Yves Choueifaty is a French mathematician who founded TOBAM in 2005 and invented the Maximum Diversification® method — a mathematical framework to build truly diversified portfolios. He was named "CIO of the Year" in 2015 and "Asset Management Leader of the Year" in France in 2016.
In 2017, TOBAM launched the world's first Bitcoin open-ended fund, making Choueifaty one of the earliest institutional believers in Bitcoin as an asset class.
In simple terms: Bitcoin follows Gold's trajectory, but 200 days later and with 15x the amplitude. When Gold moves +5%, expect BTC to move approximately +75% about 200 days later.
According to Choueifaty, when geopolitical tensions rise ("the sound of the cannon"), investors sell risk assets and buy Gold first. Then, as Gold peaks, hedge funds take profits and rotate into Bitcoin — the asset that lagged behind.
He notes that the current gap between Gold and BTC is similar to early 2020 (COVID), suggesting a major BTC catch-up may be coming.
He references Nathan Rothschild: "Sell on the sound of the trumpet, buy on the sound of the cannon."
Choueifaty argues Bitcoin has key technological advantages over Gold:
He sees MicroStrategy as the first "modern reserve institution" for Bitcoin — equivalent to the first gold reserve companies in 1694.
Choueifaty's mathematical contribution to finance: instead of weighting portfolios by market cap or equal weight, maximize true diversification by selecting assets with the lowest correlations.
Bitcoin, with its low correlation to traditional assets, significantly improves portfolio diversification under his framework. Adding just 1-5% BTC to a traditional portfolio increases the diversification ratio.