We believe that November 2021 marked the beginning of a new investment cycle, characterized by a critical shift in market correlations across different asset classes. During this period, businesses operating at unsustainable valuations faced a moment of reckoning, and the global fixed-income market underwent a complete collapse. Safe-haven currencies, such as the Japanese Yen, notably
In 2003 I fell into commodities and related equities by sheer dumb luck. It felt like a curse at the time, but today I tell anyone in their 20s to embrace the research coverage that nobody on the team wants, especially if that sector or region has gone nowhere for ten years. Inside three years,
The first U.S. ETFs that hold bitcoin were cleared Wednesday by the Securities and Exchange Commission. They were hailed by the crypto industry as a game changer that would allow mainstream investors to buy and sell bitcoin as easily as stocks and mutual funds. Investors responded enthusiastically. More than $4.6 billion of shares across 10
This post explains the rationale for Bitcoin ETFs over self-custodied Bitcoin. (Speaking from experience, but not necessarily an endorsement of such ETFs): ETFs fill a need and are designed to permit exposure to Bitcoin for professional, registered investment advisors in the US and others in the traditional investment system. Money managers in particular have unique
History is running in reverse. Ninety years ago, FDR and his fellow travelers rode the 20th century arc of centralization. The chokepoints of then-new technologies for mass media and mass production allowed them to gain control over the population, recruit top talent for their “Brain Trust”, and seize the gold after a series of epic
JUST IN: #Bitcoin overtakes silver to become the second biggest commodity ETF. 1. Gold – $96b 2. BITCOIN – $27.5b 3. Silver – $11.5b It’s just week 1…
Twice as much #bitcoin is LOST as is currently controlled by institutions and governments. Only a tiny fraction of the world owns bitcoin, and after the halving in April, only 1.3125 / 21M @btc will be left to be mined. It might make sense to get some, just in case it catches on.