Technical Analysis in the Real World

Published on
July 2nd, 2018
Duration
35 minutes


Technical Analysis in the Real World

The Exchange ·
Featuring Thomas Thornton, Tony Greer, Dave Floyd

Published on: July 2nd, 2018 • Duration: 35 minutes

What’s the point of technical analysis? In this episode of "The Exchange," three veteran traders who extensively use technical analysis explain how they discovered these tools, and outline the everyday ways that investors and traders of all types can use and adapt them to fit their own styles. Tommy Thornton focuses on moving averages and DeMark indicators, Tony Greer focuses on trend lines and momentum, whilst Dave Floyd focuses on combining the disciplines into a powerful analytical framework. Filmed on June 1, 2018 in Grand Cayman.

Comments

  • SG
    Semyon G.
    13 September 2019 @ 02:34
    I feel bad for the food. I was so hoping one of them would take a bite. Was the food eaten afterwards?
  • DS
    David S.
    5 August 2018 @ 14:58
    Good vid. What are you favorite charting platforms? Do you use different for longer-term macro analysis vs. shorter term technicals..?
  • SP
    Steve P.
    18 July 2018 @ 20:24
    Technicals are descriptive mathematical conventions. For the most part, technicals follow the price and volume action yet introduces novel examinations. I took the MACD, applied it to a basket of 30-40 stocks on a max range and discovered that, MACD consistently bottoms a max -1.5 to -2.0 across blue chips...and studying each assets individual inflection points have yielded great quarterly results
  • OG
    Olivia G.
    13 July 2018 @ 06:50
    Absolutely love this video! More videos on TA please :)
  • DC
    D C.
    12 July 2018 @ 20:03
    "And nobody's really doing any studies on your unique approach and then back testing it, or yours, or mine. You know, they're just taking these indicators in isolation." I suspect the heavy duty algo and quant funds are doing exactly that and more. They do backtests on multivariate TA signals (along with other fundamental/ sentiment etc.) to see which combination is most useful given different environments. AI and machine learning technology is only going to get more pervasive and dominate in the space. (Although I read that Man Group has to throw out 90% of its fundamental AI based models due to "non-sensible" results.) But I do think that with TA, which is more price-based, the content is prime for Machine learning to eat up, since there wouldn't be spurious correlations, so to speak in TA.
  • DC
    D C.
    12 July 2018 @ 19:33
    Nice presentation...something for the new and old with TA. Real Vision- can you put charts back into the Transcripts PLEASE PLEASE PLEASE?
  • HD
    Harrison D.
    11 July 2018 @ 01:07
    Amazing video, absolutely loved it, contained great info for a new trader.
  • JG
    Jory G.
    9 July 2018 @ 20:15
    Thank you for a great piece. Very informative and thought provoking for a newbie.
  • JC
    Joe C.
    3 July 2018 @ 18:26
    The DeMark Indicator seems to be a Real Vision favorite. Can anyone recommend a good book or resource on the subject? Not just how to calculate, but perhaps the theory behind why those counts are effective. I see "The New Science of Technical Analysis" by Tom DeMark on Amazon, but I wonder if that's the best option. Would also love to see a RVTV series exclusively about DeMark. The idea of "trend exhaustion" is compelling to me and I haven't found the RSI does a good enough job capturing that.
    • TT
      Thomas T.
      3 July 2018 @ 19:19
      There could be something with Tom DeMark in the future on Real Vision. I'm working on hooking that up. He's a brilliant man who created these esoteric indicators by hand on paper before computers in the 70's. I have a basic DeMark Sequential and Combo primer I made for clients I can send you if you email me at info@hedgefundtelemetry.com with DeMark in subject. The most useful book is Jason Perl's book on DeMark Indicators available on Amazon. I'll keep working on getting Tom on Real Vision.
    • JC
      Joe C.
      3 July 2018 @ 20:30
      Thanks for the recommendation, Tom! I will definitely reach out. Fingers crossed you guys can put something together with Tom DeMark :)
    • RL
      Richard L.
      9 July 2018 @ 08:17
      Hi Joe, I have been following Tone Vays through my interest in Bitcoin and he is a big fan of the TD Indicators, he has a good range of resources on his website under the "Learn Trading > Time Analysis" section. Lots of good content in respect of TD on there. https://tonevays.com/learntrading
  • BT
    B T.
    6 July 2018 @ 08:08
    Great work Gents. It has been enjoyable to see the media/industry people bash TA and Wall Street preaching that you can't time the market while I see practitioners use TA as a tool, in their arsenal to simple skew the risk/reward ration in their favor.
