Takeaways:
- Why it's not so much that Eric is a believer in alternative assets, but that he believes in a diversification of investment portfolios.
- That illiquidity of alternative assets is a feature, not a bug.
- The legal challenges of getting Alto started took longer than the anticipated technical challenges of simplifying the workflow processes of alternative investments.
- The 'greater fool' theory in investments.
- How public markets are no longer being driven by the fundamentals of investing and operating.
- Alto's three levels of operation: a software business which owns a trust company and also owns a securities company.
- 'Historically good returns' in alternative investments = returns that exceed public market returns.
- Bitcoin, like money, is an invention based on faith.
- What comprises 'luck' in business: hard work, opportunity, and a third vector: remaining open to what's happening in the market.
- The cost - and there is one - to entrepreneurship.
