Shadowing-Übung: The Allocator's Perspective on Digital Assets | DAS 2025 | Day 1 | Main Stage - Englisch Sprechen Lernen mit Video

Übungsmodus wählen

Jeder Modus öffnet einen Übungsraum im Vollbild.

370 Sätze

Wenn Sätze zu kurz oder zu lang sind, klicke auf Edit, um sie anzupassen.

Great to see so many of you here bright and early

and even through these lights I can see some friends in the audience so good to see you.

We are here to talk about the allocator's perspective

and certainly you know if you want to fund the investments the allocators invest in the funds

and the funds invest in the projects.

So we're going to start at the the top of the money funnel as it were.

And I am thrilled to be joined by a distinguished panel, Anthony Scaramucci, needs no introduction, I think, at this point.

Okay.

We have Ray Hindi at L1D in from Switzerland, and Chris Solars here in New York,

but working on behalf of a London-based firm.

So we only have 30 minutes, so we're going to dive right in.

Where is the alpha?

I think that's what all of you want to know in addition to how do I get these checks?

But a big discussion in the industry has been, what is the best opportunity these days?

Are we looking more at liquid tokens?

Are we looking more at illiquid VC?

So let's put all of you on the spot to address that question.

Anthony, you wanna go first?

I'll go first, thank you, Michelle.

I guess for us, our bias is probably conditioned by the elements of our fund and the liquidity nature of our funds.

We have a biannual redemption cycle.

I'm typically more focused on liquid stuff.

Our team is more focused on liquid stuff.

And that's not to say that we won't do things that are early stage or pick up some tokens that are, you know, my son, AJ,

has a big investment in Kinto.

I don't know if you know Kinto, but it's sort of a layer two on top of Ethereum that handles the AML and KYC sort of protocol.

So once you get into the network, you're already sort of cleared from an SEC perspective.

So that's something we've done early stage.

But most of our stuff has basically been in the liquid space.

So liquid, Ray?

Yeah, so our firm is active on the liquid side through funds and on the venture side through direct investments.

And so we look at both.

And I mean, I have to say that today, and we have to discuss that, obviously.

I'm keeping it very simple.

But on a relative basis, the opportunity set is on the liquid side,

simply based on the simple theory that long-term opportunities come from misallocated capital, and there's a major gap in the market.

So in 21 and 22,

you had a crypto VC bubble that was created with roughly $75 billion of AUM,

simply because institutions felt that this was the way to express that crypto investment, you know, lower volatility, no marks,

et cetera, versus the liquid side of the market, excluding the ETF side, the passive side, which is at $15 billion.

And that's a ratio that is deeply abnormal and needs to be reset.

And this is why we believe that the opportunity set is on the liquid side

but the venture bubble or the venture problem is healing itself

and by this time next year i would i'm hoping that things will uh will flip again chris yeah sure so

i invest across three different fund buckets venture liquid directional token pickers

and liquid market neutral and i'm truly agnostic i'm looking for for alpha of course

when you're locking up your money for 10 years you have the opportunity cost of the illiquidity.

So factoring that in, I think you can really think about alpha across the three buckets.

One challenge is almost the subjectivity of alpha.

You might think that beta, that Bitcoin would be the sensible beta.

And over the last four years, VC funds have had very little DPI.

Very few liquid token pickers have been able to beat bitcoin

because it has had market dominance so

if you then look at different types of betas perhaps ethereum solana

or altcoins you can find you can find magic in in any numbers

that you try to try to crunch but truly there is a lot of opportunity because it's an inefficient market

but you have to kiss a lot of frogs to find your prince okay so i'm hearing an overall bias

excitement let's call it for liquid opportunities i want to unpick

what you said though about the opportunity cost um you know

and you come at this from a long career in consulting

institutions consulting about hedge funds can you talk about how you look at this trade-off

if someone's going to lock up capital for 10 years what do they need to deliver yeah um you know

if i back up a little bit for prior to getting

into crypto full-time in 2023 i was a consultant on behalf of some of the largest big public pension plans

and enfs in the country and how it would work would be

on on the institutional side at the beginning of the year the institution would come up with its asset allocation

and then have their team along with my team on the

consulting side try to populate the very best hedge funds that the into the 10% bucket.

We never thought about the rest of the 90% of the portfolio.