  • AG
    Abhimanyu G.
    4 July 2018 @ 12:04
    As mentioned by many already, Tommy, Dave and Tony have great chemistry - makes each video easy to watch. I have a question - in the past 5-odd years while prices have been artificially manipulated by Central Banks, did you have to alter the way you approached Technical Analysis? Thanks.
    • WS
      William S.
      5 July 2018 @ 23:04
      Excellent question! I've asked myself exactly the same thing!
  • LS
    Lee S.
    3 July 2018 @ 17:07
    Could Demark indicators be expanded upon next time?
  • MT
    Mike T.
    2 July 2018 @ 20:02
    Firstly these guys are thoroughly professional and always worth listening too. However after many years of trying my own results with TA were at best inconsistent until one day I realized what the issue was. I had a problem making decisions based upon my interpretation of TA. TA did not lead me to make a sufficient number of trading decisions. Now I focus almost exclusively on Trading Options, mainly Short Premium Strategies where TA is simply not required to find the best Short Premium opportunities. Option trading & probabilities of successful outcome, setting profit targets, deciding what instruments to trade are all decisions based on mathematics, unaffected by personal opinions, subjective interpretation or mental biases it's 100% a mechanical process, although I will admit before I place a trade I usually have a quick look at the chart :-)
    • JB
      Juan B.
      3 July 2018 @ 01:37
      Thanks, Mike, for your valuable perspective. Would you be so kind as to provide some specific examples of the type of options you have traded in the past, how you have created your trading plan, and how you have monitored for the right set-ups?
    • MT
      Mike T.
      3 July 2018 @ 10:05
      Juan, The following is meant as an overview of one specific approach, if you want to know more point the guys at RV this thread and I'll be happy for them to provide you with my contact details and we can take any other questions off line one to one so to speak. These are some of the basic principles that I follow: I'm a seller of option contracts aka in the jargon Short Premium. When the seller of an option position initiates a trade we "sell to open" and receive a credit payment for doing so. The game then becomes how much of that credit do we get to keep before "buying back the position to close" knowing that my exit transaction will be buy to close, in order to profit I want only to sell 'options that are expensive relatively to 12 month historical' and then with the knowledge options contracts decline in value as time passes at a rate much faster than the UL will decline if also falling is a function of the Black-Scholes pricing model i.e. Options contracts are over time depreciating assets, therefore the objective is to sell to enter at high price and by back at a lower price for a predetermined profit target to close out. Don't be greedy and try to keep all that credit, the % profit target is decided in advance at trade entry depending on what strategy is being used e.g. a Strangle get out when the price of the option has fallen to 50% of what you sold if for. Another example, a Straddle get out at 25% max profit. I would like to stress the mathematics behind this approach puts the probability of success overwhelming in favour of the option seller, the option buyer is always disadvantaged from a probability perspective. When looking for opportunity i.e. in finding the 'set up' I look for two things the first of which is of paramount importance. The options must be highly liquid with really tight bid/ask spreads. Liquidity is king which is why for options trading all roads lead to US Markets. Second only sell options that are trading expensive relatively to historical past. So as not to be accused of being a troll for a particular trading platform or options software company I happy to share what I use but DM me if interested. So I scan/filter for liquidity and further filter for high priced options, takes literally 30 seconds. At this point I have absolutely no interest in what the specific underlying's might be, they are only symbols nothing more. As long as the options are liquid and historical expensive on a relative basis they are in play for an options seller. In order to take money out of the market with this approach it's possible for anyone of any age to operate profitably without knowing anything at all about company fundamentals, not interested, the daily market news e.g. what's Trump up to also not required, the overall global macro situation not necessary. If the contracts are liquid and relatively