Free lunches

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DOUG  By Guest Blogger Doug Rowat
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An overconcentrated portfolio usually means two things: 1) a misplaced focus on past performance (combined with a disregard for volatility) and 2) a bias towards the familiar.

Let’s start with the first point and use an investor darling—bitcoin—to illustrate. The average bitcoin investor (or prospective investor) can probably tell you with some degree of accuracy its sexy past performance versus the US dollar. To be exact, bitcoin has appreciated 127% annually over the past five years. However, what the average bitcoin investor probably struggles with is quantifying the cryptocurrency’s volatility over that same timeframe.

Calling bitcoin “volatile” or even “very volatile” is technically accurate, but it’s imprecise. If you’re going to own any investment, particularly a risky one, you should know its exact volatility. Bitcoin, in fact, is about six times more volatile than equities and dozens of times more volatile than most other investments, including bonds (see chart below). What this means in practical terms is that 50%, 60% or even 80% bear markets are frequent with bitcoin.

5-year annualized standard deviation (%)

Source: FactSet, Bloomberg, Turner Investments; Standard deviation measures the dispersion of a set of data from its mean – in short, it measures volatility or risk.

While bitcoin remains in vogue because of the media’s relentless attention and makes for hip convo at holiday parties, it’s an incredibly difficult investment to actually own long term. What sort of iron-stomached investor would you have to be to continue holding an overconcentrated position that routinely declines by 50% or more? Most would have thrown in the towel at any one of its many lows. And, as a more general point, how many investors with overconcentrated portfolios actually know the historical standard deviations of their overconcentrated positions? If you can’t quantify the risk, you shouldn’t own the investment.

Let’s tackle the second point. Investors also overconcentrate because of familiarity. For example, an investor may decide that because they regularly buy Kraft Heinz products at the grocery store they should therefore load up on the company’s stock. In the case of Kraft Heinz, this has been a terrible investment rationale because its share price has plummeted. It’s a literal drinking, so to speak, of the Kool-Aid—a Kraft Heinz product.

Similarly, home-country bias, also a form of over-tilting towards the familiar, results in all kinds of concentration problems:

Equity market home-country bias (%)

Source: Vanguard

As most Canadian investors are aware, our equity market has significantly underperformed the US market over the past decade, so the above overconcentrated position in Canadian equities has made little sense. But it should also be highlighted that even though the US market is dominant both in terms of global equity weighting and performance, 74% of the top performing stocks each year, on average, are still non-US. And from 2015 to 2017 this percentage exceeded 90%.

In other words, there’s a strong argument for diversifying outside of the behemoth US market as well, despite its dominance.

So don’t overconcentrate. Particularly if you can’t articulate the volatility associated with these holdings. Do you know their standard deviations? And do you know how precisely they correlate with your other holdings? Probably not. Consider also all the other excellent investment opportunities that overconcentrated positions may be excluding you from.

Diversification is the wiser choice.

Legendary economist Peter Bernstein, referencing another legendary economist, Harry Markowitz, said it best:

In 1952, Nobel Laureate Harry Markowitz, then a young graduate student studying operations research at the University of Chicago, demonstrated mathematically why putting all your eggs in one basket is an unacceptably risk strategy and why diversification is the nearest an investor or business manager can ever come to a free lunch [emphasis mine]. That revelation touched off the intellectual movement that revolutionized Wall Street, corporate finance, and business decisions around the world; its effects are still being felt today.

Indeed. Like in the way we manage every single one of our client portfolios.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.

 

86 comments ↓

#1 Habitt on 12.11.21 at 11:35 am

Thanks again Doug.

#2 THE DANDADA on 12.11.21 at 11:44 am

Well at least BITCOIN made the Saturday special.

Now it’s time to learn about Bitcoin’s 4 year halving cycles and how that effects price, the use case for Bitcoin (why was it invented in the first place?), and what it could be worth from here on out https://stats.buybitcoinworldwide.com/long-term-power-law/.

Volatility = Vitality.

#3 Dolce Vita on 12.11.21 at 12:09 pm

Very good advice but you know some of us just don’t all that kind of money to throw around. Ya, ETFs the trick and I can say I have US, CDN and some Global exposure as much as my Threadbare Portfolio permits (and close to Garth’s recommendations in weights).