And arguably in institutional investments, you could populate a VC fund here, a liquid fund here, a market neutral fund here, and have the very best.

You're not necessarily thinking about the opportunity cost of that in any other bucket, because that's the way institutions work.

On behalf of a family office now, it's almost the exact opposite.

Where I was trying to not lose money.

Now I'm truly trying to make money.

So I think a lot about this opportunity cost.

And in digital assets, of course, Bitcoin is our king assets.

It's two-thirds of the liquid market cap right now.

And I think if I threw a dart in this room and asked any single person, what is their view on Bitcoin over the next decade?

Most of them will come back with something like Bitcoin will probably be up three to five, even 10x.

If we call that 5x, with the most liquid asset in the world,

in ETF wrapper with the largest asset manager in the world that's only charging you 25 basis points,

then the opportunity cost for a venture locking up your money has to be a lot higher than 5x.

And remember that in equity VC over the last decade, over the last many decades, getting 3 to 5x is top quartile, if not top decile.

So I think the opportunity cost is very high, which is why I focused on seed and pre-seed when I'm investing in venture crypto.

And do those VC managers seem to understand the bogey that they're being held to when they're pitching you?

I think so.

I think in the institutional world, we could put them into a venture bucket simply because we have to populate the venture bucket.

I think when I'm thinking more opportunistically from a family office's perspective, we are really trying to maximize risk and return.

And right now I'm seeing that on the liquid side.

I just want to ask a question.

Yeah.

So when you're thinking about the investor sentiment and your clients, what you said about Bitcoin,

obviously, I agree with, but Bitcoin is market price and it's quite volatile.

The VC stuff you sort of locked up and people have a five or 10 year perspective on it.

Is that better from a psychological perspective?

Meaning I've been in situations, you know, we look like a genius in 2021.

We look like dunces in 2022 and clients are upset

and they want to liquidate because they can see the price every day.

100

So I'm just wondering, is the VC stuff more psychologically palatable from a client perspective?

101

I think it is if you think it is.

102

Right?

103

It's not like those prices aren't going down because you've been locked up for 10 years.

104

Right?

105

And this is exactly why crypto is called liquid VC, because we're actually seeing these small cap tokens, which would never have made it into IPOs, into equities, you know, actually trading.

106

So I think that's the brilliance of VC, is that it protects the investor from themselves.

107

It's almost like a shield in a weird way.

108

It's a shield.

109

Yeah.

110

But this is the reason why we had that crypto VC bubble in 21 and 22,

111

because some consultants pushed U.S institutions into the VC model to protect them.

112

But the reality is that, you know, we're talking about sophisticated institutional investors.

113

They're big boys, and they should manage their exposure accordingly.

114

And I think that VC should give you, on a look-through basis, a different exposure fundamentally.

115

If you want to be exposed to companies that service the space, you can only do it under a VC format.

116

Of course, if you need to invest in a decentralized network in a private run, you have to do so for liquidity reasons as well.

117

But the liquid venture side of things on the liquid side is really attractive

118

and beneficial to institutional investors because they can choose their DPI.

119

And I can give you an example of that.

120

Please do.

121

So we have, you know, pension funds in Switzerland have been very,

122

you know, we started, we got our first pension fund in 2019.

123

They actually doubled down in April 1st, 2020, believe it or not.

124

and we're getting number nine this month, which is very telling.

125

So the institutions are here.

126

Yeah, so we're talking about Swiss pension funds.

127

They're smaller than the U.S ones.

128

Let's be clear, it's a smaller country, a smaller pool of capital, but they're still quite important.

129

And most of those pension funds came in during the bear market, which is very, very interesting.

130

This is the value of pension funds.

131

They're very rational, they're contrarian, and they don't FOMO into an investment.

132

Now, a Swiss pension fund puts such an exposure in the alternative bucket, but that alternative bucket is capped at 15%.

133

If they go above that 15%, they need to go and speak to the regulator.

134

Now, that alternative bucket is formed of private strategies in TradFi because that's where the alpha was, infra, PE, VC, et cetera.

135

So when you offer them something that is liquid that has the potential of alpha, They'll take it because with the volatility of crypto,

136

once you go above that 15 and that position becomes a heavy contributor from a volatility perspective in your portfolio, you can choose to your DPI.