expensive there is opportunity put simply whilst it’s a cliché, the seller of options lets market prices tell him where to focus. If for example on any one day the above process spits out 10 good candidates for which I do not already have a position then whilst being ultra-aware of never exceeding my personal capital allocation rules (maximum is 30% at work 70% in cash) if I have sufficient spare cash and I have 10 good candidates I will without hesitation put on 10 new positions as long as I don’t exceed my max capital 30% rule. Note on my 30:70 ratio. Remember Options are leveraged instruments and an apparent What???? at first glance 70% in cash response should not be judged through the same eyes of those that purely trade directionally long/short outright. A key point with options trading in order for the mathematics to play out over time in your favour it's necessary to continuously trade with multiple active positions using multiple different strategies (I currently have over 50 positions but know of many who have a lot more) in the portfolio each of which is deemed by my criteria as small so if anyone trade blows up, no real damage done. In summary lots of positions, use multiple strategies and trade frequently. Now comes the challenging piece. I watch overall Portfolio metrics like a hawk, my own preference being I do NOT, stress do NOT want directional exposure. At the end of most days I want the portfolio to have minimal directional bias aka in the jargon Delta Neutral although sometimes if market conditions are judged appropriate I want the portfolio to have negative Delta i.e. bearish in nature thereby providing a hedge against a Volatility spike where options prices go higher in value which would damage the prospects of exiting a short premium position at a profit and would certainly damage the Daily P&L which plays on my anxiety inclined to check 'how am I doing right now'. Taking this approach we end up with the market forcing you to do what every trader knows in his heart he should be doing but often extremely difficult to implement. For a portfolio made up mainly of short premium positions as the market goes up, we get short, and as the market goes down you get long. To mitigate the directional exposure it's necessary to constantly adjust e.g. if the price of the underlying goes down, in response we roll down the call side, if U/L price goes up in response we roll up the put side usually within the same cycle but only do this for a credit, never ever for a debit and when that stops being effective Roll Out in time to next cycle but again only if a credit is available never a debit. If struggling to form a mental picture of the aforementioned description and thinking how does that work, remember for an options seller a short call is bearish and a short put is a bullish strategy. Key Point: I size individual positions based upon a calculation of buying power/margin used. If it’s a defined risk trade my maximum capital allocation as defined by reduction in buying power is 1% of overall Net Liq. If it's an undefined risk trade maximum position size is equivalent to 5% reduction in buying power of overall Net Liq. This is not a typo allocate more capital to undefined risk trades is mathematical optimal. Key Point: As a matter of routine and personal discipline at 21 days prior to expiration date, always, as in ALWAYS roll out to next cycle. Of course there are times when an individual position might have done better had you remained in the current cycle but overall the math plays out over time and most importantly keeps GAMMA risk to a minimum, which only accelerates as expiration date approaches is optimal for the option seller over the long haul. As an example last Friday I rolled out of ALL of my July positions into the August 17 Monthly cycle. Key Point: for a seller of options, look to enter new positions at approx. 45 days prior to expiration. Why? Because 45 days is mathematically the moment when the value of Option contracts really starts to decline at an ever accelerating rate so the optimal window for a position in any one cycle is enter at 45 days move to next cycle at 21 days, rinse and repeat until profit target is achieved. As an example, at the time of writing, where I have deliberately not included specific companies as I don't want to stand accused of pumping any one stock the following ETF's have high liquidity and are expensive on an historical basis i.e. they are in play for a options seller. USO FXI EWW EWZ EEM SMH XLE XLI OIH
    • AG
      Anubhav G.
      3 July 2018 @ 12:06
      Juan, I would recommend https://www.tastytrade.com/tt/ for options trading
    • DR
      David R.
      3 July 2018 @ 16:43