But you have to admit, Uncle Sam looking pretty good vis-à-vis The World, YTD, by Index as of Friday:

DJI +19.02%
INX +27.33%
IXIC +23.09%
DAX +13.82%
UKX +10.95%
NI225 +4.33%
000001 +4.66%
HSI -12.66%

[Stop looking for the “O” word Uncle Sam, my TB Portfolio thanks you]

————————

“O” word starting to look more and more like a very bad Cold BUT the Mother of all Infection Rates (vaxes get kicked in the teeth without a Booster):

https://twitter.com/DrEricDing/status/1469601149573603328

https://twitter.com/AlastairGrant4/status/1469058678129053697

#4 Shawn Allen on 12.11.21 at 12:14 pm

Volatility?

Sometimes it feels like volatility in even the highest quality companies and in diversified ETFs is like a force trying to shake you loose from good or great holdings.

During the financial crisis and during March 2020, many people got shaken loose from equities in general.

To Doug’s point, being over-concentrated was a recipe for panic selling. If you had near 100% in equities and it was also serval or many hundreds of thousands or a few million dollars in equities (even those weak Canadian dollars) it was harder to stay calm. If you had 20% in a single stock it was hard to stay calm. (ahh a friend told me this).

When you are way over-concentrated and your prize pony pulls up totally lame, you know it’s largely your own fault and you have to feel a bit dumb. When you are diversified and the broad market goes down, you can blame the market and not feel like a fool. And mental health matters.

There were good investments like pref shares from very strong companies that were down 40%. The very fact that they were down shows that many people were shaken lose and selling (though an equal number of shares were bought at the same low prices of course).

Broad equities and individual stocks cannot go to ridiculous lows unless some fools are shaken loose as the price tumbles and even at the very bottom.

Of course nor can they go to unjustified highs without some people paying too much.

As to BitCoin. That is entirely different as it has no fundamentals to look at.

#5 Shawn Allen on 12.11.21 at 12:37 pm

Bitcoin Volatility?

It should be noted as well that a good part of the reason for BitCoin’s measured volatility is that it ROSE a lot.

For mathematicians, a sudden spike and sudden plunge are both volatility. Investors tend to view the two quite differently.

Getting back to my other point, upside volatility and a stock that seems to have risen too far and too fast also shakes many investors loose. Sometimes rightly so. Sometimes not.

Non-index investing is not for the faint of heart.

#6 Shawn Allen on 12.11.21 at 12:43 pm

The Great BitCoin Irony

If BitCoin ever becomes relatively stable and starts to be used as an actual currency in transactions then at that point someone will set up a bank to take in BitCoin deposits and lend them out.

Yes a fractional reserve bank which will increase the amount of BitCoin in circulation many times beyond the 24 million or whatever “limit”. Won’t that be hilarious to see?

Am I wrong?

The reason it has not happened yet is that with BitCoin not being a transactional currency no one needs to borrow it and it’s too volatile for borrowers to risk it.

#7 Felix on 12.11.21 at 12:47 pm

Very good Doug!

Another blog entry with no dogawful mutt photos. (And there may even be some cat ears behind the Bitcoin)

Diversification away from dogs is indeed the wiser choice.

#8 willworkforpickles on 12.11.21 at 12:49 pm

You wouldn’t know it, you wouldn’t think it but the big money’s been made and left the tent long ago. Most holding bitcoin currently are doing so in hopes they can break even then bail out for good. Those caught up in the buying hype wind up in the same boat as those sweating bullets waiting to break even. More sheep than sharks in the bitcoin circus.

#9 Stone on 12.11.21 at 12:51 pm

#120 Anotherfoodbank on 12.11.21 at 12:21 pm
#118

Completely agree with what you said. My spouse had a coworker who would dine out every day at lunch and then stop on her way home at the food bank to bring food home for her 2 kids. To me that is like stealing.

Also, the biggest push for collecting food is at Christmas time when these grocery stores have somewhat increased their prices. If it is true that food banks have no or little criteria for who can use their services that is a shame.

