SPECIAL REPORTMARKET REACTIONS TURNED $1M INTO $20M LAST YEAR IN DEFI // What are you buying and holding? tm buying Convex ($CVX), it's 50% off its recent ATH at $27, and oh BTW you can earn $.48 per $CVX every two weeks. It’s the best cash flowing asset in Defi due to its role in something called the "Curve Wars” and I'm accumulating it like crazy. Im holding Osmosis ($OSMO), because it's THE DEX of choice of Cosmos with $1.2b in liquidity before supporting any ethereum asset pairs. Every time someone builds a legit cosmos L1 blockchain that token will get liquidity on Osmosis. You can also stake Osmo tokens for 90% APR and compound the yield every day ‘\ What are you selling? Yield - I'm claiming the rewards | earn from all my defi positions into stablecoins. | want to have a mountain of stablecoins ready to deploy when that major capitulation happens on on of my favorite tokens. © What's your mindset? I'm so certain about the inevitability of crypto that I'm not worried about pull backs in prices. Prices go up and down. we've seen these exact pullbacks before. When the chart is too scary just zoom out and look at the big picture. Crypto is long term up, and it's hard to deny all the money, talent, and new users coming into web3. i's also very clear that today's crypto apps are real businesses and they're not just going to get vaporized. What makes pullbacks fun? Lots of stablecoins ready to deploy. What make pullbacks scary? Too much leverage. M » MILKROAD.COM + MILKROAD.COM « MILKROHEDGE FUND MANAGER // What are you buying and holding? I've been buying into a lot of projects where the treasury is higher than the market cap and there is a conceivable catalyst for that gap closing e.g. Temple, Wonderland. also hold a lot of XMON which is a precursor for the Sudo token. The thesis for Sudo is simple, it's a relatively under the radar Opensea competitor with a stacked team and very unique features that allows for competing against Opensea. I think for the next little while returns will not come from sitting in spot positions for well known cryptocurrencies. So my goal is to be in stables and strategically deploy to places where | know there will be clear catalysts like Temple, or projects that are still small (XMON < 90m me) and the relative size of the opportunity is huge. ‘\ What are you selling? Nothing, © What's your mindset? Play the Metagame - inspired by Cobie's post. Google it "Cobie Trading The Metagame” M * MILKROAD.COM « MILKROAD.COMFOUNDER OF A WELL KNOWN NFT COMPANY M // What are you buying and holding? Ikeep it simple. I mostly hold BTC/ETH/USDC. Iwill take 20% of my entire portfolio and gamble on crazy shit, 50% in BTC/ETH and 30% in USDC. | don't touch the 50% in BTC/ETH. When we have a bull run, | start skimming profits to buy back in... because shit always drops. ‘\ What are you selling? l optimize for sleeping at night so | never let crypto become too big of my overall portfolio. | started selling in Q4 when it made me feel uncomfortable. This was coming in on 50%+ of my entire liquid net worth. | am comfortable with 50/50 but anything above that makes me feel uncomfortable. © What's your mindset? In a market downturn, | have three rules of thumb: 1) Don't catch a falling knife (timing the market to buy back- in, | just set limit orders and let them fire off) 2) Don't fall for the headfake (every time we see a big decline, we see it go back up, and then the whales dump again... better to wait to see how things settle before rushing back in) 3) Get out of all shitcoins (as those get hammered in the market at like 80%-99% drops) MILKROAD.COM + MILKROAD.COM « MILKROWEB3 VENTURE CAPITALIST AND COMMUNITY BUILDER // What are you buying and holding? I've spent the past week buying crypto covens and am hoping to buy more $FWB, $LUNA, and SBTC if prices go low enough. I'm hoping to get a jokedao NFT this week too—it's a project | started with a few friends, so | suppose I'm solipsistic enough to believe in it strongly. 'm looking at $BEAN and $MAGIC as well. A few days ago, $F WB was trading for about 1/4th the price of what a16z paid. Which leads to my next point. In traditional investment environments, retail investors could never get as good of deals as VCs got because they had to wait until successful companies IPOed at valuations far beyond what VCs had paid. In crypto, we tend to think the volatility is a bug and that VCs are commanding all the opportunities early on. There's a lot of truth to that—but not as much as in traditional markets. The frequent and extreme downturns of crypto markets, as well as the short period between investment and tokenization, means this is a wonderful opportunity to get some tokens for far less than what VCs paid. And it could get even better. ‘\ What are you selling? Nothing, M * MILKROAD.COM « MILKROAD.COMWEB3 VENTURE CAPITALIST AND COMMUNITY BUILDER ‘© What's your mindset? Volatility is a feature of decentralized markets, not a bug, and it’s what drives speculation that can lead to genuine interest in supporting projects that might not have gotten attention otherwise. For better and for worse, it's what keeps people emotionally—if not always financially—invested