Sound Money and Investing by Lawrence Lepard
Lawrence Lepard is managing partner at Equity Management Associates, an investment firm focused on hard assets and monetary sovereignty. A long-time critic of fiat devaluation, Lepard has publicly advocated for Bitcoin as a hedge against central bank mismanagement. His macro commentary has been featured in interviews with Wealthion, Real Vision, and Swan Bitcoin. As of August 2025, Lepard’s fund reports over USD 80 million AUM, with at least 25 percent allocated to Bitcoin-related equities and infrastructure.
Lepard’s public letters include citations of historical monetary cycles and forecasted Bitcoin as a USD 250,000 asset by 2028, based on comparative analyses with gold monetization curves. His speaking appearances at events such as Bitcoin 2024 and the Austrian Economics Forum reached live audiences exceeding 8,000 participants across three continents.
Lepard's alignment with Bitcoin as digital property positions him as a policy-driven voice within the asset’s monetary thesis, especially among long-horizon investors.
Each market bubble brought déjà vu, Lawrence Lepard notes
Lawrence Lepard described his experience investing during the years 2000, 2008, and 2020, each of which he characterized as periods when market bubbles burst. He also remarked that Thursday, ...
Lawrence Lepard: U.S. federal budget deficit widens to nearly $2 trillion for 2026
The U.S. federal budget deficit widened to nearly $2 trillion for the 2026 fiscal year, according to Bloomberg. Lawrence Lepard commented that spending is growing faster than receipts and ...
Credit market risks appear systemic, Lawrence Lepard notes
Lawrence Lepard highlights the quality of the latest Credit Bubble Bulletin weekly commentary, emphasizing a fact check on Bessent. Lepard draws attention to commentary that discusses whether ...
Lawrence Lepard: Key insights featured in EMA Q3 executive summary
Lawrence Lepard is currently drafting the EMA third-quarter report and highlights the value of its executive summary, which spans approximately 50 pages. He notes that the report offers ...
U.S. government bonds endure painful monthly decline, Lawrence Lepard warns
Lawrence Lepard highlights a sharp decline in U.S. government bonds, describing it as a 'bondpocalypse.' Citing Financial Times coverage dated September 30, Lepard points to reports that the U.S. ...
Lawrence Lepard: Gold and bitcoin could see significant gains
Lawrence Lepard questions whether gold and bitcoin are about to experience substantial upward movement. In a brief statement referencing U.S. President Donald Trump, Lepard hints at a potential ...
Private equity influence in life insurance and annuities raises concerns, Lawrence Lepard warns
Lawrence Lepard flags concerns about the involvement of private equity in the life insurance and annuities industry. Lepard suggests that individuals with whole life policies or annuities should ...
Lawrence Lepard: Bonds taking charge in latest market commentary
Lawrence Lepard shares the latest weekly commentary from Credit Bubble Bulletin, focusing on the theme of bonds taking charge. The commentary signals shifting dynamics within financial markets, ...
Guarantees on life insurance policies prompt questions, Lawrence Lepard notes
Lawrence Lepard asks about the guarantees provided by state or federal authorities to regulated life insurance companies that issue life policies and annuities. Lepard's inquiry comes in light of ...
Lawrence Lepard: Long-term U.S. Treasuries have fallen 85-90% in gold terms since 2014
Lawrence Lepard points to data from the latest FFTT report by Luke Gromen, highlighting that long-term U.S. Treasuries have declined by 85-90% in value when measured in gold terms since global ...
U.S. budget deficit jumps 48% compared to prior July, Lawrence Lepard notes
Lawrence Lepard highlights that the U.S. budget deficit for July reached $431 billion, representing a significant jump from $291 billion recorded in July 2025. This increase marks a 48% ...
Lawrence Lepard: U.S.-Japan yen support brings unprecedented liquidity
Lawrence Lepard comments on recent financial actions, including the U.S.-Japan joint support of the yen, describing it as unusual and noting that the financing approach is unprecedented and adds ...
$50B swap line increase likely tied to Japan, Lawrence Lepard notes
Lawrence Lepard draws attention to a recent Federal Reserve H.4.1 report that revealed a $50 billion increase in swap lines, up from zero. Lepard suggests this change is almost certainly connected ...
Lawrence Lepard: Federal Reserve must print or risk systemic breakdown
Lawrence Lepard highlights the dilemma faced by the Federal Reserve, stating that it must continue printing money or risk causing widespread systemic disruption. The episode referenced by ...
Size of swap lines and reporting requirements prompt questions, Lawrence Lepard notes
Lawrence Lepard raises questions about the scale of swap lines and whether they will need to be reported. In his comments, Lepard expresses uncertainty over how extensive these swap lines might ...
Lawrence Lepard: Bitcoin is described as digital sound money to protect wealth
Lawrence Lepard discussed the concept of sound money and its evolution, highlighting insights from his discussions with his friend Murray Sabrin, who has taught Austrian Economics. He emphasized ...
Warsh Fed guidance on crisis response suggests central bank changes, Lawrence Lepard notes
Lawrence Lepard comments on Doug Noland's remarks regarding Warsh's testimony. Lepard points out that while there appears to be a moratorium on forward guidance, the Warsh Federal Reserve is ...
Lawrence Lepard: Gold, silver and mining stocks fell in Q2 2026 on Iran conflict and Fed fears
Lawrence Lepard shared the release of the EMA Q2 Letter to investors, highlighting events that impacted market performance. He stated that the Iran War and concerns about a hawkish Federal ...
Balance sheet challenges could lead to Bitcoin gains, Lawrence Lepard warns
Lawrence Lepard draws attention to the impact of central bank policies on financial markets, noting a pattern of officials shifting their stance when economic stress arises. He suggests that ...
Lawrence Lepard: Fed has unlimited cash, problem solved
Lawrence Lepard references Neel Kashkari and remarks on the U.S. Federal Reserve's ability to provide unlimited cash. The comment points to the central bank's capacity to inject liquidity into ...
Saylor sold 2 percent of his holdings for tax payment, Lawrence Lepard states
Lawrence Lepard addressed recent sales by Michael Saylor and Phong, providing additional context. Lepard stated that Saylor sold 2 percent of his holdings to pay taxes related to an options ...
