My Worst Investment Ever Podcast
Business:Investing
BIO: Tania Reif is the Founder and CIO of Senda Digital Assets. Prior to her cryptocurrency focus, she built her investment pedigree at top macro hedge funds, including Soros Fund Management, Laurion Capital, Citadel, and Alphadyne Asset Management.
STORY: Around the end of 2017, Talia believed the dollar would stay strong and rally. Unfortunately, it tanked in January 2018. It only started rallying three or four months later, but by that time, Talia had taken her chips off the table and didn’t profit from her view that played out a few months later.
LEARNING: Reassess your investment model and make discretionary decisions to avoid getting into trouble. You can’t always be on top of everything in the financial world. Don’t fight the flow.
“You actually can be right and lose money. This mostly happens when you’re, funnily enough, too early to a trade.”Tania Reif
Guest profile
Tania Reif is the Founder and CIO of Senda Digital Assets. Prior to her cryptocurrency focus, she built her investment pedigree at top macro hedge funds, including Soros Fund Management, Laurion Capital, Citadel, and Alphadyne Asset Management.
She was profiled in the 50 Leading Women in Hedge Funds 2017 survey by The Hedge Fund Journal. Her career spans public policy beginnings at the International Monetary Fund and experience in the banking industry at Citgroup’s Economic and Market Analysis team.
She holds a Ph.D. in Economics with Distinction from Columbia University, where she earned the Jagdish Bhagwati International Economics Award for her work in currency dynamics.
Worst investment everTania had a perfect model for trade currencies that had worked for many years. Then, in 2016, 17 and 18, it started to wobble. Around that time, she had a bunch of episodes where she’d put a trade on exchange rates, and it just wouldn’t go her way, or it would take longer.
Around the end of 2017, Talia believed the dollar would stay strong and rally. Unfortunately, it tanked in January 2018. It only started rallying three or four months later. By then, Talia had taken her chips off the table and didn’t profit from her model that ended up playing out a few months later.
Lessons learnedHave a smaller size until you understand what’s happening. Be careful, and avoid the temptation to double down because you’re convinced you’re right.
Tania’s recommendationsTania recommends following Michael Howell for fantastic research and data on liquidity. He also has a substack for young and non-institutional investors that you can subscribe to.
No.1 goal for the next 12 monthsTania launched a crypto fund in 2022, and her number one goal for the next 12 months is to get this young fund up and running into a more mature and established institution.
Parting words“Please reach out if you’re interested in learning more about crypto. I think it’s the future, and I’m here to answer any questions you may have.”Tania Reif
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Connect with Tania Reif
Laurens Swinkels – Stay Liquid Even When Investing Long-Term
Spencer Jakab – Don’t Take Investment Tips from People
Charles Rotblut – Realize When You’re Lucky and Walk Away
Arjun Murti – You’ve Got to Get Out of the Battle At Some Point
ISMS 25: Larry Swedroe – Admit Your Mistakes and Don’t Listen to Fake Experts
Steven Wilkinson – Your Success Is 100% Dependent on You
Shawn O'Malley – Geopolitics Can Take Your Investment to Zero
Peter Saddington – I Got Fired From My Own Company
Neville Medhora – Hot Stock Tips Are Generally Unreliable
Jack Farley – Don’t Play in Markets You Don’t Know
Carter Malloy – Valuation Is Not a Reason to Invest
ISMS 24: Larry Swedroe – Confusing Skill and Luck Can Stop You From Investing Wisely
Gisela Hausmann – Encourage and Appreciate Your Employees’ Creativity
Connor Steinbrook – Do Due Diligence Before Visiting a Real Estate Property
Zachary Resnick – Invest in People Not Just Ideas
Chris Mamula – Take Responsibility for Your Financial Situation
Michael Howell – Liquidity Is the Main Driver of Asset Markets
Brady Slack – What to Look For in a Coach or Mentor
Richard Lawrence – Avoid the Stock That’s the Hype of the Day
Vineer Bhansali – You Create Real Value by Being Different
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