ReSolve Riffs on A Dream Within A Dream: Special situation investing in crypto and beyond
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.
Following our first conversation with David Fauchier (Portfolio Manager at Nickel Digital Asset Management), he insisted that we had to speak with Thomas Braziel, Founder and CIO of 507 Capital, who he claimed was one of the most interesting and independently-minded investors he had met in the digital asset space. With David as co-host, our awesome conversation with Thomas covered topics such as:
- Why almost all his stories begin with a bankruptcy
- Opportunities that don’t scale tend to offer the juiciest returns
- The reason some of these trades work is precisely because they are not scalable
- His perspective on the Mt. Gox debacle and why he has been buying claims on it for years
- Claims investing – why many distressed assets fly under the radar of most allocators
- His unique investment style – if Soros and Buffet had an ‘investment love child’
- Different models for claims investing – from complex factoring to ‘loon shot buccaneering’
- Getting along with all the players in the space can be a form of alpha
We went deep into the inner workings of the space, including how different countries treat personal liabilities in bankruptcies, the contrasts between English Common Law and the US legal system, and what it means to go ‘forum shopping’. Yet another highly entertaining and educational episode and we hope you enjoy it.
Thank you for watching and listening. See you next week.
Founder / CIO
Thomas is a co-founder and partner at 507 Capital. He has extensive distressed investing experience, having founded and run a distressed investing fund for 7 years prior to founding 507 Capital. He holds a M.S. in Applied Math from Columbia University, a B.S./B.A. from New York University in Math and Economics. Oh, and his parents are bankruptcy attorneys, so he grew up hanging out at 341 meetings.
Nickel Digital Asset Management
An allocator with eight years’ experience in the digital asset space. Prior to joining Nickel, David was CIO of Cambrial Capital, a London-based fund of funds specialised in sourcing and selecting market neutral managers in the digital asset space.
David sits on the Advisory Board of Global Digital Finance, an industry membership body engaging policy makers and regulators to advocate industry best practice in cryptoassets and holds an MA (1st Class Hons) in History from the University of Edinburgh.
*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.