137

You get out accordingly.

138

And that's the feature that is very attractive for sophisticated institutional investors not to be essentially ignored, I would say.

139

Yeah.

140

So they can use it as a portfolio construction tool as well.

141

And Anthony, Chris referenced, now you have an ETF.

142

You have it from the largest asset manager in the world at low fees.

143

How has that changed your expectations of the active managers that you're evaluating and allocating to?

144

I would say a lot because this is my 36th year on Wall Street.

145

And what I tell people, Wall Street does a lot of things, but there's nothing that Wall Street does better than selling things.

146

And so you've got legions of people,

147

financial consultants, financial advisors, wholesalers at places like BlackRock or Fidelity that are putting together these very extensive PowerPoint presentations.

148

And they're reaching people at all different types of scale.

149

You know, the state of Wisconsin, several hundred million dollars now into Bitcoin.

150

Mubatala, I guess a half a billion dollars at current prices into Bitcoin.

151

And so what's starting to happen is the floodgate for institutional investing is opening.

152

And now that it's become more regulatory acceptable in the US, I think you're going to see more of that.

153

And there's a high likelihood now that there will be other coin ETFs.

154

Yes, there's an Ethereum ETF, but there will likely be a Solana ETF.

155

ETF.

156

I mean, I can't guess it when, but let's call it maybe, you know, by the second quarter, possibly third quarter of this year, you'll have a Solana ETF.

157

And there will be people out there selling that as well.

158

So I think this creates a tremendous amount of demand, particularly in Bitcoin's case, there's a fixed supply of Bitcoin,

159

which leads me to worry about the market dominance issue.

160

Because if we're all buying venture coins, or we're buying new coins, how do they set up against Bitcoin?

161

It's a very hard comparison if you've got that type of money coming into something that has a fixed supply like Bitcoin.

162

And we've certainly seen this dynamic of passive versus active managers in the hedge fund space, rate and or just broad trade by asset management.

163

And you have sort of a barbell of the ETFs on

164

one side continuing to grow as well as the alternative asset managers,

165

smaller scale, but higher emergence and it's really that middle long only mutual fund space that's gotten heavily, heavily squeezed.

166

Do you think that's going to change the type of managers?

167

Is it already impacting the type of managers you're seeing, Ray?

168

Yeah, so most managers out there on the crypto side are not good enough, to be fair.

169

I mean, quality is extremely scarce and most of them are gonna underperform any most passive vehicles out there.

170

Now, if we compare them to Bitcoin, yeah, probably 98%, 99% will underperform.

171

If you start coming up with baskets of other coins, well, the quality collapses very quickly.

172

So they've got a chance then to maybe outperform.

173

But I wanna say that Alpha, active management, allocating to active managers in crypto is extremely hard,

174

but once you have access to the very few, which are gonna be capacity constrained at some point,

175

I think you need to stick with them.

176

So I'm not sure, it would be very difficult to compare to traditional markets,

177

specifically if your benchmark is Bitcoin only versus the entire pallets of ETF products.

178

And you're still seeing capacity on the liquid side more so than on the VC side for the top tier managers?

179

It depends on the strategy itself.

180

There are like, there's a manager in this room I think runs $30 million is capacity constraints.

181

Everyone wants to invest in them.

182

We're their largest investors, we're very happy about that.

183

But you've got the best liquid fund out there that has capacity and no one, and the flows are not aggressive enough to capture that capacity.

184

And I would say that if, whenever those guys launch a VC fund, they'll probably be oversubscribed where there's less capacity, so sorry.

185

I'm just going to ask you, is the easy part over?

186

Or are we entering the easy part?

187

I think it's getting harder and harder over time.

188

Getting harder.

189

And then, Chris, you also mentioned you have this bucket for market neutral.

190

And I know you've also done some work about market neutral funds denominated in Bitcoin.

191

So can you talk a little bit about the role of, you know, why an allocator would go for a pure alpha play in a growth market like crypto?

192

Sure.

193

So I've reviewed at least 100 different market neutral funds in crypto.

194

And I would say about a third of them are doing in-kind subscriptions.

195

So you can invest in Bitcoin or maybe ETH or maybe some other tokens.

196

Largely, they're still doing U.S dollar type returns.