      Interesting and informative posts. As far as TA is concerned, there's an old axiom that goes like, "The charts are never wrong but the chart reader often is".
  • ev
    ernie v.
    3 July 2018 @ 13:06
    Structure, framework, yes basic tools can give you this. The stuff explained there is only as good as the person using those tools. Each of the simple indicators can provide a clue. Those clues only feed on your basic need to predict the future based on the past. Most people seem to get that wrong. Especially new traders. Maybe bring in the players that move the MK. Do they use simple indicators? Thanks for keeping this simple but maybe step it up a bit next time
  • BH
    Ben H.
    3 July 2018 @ 11:56
    Thanks Gentlemen, Great discussion got a lot out of it and will watch again.. Would love to see you expand on the topic of position sizing - pretty sure others on here would too?
  • RL
    Rui L.
    3 July 2018 @ 08:22
    Reminded me of a Bill Williams saying, "Trading is simple, not easy. But it is simple.". Congratz to all for the keep it simple approach tuned. p.s. love the charts design.
  • LC
    Liliana C.
    3 July 2018 @ 05:34
    Thanks DF, TG, and TT! I’m taking it all in learning a bit at a time. I really get that you’ve been at it a long time and hence are experts! Once I know enough to mostly understand how to interpret what you guys see, I’ll be in a better place to buy into your service! 👍😃
  • BT
    Brian T.
    2 July 2018 @ 20:06
    One thing I would find interesting is a discussion about how to spot potential bubbles BEFORE they happen, not during or at the top. What are the key things to look for? I missed the Bitcoin bubble and our fearless leader Raoul sold out too early, so even great traders made the mistake... What are the psychological factors that lead to a bubble? Has anyone done any work on these? Many of the RVTV contributors have been pointing out overbought / overvalued market basically since Trump was elected. But how do you ride a wave like that EVEN THOUGH you know things are already/becoming overvalued? It seems to me that the people who rode this wave were mostly lucky and/or just following the masses, and they are just as likely to lose in a major wave when the big correction finally comes. How do you spot a bubble at the beginning/while it is developing, and successfully get on board?
    • JC
      Joe C.
      2 July 2018 @ 20:21
      When GMI took the Bitcoin trade off, they had made an 800%+ return. The price of Bitcoin both increased another 800% from there and collapsed 70%. Who could've predicted which would happen first? I would strongly disagree selling Bitcoin last summer was "too early", even (and perhaps especially) with the benefit of hindsight.
    • ML
      Mark L.
      2 July 2018 @ 23:50
      5
  • DS
    David S.
    2 July 2018 @ 22:19
    Has anyone seen any info on how much any indexes are up because of corporate buybacks over the last five or ten years? Is the main drawback the excess compensation to corporate executives? Thanks, DLS
  • NG
    Nick G.
    2 July 2018 @ 11:09
    OK. Can we have some more University level stuff? This going back to kindergarten is getting a bit boring. Nothing against educational videos for beginners, just separate them out. Why not do a separate channel devoted to "Education"?
    • SS
      S S.
      2 July 2018 @ 11:54
      Calling this university level stuff, is harsh and unfair. Nevertheless, as you seem like you have a wealth of knowledge to share on the matter, please make a video and upload it on Youtube and share it with us, for us to ''learn'' and critique.
    • TT
      Thomas T.
      2 July 2018 @ 13:03
      Nick, I understand what you are saying yet there are a lot of people who want to know some basic technical stuff that can be used in trading and investing. And that is what we sought out to do with this video. An education section would be pretty cool I would agree. All three of us could easily go deep into much more of the specifics with some our complex indicators. Hopefully we will do more videos soon that will take it to the Masters level.
    • DF
      Dave F. | Contributor
      2 July 2018 @ 13:41
      Nick G - as Tom noted....that is in the works/discussion @ RV - stay tuned
    • YW
      Yowshi W.
      2 July 2018 @ 18:44
      You can always learn something new.. I did..
    • YW
      Yowshi W.
      2 July 2018 @ 19:15
      Taking away the candle sticks sure takes away emotions..thank you!
    • YW
      Yowshi W.
      2 July 2018 @ 19:15
      Taking away the candle sticks sure takes away emotions..thank you!
    • DS
      David S.
      2 July 2018 @ 19:50
