Phil Rosen · Oct 8, 2026 · 27m · 15m saved
With Anthony Pompliano, Chairman and CEO of Silvia, the Nasdaq-listed company formerly called ProCap Financial
Over the last five years the S&P 500 is up about 70%, and Anthony Pompliano said Bitcoin, gold and land are up 170% over the same stretch.
Most investors treat stocks as productive assets that should beat assets that produce nothing. Pompliano said almost all of the stock market's gains come from money printing, and he keeps most of his own portfolio in Bitcoin and early-stage startups.
"The S&P over the last five years is up about 70%. Bitcoin, gold, and land is up 170%." — Anthony Pompliano
Anthony Pompliano, Chairman and CEO of Silvia, on Phil Rosen, runs a public company that he said already has more AI agents working inside it than humans, and has just published the second volume of his book of life lessons.
The full interview is covered here so you can skip it. 27 minutes of audio, 12 minutes of reading.
Here are the 12 arguments that matter.
Key Takeaways
The stock market has proved the macro bears wrong, he said, rising through higher rates and higher oil
The official inflation and jobs numbers are wrong, and AI is only a small part of why the old models broke
About 2% of Americans pay for AI, against 5% who spend on sports betting, he said
Stock returns look strong only until they are measured against gold, which he said is flat to ahead over 25 years
Even Microsoft and Netflix are not certain to exist in 20 years, which is why he wants hard assets
His portfolio is a barbell: Bitcoin and similar assets on one side, early-stage startups on the other
AI agents need digital money, and Bitcoin's supply does not grow when demand does
Gold is a hedge on government printing, not his main holding
Experts are for solved problems; new problems need amateurs, he said, using reusable rockets as the case
1. The Market Is the Referee
The host asked whether he buys the bearish arguments about oil prices, interest rates and geopolitics. Pompliano said the people making them are wrong, and that the stock market has shown it.
Stocks went up through both of the shocks the bears warned about, he said
One view held that higher interest rates would push stocks lower. Another held that higher oil prices would. In both cases the market rose, he said, so the textbooks, professors and academic papers behind those views no longer describe how the market works.
Some people will say the market is wrong and try to profit from the mispricing. He called that arrogant, and said the better response is to assume something has changed and go and learn what.
"I need to approach it from the perspective as a humble student who is going to be taught. And the market is the teacher." — Anthony Pompliano
He said anyone who does that will find the market is very different from 20 years ago.
