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$54B fund partner runs women-only DAO, LatAm blockchain gaming guild

Clara Bullrich helps run a $54B investment fund, a women-only DAO and she founded a gaming guild to teach gamers in Latin America play to earn.



Clara Bullrich helps run a $54B investment fund, a women-only DAO and she founded a gaming guild to teach gamers in Latin America play to earn.

Clara Bullrich must have cloned herself or possibly invoked dark forces that shouldnt be meddled with. Somehow, shes managed to cram about four careers into one life.

Her main gig is leading her own financial entity, AlTi, managing a whopping investment fund, which grew to $54 billion under management following a recent merger. Thats a big enough job in itself.

A member of Women in Blockchain, she also runs a women-only DAO, Komorebi, that concentrates on funding female and non-gender-specific projects.

Ive seen in crypto that theres very few women, and I really want to push that as much as I can, she says. For me, its always important to have skin in the game.

And if that wasnt enough, shes also the founder of a gaming guild, Ola Guild Games (OlaGG), that hopes to upskill the quarter of a billion mobile gamers in Latin America so they can boost their incomes using play-to-earn blockchain games. 

She tells Magazine she feels lucky to have been involved with cryptocurrencies, DAOs and the metaverse at this early stage.

My sons are nine and 11 and will live through the entire cycle of what blockchain and crypto are creating right now. And I feel super hopeful around that.

Hailing from Argentina, after studying in the United States and Ireland, she worked for a short time for the Spanish Santander bank in the United States. She didnt stay there long. Laboring in the stuffy, conventional world of traditional finance clearly does not float her boat. Her favorite word is disruptive.

Bitcoin is just money supported by math. I came across it about seven years ago. At first, I was very uncomfortable with that, then I thought: The big disruptions are the ones you should walk towards.

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Disruptive innovation

After a short stint at Santander, she was headhunted by an Argentine tech company called Collective Mind, which grew rapidly. Then in 2000, she started a family office business for high-net-worth clients under the umbrella of Guggenheim Partners. In those days, family offices werent as prevalent as today.

Over 23 years, she expanded her operations from Latin America to other parts of the world. Three years ago, this fund management business became Alvarium Investment Advisors, managing over $20 billion in investments, then recently merged with two other companies to form Alvarium Tiedemann Holdings, AlTi, with over $54 billion under management.

Bullrich had some challenges persuading her clients to invest in disruptive technology, including Bitcoin, but first, she had to persuade her colleagues of the merits of investing in progress rather than simple money-making schemes. 

My discussions with my partners were very much around: We should be investing in tech with tech expertise, not financial expertise. 

Her intention was to back technology that would have beneficial effects in the longer term, rather than simply looking at a financial balance sheet.

She set up the Digital Assets Committee at Alvarium Tiedemann in 2019.

What you have to realize is that most people there are traditional investors, so the idea of crypto, blockchain, Web3, digital assets these were really foreign to them.

She continues, And so being able to start that committee has allowed me to educate traditional investors about the potential of digital assets and blockchain technology. She continues, I wanted to create that level of expertise to be able to understand trends, why certain disruptions make more sense than others.

She feels the mindset required is more technological and over a longer time span than in conventional finance. This led, in 2016, to her second company, which is called The Venture City.

Venture City
The Venture City is an accelerator to nurture innovative projects. Source: Venture City

The Venture City is an accelerator to nurture innovative projects, so it has the financial backing, expertise and support to reach its potential.

A major impetus behind TVC is to improve access to financial products and services. In some Latin American countries, up to 60%70% of people do not have bank accounts, restricting their ability to improve their situation. Bullrich sees TVCs investments as a means of combining technology and financial expertise with a beneficial social product.

We have already 100 companies who passed through the accelerator, and were actually starting Fund 3. So, we did Fund 1 with $52 million, Fund 2 with $75 [million], and were going in 2023 with the launch of Fund 3. It was an amazing experience. Because very early on, we were talking about community and creating a lot of events and educational sessions around the products.

Here are some examples of the many projects The Venture City has invested in:

Sturdy Exchange: Sturdy.Exchange is an NFT-based Web3 token in the Flow ecosystem. It aims to decentralize music distribution. It is a platform for artists, musicians and entertainers to reach their audiences with a new form of ownership and utility using NFTs. 

