Analyst · previewYou're seeing the public read on the Grant's 2025 cohort. Analyst unlocks per-speaker transcript receipts + the short-call drawdown timeline + explicit-vs-proxy classification on every pitch + alerts when a Grant's name fires. Trader adds custom methodology BYOB + multi-year aggregate vs SPY + the API for the full pitches dataset (incl. the unscoreable ones with editorial notes).Compare tiers →
Grant's Annual Fall Conference · 2025 · 10-month progress check
3 pitches. 2 long, 1 short. Here's how they did.
Conference held 2025-09-30 (292 days ago). Each pitch enters a synthetic $100K book at conference open the next trading day; SPY-as-cash methodology; standard v5.4 conviction sizing. Numbers update daily as prices move.
Sum-of-books · 3 speakers × $100K
$340.0K vs SPY $337.7K
+0.8pp vs SPY
Each speaker their own $100K bucket. Cleanest read of pitch quality independent of one another.
Shared bucket · $0.30M across all pitches
$344.7K vs SPY $337.7K
+2.3pp vs SPY
Single shared bucket sized N × $100K. Conviction-tier sizing interacts across speakers — different number, same data.
Grant's 2025 Shared Bucket vs SPY — 163 trading days · 3 speakers · 2 long / 1 short
Host portfolio$300KSPY mirror$336K-$36K (-10.7%)
Currently Open · Grant's 2025 Shared Bucket — 3 positions
Top Holdings · 4 slices
IBIT$31,9909.3%
GLD$28,2858.2%
GLD$28,2858.2%
SPY (uninvested)$256,10574.3%
— News on Grant's 2025 pitched tickers —live
Live from Alpaca / Benzinga. Bundled across the 2 tickers pitched at this year's conference. Refreshes every 60 seconds.
No recent headlines for GLD, IBIT in the last 7 days.
Per-speaker scorecard · ranked by outperformance vs SPY
speaker · firmpitchesbook valuereturnvs SPY
David S.H. Rosenthalretired Stanford / LOCKSS1$114.3K+14.3%+1.7pp
“"The Gaslit Asset Class: Technological and operational risks of cryptocurrencies." Bitcoin's five core claims are "false or misleading." Centralization risk (3 mining pools control >50% hash power); 51%-attack economics break post-halvening unless price doubles; quantum-computing risk by ~2027 could let an attacker drain ~20% of all BTC. Full verbatim transcript public on his own blog. INGESTED AS IBIT SHORT PROXY — Rosenthal explicitly disclaimed both long AND short personal positions, but the editorial thrust is structural bear on BTC and IBIT is the cleanest US-listed direct-BTC short.”
Matthew McLennanFirst Eagle Investments1$112.9K+12.9%+0.3pp
“"Sovereign debt is abundant; here's what's scarce." Core thesis: in an era of abundant sovereign debt printing, scarcity assets — gold first — re-rate higher. 1970s parallels. Gold supply growth is nowhere near sovereign-debt supply growth. INGESTED AS GLD PROXY for the broad gold thesis.”
Pierre LassondeFranco-Nevada1$112.9K+12.9%+0.3pp
“"A 1:1 ratio of the Dow to the gold price: A preview of a thrilling remake." Dow/Gold reverts to 1:1 as in 1934 and 1980; even a conservative 2:1 ratio against today's Dow implies ~$17,250/oz gold by 2030. Compares setup to 1976-1980 cycle. INGESTED AS GLD PROXY — Lassonde personally favors the royalty model (FNV) but no firm-specific call-out in the public recap.”
Grant's Interest Rate Observer's own conference recap is subscriber-only. Pitch data here is reconstructed from public secondary sources (ValueWalk, Hedge Fund Alpha, Seeking Alpha conference notes, and the speakers' own subsequent letters when posted). Direction labels and thesis summaries are our editorial extraction — flag corrections via the audit form.