Five bullet Friday - issue #53

Dear Partners,

Today is the happiest day of the month for me, because I am processing the dividend payments for all the partners. Some of you have not sent the dividend deposit form to my email address which is attached again. Please do not hit 'reply all', only use 'reply'.

1. Since April of this year, we are focused exclusively on proof-of-stake mining with various tokens. This is very different from trading. I see my job at the RCIF in two parts. 
                       A. Identify the right toll-booths to collect income
                      B. Configure and Operate our dark node servers on the Digital Ocean Cloud platform. Collect transaction fees and pass the dividends to investors in the fund.

sending off the dividends today is the second part of my job. Starting this week we have added a new toll-booth, YFI to our collection of toll-booths. I staked 10 YFI tokens into the staking contract and received 0.012 YFI tokens as our income. We currently hold 327.203 tokens, but not all of them were staked. You can see our current holdings here:https://app.zerion.io/0xe787deec0be77db98a1294193e2c1600c8a8687d/overview  

2. I read regular financial news to understand the prevailing thinking in the equity markets. Since April, I have been saying that equity markets are overvalued and much to my surprise they keep going up. Apple's stock price has moved up by 128% in the past year pushing its market cap to $2.1 trillion. Apple sales are up by 5.7% in the past year. Today Apple sells for a price-to-sales ratio of 7. Apple has a P/E ratio of 38, as if it is a start-up. A total of 23 wall-street firms have given it a 'Strong buy' rating. Apple stock price enjoys a YTD growth rate of 109%, while the world is mired in a global pandemic that we have not seen in 100 years. They seem to be adding the entire market cap of bitcoin every week!

3. Let us compare this wall-street darling to our Portfolio holdings. When we were buying YFI in July at $1000, the entire market cap was $30 million, as the outstanding tokens are set to 30,000. It is easy to verify that they earn close to $80,000 per day from the transaction fees. It annualizes to roughly $30 million in earnings. It has a P/E ratio of 1. Currently $1.2 billion dollars is locked in a smart contract of YFI, with a market cap of $500 million. It has a price-to-sales ratio of 0.41, compared to Apple's 7. The value locked in this protocol is growing rapidly, as it started at $ 8 million only 40 days ago. Just in the past 40 days it grew to $1.2 billion locked in the smart contract. Based on any valuation metric, YFI is dirt cheap.

4.