When
Praetorian
Capital’s
Harris
Kupperman
invests
in
something,
he
expects
a
lot
from
it.
Whether
it’s
uranium
or
Florida
real-estate,
he
wants
a
five-fold
investment.
It
doesn’t
always
work—his
Mongolia
Growth
Group’s
bet
on
its
namesake
country
never
really
panned
out
and
now
mostly
exists
to
publish
Kupperman’s
views
on
other
things
to
his
subscribers—but
more
times
than
not,
it
has,
evidenced
by
Praetorian’s
nearly
600%
return
over
the
last
two
decades.
One
of
those
investments,
in
bitcoin,
did
Kupperman
one
better,
earning
a
six-fold
profit
over
a
few
months.
So
why
did
Kupperman
invest
some
cash
in
crypto?
“It’s
a
Ponzi
scheme.
It
has
no
real
function,”
he
says.
“But
there
are
moments
in
time
when
investing
in
Ponzi
schemes
is
perfectly
good.
When
they’re
inflating,
they’re
very
profitable
to
own….”“About
every
18
to
24
months,
one
industry
freaks
out
and
you
get
to
buy
one
industry
cheap,”
Kupperman
says.
“That’s
the
story
of
my
life.
I’m
patient—I
wait
until
they
completely
lose
their
minds
and
then
buy
it.”
Meet
The
Investor
Willing
To
Put
His
Money
Into
Ponzi
Schemes.
His
Fund
Is
Up
593%
[Forbes]