Episode 22 of Crypto Market Wizards, an interview series focused on crypto traders in the trenches of the liquid markets. Today we have Bainy Zhang from Fisher8 Capital (AKA hedgedhog7 on Twitter) to discuss where we are in the cycle and why he's generally bearish the markets. We also get into discussions around balancing health vs wealth and the tradeoffs we make being in crypto. This was recorded on August 8th. Crypto Market Wizards is an ad-free and sponsor-free podcast. Guest's Twitter: https://x.com/hedgedhog7 Join the Humble Farmer Army: https://whop.com/humble-farmer-army Free Newsletter: https://hfaresearch.substack.com/ Free Telegram: https://t.me/+3LgpNxIgJ4IzY2Fh Taiki's Twitter: https://twitter.com/TaikiMaeda2 Humble Farmer Army Twitter: https://twitter.com/HFAresearch PODCASTS: Crypto Market Wizards: https://www.youtube.com/playlist?list=PL6bwqqJO_txgGQySGK5-HSuTPp0LjeGqA Steady Lads: https://www.youtube.com/@0xSteadyLads Taiki is the founder of Humble Farmer Army, a community-driven research company founded in 2021 with a mission to create high-quality, digestible content that helps separate signal from noise for DeFi enthusiasts. Timestamps: 00:00 Introduction 3:01 Hog's Market Outlook 9:17 Thoughts on ETH Underperformance 13:34 Dealing with Being Wrong 16:59 Being Right with Conviction 24:26 How to NOT Baghold 26:52 How to Make it this Cycle 31:56 Are 4 Year Cycles Over? 33:31 Hog's Trading Style & Heuristics 37:40 Life without CT 40:33 How do You Trust People? 43:21 Wealth vs Health 50:41 Growing Pessimism/Cynicism 54:38 Successful Traits of Traders 56:43 Advice to Younger Self 1:00:22 Valuation Models 1:04:32 Final Words of Wisdom