In a recent discussion highlighting shifts in investment paradigms, Jeff Park, chief investment officer at ProCap BTC, has declared the obsolescence of traditional value investing principles popularized by the renowned economist Benjamin Graham. Park expressed his views via a post on X, stating bluntly, “If you’re still investing like Benjamin Graham in 2025, you’re already losing,” and asserted that “The Intelligent Investor is dead.”
Delving deeper into his rationale, Park explained that the foundational pillars that once supported intelligent investing—such as fiscal restraint, financial liberalization, stable exchange rates, deregulation, and privatization as laid out in the Washington Consensus—have significantly weakened. He posited that this traditional framework is now being overshadowed by what he termed the “Beijing Consensus.”
One pivotal example Park cited was the Federal Reserve’s launch of the Main Street Lending Program during the COVID-19 pandemic. This initiative aimed to make credit accessible to small and mid-sized businesses and, according to Park, marked a clear excursion from the Fed’s traditionally neutral mandate into the realm of fiscal policy.
Another critical turning point noted by Park was the 2022 coalition of countries, including the United States, that seized Russian reserve assets in retaliation for the country’s invasion of Ukraine. These events illustrate a pronounced shift in how markets operate, now more influenced by political considerations and cross-border financial flows rather than established free-market principles.
Park contended that we are entering an era defined by the “Ideological Investor,” where value is no longer assessed by traditional financial metrics such as risk-free rates or discounted cash flow. Instead, the current investment landscape is heavily influenced by geopolitics, artificial intelligence, and cultural dynamics. He likened the transformative impact of AI on society to Karl Marx’s theories on production and societal organization, suggesting that AI will play a pivotal role in shaping power structures.
Additionally, Park pointed out that cultural influences can significantly impact market performance, noting the recent increase in stock value for American Eagle following a controversial advertisement featuring actress Sydney Sweeney.
“The Ideological Investor does not abandon analysis but reorients it,” he explained, asserting that rather than viewing factors like geopolitics and technology as external risks, they are embraced as the primary drivers of value.
In this context, Park declared Bitcoin as “the ultimate horse and hedge” for the Ideological Investor. He posited that Bitcoin transcends geopolitical turmoil due to its sovereign-less nature and AI-agnostic qualities. It is purportedly supported by a global community, embodying a value allocation system resilient to crises and regime changes.
“Bitcoin will win,” he proclaimed, summarizing that it represents a worldview wherein capital allocation adheres to principles that endure through upheaval—ultimately stating, “Because in the end, Bitcoin is value.”