———

There is only one criteria for these “charitable” organizations: Refuse no one. Ever!

The only other type of organization that falls in that category is gouvernment.

Example: CERB, CRB, all those companies that didn’t qualify for covid funding (wasn’t that 14,000 companies in Ontario along?). And no attempt to recover the money from these fraudsters.

Yeah! Charity is great…when you’re on the receiving end and there’s no oversight criteria to ensure only those who really qualify and need receive it.

Just remember everyone. It’s highly likely covering this financial fraud will be coming out of your pockets, taxpayers.

#10 Do we have all the facts on 12.11.21 at 12:57 pm

Bitcoin and diversity mentioned in the same blog.

Now I am confused.

The value of all virtual currencies is supported by publicity and now the Greater Fool seems to have become enmeshed by offering a picture of a nice shiny Bitcoin instead of a cute dog or cat. Subliminal suggestion?

#11 Old Active on 12.11.21 at 12:59 pm

Oh no, the spread is widening!

Ontario reporting 864 fully vaccinated spreaders and only 623 unvaccinated spreaders from the 1607 Ontario cases reported today.

Now what?

They (vaccinated) can go anywhere.
They can dine inside without masks.
They can go to large gatherings.
They can enter Long Term Care homes.
They can go to concerts with huge crowds.
They can travel internationally to bring back Omicron 2.

What would be after Omicron? Pi?

That’s right vaccinated want to have their pi and eat it too!

#12 alex on 12.11.21 at 1:26 pm

you say “it’s an incredibly difficult investment to actually own long term”

you are *supposed* to hold it long term. 5, 10, 20 years or more. then it is the *easiest* investment in the world

i bought mine 8 years ago, never touched it, and will retire earlier than any of my colleagues

#13 Wrk.dover on 12.11.21 at 1:55 pm

#117 Dharma Bum on 12.11.21 at 10:12 am
Any Canadian Tire employee I’ve ever had to deal with was not playing with a full deck. They make HomeDepot employees look like rocket scientists.
_______________________________

One of the best compliments I ever received was back when an employer told me ” you’re too smart to work here, we have to let you go”.

This situation exists. Verified.

#14 Brendan on 12.11.21 at 2:03 pm

When are Garth and Co. Going to admit to being wrong about bitcoin?

#15 Outrage on 12.11.21 at 2:09 pm

Bitcoin is a inflationary hedge. That’s why its gone up so much. Hard assets like real estates , cars and trucks are sky rocketing. This permanent inflationary is reducing the currency purchasing power. Cheap money will keep making it worse every year until the breaking point. CB all over the world can’t raise rates and the mass majority know this thats why its not going to end well. Its a wild ride so hold tight.

#16 Doug Rowat on 12.11.21 at 2:10 pm

#12 alex on 12.11.21 at 1:26 pm
you say “it’s an incredibly difficult investment to actually own long term”

you are *supposed* to hold it long term. 5, 10, 20 years or more. then it is the *easiest* investment in the world

i bought mine 8 years ago, never touched it, and will retire earlier than any of my colleagues

—-

Eight years ago it was almost worthless. Buying one coin wouldn’t have been brave and likely wouldn’t have overconcentrated anyone’s portfolio even as it ascended. Overconcentration danger and the emotional havoc it creates is the point of the blog post.

Now you’re stuck. You’re going to have to manufacture a weighting of bitcoins that you bought eight years ago that will imply that weathering the volatility was actually brave.

—Doug

#17 David W2 on 12.11.21 at 2:14 pm

Don’t knock on Kraft-Heinz ;) Sure, WB overpaid given the issues but it’s a long term staple like Coke.

#18 Davedorf on 12.11.21 at 2:48 pm

Why does the greaterfool portfolio advocate for 20% Canadian Equity exposure when global index weight is < 3.5%? Isn't that your self-defined "bias towards the familiar"?

#19 Ponzius Pilatus on 12.11.21 at 2:58 pm

We always hear about US markets outperforming the Canadians.
What metrics are used in that calculation?
Are the crazy overvalued tech stocks like Tesla included?
Asking for my neighbour.

