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Morgen Rochard

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2022-04-27
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2022-04-27
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  1. “Think of us as close minded, right? Because we have shunned other aspects of cryptocurrencies, right? But I actually like to think of it as Bitcoiners being open-minded and everybody else being sort of closed-minded. They've made up their mind about the fact that, you know, this specific coin is going to change XYZ thing in the world for whatever reason that somebody very interesting to them on a podcast said without really thinking about the implications of why maybe you wouldn't need a blockchain or why that's maybe just a software project or why nobody would really even want that anyways. It's just somebody who looked at Bitcoin and decided that they wanted some random thing to be a part of Bitcoin. So they decided to start a whole new project. There's a lot of that. And so I think it depends on who you're speaking to, right? Some people are going to be open-minded when you have those conversations and they're going to hear what a Bitcoin financial advisor has to say. And some people will be closed-minded. And I believe that your job as a financial advisor is not to open the minds of the closed-minded. It's just to be repetitive enough.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “Yeah. And so the questions are across the spectrum, right? For the people who are on the far right, they've got really hypertechnical questions about their Bitcoin and how they're going to do things with their Bitcoin and, you know, how can I lend against it? And why do I need to do that versus selling or whatever? You know, they've got really hyper technical financial planning questions. And on the left side of it, you're answering questions like, won't quantum computing make this obsolete? Won't the government ban it? Won't, you know, I mean, you name every FUD type thing, right? They've come up with it. They've read it in some sort of article. Isn't it only used for drugs? How can people use it if the internet goes out, that kind of stuff, you know? And then for the people in the middle, it either depends if they've got an open or closed mind, which I think when people think of Bitcoin,”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Yeah, that's a great question. So I think it depends on the client for sure. We have, I'll just give a backdrop on my client base and then which I'm sure can really be a proxy for most people's client base. There's going to always be a very small percentage of people who are either extremely interested in technology or extremely interested in Austrian economics. When you do a bell curve, right, they're like on the far right and there's not very many of them. Then there's the middle, right, of people who are like, oh, I've heard that. Yeah, let's talk about it. And then there's the people on the far left, right, who are they the opposite, right? They're like either they're anti-technology or they can't wrap their head around it or they're MMT type people or they just for whatever reason they can't seem to grasp that something that was created out of the mirror could have value for one reason or another.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “Didn't get to this point overnight. There were periods in time that for certainly accelerated it, but now we're probably on some sort of slow decline. And there will be a point at which it's not slow anymore because the end is never slow.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “The first coinage that ever came out was the Lydian coin. Nobody knows even who the Lydian Empire is now, right? You barely even learn about it in school. It's like if you didn't go to the Metropolitan Museum of Art and happened to stare at, you know, the like the pottery for hours, you wouldn't even know. So it's one of those things where it's like, and it's that over and over and over again, just in a different backdrop with a different catalyst, with a different ending every single time. So, I mean, I like to think about, you know, the quote Rome wasn't built in a day, but it also didn't fall in a day. And I really believe that that's where we are in this point of time, right?”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “I read other than the obvious. Are you an idiot? Well, it's just sort of, I would say to her, like, when does it end, right? Is this really something that you believe can go on forever? Or do you think that there's some point in time at which Right, the buck needs to stop because I think that she does actually believe that this can go on forever. But if she looks at any period of time in history, literally any period of time, right? It doesn't go on forever. And I mean, even going back to ancient times, right?”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Especially when you've already been doing that and you're on some sort of hamster wheel cycle about it. And that's really where our government is for sure. And because our government is there, the people who live there are here are there as well, right? Because they keep seeing us printing money in order to pay for things. So it's sort of like, of course, somebody's going to say, why would why does this missile matter, but my student debt doesn't matter? Why doesn't my home matter? But Ukraine matters, right? Like there's sort of, there's a disconnect within the population as to why the government is spending on what they're specifically spending on and where it should go, right, as a taxpayer. You think that, okay, I'm owed something as well.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Country has what they need. And so I think it's a combination of you start down a slippery slope and it's hard to pull it back. It's really hard for somebody who's a couple hundred thousand dollars in debt to all of a sudden say, okay, you know what? I'm not going to go out to dinner as much as I used to. And maybe I will sell some of my stuff. And maybe I will, you know, not get a dog and a pool and all the other things that I thought I was going to have.