in these markets as well. There's only three pieces to investing: investing in the right thing with the right level of conviction at the right time. As Buffet has shown us, the right time is when prices are low, and this is a rare buying opportunity that could very well get sweeter. I stuck out the three year bear market without selling a single token and bought more eth April 2020. | wish | could say it was because | was a good investor, but | was just smart enough to know I was a bad one and wouldn't be able to figure out how to time markets. For most of that, Iwas down 50-75% from when | bought, but | had a suspicion the tech was good enough that history would repeat itseff with another major bull market. It did. History doesn't quite repeat itself because we become self-aware that it repeats itself. So we begin to make decisions under the assumption that patterns will recur. Mix that fact with the intense leveraging in crypto markets, and wee likely going to see more accelerations of bear- bull cycles to manic. That's a good thing if you want buying opportunities, and this is the second time we've had one in the past year alone (everything fell about 50% last May). So far we're closer to March 2020 than January 2018. The crypto markets are mimicking equity markets at hyperspeed, but at some point, people will remember that crypto is in many ways a hedge against national markets in creating a new, global digital one. A three-year bear cycle isn't out of the question, but with the state of funding, tech, and culture in web3, we'd be lucky to have that kind of buying opportunity ever again. Ireally, really wish | had more cash on hand to start investing right now. It’s a sign of a mediocre investor that | don’t. M * MILKROAD.COM + MILKROAD.COM + MILKROAD.COM « MILMARKET REACTIONS FOUNDER OF A PROMINENT FINANCIAL NEWSLETTER // What are you buying and holding? Ihaven't been bringing any new money off the sideline and into the battle. | have been reallocating and repositioning a bit. | have actually had some short Nasdaq futures on as a type of cross-hedge to cover any open exposure | thought | might have going into the Fed unwinding. Those cross-hedges have worked like a Champ. Keep in mind | had already scaled back to less than 50% invested at year-end, so | got very lucky with my timing on this cycle. Im holding the boring stocks like Berkshire, Boeing, Cat, Edwards Life Science, & Eli Lilly. I scaled back most of my big tech stocks like Nivida, Tesla, Apple, Amazon, Facebook, Google on the big run higher hoping to be able to start buying back on the bigger breaks. Love seeing the VIX push north of 35 and wouldn't mind seeing it push above 45 with a stiff -5% break on any given day for the indexes as a buying signal to again start nibbling and adding back. I'm also looking to bargain shop on names like Airbnb, Uber, Carrier, Honeywell, Roblox, Coinbase, Zillow, Paypal, and Goldman. ‘\ What are you selling? Again, mostly reallocating and repositioning. Similar to great gamblers, it comes down to how and when you press your bets and when you scale back. | don't typically like to add to losers, and instead add to my winners on up days and heavy volume. There are major psychological differences and strategies for well defined short-term traders, swing traders, position traders, and long-term investors. The problem is most can't adequately identify their own personalities, goals, or psych traits that are needed to be sucessful in each category of trader or investor. M » MILKROAD.COM + MILKROAD.COM « MILKROMARKET REACTIONS FOUNDER OF A PROMINENT FINANCIAL NEWSLETTER ‘© What's your mindset? I don't view the pullbacks as a problem because | had a plan going into it. see the pullbacks as opportunities to make money on the extreme swings. learned long ago the most successful people spend the majority of their time on “opportunity, while the majority of people spend their time trying to fix percieved problems. You can't let yourself slip into that foolish trap. For me, the market and trading have become all about better understanding one's self and then building the appropriate risk models that best fit your individual traits and tendencies. I made a ton of mistakes when | was younger, and still do, but rarely anymore the kind of mistakes where | beat myself up about them. Always remember, the market can stay irrational much longer than either you or | can stay solvent, respect the tape and aim low because they might be riding shetlands! M » MILKROAD.COM + MILKROAD.COM « MILKROMARKET REACTIONS FOUNDER OF A PROMINENT NFT PROJECT + $100M+ EXIT // What are you buying and holding? Im buying Macro crypto trends. Mostly ETH, stablecoins, and L2 scaling solutions as ETH approaches “The Surge.” MATIC, ATOM, IMX, DOT, AVAX, WLUNA. Buying more NFTs as a hedge against ETH. Besides crypto Im holding, SHOP, RBLX, SE, SQ, U, COIN, META, GOOGL, AAPL, AMZN, MSFT, NVDA, V, MA, DIS, HD, COST, SPY, and many others ‘\ What are you selling? Tech stocks and funneling profits back to crypto. © What's your mindset? Its a game of properly hedging yourself. If you have a relatively risk-adjusted portfolio and survived the tech stock damage, you're