#20 Ponzius Pilatus on 12.11.21 at 3:03 pm

#13 Wrk.dover on 12.11.21 at 1:55 pm
#117 Dharma Bum on 12.11.21 at 10:12 am
Any Canadian Tire employee I’ve ever had to deal with was not playing with a full deck. They make HomeDepot employees look like rocket scientists.
_______________________________

One of the best compliments I ever received was back when an employer told me ” you’re too smart to work here, we have to let you go”.

This situation exists. Verified.
——————-
Haha.
How smart can you be?
You’re posting on this pathetic blog.
Remember the sayings:
They pretend to pay me, I pretend to work.
Salary is what you pay, output is what you get.

#21 Don Guillermo on 12.11.21 at 3:29 pm

#123 Dragonfly 58 on 12.11.21 at 2:06 pm

My Father sold his house several years ago here in Langley. He rather pointedly observed that for the first time in his life he actually had a fair bit of money in the bank. But his next remark said it all ” I am 82 years old, what am I going to do with it ? Buy myself a new Golf Club ? Past the age where more money made any difference in his life. Whats the point of having a Million $ in the bank at 82 if up to 81 you just barely managed to pay the bills ? Long past the point where he could he could do any serious travel or recreational activities.
************************************

This is an incredibly important point and is common with many people we all know who have most or all of their net worth in their home.

#22 Capt. Serious on 12.11.21 at 3:29 pm

#18 Davedorf on 12.11.21 at 2:48 pm
Why does the greaterfool portfolio advocate for 20% Canadian Equity exposure when global index weight is < 3.5%? Isn't that your self-defined "bias towards the familiar"?

Because you live in Canadian dollars if you live in Canada. Vanguard portfolio ETFs actually have around 30% Canadian equities, which I think is too high frankly.

#23 Admit Won on 12.11.21 at 3:32 pm

#14 Brendan on 12.11.21 at 2:03 pm
When are Garth and Co. Going to admit to being wrong about bitcoin?

————————————————
That would depend. Perhaps you should tell US what your criteria are for Bitcoin being a failure/success. * e.g. you made some money on it, it’s worth more than it was a year ago, it looks like it is going to fund your retirement in 30 years

I think Garth will admit he was wrong about gold or comic books before Bitcoin.

*I’ve set a reminder one year from today to see if you are still singing the same tune!

#24 bitcoin is nothing on 12.11.21 at 3:41 pm

courtesy of the black swan himself:

“So looks like
1- Bitcoin is no hedge for adversity
2- Bitcoin is no hedge for inflation
3- Bitcoin is no hedge for deflation
4- Bitcoin is no currency
5- Bitcoin is nothing”

Nassim Nicholas Taleb

#25 espressobob on 12.11.21 at 3:55 pm

Commodity plays can be a real bitch timing wise, with entry and exit points and the foreseeable unknown, damn.

Thats the game.

It’s hard to explain that certain emotion when one gets whip sawed and/or slaughtered owning a position with no underlying fundamentals.

There is the possibility someone on the other side of the trade knows something you dont?

#26 BCbitcoiner on 12.11.21 at 4:05 pm

The majority of people who commented about bitcoin here have no idea what they are talking about. Bitcoin is not a currency but a store of value that is going to make gold obsolete. It is concentrated digital energy that can be sent anywhere in the world and settled instantly without having to trust anyone in the process. Try doing that with gold. Gold is analog and useless. Bitcoin will power commerce and economies around the globe as we transition into the exponential technological age. Like it or not, bitcoin is going to change the world. It already is. You can either learn about it, embrace it, or watch your spending power dwindle as fiat goes to zero.

#27 Doug Rowat on 12.11.21 at 4:12 pm

#18 Davedorf on 12.11.21 at 2:48 pm
Why does the greaterfool portfolio advocate for 20% Canadian Equity exposure when global index weight is < 3.5%? Isn't that your self-defined "bias towards the familiar"?

—-

The global weight isn’t necessarily the ‘ideal’ immutable weight and there are many regions that Canada has done just fine against long term (without adding meaningfully more volatility). Additionally, there are tax advantages for Canadian investors to focus here.

