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In this episode, Anthony Pompliano interviews Evgeny Gaevoy, founder and CEO of Wintermute, a major player in the crypto market with daily trading volumes between $5 to $10 billion. Gaevoy discusses how traditional financial institutions, like BlackRock and Fidelity, are driving Bitcoin demand, rather than retail investors. He notes that while crypto-native firms are reducing their Bitcoin exposure, traditional firms are increasingly interested in derivatives and complex trading strategies. Wintermute aims to expand into traditional finance, leveraging its expertise in both crypto and traditional markets. Gaevoy emphasizes the importance of OTC desks for discreet trading, especially for altcoins, and highlights the growing interest in Ethereum due to its potential upside. He believes that crypto will merge with traditional finance, particularly through tokenized securities. Gaevoy's competitive spirit drives his ambition to be among the wealthiest, viewing investing as a strategic game. Wintermute's unique position allows it to navigate both crypto and traditional markets effectively.

Ken Griffin’s hunger for information and speed almost reads like a playbook for ruthless learning. Fresh from Enron’s bankruptcy, he watched Citadel pursue him with relentless interviews, eventually meeting him in Aspen and Houston after a jet-ride recruitment sprint. Griffin describes Citadel’s practice of interviewing hundreds of Enron traders to reverse engineer the business and map its profit engine. The Yale talk later frames this mindset as the founder’s habit of seeking maximum risk opportunities aligned with his obsession, choosing Citadel’s niche path, and eventually building one of the world’s largest funds from a dorm-room start in Chicago in 1990. Griffin’s core thesis surfaces in Ed Thorp’s stories—the idea that the best entrepreneurs assemble the right toolkit at the right time and then relentlessly apply quantitative analytics to beat the market. He recounts meeting Thorp, hearing about the Princeton Newport model, and how a 19-year-old Griffin was backed by two mentors who believed in him. Citadel began with a million-dollar seed and explosive returns, then shifted from pure research to a trading framework, rooted in the motto that the glory lies in research and trading monetizes it. The firm’s early edge, like convert ARB, was eventually commoditized, pushing continuous learning. Adversity is Griffin’s constant teacher. He details Citadel’s near-collapse during the 2007-08 crisis, the Long-Term Capital Management lessons he studied in 1998, and how those episodes trained him to build a ‘risk wall’ and to hire and retain talent who stay in the game. He quotes Buffett on tides and naked swimmers and stresses that leadership emerges most clearly when markets turn, forcing decisions under uncertainty. The mantra emerges: time is the filter; the ability to adapt, both psychologically and financially, determines who survives and who thrives after the storm. Beyond crisis and edge-building, Griffin emphasizes education and culture: seek mentors, hire relentlessly, and push others to improve. He foregrounds the importance of decision repetition—‘reps matter’—and of lifelong learning, arguing that the vast majority of what matters in a career has yet to be learned. He urges embracing risk now, choosing ventures with large total addressable markets, and selling relentlessly as a founder’s job. He invites listeners to study great businesses outside finance, to build a personal mission, and to stay relentlessly curious about the next frontier.

Daniel Ludwig arrived in public life as a whisper among the world’s wealth, the richest man many Americans had never heard of. The first unposed photo of him appeared as he walked to his Manhattan office, a symbol of a life devoted to privacy. Ludwig built a $3 billion fortune through relentless efficiency, a talent for big-picture thinking, and a willingness to gamble on ideas that could be financed with other people's credit. He preferred to operate as a lone wolf, keeping the rewards—and the risks—sharply concentrated in his hands. His ascent began in shipping years before fame or fortune, when, at nineteen, he started his first business and learned to scout value in the ash heaps of war-torn markets. The Depression nearly crushed him, yet he devised the two-name paper idea: persuade an oil company to grant a long-term charter, then use that charter as collateral to borrow from a bank to buy a ship. The oil company paid the charter to the bank, the bank paid Ludwig, and the ship became his after the contract expired, often with no money down. World War II and its aftermath transformed Ludwig from a fleet captain into a global conglomerate mind. He financed hundreds of ships with minimal cash, built bigger tankers to outrun rivals, and diversified into mining, real estate, hotels, refining, and beyond. At his peak he owned more than two hundred companies in fifty countries. His creed—hacking away the nonessential—was driven by a relentless drive to lower costs and increase payload, shaping every retrofit and design decision. He bragged that you cannot haul oil in a grand piano, a stoic joke that captured his obsession with efficiency over spectacle. Facing a flood of surplus ships after the war, Ludwig expanded by exploiting government-subsidized deals with low down payments and long repayment schedules, often becoming technically insolvent yet surviving through clever extensions. His alliance with Rockefeller's oil empire, via long-term charters, anchored his shipping power, while rivals like Onassis and Naros refined cost-cutting through flag-of-convenience fleets and lavish diplomacy. Ludwig answered with a similar blend of leverage and invention, including a famous late-era yacht—the Danon—used as a business platform to win contracts. He also pursued ventures from salt works in Baja to a Panama refinery, always testing new frontiers to grow cash flow.

Rethink the art world: Larry Gagosian controls more than a billion dollars in annual sales with galleries from New York to Hong Kong, shuttling between outposts on a $60 million private jet. Known as a dealer, not a gallerist, he rejects pretence and favors blunt certainty. The New Yorker profile portrays him as a mercantile force who builds dominance through relentless action, not introspection. He operates independently, without partners or shareholders, and prides himself on control, a trait linked to maintaining edge by avoiding self-reflection. Gagosian’s model contrasts with traditional art deals. He does not scout nascent artists; he waits for artists to hit sales metrics before involvement. He uses size as leverage, luring stars away with bigger platforms and higher payouts, while turning high overhead into a selling proposition. His business levers are parties and showcases that look like luxury but function as sales events. The emphasis on the secondary market—where he starts with West Coast collectors and later a global network—positions him to profit from information asymmetry, not solely from the primary market. His background reads like a playbook for aggressive entrepreneurship. The son of a gambler and accountant, he dropped out of college, worked in a record store, and briefly served as an assistant to Michael Ovitz before discovering street posters and cat posters on a West Hollywood lot. He copied that vendor’s poster business, added frames, opened an open gallery, and learned to run a business on the fly. A relentless, disinhibited temperament—described as a shark or a hunter—made him relentless in cold calling, hunting for paintings, and turning every encounter into a deal. He befriended Leo Castelli and Si Newhouse, then moved his operation to New York at forty, building a network that would sustain his rise. Across decades, he expanded into living artists, living out Duveen’s playbook by dealing with the ultra-rich who own prized works. He hired directors, kept a no-nonsense culture, and used secrecy to maintain price power—selling works not publicly, and often telling buyers to move fast with limited windows. His brand became the market, with repeat commissions and cross-border sales, including a Paris airport gallery for jet-set clients. Even downturns saw him prosper by chasing bargains with buyers like Geffen and Cohen, while keeping a ruthless focus on scale, relationships, and control. The story closes with the sense that Gagosian is the enterprise, and the enterprise is him.