      There are innumerable articles, books plus videos on YouTube discussing technical analysis. These traders use more resources than technical charting. They include all the relevant information they can find on the trade. IMO it would be interesting for one to show his thinking – charts, fundamentals, FX, market news and gossip - on entering and exiting an actual trade. The other two could add their input on how it might be looked at differently. The idea is a case study. How they think is the lesson. DLS
  • DK
    Davic K.
    2 July 2018 @ 17:43
    Enjoyed the presentation on TA... Would have liked to see different examples on different setups. It would have added to the value hearing from the different perspectives on the same chart and a position or non position they would take. Really enjoyed the exchange.
    • DF
      Dave F. | Contributor
      2 July 2018 @ 19:13
      Thanks Davic - we hear ya loud and clear.....
  • CS
    Charles S.
    2 July 2018 @ 13:30
    Again, like these chats as it gives some insight to real-world application and trading of TA. Hope we can dig deeper in the future and talk about present set-ups and opportunities. Good work
    • DF
      Dave F. | Contributor
      2 July 2018 @ 19:13
      In the works and or discussion - let the folks at RV know you want more of a deep dive on education. We all discussed it in The Caymans (when this was filmed).....
  • LL
    Louis L. | Contributor
    2 July 2018 @ 12:06
    I like the dialogue approach. TA is a very misunderstood tool. Next time you guys want to talk shop on TA ask me to join. Been successfully managing assets for multiple decades and TA is part of my process. :-) Louis Llanes, also a contributor to RV
  • CM
    Christopher M.
    2 July 2018 @ 10:49
    Great to hear people talking about TA without the distraction of charts that you might have online or in books. I have learnt to use Ichimoku I am 18 months into my journey, and I am still learning new things every day. Nice to hear the honesty that sometimes the "tools" breakdown and you need to lean on friends who have a different "toolbox".
  • SS
    S S.
    2 July 2018 @ 10:00
    Fundamental Analysis and Technical Analysis are complimentary to each other. You don't solely make a trade based on Technical Analysis or Fundamental Analysis, but hand in hand. I totally agree with the point made that Technical Analysis helps with timing and entry/exit points.
    • SS
      S S.
      2 July 2018 @ 10:02
      P.S I really enjoyed the Exchange with these 3 guys and the previous one they did. They have such a natural chemistry with each other, and it just flows. Great job.

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yuskois the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets. Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office.Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation. Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

Anthony Scaramucci

SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authoredThe Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot onThe NewYork TimesBest Sellers list. Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offeringwhichutilizesa true online brokerage model that self-directed investors and traders have come to expect for equities, futures,and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovativeways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring.James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy. Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channelwatched by over 80,000 people.In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years. He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences. Other stop-off points on the way were NatWest Markets and HSBC, although hebegan his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full timejournalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of humaninterest recordings, documentaries and films Peter has recently launched theDefiancepodcast andDefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst.He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clientsand former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients.Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14.At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”)for the firm’s clients.Prior to that,Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006.While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in whichhe aggregated and combined proprietary research from Midwest with inputs from other sources.Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University.He earned the CFA designation in 2003.

Meltem Demirors

CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltemoversees the firm’s managed strategies group and its New York office and leads corporate development. Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem. Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.