The Hurdle Rate Podcast Episode 47 - A Time To Build
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Feb 10, 2026 Discussion of Bitcoin Investor Week in NYC and why conferences matter during downturns. Conversation about how bear markets change mindsets, spur building, and purge weak hands. Exploration of margin risks, treasury cracks, and unusual volatility without a single trigger. Notes on ETF flows, macro drivers like AI, and strategy shifts toward product and credit resilience.
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Design For Time, Not Leverage
- Structure amplification to rely on time, not leverage, to capture alpha.
- Design financing so you can tolerate long drawdowns without margin calls or liquidation risk.
Public Margin Call Warning
- A prominent investor publicly revealed a margin call experience and near-total liquidation risk.
- That disclosure served as a warning about the dangers of personal margin on Bitcoin positions.
Structure Explains Sell-Offs
- Sales by newer treasury companies reveal who misjudged volatility and structure.
- Well-structured treasury firms gain value by offering access and resilience individuals can't replicate.