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “A way, yes, right? So to bring it back to personal finance, because that's what I know really well, right? Imagine you're a person who you took on a bunch of student loan debt and you also have credit card debt and it doesn't really mean anything to you after a while maybe the first 10k you sort of felt like oh this isn't really the right thing and then the next thing you know you end up 60 grand in debt and you're like okay well that's gonna be really hard to get out of doesn't really matter if i spend another extra hundred dollars that i don't have and you do that you know a hundred times and the next thing you know right you've got the 60k plus the hundred thousand dollars and then you know slow and then the interest is accumulating the next thing you know you don't know what to do about it and i think that our government is really there there hasn't really been any need to say no we don't we can't spend that money we need to balance our budget right there have been there are a lot of pundits out there like paul krugman comes to mind stephanie kelton who are saying this is actually the way right this is the way to make sure that everyone in our”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “And now my brain's like, that's totally stupid. I don't know why you want to get involved in that. But I think that there's sort of a mindset there of like there has been something brewing for a long time. And this actually was, I believe, something that we could have gotten out of had we taken a step back, let's say, in 2010 or 2011 when things started to settle and raining things in that we could have actually figured out a way to grow out of our debt, right? The way that everybody had talked about, we're going to muddle through and then we're going to grow out of our debt. Now we're at a point though where this is just what we do whenever we come up against some sort of crisis. And everyone could say what they want about the pandemic or whatever they want to call it. But right when it did hit, the first thing that we did was we printed money, we handed out free money. We've done everything we can to do that. And I think that that's not going to stop. And whether or not the crisis is brewing now or if it's brewing in the next crisis from now, if our only answer is to continually print money, then yeah, at some point nobody will want to hold US dollars.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “Like, that's kind of where my head was at. It was like, okay, there will come a day where there's massive inflation and the 30 year bond will be worthless, and therefore, I want to be long the inflation bond and short, the 30-year treasury.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “Yeah, so something that I talked about a long time ago, even before I knew about Bitcoin, was the idea that there would come a time when people didn't want to hold dollars anymore. And I didn't really know at the time what would really be the catalyst for that or how, but I did know that the more we print money, the more we don't take into account how much the government is spending and using the money printer as a way, as a means basically to give people quote unquote services that they may or may not need to provide things, let's say like aid to Ukraine off the cuff without actually going through normal channels to do so spending ridiculous amounts of money on missiles and other things that they do, right? Just no checks and balances in regards to the budget, right? In my head, I'm like, okay, this doesn't really make sense. And while like at the time in my kind of stupid trading head, I was like, okay, I want to be long, you know, tips, the inflation bonds, and I want to be short U.S. Treasury.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “Yeah, it's almost like you get so lost in the minutiae that you can't even see what's right in front of you. And 2008, I think, is a perfect example of that because you've got plenty of people who have CFAs out there and they literally can't see what's right in front of them, which is the macroeconomic backdrop in which that they're evaluating these mortgage-backed securities and these CDOs and everything else that went on out there. So I think that that's really the true problem with what the CFA is doing is because they take you so far into the weeds, you can't take a step back and actually evaluate a total picture”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “Derivative swaps, interest rate swaps, like all this stuff is just not relevant to most people's lives. And for the people who it is relevant for, it takes it to a place that's just not even”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Let's do it. Down here, so I find the main problem with the CFA curriculum is that it's not applicable at all to almost 99% of the population. So for like the 1% of people who want to be in the weeds doing minutiae financial portfolio management, yes, the CFA is great. If you take a bunch of McKinsey consultants and send them with their sharp ratios and all their little check boxes, or I guess it's not even the McKinsey people, it's the Cambridge Associates folks. And they check all their boxes about alternative assets and other things. Like that's who this is for. It's not for like the average person who is going to evaluate how they want to allocate their assets. And I use that term allocate loosely because that term allocation can go anywhere from index funds to Bitcoin to individual stocks to individual bonds. Most people are not going to, you know, do all sorts of duration calculations, bond evaluations during”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “Yeah, as long of a runway as possible. Financial planning, they need financial planning. They're asking me questions that I can't have answers to. That's not within the confines of the CFA curriculum here. So I ended up studying for the CFP at that point. And that's basically how my firm evolved. And then from there, it's just gotten more and more done the financial planning route to the point where now we offer something called life planning. And I have my registered life planning designation, which is basically where we take clients through a series of three meetings to help them really organize their thoughts on what they want to prioritize and how they can execute it in their financial life.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “So that's what I did. I got rid of my apartment. I broke my lease early. I moved in with my parents. I did basically everything I could to get like.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “And I had this big calendar on my wall, and I did that every single year for three years, and I got my CFA. So then I was like, okay, now I'm going to be a portfolio manager. But that's not what happened, right? What happened was that there were a lot of people who got CFAs, especially in New York, which was the market I was in. And nobody really wanted somebody who was doing wealth management to like it was really hard to switch from what, you know, the sell side back over to the buy side as they put it. Then I was like, well, I kind of like wealth management. I just don't really like where I'm doing it. And I know people are starting firms. Why shouldn't I just go out and start my own? At the time, like in my 28-year-old mind, that seemed like a really good idea. But I think now a little bit more risk reverse with kids and marriage and all the other things. Maybe I wouldn't have taken that leap at that time. But at that time in my life, it seemed like the right thing to do. And I had always been really good personally with my money. I had saved enough so I actually could make this off the cuff decision to go start a business.