I will also add that US exposure, while critically important, is problematic in its own way as 5 stocks now account for roughly 20% of its market cap.

—Doug

#28 westcdn on 12.11.21 at 4:20 pm

Life is interesting – eh. I think are men worth while on this blog. I will not name. As much as I think I am smart, there are better so I listen – not to diss the gals because they can be wickedly smart. I am just a guy with major will. I tend to understate who I am.

There are people who want me to die but there are more of the other. I can’t say I will be your campion but people have done why by me. Still willing to learn and get rich. I think Warren Buffet have may said that.

#29 Ed on 12.11.21 at 5:02 pm

I wont own any company I can’t keep an eye on.
Has been a pretty good idea for the last 30 years even though they are all Canadian based with international exposure.

#30 Tales from the Crypto on 12.11.21 at 5:08 pm

#26 BCbitcoiner

Bitcoin is verifiable nothing. It is nothing, that you can confirm.

It is shocking that Fed doesn’t shut it down, as it clearly undermines central banks. China understood this. I’m starting to think Fed designed it and is gathering info and history about everyone who has it, had it, etc.

If you believe encryption and security in computing of any sort is safe, you’ve been fooled.

Bitcoin will not replace physical gold, ever. Because physical may not be easy, but it is in your hand.

Bitcoin is nothing. A data point reference. Can go poof in a blink and you have no entity to cry to.

#31 David on 12.11.21 at 5:37 pm

Using an example like Heinz. Food products are basic to life. The markets are relatively stable and no one is going to buy more mayonaise, ketchup or BBQ sauce than they need. Heinz has brand value as consumer product recognized by all, but people are only going to buy a stock like that dividend income.
Bitcoin and the crypto currency mania is something to take a pass. If an investment can not be explained and it is a non sovereign currency and that volatile there will be a few winners and a whole lot of losers.
Housing is the biggest over concentration of personal wealth and assets in Canada. In the past two decades home prices in metro Toronto have increased by 450% There is a big disconnect from economic reality whether it be bitcoin, housing or BBQ sauce me thinks.

#32 Sail Away on 12.11.21 at 5:46 pm

Thanks Doug, good post.

The other side of weighted bias is identifying and exploiting a niche. In other words, very small focus. A well-positioned niche can lead to results that far outperform diversity.

For example: The private equity branch of the Sail Away group has returned 37% CAGR over the last eight years, plus around 15% annual dividend through investment in closely-held private corporations, mostly small professional firms originally started by individuals who do quite well year over year, but may not really understand business expansion and/or fail to prepare succession plans, resulting in consternation as retirement approaches, often resulting in closing the doors of a historically profitable company with piles of goodwill and loyal clients. Opportunity. ‘Nuff said.

#33 espressobob on 12.11.21 at 5:51 pm

Storage of wealth? FIAT going to zero. A squirrel packing nuts into hiding places for the winter. That’s human nature.

Owning the major indices offsets debasement.

#34 Nonplused on 12.11.21 at 6:21 pm

What the spreadsheet giveth, the spreadsheet can taketh away. It’s all just M2M. Vaporous clouds that appear and disappear at a whim.

#35 THE DANDADA on 12.11.21 at 6:24 pm

Real-Life Example:
This is how many bitcoins it would take to purchase an acre of Texas Rural Land from 2010 up to today year by year.

Priced in #BTC: Texas Rural Land

2010: ₿7,498
2011: ₿624
2012: ₿149
2013: ₿2.4
2014: ₿6.8
2015: ₿5.8
2016: ₿3.3
2017: ₿0.2
2018: ₿0.8
2019: ₿0.40
2020: ₿0.17
2021: ₿0.08

Now replace bitcoin with the US dollar. That’s how money printing destroys the value of your hard earned dollar bills.

https://twitter.com/PricedinBTC/status/1468951051525107712/photo/1

#36 crowdedelevatorfartz on 12.11.21 at 6:29 pm

@#31 David
“Bitcoin and the crypto currency mania is something to take a pass. If an investment can not be explained and it is a non sovereign currency and that volatile there will be a few winners and a whole lot of losers.”

+++

yep.
I’m hearing the same Ad playing over and over on the radio .
Two guys in their 20-30’s, ” My Uncle has made a ton of money on Bitcoin…..blah blah blah…. Retire next year! Ahahahahahaha!”
Reminds me of a ponzi.
Pathetic.
Another reason to run in the other direction as fast and far as you can.

#37 uncle dave on 12.11.21 at 6:31 pm

1 trillion invested into bitcoin so far, crazy considering there’s no door to knock on if it goes tit’s up.

#38 mike from mtl on 12.11.21 at 7:01 pm

Not surprising that the US has a huge local bias, they have basically the biggest market, well diversified, successful international corps are cross-listed anyway and many do actively invest. There’s no compelling reason for an American investor to look outside.

Canada has what? A banking cartel, Shopify, crappy energy and mickey mouse miners – wow sign me up for some.

#39 Do we have all the facts on 12.11.21 at 7:15 pm

#26 BCBitcoin

‘Concentrated digital energy’ how in the world does that represent value without involvement of a fiat currency.

Don’t forget who creates the rules that create an economy. When you can pay your taxes with Bitcoin, or any virtual currency I might become a believer. Until then it is really nothing more than a popular collectable that can be purchased with a fiat currency and exchanged between collectors. You could convert 190 Pokedollars into one Canadian dollar if someone took time to create a marketplace.

It is definitely possible to convert the purchasing energy attached to a fiat currency into ‘concentrated digital energy’ but it will still have to be converted back into a fiat currency to pay your taxes. The only real collateral behind fiat currencies is the close relationship economic growth and the ability of governments to extract taxation revenue from economic growth.

Energy cannot be created by a computer or destroyed by a computer. Computers can only assist in converting one form of energy to another.

Kapish!!

#40 Shawn Allen on 12.11.21 at 7:25 pm

How much invested in BitCoin?

#37 uncle dave on 12.11.21 at 6:31 pm

1 trillion invested into bitcoin so far, crazy considering there’s no door to knock on if it goes tit’s up.

*****************************
Maybe just semantics but I believe you are talking about the market cap value of Bitcoin today. The total value.

As you mention, there is no door to knock on. No company holding the trillion dollars or in fact holding anything at all. Just a ledger someplace showing who owns the coins (well showing it in an encrypted fashion I understand).

The vast vast majority of that trillion dollars came not from “investment” really but out of thin air as the price rose. That does NOT mean it’s not a real and sustainable value. It may or may not be. But no trillion dollars was sort of taken and invested in Bitcoin. If all the Bitcoin in existence traded hands tomorrow for $1.1 trillion, the net dollar flow would be zero, just people exchanging dollars for Bitcoins, some paying and some receiving.

What is the daily volume, does that get reported?

What is the actual amount paid in to acquire Bitcoins that later became valued at today’s prices. Technically, I believe that is zero. Minors don’t pay for Bitcoin. But fair enough they do have costs. Early on the cost to mine a Bitcoin was tiny, now it is large.

What is the sum total cost the miners paid to acquire the Bitcoins that now trade at higher prices? That would be vastly less than a trillion but no one would know that figure.

#41 Elon Fanboy on 12.11.21 at 7:51 pm

Forget your Bitcoin wallet password…and you’re screwed.

Locked out forever, no recovery method, no one to goto for help.

Game over man, game over…..

#42 TrueLies on 12.11.21 at 8:28 pm

Gold vs Bitcoin – an analogy:

Owning physical gold is like having the girl in your arms. Sometimes messy/challenging, but very REAL

Bitcoin is like having that same girl in a picture. Easy to get along, never messy, but not much other pleasure can be derived from her.

I’m obviously more of a believer in gold – with all its shortcomings. Till death do us part!

#43 Ronaldo on 12.11.21 at 8:43 pm

#12 alex on 12.11.21 at 1:26 pm
you say “it’s an incredibly difficult investment to actually own long term”

you are *supposed* to hold it long term. 5, 10, 20 years or more. then it is the *easiest* investment in the world

i bought mine 8 years ago, never touched it, and will retire earlier than any of my colleagues
—————————————————————-
Only if you are able to exchange for fiat currency. If not, and that could happen if banks decide to not allow it, then you have nothing.

https://fortune.com/2021/11/17/china-bitcoin-mining-ban-crypto-holdouts-ether-solana-price/

Bitcoin’s life expectancy is very short imo. Bitcoin will end just like the many other scams that have come around in the past many years. Bitcoin is nothing and is backed by nothing. Strickly a speculative trade and a total waste of energy and bad for the environment. I’m surprised the Eco Terrorists havn’t been crying the blues over this whole business. Total scam. Garth is right.

#44 TurnerNation on 12.11.21 at 8:46 pm

What our ruling elites want is Man-Machine connection.
We are one grand and profitable science experiment to them. These are publically traded companies.

What did I say: This all all about Control over our Feeding, Breeding, and Travel/Movement.
March 2020 the veil dropped. Pay attention.

1. Frankenfoods: Ginkgo Bioworks – makes fake ‘meat’ burgers that bleed hemogloben.

“Ginkgo Bioworks joins hunt for next Impossible Burger with billionaire investors, including Gates, Bezos and Bloomberg”

2. Ginkgo Bioworks partnered with MODERNA. (Heard of them?)

“Ginkgo launched in 2009 with the goal to develop a platform that eases the cell engineering process. The company initially applied the platform to products such as pesticides and perfumes but has increasingly been exploring its approach in the pharmaceutical sector. Early last year, the company teamed up with Moderna to help the biotech with process optimization for raw materials used to make its mRNA vaccines. Elsewhere, Ginkgo is working with Roche to develop therapies against antibiotic-resistant bacteria.”
https://www.fiercepharma.com/manufacturing/ginkgo-and-aldevron-team-production-boost-for-key-mrna-vaccine-ingredient-and-perks

https://www.cnbc.com/2019/02/26/gates-bezos-fund-ginkgo-bioworks-hunt-for-the-next-big-fake-meat-food.html

#45 TurnerNation on 12.11.21 at 8:56 pm

And Ginkgo Bioworks stock symbol? DNA.
Moderna’s stock symbol? MRNA.

These guys aren’t just playing around.
DNA and MRNA.
They now own ours. Governments exist only to give us
– the farm animals – orders to line up

#46 crossbordershopper on 12.11.21 at 9:20 pm

the worlds richest people are all concentrated in there company stock, musk, zuckerburg, bezos. all of them super concentrated in one stock.
My arguement is that we only have one body, one time of living, one education, for most of us, one wife, one house, one job, one car.
We are super concentrated already, so I understand that your investments you kinda want to be diversified.
to cover your behind, but you will never be musk.
there are thousands of people who never succeeding after betting it all on one roll or one investment or one company, most fail, a small few succeed.
I can make an arguement that working for that extra is irrelevent in Canada, for most of us, we simply have what is kinda given to us from birth, a house from our parents, a cheap university, by world standards, free health care for major issues, clean abundant food, good transporation system. the working hard for that extra 10 or 20% really isnt worth it in my opinion.
I am for minimalism moving forward, I am going to keep and have only what i use in normal life, so I am tossing lots of my fishing lures, and robinson screwdrivers etc, etc, if i dont use it on a regular basis, i dont have it, and i wont miss it when i go looking for it.
its quenching the thirst of consumerism is the key, if we can do that, our lives will be simpler and more rewarding.

#47 BC Renovator on 12.11.21 at 9:45 pm

41 Elon Fanboy on 12.11.21 at 7:51 pm
Forget your Bitcoin wallet password…and you’re screwed.

Locked out forever, no recovery method, no one to goto for help.

Game over man, game over…..

______

Yep, happened to a friend of mine who bought BTC in 2013. He has 6 figures sitting in a wallet that he can’t access. Drives him nuts haha

#48 Miss Boomer on 12.11.21 at 10:09 pm

How much longer will the Justin/Tiff wrecking ball be allowed to drive inflation to historic levels? We all know Tiff is not an independent BOC governor or an independent thinker. He had continued to announce his far left leaning love for ” progressive” policies.

