Ben Forman is the Founder and Managing Partner of ParaFi Capital, a $1.5 billion manager of financial applications of blockchain technology and digital assets across long, arbitrage, venture, and GP seeding strategies. Ben last came on the show in 2022 as part of our Crypto for Institutions mini-series, and that conversation is replayed in the feed.   Our conversation dives into the evolution of blockchain over the past few years, including the industry's "Lehman moment" and subsequent recovery. We discuss Bitcoin, memecoins, the rise of stablecoins as blockchain's killer app, tokenized assets, prediction markets, credit, and the intersection of AI and blockchain technologies. Ben also shares insights into ParaFi’s approach to investing and his long-term vision for building a business in this dynamic industry.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Last week was one of the most volatile in market history. In the last twenty-five years, it’s likely matched only by the pandemic and Global Financial Crisis in the breadth of potential outcomes for the future. In a change from our typical market-insensitive conversations, I was fortunate to gather three of the most insightful thinkers on global macroeconomics and geopolitics on Friday to share their assessment of the changing landscape.   My guests on today’s show are James Aitken, Marko Papic, and Louis-Vincent Gave. James is the founder of Aitken Advisors, Marko is the Macro-Geopolitical Chief Strategist at BCA Research, and Louis is the Co-Founder of Gavekal Research. Each are past guests on the show, and their first appearances are replayed in the feed.   Our conversation explores the shifting landscape of global markets and geopolitics, highlighting their shared belief in the end of U.S. exceptionalism. We dive into the conditions leading into Liberation Day, the motivations of the U.S. and China, and the likely outcome of the tariff wars.    We then turn to the markets, covering the weakening U.S. dollar, rise of non-aligned nations, opportunities emerging in Latin America, Europe, and Asia, U.S. Treasuries and the yield curve, and private markets. We close with thoughts on potential winners and losers while unpacking how allocators can navigate this period of profound change. Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership