Dear William,

Thank you for reading my work and thank you for taking the time to share your thoughts on the matter.

I appreciate your point about active managers taking active roles in the companies that they invested in — beyond being an obvious conflict of interest — because shareholders’ interest are not analogous to the company’s interest — there is also more than sufficient doubt as to whether activist investment-managers are necessarily the right mix of personnel to add value to a company.

For now at least, cryptocurrency trading is not investment management in the traditional sense but a dive into alternative asset investment, which has a different risk-reward ratio and an entirely different set of considerations.

And while you are no doubt correct in pointing out that there is a correlation between the movement of Bitcoin and other cryptocurrencies, it is precisely the ease of which that the correlation can be tracked that allows astute investors to maximize profits from the inherent correlations, inefficiencies and divergences in statistical correlations where available.

Thank you for contributing to the discussion and I look forward to even more lively debate!

Yours,

Patrick Tan