$CAMB
Heating UpSnapshot Window: 2026-07-24 21:30 UTC · ← Back to Crypto Overview
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Verbatim Community Citations & Social Evidence 1 source posts analyzed
FORMER FINANCE PROFESSOR TAD SMITH: "After 25 years teaching finance, I realized at 58: If the money printer grows 8-10% annually and the S&P 500 returns ~9%, it’s just treading water. True wealth comes from outpacing the printer. That’s the #Bitcoin journey." [Spoken audio]: I didn't realize that if the average year, the money printer goes, call it 8% to 10%, even in the Western countries, even in the OACD nations, and the average return on the S&P 500 is, call it, 9-ish percent, including dividends, maybe 9.7, maybe a little less, it means that all of the work of the S&P 500, all of the value created there is actually the money printer. That to me was startling. I mean to think about that the fundamental notion that in a closed system or even an open system, when you're printing money at the rate of 8% to 10% a year, everything is losing value and the things that appear to be gaining value are not gaining value. They're just keeping you even. So you can put all your money in the S&P 500 and you're not gaining any relative wealth at all. That's a startling insight. I mean, when you really think about the entire value of the S&P 500 on average over a long period of time, not even a long period of time, is equivalent the money printer, that's to me a shock. And it was a shock that said, oh my goodness, how do you think about creating wealth that is relatively greater in this economy? And you have to look hard. The other thing you can imagine is I could tell you about sharp ratios and diversification. I could tell you all these different things. And you know, it's interesting, And you can take a concept like diversification of risk and at a top level, it can be a very powerful and useful tool. But if you are so focused on the mechanistic aspect of that, you can step back and miss the forest, which is in a highly diversified portfolio, it's unbelievably hard to pick up relative amounts of wealth. It is. your portfolio, however you do it, is by and large going to reduce your incremental gain in wealth, irrespective of the sharp ratio. It's concentration of capital in specific bets that outperform the money printer where you actually create wealth. That was a shock to me. I just didn't get it. I didn't understand it. Even though I taught finance for 20-plus years, I'm still a professor at NYU Stern at Stern Business School. I've taught strategy and finance for technology, media, and entertainment companies. I'm on a two-year higher status, but I'll be presumably going back in the spring. For 25 years, I have almost actually more than 1,000 former students. And I still didn't get it until I'm age 58. That's the Bitcoin journey.
