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Lawrence Lepard: A Fed Pivot is Mathematically Assured

Tom welcomes back Lawrence Lepard from Equity Management Associates.

Lawrence discusses the changing investing landscape as it relates to the Federal Reserve’s continuing debasement of the currency and its three mandates of inflation, labor, and financial stability. He notes that the debt situation is becoming increasingly dire, with the interest on the debt doubling in just a few years, the deficit now over two trillion, with tax receipts declining. This debt doom loop will eventually unravel, leading to massive contagion and a complete collapse of financial stability.

He believes that hard money advocates are in the minority, but that if the government were to take responsibility, the current paradigm could be changed. Unfortunately, he notes that the level of understanding required to solve our economic problems is still lacking at a governmental level, and it will take a lot more suffering before awareness is achieved. Inflation is likely to become the number one political issue, at which point sound money advocates may be given a chance to present their solutions. But at present, the Fed is continuing to print more money in an attempt to solve the problems, which will only lead to a further devaluation of bonds and stocks.

Time Stamp References
0:00 – Introduction
0:35 – Fed & Inevitability
7:00 – Mathematical Certainties
13:40 – Japan & Gov’t Arrogance
20:24 – Home Sales & Recession
23:50 – Metals Potential
26:07 – Sentiment & Miners
29:42 – New Bretton Woods?
36:08 – Bitcoin Benefits
42:28 – Gold Benefits
46:50 – Crypto Regulation
54:36 – Concluding Thoughts
59:47 – Wrap Up

Talking Points From This Episode

  • The Fed’s worsening debt spiral and the certainties of mathematics.
  • The Fed will be forced to pivot when something major in the debt system cracks.
  • What if the government suddenly became fiscally responsible.
  • The important characteristics of the Bitcoin invention and why it’s not going away.

Guest Links:

Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities.

Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II.

Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.

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