Fiscal Dominance Is Breaking The 60/40 Portfolio | Matt Hougan & Bob Haber
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Nothing said on Ford Guidance is a recommendation to buy or sell any investments or products. Alright, everybody. Welcome back to another episode of Ford Guidance, And I'm very excited today to be joined by two veterans of the asset management space and who have come together. Of course, Matt Hogan, who's been on the show many times before, CIO at Bitwise, and also excited to be joined today by Bob Haber, who's the founder partner and CIO at Proficio, who have been joining together on a debasement ETF that they partnered up on this year. And it just felt like a really timely moment because, of
Yeah, absolutely. It's great to be back, Felix. I'm really excited to be on here with Bob. Of course, Matt Hogan, CIO of Bitwise. You know, Bitwise is a global crypto asset manager. We manage a wide variety of ETFs. And because we were early in this space, we've been focused on sort of the concept of debasement and protecting yourself from debasement since our inception. Obviously, in Cryptoland, the primary way you do that is through Bitcoin, but it's not the only way you can do that. Gold has been providing that hedge for a long time. Other metals and other assets have been providing those s
Matt, thank you. Thank you for that. And Felix, thank you for the invite on the show. Yeah, very brief, history of Proficio. We're about 12 years old. We're multi family in office. Started with two families, my family and my partner, Matt Lask's family. And we've grown to multi family and have somewhere in the range of about $7,000,000,000 under management. Thing that we do differently, I think two things we do differently. We're an asset allocation shop first and foremost, although we do pick lots of securities. It's based on my long career of running and starting balance funds and asset allo
Amazing. I So let's get into the brunt of things that you hinted at there, which is just this idea of portfolio diversification. Of course, the the standard gold standard for so long has been this this sixty forty portfolio of, you know, 60% equities, 40% bonds. And in light of whether you wanna talk about the the fiscal outlook, the debt outlook of of global markets, global economies, a lot of folks have started to think about what that diversification looks like. And it's really emerged around this idea of debasement, which, you know, the term really got a lot of excitement over the last yea
Yeah. Sure. Absolutely. I mean, Bob would be the true expert here, but it's the degradation of the underlying unit of account, the value of the dollar. If you look at the dollar since I was born, think it's lost 90 plus percent of its value. I'm not that old. That's an incredible, and we think that's incredible stat, and we think that's only accelerating. The classic way of evaluating it is measuring that dollar value, not against other dollar denominated assets, but against hard assets such as gold, and we would argue, such as Bitcoin, which I think gets to the core point you were mentioning,
Bob, anything you want to add there in terms of how you measure and define debasement?
Yeah. We have a debasement checklist. I I would just say to to viewers, debasement is is literally it is a quick American history lesson in five seconds. You know, we started off undebastable because for the first hundred and fifty years, we had coins of gold and silver, mostly gold, as money and defined that's defined actually by the founders. About a hundred years ago, we created the Fed, and that started slowly but surely debasement. And as Matt mentioned, since that day, the value of the quote unquote dol
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