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “Yeah. So I had this whole thing in my mind. I was like, okay, I'm very type A if you haven't already noticed. And so in my mind, I was like, okay, Martin Luther King Days. And then I have to start and I'll put up my calendars and I'll do everything and I'll mark off every single day. And that's literally what I did. I went to work at 7 in the morning. I'll come home at 7 at night and I would study and I would check off my boxes.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “I ended up getting a job in wealth management at Merrill Lynch because that's who I was hiring in 2010. And that ended up being how my career ended up where I was. So I worked for this large private wealth team and I started learning about what private client was about. And I did still did a lot of trading because if anyone knows what goes on at these large wire houses, it's a lot of trading and not really so much long-term investing. you know, hearing about what the research desk wants to do and then calling your client and telling them to do it. And it's a lot of like mumbo jumbo garbage. From there I was like, wow, I really want to be a portfolio manager. So in order to do that, I need to have a CFA. Like if I don't have a CFA, then I'm nobody in this field. So I started studying for it.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “Options traders actually did very, very well. So while everybody else, you know, I was watching the world burn, options traders were making markets and were generally long volatility and we're having a good time. So that's where I got my feet wet and started learning. So I learned basically to be an equity options trader. And I did that for a couple of years. And then, you know, the trade flipped, right? So the VIX went to 90. But then after that, it just sort of, it came back down. But then it started to sort of creep down. And I don't know if anyone really remembers what went on in 2009. It was like the VIX went from 60 and then it went to like 45. And then from 45, it just sort of slowly creeped down from 45 to about, you know, where it is today, basically. So that's like the worst case scenario for options traders. Like it's like you've got like you're bleeding out money for your options. You're paying the time to kay every single day. The firm started to lose money and it seemed really obvious to me that I was not really somebody who they were excited to keep on. Like they were going to keep on like their veteran traders.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “And I got really lucky getting a job as an intern out of college on the floor of an equity options trading firm. We worked on the floor of the Amex and I got coffee for people. That was literally what I did. I was like a runner girl and I would get coffee and I would deliver messages. And this was back in 2008. And volatility was like through the roof back then. Yeah.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “And they had me changing bed sheets and doing a bunch of things, which if you're like one of these people like me growing up where you think like, oh, I can do a lot more than that. You have me changing bedsheets. And I just found it really disgusting. And then people were coughing. It was just like it was really not my environment. And I'm thinking to myself, like, I don't like coughing and I don't like like germs and the bedsheets and all these things. Like maybe this really isn't the right environment for me. And I started second guessing it and I had other members of my family who were in finance. So I started talking to other members of my family about what that potentially would look like.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “So that's a great question. So, I grew up actually always wanting to be a doctor, which is exactly why you would imagine I'd be in finance to this day. So it was literally like, I don't know, it wasn't maybe because I grew up as in a Jewish household, and that's just sort of a thing. You're a doctor or lawyer or something like that. But I mean, I don't remember my parents really forcing that down my throat. I remember always just saying, I wanted to be a doctor like my dad. And my dad's actually a dentist. So he was hoping that maybe one day I would realize he was a dentist, not a doctor and go down that path. But everything I did all through growing up and then in college was to become a doctor until I interned at this hospital.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  25. “And we were in the front row, and he started to get antsy. So I had him doodle on an app. It was like this glow in the dark app I was able to find where he could doodle, glow in the dark things. And so he did that. And every now and then he'd pick his head up and he'd look at his dad and he would go back to doing what he was doing. And I just found it so like sort of, it was just sort of sweet. I'm like, maybe he's getting some Bitcoin stuff through osmos But yeah, so I didn't get to attend a lot of the daytime stuff. I did attend a lot of the nighttime stuff, which was really nice because I got to talk to a lot of people and meet people who I've known online for a long time. So that was really great.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  26. “Yeah. So, which was honestly, it was such a joy to see my son's face about everything. Our son is four and our daughter's one. Our daughter obviously didn't partake at all. But our son, he went to the first day with all the vendors and everything and ran around. He played ski ball. Like he had a blast. And then the second day, he actually watched your panel with Pierre.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  27. “Yeah, I really enjoyed it. I think I had probably a different experience than most because we brought our kids with us. Oh, yeah.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  28. “I know that way too. Yeah, because you've been a household name for quite a while since I guess since Pierre was on your show a long time back.”

    2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT