The Altcoins Best Positioned to Win This Bull Market

Greg Viverito (0:00)

We're interested in making bats on both, betting on winners, especially when they're priced to lose, and betting on losers, especially when they're priced to win.

John Gillan (0:07)

The bulls are back after Bitcoin finally broke out of some key resistance levels, but what does that mean now? Where do we go from here? And what do we need to know as crypto investors to navigate these markets? Hello and welcome to Milk Road Crypto, the show that knows that it is better to find what's going to pump next than to chase what has already pumped. I'm your host, John Gillan. Today we are joined by Greg Viverito. He is the general partner at TAG Capital. TAG runs one of the best long short fundamentals driven crypto portfolios in the entire business. This guy has a ton of alpha to share with us today, and we're going to get into his strategy for these markets. And there's just going to be a lot of insight in this one. I'm excited for this. If that sounds good to you, make sure you like and subscribe. Share this episode with somebody who's going to enjoy it. As a reminder, our podcast today is free and that would not be possible without our wonderful partners at Nexo, the digital asset platform that lets you trade, earn and borrow all in one place. Keep an ear out for more information on them later in today's episode. But for now, welcome to Milk Road Crypto. Greg, how are you, sir?

Greg Viverito (1:02)

Doing great. The bull's back.

John Gillan (1:05)

The bull's back.

I thought that would be a good place to start the conversation. Greg, a lot of people are looking at this breakout on Bitcoin and declaring that the bulls are back, that there's the start of a new bull market that's happening. But some people are still bearish in saying that this is a fake out and a bull trap. Where do you land on this conversation? Which side do you tilt towards here?

Greg Viverito (1:23)

Yes. We have this conversation basically every day between my co-founder, my partner and I. Normally, I'm the bear and he's the bull. I think the one thing that crypto has taught us is that it's never as good as it seems and it's never as bad as it seems. We're positioned for upside from here, but we certainly don't expect it to be without volatility.

We certainly don't expect it to necessarily include every token. So I'm sure we'll get into that.

John Gillan (1:55)

Yeah, I think we will too. Well, tell us a little bit more about TAG Fund and your role here. Where do you guys see yourself in the industry? And just for those who aren't familiar, tell us a little bit more about the company.

Greg Viverito (2:06)

Yeah. So we started the fund four and a half years ago. And at the time, it felt like we had a somewhat contrarian view, which was that fundamentals matter.

At this point, that's become a little bit more consensus, it's taken us about four years to get there. And when we started, we were structured. We've always been a liquid fund, liquid tokens exclusively. And we started as long only and over the course of time, have shifted towards a long short strategy. So I would describe us as long biased, but constantly trying to understand what the market is telling us and adjust the portfolio to reflect that.

John Gillan (2:50)

So I've heard you say a lot about this in some of the things I've read from you on your sub stack and other things. But you guys have talked about this pivot from being long only to long short as being a really key to your success here. And you've said that we are in a dispersion regime in crypto.

Yes. So I'd love to hear you just elaborate more on that and how you're navigating that in the markets.

Greg Viverito (3:11)

Yeah. I mean, I think we've witnessed the market grow up over the past couple of years, right?

In the early days, at least for us, 2021, 2022, the correlation of stuff was effectively one when Bitcoin pumped, everything pumped. And that's not the case now, right? Like even in this latest rally, you've seen some of the best alts lead. And that doesn't mean that there's no activity amongst some of the stuff that shouldn't be pumping. But you've seen this really the shift towards fundamentals ruling the day. And I think there's a period of time in like 2023, 2024, where the bloom just really fell off the rows on tokens being designed in a way that didn't make sense. And also projects that were lacked fundamental value.