Belo: A wallet app that uses Argentine pesos and crypto with a DeFi yield platform built in so users can receive regular returns. It aims to be an accessible cryptocurrency introduction.

Gamer Safe: This is an app to make online multiplayer gaming safer and more pleasant, by removing cheaters, fake and duplicated accounts, and policing toxicity and dishonesty in games. 

Women in Blockchain

She joined Women in Blockchain (WiB) last year and hopes to develop womens skills, opportunities and aspirations in the cryptocurrency sector.

We are providing that platform where women can meet and be part of those conversations and move forward in terms of education, she says. We can become connectors of people needing a certain kind of expertise and people with that expertise can link up with those who need it.

So, WiBs a completely different animal from my Venture City, which is doing that deep dive looking for companies and deciding what companies the fund is going to invest in.

Komorebi is a DAO aimed at improving the representation of female and non-binary crypto folk. Source: Komorebi

Diversity in DAOs

Komorebi is a poetic, almost untranslatable, Japanese expression that describes sunlight filtering through trees. It is also a DAO on the Syndicate Protocol, dedicated to increasing diversity and breaking down barriers to entry in the blockchain space.

The thought process behind this was that women-led startups receive only 2.3% of venture funding but perform 63% better than investments with all-male founding teams, according to Venture Capital firm First Round.

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My involvement with Komorebi allows me to support and amplify the voices of women in tech and finance. Im grateful I didnt have as many hurdles of being a woman in finance, but I encountered them more in technology. So, whats crucial for me here is being able to find an opportunity to help women find their voice in blockchain and crypto.

She says adding more diversity to the crypto and blockchain world is a win-win for everyone.

Im not saying womens voices should be dominant over men; its not one or the other. What I truly believe is having diverse perspectives and experiences in decision-making leads to better outcomes, and my role is to provide an additional platform for women to showcase their passion, their vision.

When Bullrich finds a project that interests her team, she brings it to the DAO and everyone votes on whether to back it or not. The DAO is a very interesting angle for allowing people to be part of something bigger, rather than just putting money into it.

Final boss: Making a living in a poor country with P2E

Yield and Ola Guild Games: These are DAOs. Yield Guild Games (YGG) was founded by Gabby Dizon and Beryl Li in 2018 to involve Filipino players in gaming and cryptocurrency. The players can supplement their incomes with P2E winnings. OlaGG is a subDAO, which expands the successful concept geographically to the Hispanic market: Spain, Latin America outside Brazil and Hispanics in the United States.

The idea of Ola Guild Games is to create social and financial inclusion for the Hispanic Community through gaming. Its main platform is Axie Infinity, but there are options to engage with other P2E game systems as well. The concept took off in the Philippines during the pandemic, with users supplementing their tightened budgets or even multiples of the average wage with P2E gaming.

It seems like a good fit as one-third of Hispanic speakers income is $1.90 per day, which the United Nations defines as extreme poverty. Nearly half have no access to banking or financial products. However, more than 58% of the population in Latin America play mobile games, which equates to a user base of over 273 million people.

So, the idea of Ola is how can we engage with people, teach them, educate them on these new tools for Web3 to really create that financial inclusion. It might be through games, and that will be play-to-earn. 

The Guild is also creating educational programs learn-to-earn where users receive payment for educational achievements with the intention of having an employment structure, for example, in games development, to move on to when trained.

Conventional western aid purveyors will probably have heart attacks when they find developing countries blockchain-gaming their way up the development ladder, instead of subsisting on aid packages with strings attached.

While it does have a huge and clearly defined audience, the project is still in its early stages.

Co-founding Ola and working with my team in Latin America represents my desire to give back and provide opportunities in a market that does not have access to the same resources as we have here in the U.S., she says. I want to provide all that education Im seeing here on Web3, structuring DAOs, and help them adopt those technologies and bring it to life. Its not just a nice to have, its a must-have for Latin America.

By sharing my experiences and knowledge of Web3 and decentralized organizations, I hope to bring positive change to my home country [Argentina].

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February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…



By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.



Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250

Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  


3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 

From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:


In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January…



Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush. 

What happened? Let's take a closer look.

On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.

Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K,  a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born

... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest border...

... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.

Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Tyler Durden Fri, 03/08/2024 - 13:30

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