197

And as I'm always kind of bringing this back to the opportunity cost of capital, If my view is that Bitcoin will be up 5x in a decade,

198

that's roughly a 16, 17% return.

199

That's roughly what managers are doing in US dollar returns in crypto market neutral land.

200

So I think the tradeoff just holding Bitcoin versus locking up your money for a quarter, you know, not nearly as bad as venture,

201

but still getting the same type of returns is a challenge.

202

So one of the angles I've taken is to do it in kind.

203

So I'm able to get the beta plus the alpha.

204

I believe in Bitcoin.

205

I believe that it's gonna be 5X in a decade.

206

But then I'm able to compound 15%, even 20% Bitcoin on Bitcoin.

207

And perhaps the easiest example, if Bitcoin is at 100K and it's at 500K in a decade, if we can make 20%,

208

compound it over to double your Bitcoin over that decade, you're able to go from $100,000 US dollar investment to two Bitcoin,

209

which are now worth a million, right?

210

You're getting a 10X return because you're compounding beta plus alpha.

211

And it's interesting, because this is a very similar conversation that's playing out in traditional finance as well, under the moniker of Gurtable Alpha, which is not new.

212

It's been around for decades, but it's going through a bit of a resurgence period because of the same sort of challenge where you have hedge funds,

213

which have a track record of durable alpha, but you also have an S&P 500 that's up 10% for the last 15 years.

214

And it's hard to not get that beta exposure.

215

And you've seen this resurgence of folks structuring either their portfolios or products to take advantage of that.

216

Anthony?

217

So I think what Chris is, I mean, both these guys are brilliant, but I think what Chris is saying is very compelling, but I just want to provoke you a little and get your reaction.

218

So I look at it and say, you're probably right.

219

It could be 5x, it may be 10x.

220

But I also look at the state of the world and more money.

221

Let me ask you the question.

222

Is more money going to be printed over the next 10 years by central banks or less money?

223

More.

224

OK.

225

OK.

226

And Elon's talking about magic money.

227

Everybody see that today?

228

I was like, OK, we got 14 computers that are just printing the money.

229

I want to own one of those computers personally.

230

And so I'm just wondering if taking the directional bet and shutting off your computer or turning off your data management

231

so you can't see the prices is the best idea as opposed to, you know, overworking the transactions to make it market neutral.

232

What's your reaction to that?

233

You mean just keep it simple?

234

Just keep it simple and I own Bitcoin Solana

235

and maybe a few other tokens and I'm going to shut the computer off

236

and go to Bali and surf and I'll see you in 2035.

237

I think that's a fair argument.

238

I'll be a hundred years old in 2035 but that's fine but I'm just wondering about you.

239

This is almost your point about Wall Street selling products right like that is almost a great

240

argument for setting it and forgetting it for any type of asset allocation, whether it be 60-40, whether it be 5% to crypto,

241

whether it be just Bitcoin or the majors.

242

I don't disagree with that.

243

But the compounding effect of being able to make double-digit returns on top of Bitcoin can really get you there.

244

If you believe in this asset class, you believe in the inefficiencies of the market right now, which are vast, spreads are really wide,

245

you can truly compound your Bitcoin over the next decade.

246

You make a compelling argument.

247

I'm just wondering because, and I'll just share this with everybody, in my 36 years of doing this,

248

the mistakes I have made are generally related to doing too much.

249

Selling things too early, buying new things as opposed to old things, thinking that I have to earn the fee every day,

250

and so I'm in the marketplace trying to do things, which creates friction in the account and costs where maybe Buffett's right

251

and we just sit on some great assets

252

and not do too much maybe maybe the maybe the cell is you're paying me not to do much

253

and to be fair there's no free lunch right so

254

if you're applying those strategies you're gonna run an extra layer

255

of risk whether it's counterparty risk small contract risk etc that's why you're getting paid

256

so I I fully agree with Anthony in that I think investors, or the way we educate our investors,

257

and that came from Tushar from Multicoin, so I want to attribute it to him.

258

He presented it very eloquently during our summit last year where he said, listen, it's very simple, keeping it really simple.

259

You've got crypto money, you've got crypto tech.

260

Crypto money is Bitcoin.

261

Ideally, you have it in self-custody.

262

If not, you own the ETF, it's all good.

263

Crypto tech is fundamentally a very different exposure.

264

And there you can, you know, you express it through some of the best liquid managers out there,

265

ideally fundamentally driven strategies and VC.

266

And this is how we educate our investors and tell them, advise them to, you know, express their exposure to crypto.

267

Yeah, and I think Meltem did a great job setting us up for

268

that this morning and kind of reminding us why we're all here and what we're doing.

269

But you bring a, you highlighted the ability that Tushar has to sell crypto, right, to tell this story.

270

Anthony, you talk to lots of people all around the world in different forms.

271

What are the arguments that you find resonate most at this point in time?

272

Well, I mean, I think it's a regulatory argument.

273

Ultimately, I think people, you were talking to people three years ago, particularly people of my vintage that have been around the industry,

274

they were very hesitant and they would always point to US regulation and the SEC.

275

And, you know, you're going to be hamstrung forever.

276

And you have all this great difficulty.

277

And just say, I mean, just think about what Gensler actually did with the Bitcoin ETF you have cash you then buy the ETF and then

278

if you want to come out of the ETF you've got to take cash you couldn't get delivered the Bitcoin

279

and so we're fixing that now

280

because we have more we have smarter people now involved with the regulation

281

but but all of that stuff was a big headwind and

282

so when I'm out speaking or I'm in the Middle East

283

or I'm in parts of Asia or even Europe is a little bit more hesitant if I'm just being brutally honest.

284

That's been my experience.

285

But I'm in places where there's a little bit more of a gambling instinct.

286

The sell now is that you have a ceiling that's basically unlimited.

287

As the Navy says, it's cavu ceiling and visibility unlimited, and you have that now.

288

And so therefore, you can move people off of zero.

289

You can get somebody into one of Chris

290

or Ray's strategies a lot more easily today than you could three or four years ago.

291

Yeah, and, you know, EMA, each year we've been surveying traditional hedge funds about crypto and their exposure, and we've seen it tick up year over year.

292

But not surprisingly, the biggest obstacle has always been regulatory.

293

And while it's not fixed yet, there's a visibility and a path, and we're seeing folks get themselves in order to participate in the spot market

294

that they've been active certainly in the futures and the ETF, but you're going to see that unlock as there's a path forward.

295

So Chris, what about you?

296

I mean, again, you've had to counsel these very traditional pension funds over the years on quantitative hedge funds.

297

So not the most straightforward asset class either.

298

Are you seeing a shift in investor sentiment? For sure. For sure.

299

The shift is happening.

300

I think a few years ago it was still considered, you know, non-standard.

301

Now I think it's quite standard to be, there's everyone has a dog or they have a crypto advocate within the group.

302

People are reviewing this.

303

A lot of the multi-strat hedge funds are trading it in really small size.

304

All of the futures managers have been trading it since it arrived on the CME.

305

So everyone on a look through basis has a little bit of exposure.

306

I think what resonates the most still is that beta plus alpha story.

307

And I think what also resonates well is to consider it within the venture bucket, even if it's liquid, in the sense that we know this type of asymmetry.

308

And that's one of the best parts about crypto from a portfolio construction perspective is the asymmetry you get.

309

You know, I've run a few numbers.

310

In the traditional world, we would talk about CTAs and even gold as having positive skew.

311

And this is why they should be a part of your core portfolio.

312

But when you run the numbers of Bitcoin or Ethereum or Solana or any altcoin index, the skew is significantly more than even CTAs.

313

So it just means that you get that asymmetry.

314

And when you add in the asymmetry of this secular trend of everything being disintermediated,

315

everything potentially going on the blockchain and the low-hanging fruit of alpha, I think that story really resonates to institutions.

316

And Ray, you mentioned you've had the success with the Swiss pensions, and they are smaller than their U.S counterparts, but that's still significant.

317

And beyond the portfolio construction benefits that they can use with Liquid VC, what are the arguments that are resonating with them and getting them comfortable in crypto?

318

Yeah, funny enough, most of the discussions over the last six years, they were always more comfortable with crypto tech versus crypto money.

319

They never really liked Bitcoin or most of them didn't like Bitcoin

320

and preferred to have exposure to To that crypto tech element from a fundamental perspective

321

Now Anthony said something that is really true, which is the regulatory trigger is what got number nine Which is a very difficult one to get?

322

You know through the finish line coming in this month the first meeting we had with them was six years ago.

323

And there's obviously within those six years, you had boom, bust, you have a lot of data.

324

They saw that, okay, you did say that crypto tech, liquid venture is extremely volatile.

325

There's the benefit of liquidity, but you know what?

326

You've survived 2022, which is a good thing.

327

Good point.

328

And so long-term, I think the regulatory, So the fundamental exposure to crypto tech,

329

the positive asymmetry that can transform the portfolio.

330

So they typically start with 75 base points of 1%.

331

And that means that can have an impact in the end of portfolio.

332

And finally, short to medium term, the recent price action is what,

333

you know, gives them the courage to start stepping in in steps.

334

When you, Ray, when you get the resistance on Bitcoin, which happens to me all the time in Europe.

335

What is your counter?

336

I mean, they've been wrong, obviously, so what's your counter narrative?

337

What do you say to them?

338

So the counter is, I mean, for me, it's a bit of a personal story.

339

I grew up in Beirut and Lebanon, and everyone knows that as a Lebanese, you're trained not to trust anyone,

340

no institution, no government, et cetera.

341

Everyone knows that, you know, Lebanon went through a major financial crisis.

342

You know, if you had $100,000 in the bank, it's probably worth 15 cents on the dollar today.

343

And you can't take it out, right?

344

So, you know, this is a personal angle that I use that,

345

you know, this is what got me personally involved in crypto in the first place.

346

But the reality is that we don't focus on Bitcoin itself.

347

We focus on the crypto tech angle because that's what we do from an active management perspective.

348

So none of our product ever gave them Bitcoin exposure.

349

So we were very adamant of this from the start.

350

So the only way in the early days where you could provide an active layer over Bitcoin is either yield on top,

351

as Chris mentioned, which we're not big fans of.

352

or actively trading crypto, which we don't believe works either.

353

So I agree with you on that point.

354

So this is why we've always focused on the crypto tech side of things and essentially ignored Bitcoin and separated them.

355

And I think fundamentally they need to be separated.

356

Okay, so down to last 20 seconds.

357

You all receive the benefit of talking to the best investors, some of the worst, but you find the best investors in the world in crypto.

358

One idea that you're excited about now, starting with Chris.

359

Beta plus alpha.

360

Beta plus alpha, right?

361

You know, I think it has to do with price action in the near future.

362

You know, anything, you need to embrace volatility and excited if there's deep corrections.

363

Volatility, Anthony, last word.

364

I was going to say, we spent 30 minutes talking about a lot of great strategies, but ultimately if Bitcoin's gonna go 5X over the next 10 years,

365

I'm gonna stick with Bitcoin.

366

Stick with Bitcoin.

367

Great way to end.

368

Thank you all.

369

Join me in thanking Anthony, Ray, and Chris.

370

Thank you, guys.

App herunterladen

Alles, was du zum fließenden Sprechen brauchst

KI-AussprachebewertungJeder Satz bewertet

IPA-TrainingJeden Laut meistern

WortschatzBaue deinen Wortschatz auf

VokabelspielSpielend lernen

QR scannen

Download on theApp Store Get it onGoogle Play

FOR YOU

Empfohlenes Video

235 Sätze

Analyzing Statements of Cash Flows 1 (2025 CFA® Level I Exam – FSA – Learning Module 4)

