frens capital – Liquid venture, web3 business models, market inefficiencies & more | Fundamentals ep.63

In this episode of the Fundamentals podcast, we’re joined by Chris Abiaad, the founder of frens capital – a thesis-driven investment fund focused on liquid digital assets. frens capital’s strategy is to make long-only investments based on fundamentals and the core principles of value investing.

Listen to the episode

We discuss frens capital's investment strategy and what makes web3 interesting from an investor's point of view. We also break down liquid venture and why is it a superior form of investing compared to traditional VC. We cover the differences between web2 and web3 business models and moats, and speak about some 0-1 tech unlocks that could open up the space for mass adoption.

Tune in for a great discussion about the fundamentals of value investing in crypto.

Timestamps:
00:00 Introduction
04:19 Overview of frens capital
05:36 What do fundamentals mean in crypto?
07:07 The problem that frens capital solves for investors
09:40 Liquid venture vs. traditional venture
12:26 How does frens work with the projects they invest in?
14:00 What makes crypto interesting for investors?
15:33 Web2 vs. Web3 business models & power laws
19:47 Moats in crypto
24:06 Tech unlocks that Chris is excited to see play out
27:15 Market inefficiencies
30:05 Relative valuations
31:07 Deal-sourcing and decision-making
34:35 What metrics does Chris focus on when analyzing projects?
36:02 An investor's point of view on token incentives
38:22 Blur: Developing an investment thesis
42:26 What is Chris most excited about in crypto right now

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