probably looking for more risk exposure and the best place to get that now is crypto—especially at these prices. If you're in the game of considering crypto as your “risk bucket,” you might anchor that with stablecoin yield, staked ETH and BTC, but also start taking positions in more macro trends like L2 scaling solutions or alternative Lis like SOL. NFTs also look good here as they thrive in crypto dips, and blue chip projects start to look more accessible when ETH is around $2500. Again, the goal here is to hedge within your risk bucket, gain exposure, and learn about this emerging ecosystem. M » MILKROAD.COM + MILKROAD.COM « MILKROP2E GAME & DEFI INVESTOR + FOUNDER OF A $25M+ BUSINESS M // What are you buying and holding? Il be holding and buying more ETH, LUNA, CVX AVAX, MATIC, OSMO, ATOM. Also play to earn NFT games will be a big thing in 2022 so will be looking more into that (e.g. SRAIDER on polygon) ‘\ What are you selling? Nothing. © What's your mindset? People keep comparing this to 2018 when we went into a bear market. | don't agree as the landscape looks completely different. In 2018 stable coins weren't really a thing yet — now we have an entire DeFi permissionless infrastructure that cuts out expensive middlemen. You really think people are going to cash back out to fiat, ““yield farming" 0.25% at Chase or Wells Fargo losing money with inflation? No. Ijust assume Zapper.Fi is broken during these times and don't look at it. If you are bullish on the future of the industry the day to day doesn't matter — just zoom out, everything is fine. MILKROAD.COM « MILKROAD.COMWELL-KNOWN VENTURE CAPITALIST // What are you buying and holding? Buying and holding are essentially the same thing (see Nassim Taleb). Im buying Bitcoin, ETH, DeFi, and maybe some ETH side chains. ‘\ What are you selling? Nothing, if you believe in an asset's fundamentals, you don't sell when it's down. You either buy more or do nothing. You only sell when the asset changes, not when the price goes down. © What's your mindset? Same mindset. im a fundamental analyst who buys and holds great assets for the long-term. Short term drawdowns don't matter if you believe in what you have long-term. Timing the market is essentially impossible, but if you've been waiting on the sidelines and you believe in an assets fundamentals, getting in at 50% of previous prices is a great opportunity. M » MILKROAD.COM + MILKROAD.COM « MILKROMARKET REACTIONS FOUNDER OF ONE OF THE BIGGEST NFT MARKETPLACES // What are you buying and holding? Markets are all over the place. !m not buying anything right now. Im not selling either - just holding strong. Im holding my BTC, my ETH, and my AVE. ‘\ What are you selling? Nothing, © What's your mindset? Long term mindset. | lived through the crash of March 2020 when BTC lost 50% in a day. This is nothing I don’t check prices. Its almost not about the money... hodling crypto feels meaningful in a way money isn't. M * MILKROAD.COM « MILKROAD.COMMARKET REACTIONS OG CRYPTO + SEED INVESTOR IN SOLANA // What are you buying and holding? | already have good positions in my high conviction bets, so not adding to those. Idid buy some Ethereum this week, as it looks undervalued. Bitcoin is a safe bet - very likely $30k holds. Ihave recommended to friends to buy Solana and Render. I'm primarily holding Solana, Render, Filecoin, and Bitcoin ‘\ What are you selling? Nothing. | have a rule not to sell in down markets. | just hold. © What's your mindset? I tell myself that in 5 years, this will all be higher because we are still early. My mindset is to hold through the dips - | take fewer, but longer-term positions so the volatility is something I've learned to deal with. only deploy cash when I need to cost average a position because it's down more than 70%. M » MILKROAD.COM + MILKROAD.COM « MILKROMARKET REACTIONS TURNED $100K INTO $10M LAST YEAR BETTING ON THE METAVERSE // What are you buying and holding? I bought more Matic, Solana, ETH, Luna, Sand Held NFT exposure ‘\ What are you selling? Sold Equities © What's your mindset? My mindset is to aggressively acquire while everything is on fire sale. | tell myself large size, high conviction bets during 50-80% market corrections is what makes fortunes. M * MILKROAD.COM « MILKROAD.COMMARKET REACTIONS CRYPTO PUNK HOLDER AND LONG TERM BELIEVER // What are you buying and holding? Buying eth. Like crazy. Hoarding it. Holding ETH, BTC, and Cryptopunks ‘\ What are you selling? Nothing, © What's your mindset? Inever use leverage so my mindset is pretty easygoing overall | take a 5-7 year forecast and ask myself where do | see this? Generally that helps me remain incredibly bullish My thesis on eth is really simple. NFT's are a thing and won't go away. But picking individual ones is impossible. So ETH is the language we will all be speaking. Not sure what we will be saying. But | know we will be talking. M » MILKROAD.COM KROAD.COM + MILKROAD.COM « MILOG BITCOIN INVESTOR // What are you buying and holding? Bitcoin ‘\ What are you selling? Idon't sell, | HODL ;) © What's your mindset? HODL. Investments that bring great change usually have intense volatility. M » MILKROAD.COM + MILKROAD.COM « MILKRO