they caught

00:45:40

this growth of cryptocurrencies and I must say that

00:45:42

many of them come to us, including

00:45:45

with a very healthy logic, they say

00:45:48

that that’s when I made money now I want it

00:45:50

to be bigger or more or

00:45:53

less How that part of this money worked

00:45:56

conservatively was saved and didn’t disappear I

00:45:58

don’t want it to be exposed to risks I

00:46:00

want a conservative Strategy and that’s what

00:46:04

we do yes we cooperate with a

00:46:05

large number of such clients

00:46:07

there is definitely a group rather young

00:46:11

people than older people who are actually

00:46:14

making money now in the world of cryptocurrencies

00:46:16

not from direct investments in cryptocurrency,

00:46:19

but making money from providing equipment, that

00:46:23

is, they are building an exchange, they are building

00:46:25

markers, they are creating

00:46:28

some kind of arbitrage strategies, opportunities, they

00:46:31

are organizing earnings through fees for nodes

00:46:35

for confirmation Well, so on, there are

00:46:37

a lot of different ways to earn money,

00:46:39

build technical structures,

00:46:43

we see them less. But this is most likely

00:46:47

because for them, this cycle is much

00:46:48

longer; they view cryptocurrencies

00:46:51

not as a risky investment, but as a

00:46:53

normal stable business; the fact that they

00:46:55

themselves do not particularly deal with

00:46:58

growth or by a fall in the value of currencies, they

00:47:01

simply provide the infrastructure one way

00:47:03

or another because they are young and

00:47:05

less likely to think about saving in

00:47:08

general and it comes to us less; our

00:47:10

average client age is still in the

00:47:11

region of probably 45-50 years old

00:47:14

and that’s why I should tell you about them,

00:47:18

but as for These are the lucky ones

00:47:22

who made money on growth. Yes, now we

00:47:24

see this as a trend. Especially taking into account the

00:47:27

latest events in the cryptocurrency

00:47:29

market, even if they continue to

00:47:31

invest there, more and

00:47:33

more people still come to us or simply to the

00:47:34

conventional market in order to have

00:47:37

conservative strategies.

00:47:41

understood, thank you But perhaps you

00:47:44

heard that a law on digital financial assets was adopted in Russia. Here’s

00:47:46

how

00:47:49

you feel about it and whether

00:47:50

tokenization of the entire stock

00:47:53

market may be awaiting us. But this may be said loudly now,

00:47:54

but at least until it begins now

00:47:57

with some... then oil or something else is the so-

00:48:01

called Security token, they

00:48:03

know, I heard of course about this

00:48:05

law, I can’t say, I studied it word

00:48:07

by word,

00:48:09

I must unfortunately say that in

00:48:11

Russia there are a lot of Cargo

00:48:14

laws, simply because it sounds kind of

00:48:17

cool because it seems like

00:48:18

others do for us, how can we not make the

00:48:21

source of these laws clear from them,

00:48:23

funding is obtained and it

00:48:26

is spent successfully, it is spent in an understandable way.

00:48:30

Therefore, in Russia a lot of all these things are growing up, all these

00:48:33

Rusnans, and there are

00:48:35

Skolkovoes that end

00:48:39

mostly in zilch, of course,

00:48:41

and Especially this seems pointless to me

00:48:44

to say for Russia now from the point of

00:48:46

view of tokenization, because any

00:48:48

tokenization presupposes a

00:48:50

democratic management system,

00:48:54

anonymity and at the same time the possibility of

00:48:59

their possibilities, such a democratic

00:49:02

management system is possible in Russia. I can’t

00:49:04

imagine. And what is the point for you in a

00:49:07

state that takes into account everything

00:49:09

centrally and there even

00:49:11

centralized textbooks are handed in and that’s it controls

00:49:15

are built centralized there is no

00:49:17

self-government even locally talk about

00:49:20

distributed management of financial

00:49:22

transactions I don’t understand this

00:49:24

will never happen of course no one will

00:49:25

manage financial

00:49:27

transactions in a distributed manner everything will be in a single center and

00:49:30

so on what we are talking about would be

00:49:35

convenient by the way shares on the blockchain

00:49:37

I as I see it Because, let’s say,

00:49:41

Amazon shares, in order for me to buy, I have to

00:49:42

pay the entire amount in crypto, I can, let’s say,

00:49:46

buy part of Bitcoin I need

00:49:48

20 thousand dollars Give something like this,

00:49:50

maybe this will be the transition I

00:49:53

thought it’s not related to the blockchain at all,

00:49:56

the blockchain system again accounting And you already

00:49:59

take into account Amazon shares as a whole part of

00:50:01

Bitcoin as a whole Bitcoin This is not at all

00:50:04

important. In addition, you can

00:50:08

buy part of Amazon shares through a large

00:50:09

number of markers that break them up,

00:50:11

sell them, make certificates of receipt for

00:50:14

part of the share, this mechanism in the stock market is

00:50:17

very well developed, here we can

00:50:20

talk about Another thing is that, theoretically,

00:50:22

storing shares on the blockchain allows you

00:50:24

to do without the system of brokers and Casta

00:50:27

and not pay endless commissions, but this is

00:50:31

also probably a small problem, now

00:50:33

a lot of brokers

00:50:35

charge some dry pennies there

00:50:37

compared to the volatility of the assets

00:50:39

that you buy, these pennies are

00:50:41

completely unimportant

00:50:48

I understand, thank you, we

00:50:52

’ll finish it slowly then.

00:50:55

Thank you for coming, it was nice to

00:50:58

talk to you, no thank you thank you thank

00:51:01

you thank you Goodbye Thank you everyone Goodbye

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