Founder and chief investment officer of Tudor Investment Corporation, a global macro hedge fund. Also co-founder of the Robin Hood Foundation.
Japan's yen is structurally undervalued with $4.5T net international investment position mostly unhedged USD; new reformist PM could trigger 10% appreciation similar to Reagan/Thatcher/Trump election cycles.
Bitcoin's fixed supply makes it the superior inflation hedge versus gold which has increasing supply; however, cyber warfare and quantum computing pose risks to its store-of-value function.
Stock market cap at 252% of GDP vs 170% in 2000 and 65% in 1929; mean reversion to historical PE would imply 30-35% decline, causing reverse wealth effect, capital gains tax revenue collapse, and sovereign debt spiral.