How James Best Forged His Career During a Global Pandemic
James Best first started investing in the share market at 18 after saving $9,000, the sum of money earned over months moving furniture in a warehouse for $16/hr.
Absent a trading strategy, Best entered the market and traded blindly. Unfortunately, similar to the majority of investors who entered the share market, he lost almost all his capital.
"In just a few months of entering the market, I saw my investment values come crashing down, losing 95% of the money I had saved," Best says. "It was amid these losses that I decided to double down on educating myself, studying until late hours on YouTube, and opening up paper-trading accounts to practice."
Best says, his experiences losing the money forced him to reconsider his trading strategy, and by pulling all those all-nighters learning and practicing, it gave him the confidence to re-enter the market in 2019. With the knowledge to come up with his own trading strategy, Best's portfolio grew tremendously. Having dramatically increased his net worth in the last two years during the pandemic, Best is now part of the top earning group for under 25's in Australia at 22 years of age.
"At that point, the majority of investors were losing money, but the work I put in the last few years studying helped me navigate through a bearish market," says Best.
Diving Into the Finance Industry
When probed what got him to the industry, Best recounted a particular season in his life that drove him into the market at an early age.
He shares that whilst attending The Scots College in Bellevue Hill, he put himself through Oxford University to study economics on campus as part of a summer school program, completing the course with distinction.
According to Best, his educational background and his interests in identifying profitable markets helped lay the groundwork for him to enter the business world and get into a client-facing role at a financial brokerage.
During his time at the firm, he played an integral part in deals of sizes as much as $500m, to facilitate funding requirements for national and international business ventures.
Best says it was during his stint the last few years with the financial group, that he was exposed to a network of high-net-worth individuals and family offices, further pushing him into the financial sector.
James Best Focuses In On Digital Assets
Best says he immediately recognized the huge upside potential of blockchain and cryptocurrencies which served as an impetus to join Monochrome Asset Management. According to Best, the potential of this burgeoning industry piqued his and the interest of many wholesale investors.
The problem is, according to him, many are hesitant to allocate more than a small proportion of their net wealth in Web 3.0 as digital assets generally don't have a regulatory framework in place to ensure protection of assets and investors alike.
"I saw the gap, and knew that Monochrome had the potential to address any shortcomings by creating an investment strategy to make first-time and wholesale clients feel more comfortable in crypto asset investments. Our current strategy is to offer regulated investment vehicles that currently exist, to provide more regulated exposure to the Bitcoin market in our Bitcoin Fund, which is new to Australian markets," shares Best.
He believes Monochrome's passive buy-and-hold strategy which targets a near 100% Bitcoin allocation, is ideal for high-net-worth clients and wholesale investors.
Now, Best works for Monochrome formulating investment strategy for Bitcoin, including the development of a Bitcoin ETF product to list on the ASX, but still actively manages his own shares and crypto portfolios.
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