Business EnglishUniversity StudentsWorking Adults

247 Sätze

지금부터가 진짜 시작? 비트마인 톰 리가 코인 추가 상승을 전망하는 이유

Business EnglishWorking Adults

117 Sätze

ICT Emini S&P 500 Review / January 03, 2023

Business EnglishWorking Adults

764 Sätze

The Youngest Self-Made Female Billionaire Behind Kalshi

Business EnglishUniversity StudentsWorking Adults

629 Sätze

Dimensional Founder David Booth | Investing, Market Uncertainty & True Wealth

Business EnglishWorking Adults

39 Sätze

Carta: The ERP for Private Capital

Business EnglishWorking Adults

315 Sätze

2022-07-25 Analytics Section Meeting

Business EnglishWorking Adults

232 Sätze

STRATA MANAGEMENT WITH ASSOCIA BRITISH COLUMBIA

Business EnglishWorking Adults

207 Sätze

Asking the TOP 5 Prop Firm Traders How to PASS

Business EnglishWorking Adults

Wortschatz und Sprechhinweise zu dieser Lektion

Diese Sprechübung basiert auf dem Video „The Allocator's Perspective on Digital Assets“. Diese Wörter kommen am häufigsten vor: bitcoin, crypto, fund, liquid. Dieses Video enthält 370 Sätze und 4911 Wörter zum Nachsprechen. Der gesprochene Teil dauert 30:29. Der Sprecher spricht in natürlichem Tempo, etwa 161 Wörter pro Minute, ähnlich wie im Alltagsgespräch. Nur 81 % der Wörter gehören zu den 3.000 häufigsten im Englischen, der Wortschatz ist also anspruchsvoll.

Wichtiger Wortschatz in diesem Video

15 lernenswerte Wörter aus dem Video, mit Aussprache und Bedeutung:

Wort	Aussprache	Bedeutung
bitcoin Substantiv	/ˈbɪtˌkɔɪn/	Bitcoin
liquid Substantiv	/ˈlɪk.wɪd/	Flüssigkeit
alpha Substantiv	/ˈæl.fə/	Alpha
venture Verb	/ˈvɛn.t͡ʃɚ/	wagen
investor Substantiv	/ɪnˈvɛs.tə(ɹ)/	Anleger, Anlegerin
exposure Substantiv	/ɪkˈspəʊ.ʒə(ɹ)/	Kontakt, Einwirkung
bucket Substantiv	/ˈbʌkɪt/	Eimer, Kübel
asset Substantiv	/ˈæsɛt/	Vermögenswert, Anlage
pension Substantiv	/ˈpɛnʃən/	Pension, Rente
invest Verb	/ɪnˈvɛst/	investieren
portfolio Substantiv	/pɔːtˈfəʊ.liˌəʊ/	Mappe, Portefeuille
neutral Adjektiv	/ˈnuː.tɹəl/	neutral
institutional Adjektiv	/ˌɪn.stɪˈtju.ʃə.nəl/	institutionell
token Substantiv	/ˈtoʊkən/	Zeichen, Symbol
hedge Substantiv	/ˈhɛd͡ʒ/	Hecke

Phrasal Verbs, die du hören wirst

Wort	Aussprache	Bedeutung
lock up Verb	/ˌlɒk ˈʌp/	einschließen, einsperren
come up with Verb		ausdenken
get out Verb		aussteigen
go down Verb		absteigen, hinabsteigen
pick up Verb		aufheben, aufnehmen
put together Verb		zusammenfügen
turn off Verb		ausschalten, abschalten

Sätze zum Wiederholen

Kurze, vollständige Sätze aus dem Video, die du im Alltag wiederverwenden kannst:

Are we looking more at liquid tokens?
Anthony, you wanna go first?
Do you think that's going to change the type of managers?
What's your reaction to that?
There's the benefit of liquidity, but you know what?

Grammatik in diesem Video

Die Strukturen, die der Sprecher am häufigsten verwendet, mit den genauen Worten aus dem Video:

Struktur	Im Video
Present Perfect Continuous have/has been + -ing – eine Handlung, die früher begann und noch andauert	we've been surveying · have been trading
Present Perfect have/has + Partizip Perfekt – eine vergangene Handlung, die jetzt noch wichtig ist	has been · we've done · have had
Passiv be + Partizip Perfekt – wichtig ist, was geschieht, nicht wer es tut	be joined · is probably conditioned · was created
Relativsätze who / which + Satz – eine Zusatzinformation über eine Person oder Sache	side, which is · high, which is · month, which is

Aussprache, auf die du achten solltest

Der Sprecher verwendet 122 Kurzformen und abgeschwächte Formen, zum Beispiel I'm, you're, we're. Sprich sie in der kurzen Form, so wie du sie hörst.

