OK, Boomers, My NFTy 50, and a $3.2 million Bagholder

I’m a week in with Howard and the crew at Social Leverage. It’s been, in a word, fantastic. There’s an old African proverb that says, if you want to go fast, go alone; but if you want to go far, go together. And that’s the feeling at Social Leverage. We’ll all go farther together.

I’ve added UiPath ( PATH) to the ToP Portfolio. More on that next week though. This week it’s the NFTy50. Yes, I’ve fallen deeper down the NFT rabbit hole.

OK, Boomer.

If you’re not driving your father’s Oldsmobile, or maybe grandpa’s, a history lesson: The original Nifty 50 was a group of 50 large-caps on the NYSE followed throughout the 1960’s and 1970s. It generally included household names like Coke and IBM, along with some turds like Xerox and Polaroid. The group, touted by people like U of Penn prof Jeremy Siegel, were buy-and-hold forever. No one comprehensive list exits, but we all know how that worked out.

Inspired by this stogy, pretentious list from staid old Wall Street, I set about launching the NFTy 50. It’s currently comprised of four riveting and highly artistic collections. All destined to be highly sought after in the Art World…

The jewel in the crown is “ Bagholder “. Listed for ETH 1,000 (USD $3.2 million at the time it was minted) This superhero symbolizes whomever will be left holding the bag when the music stops. Apparently, most of the NFT crowd wasn’t alive during the dot com bubble. But it’s different now, you say. Is it?

Diving into the future of the digital economy is fun. But back in to the real world of stocks and bonds feels more at home. Whether it’s fundamental, quantitative, or technical analysis, there’s a certain comfort in the Market as we once knew it. I feel a lot more comfortable there for sure. Products, sales, cash flow, returns on assets or equity — all just make more sense than a $32 million jpeg.

On that note, I’ll highlight the ToP best performers so far this year. If you’ve followed me from the beginning, you’d be up 70% in ALB and 42% in DPZ. Laggards are KLAC, down 3%, and PATH, a recent edition to the portfolio, down 4%.

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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. Tao of Pete has a disclosure policy.

Originally published at https://taoofpete.substack.com on September 5, 2021.