A crypto fairy tale

Authored by

Owen A. Lamont, Ph.D.

Senior Vice President, Portfolio Manager, Research

Once upon a time, there was an orphan boy named Crypto. He lived by himself in a hovel in a small village. The other villagers shunned him, calling him slow, strange, and good-for-nothing.

One night, Crypto was visited by a mysterious stranger named Satoshi. Satoshi told of an ancient prophecy: Crypto was no ordinary boy, but had been born to free the people from oppression and bring about a golden age. To fulfill this destiny, Crypto must find Princess Use Case. That was his quest.

Before Crypto could ask questions, Satoshi vanished in a puff of smoke. The next morning, Crypto set off on his journey.

He travelled the land, searching high and low for the princess. In each town, he asked about her at the marketplace, but the merchants frowned and shook their heads. He questioned the scholars, but she was not listed in their books. No one had heard of her.

He searched every village and hamlet, but found nothing. Although he had never met her, and did not even know what she looked like, his heart ached for her. Without her, he could never be whole. She was his destiny.

Years passed, and Crypto kept looking. He became a familiar figure on the highways and byways, a ragged pilgrim on an endless journey. Some said he was mad. But others grew to admire his purity of heart. In the taverns, minstrels sang of the faithful wanderer and the lost princess.

One day, at a busy crossroads, a merchant began to follow Crypto, walking a few respectful paces behind. Soon others joined, and Crypto found himself at the head of a procession of pilgrims. At every town, he attracted more followers, all determined to find Princess Use Case. Among the multitude, wild tales spread: she was fairer than a blooming rose, her touch cured any ailment, and her magic spinning wheel turned straw into gold.

Every day, more people joined him. Farmers left their fields, shepherds abandoned their flocks, and blacksmiths lay down their hammers. There was no need for such things; once they found the princess, a glorious age of plenty would commence.

At last, Crypto received news. It was whispered that the princess was imprisoned in the tallest tower of the royal castle. Her radiant beauty had aroused the jealousy of proud Queen Fiat.

Crypto finally understood why his search had been so difficult. It was all the fault of Queen Fiat, who’d hidden the princess away from the world.

Full of wrath, Crypto led his forces to the castle. At dawn, they attacked. After a fierce battle in which many perished, the royal guard was defeated, and the queen lay dead in her throne room.

Crypto raced up the spiral stairs to the top of the tower. Throwing open the door, he discovered … nothing. The room was empty. There was no Princess Use Case. There never had been.

He put his head in his hands and wept.

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About the Author

Owen Lamont Acadian Asset Management

Owen A. Lamont, Ph.D.

Senior Vice President, Portfolio Manager, Research
Owen joined the Acadian investment team in 2023. In addition to more than 20 years of experience in asset management as a researcher and portfolio manager, Owen has been a member of the faculty at Harvard University, Princeton University, The University of Chicago Graduate School of Business, and Yale School of Management. His professional and academic focus is behavioral finance, and he has published papers on short selling, stock returns, and investor behavior in leading academic journals, and he has testified before the U.S. House of Representatives and the U.S. Senate. Owen earned a Ph.D. in economics from the Massachusetts Institute of Technology and a B.A. in economics and government from Oberlin College.