In the ETF space, liquidity is often misunderstood; during the 2008-2009 crisis, ETFs provided liquidity when underlying bond markets were not functioning.

Despite market volatility, the ETF industry has managed well, and I have confidence in our strategies and the team behind me.

The future of early-stage fundraising will likely continue to focus on liquidity, with tokens providing instant liquidity compared to traditional equity investments. The trend towards faster liquidity in startup investments is accompanied by an increase in secondary trading and more equity secondaries being executed in startups.

As a portfolio manager in the ETF space, I focus solely on investment decisions without worrying about flows, unlike in mutual funds where redemptions can complicate management.

We need to discuss the liquidity of the market, especially regarding ETFs, and the ongoing debate between inflation and deflation.

Convertible notes are great for quick fundraising, but equity is often preferable for larger amounts due to better management and oversight.

Equity represents ownership in a startup, indicating what percentage of the company a founder, employee, or investor owns, and it's crucial to understand whether you're receiving stock options or direct equity.

As infrastructure for asset-backed tokens develops, it may make sense for companies to raise equity through tokens that represent that equity.

The relationship between equity and tokens in a successful token sale may blur, as the company's value could derive more from its token holdings than from traditional equity.