David Kalk is a portfolio manager and macro investor with experience in cryptocurrency and alternative asset management. He has held senior investment roles at several firms, including serving as chief investment officer at Thiel Macro and as a founder and chief investment officer of Reflexive Capital. As of September 2025, he is a portfolio manager at Brevan Howard Digital. ^[1]​

Education

Kalk attended the Massachusetts Institute of Technology (MIT), where he earned a Bachelor of Science (B.S.) in Mechanical Engineering in 2008. ^[2]​

Career

Kalk began his career in finance at Goldman Sachs, where he traded interest rate swaps from 2008 to 2012. He then joined Clarium Capital Management, Peter Thiel's global macro hedge fund, as an associate, working at the firm from 2012 to 2015. In 2016, Kalk moved to Thiel Macro, the Thiel family office, where he focused on macro trading. He was later promoted to chief investment officer, a role he held for the latter part of his tenure which concluded in 2020. From 2020 to 2023, Kalk served as head of macro and digital assets at Commonwealth Asset Management LP. In 2023, he founded Reflexive Capital, an alternative asset management firm focused on crypto, where he also served as chief investment officer until 2025. The firm's investment thesis centered on the idea of blockchain as a "trust rail" capable of reducing the "trust tax" imposed by traditional intermediaries in digital transactions. In July 2025, it was reported that Kalk would be joining Brevan Howard Digital, the crypto-focused division of Brevan Howard Asset Management. He officially started as a portfolio manager at the firm's multi-strategy digital-asset fund in September 2025. ^{[3] [5]}​

Interviews

Crypto Psychology

In an August 2024 interview with Empire, Kalk discussed trading and allocation approaches in crypto markets, including the limitations of trying to time market cycles precisely. He described crypto as highly liquid but structurally inefficient, arguing that this creates opportunities for professional traders who can manage risk effectively. Kalk contrasted the psychology of traders and venture capital investors, emphasizing that emotions and rigid thinking can negatively affect decision-making in volatile markets. He also discussed how market structure has evolved, including the influence of venture funding on token prices and the challenges it poses for investors. During the conversation, he highlighted the importance of flexibility, position management, and emotional control as key skills for sustained performance. He also commented on the potential market impact of Bitcoin ETFs, particularly on increased institutional participation. ^[6]

Market Reflexivity

In an October 2024 interview on Angelo Robles’s podcast, Kalk discussed his background in macro trading and crypto investing, including work at Thiel Macro and his role managing macro and digital assets at Commonwealth Asset Management. He outlined the concept of market reflexivity, explaining how rising prices can influence fundamentals and create feedback loops that drive boom-and-bust cycles. Kalk cited examples such as housing markets and technology stocks to illustrate how leverage and valuation expansion can reinforce speculative behavior. He argued that crypto markets are especially vulnerable to reflexivity because they often lack stable valuation frameworks, leading to sharper volatility. He also discussed how family offices approach crypto exposure, emphasizing the importance of understanding market psychology, recognizing recurring cycle patterns, and managing risk through careful position sizing. He concluded by noting that political and regulatory developments could influence future crypto market conditions and described Bitcoin as a potential portfolio diversifier. ^[7]