Die Laute „sh“ und „zh“: exposure /ɪkˈspəʊ.ʒə(ɹ)/, pension /ˈpɛnʃən/, institutional /ˌɪn.stɪˈtju.ʃə.nəl/, essentially /ɪˈsɛnʃəli/, institution /ˌɪn.stɪˈtʃuː.ʃən/
Lange Wörter – auf die Betonung achten: portfolio /pɔːtˈfəʊ.liˌəʊ/, institutional /ˌɪn.stɪˈtju.ʃə.nəl/, regulatory /ˈɹɛɡ.jʊ.lə.t(ɔː.)ɹi/, essentially /ɪˈsɛnʃəli/, institution /ˌɪn.stɪˈtʃuː.ʃən/

Laute, die Deutschsprachigen schwerfallen:

/w/ — mit runden Lippen, nicht wie das deutsche „w“ (/v/): liquid /ˈlɪk.wɪd/, equity /ˈɛk.wɪ.ti/, distinguish /dɪˈstɪŋ.ɡwɪʃ/, straightforward /ˌstɹeɪtˈfɔː(ɹ)wə(ɹ)d/, quantitative /ˈkwɑn.təˌteɪ.tɪv/
Stimmhafter Auslaut — /b/, /d/, /g/, /z/, /v/ am Wortende nicht verhärten: liquid /ˈlɪk.wɪd/, hedge /ˈhɛd͡ʒ/, compound /ˈkɑmpaʊnd/, passive /ˈpæs.ɪv/, shield /ˈʃild/
/æ/ — offener als „ä“: alpha /ˈæl.fə/, asset /ˈæsɛt/, behalf /bɪˈhæf/, angle /ˈæŋ.ɡəl/, passive /ˈpæs.ɪv/

So übst du mit diesem Video

Höre dir das ganze Video einmal an, ohne zu sprechen, und notiere die Wörter, die du nicht kennst.
Beginne mit 0,75-facher Geschwindigkeit, sprich Satz für Satz nach und wechsle zur normalen Geschwindigkeit, sobald es leichtfällt.
Nimm dich auf und vergleiche mit dem Original; achte dabei auf Wörter wie bitcoin, liquid, alpha.

Was ist die Shadowing-Technik?

Shadowing ist eine wissenschaftlich fundierte Sprachlerntechnik, die ursprünglich für die professionelle Dolmetscherausbildung entwickelt und durch den Polyglotten Dr. Alexander Arguelles populär gemacht wurde. Die Methode ist einfach aber wirkungsvoll: Du hörst englisches Audio von Muttersprachlern und wiederholst es sofort laut — wie ein Schatten, der dem Sprecher mit nur 1–2 Sekunden Verzögerung folgt. Anders als passives Hören oder Grammatikübungen zwingt Shadowing dein Gehirn und deine Mundmuskulatur, gleichzeitig echte Sprachmuster zu verarbeiten und zu reproduzieren. Studien zeigen, dass es Aussprachegenauigkeit, Intonation, Rhythmus, verbundene Sprache, Hörverständnis und Sprechflüssigkeit signifikant verbessert — was es zu einer der effektivsten Methoden für die IELTS Speaking-Vorbereitung und reale englische Kommunikation macht.

Shadowing-Technik: die vollständige Schritt-für-Schritt-Anleitung lesen →

Shadowing-Übung: The Allocator's Perspective on Digital Assets | DAS 2025 | Day 1 | Main Stage - Englisch Sprechen Lernen mit Video

Übungsmodus wählen

App herunterladen

Watch CNBC's full interview with Mubadala's CEO Khaldoon Al Mubarak

How to Stand Out in a Saturated Market (Brand Playbook)

Novanta CIO Sarah Betadam on managing risk around AI

Analyzing Statements of Cash Flows 1 (2025 CFA® Level I Exam – FSA – Learning Module 4)

지금부터가 진짜 시작? 비트마인 톰 리가 코인 추가 상승을 전망하는 이유

ICT Emini S&P 500 Review / January 03, 2023

The Youngest Self-Made Female Billionaire Behind Kalshi

Dimensional Founder David Booth | Investing, Market Uncertainty & True Wealth

Carta: The ERP for Private Capital

2022-07-25 Analytics Section Meeting

STRATA MANAGEMENT WITH ASSOCIA BRITISH COLUMBIA

Asking the TOP 5 Prop Firm Traders How to PASS

Wortschatz und Sprechhinweise zu dieser Lektion

Wichtiger Wortschatz in diesem Video

Phrasal Verbs, die du hören wirst

Sätze zum Wiederholen

Grammatik in diesem Video

Aussprache, auf die du achten solltest

So übst du mit diesem Video

Was ist die Shadowing-Technik?