CBC News: U.S. inflation rate spikes to 6.8% — highest level in almost 40 years.
https://www.cbc.ca/news/business/us-inflation-1.6280794

And Canadian debt through spending Trudeaus hot money is impoverishing Canadian families. It’s a travesty brought in by sleazy politics.

#49 Network Admin on 12.11.21 at 10:34 pm

Famous scammer Mavrodi (https://en.wikipedia.org/wiki/Sergei_Mavrodi) loved the bitcoin. He said that it is perfect. Since its intrinsic value is 0, it can easily grow to millions and billions. x / 0 = undefined.

#50 Satori on 12.11.21 at 11:09 pm

Stone:

I agree about working where you want to donate. Working at the Hospital really shined a light on the corruption. Yes, hands down, if you want to know the Truth, get a job there…. nothing is hidden.

I can’t imagine what it would be like working with JT2!!

And funny enough the American news is savvy about his divorce and relationship melt-down… why are we not getting that information? Canada limits our exposure, sadly, our black-faced PM is posted all over the place in the US, we even found fridge magnets of him in black face down there…?

Such a difference with news in the US from our limited Canadian news. He’s divorced? or getting one…. we are seemingly in the dark about alot of things up north.

#51 Satori on 12.11.21 at 11:18 pm

#48 Miss Boomer on 12.11.21 at 10:09 pm

And Canadian debt through spending Trudeaus hot money is impoverishing Canadian families. It’s a travesty brought in by sleazy politics.
_______________________________

I wish your comment made the news!!

It’s a total travesty, completely government created!! Thanks to Justin Trudeau. When I see him smile I wanna Smack that ‘smug’ off his face!!! He is single handedly destroying Canada every which way to Sunday! How can someone live with themselves, knowing and looking at the state we are in, he should resign. He has mucked the entire nation up, his whole cabinet is a joke. Don’t get me started.

#52 westcdn on 12.12.21 at 12:17 am

I sold a few of my dead soldiers to cut my taxes. I figure I should cash them while the getting is good. I have more and do not the future but I will bet. We will see what happens. JT you suck. I will wait to see what Chrystia brings to the table. Hard for me to control my anger when I not a Quebecer and a considered a lousy Albertan.

#53 NoName on 12.12.21 at 2:49 am

#46 crossbordershopper on 12.11.21 at 9:20 pm

the worlds richest people are all concentrated in there company stock, musk, zuckerburg, bezos. all of them super concentrated in one stock.

That is not nesserily true. I remember when they had FakeBokk to congres testify few years back, Zucchero sold like billions in shres for just in case.

Maybe paper wealth is in one asset, but contigency wealth is diverified, i can give you warentie on that.

press play
https://youtu.be/iBv-qqqjY_A?t=85

#54 YouAreLOL on 12.12.21 at 3:31 am

Garth, I can’t believe that after all these years you are still trying to find new ways to criticize Bitcoin. You can write up whatever fancy analysis you want, but reality is Bitcoin has outperformed the S&P, Nasdaq, Dow, TSX and every single stock index, heck every single stock in the entire world in the past 10 years. And instead of really trying to undersand it, you waste time finding new ways to criticize it.

Meanwhile, I’ve made hundreds of MILLIONS of dollars from crypto investing, and I started out with less than $50K. Sure, Bitcoin is no longer as high performing as it once was, but still much higher performing than all your stock indexes. Do I still hold Bitcoin? No, now I have less than 1% of my portfolio in Bitcoin. 90% is now in alternative cryptos that have a chance to dethrown Bitcoin, and those will make me a multi billionaire in the next 5-6 years, maybe even by the end of 2022.

The main thing to understand about Bitcoin, is that like Oil and some comodities, there’s a cycle. You can avoid the biggest downside volatility by understanding the cycle, and it takes a lot less effort to understand that than this ridiculous volatility analysis you’ve put out.

I can only conclude that boomers just don’t want to understand it… and well let’s face it, you have a conflict of interest in not wanting to understand it.

Have fun watching Canadian house prices go up. I can afford a few castles now… and if you think I’m joking, the joke’s on you. There’s easily over 100,000 people that have become millionaires off crypto. Most of the new world billionaires are now crypto people. And it’s not even too late yet. This is still early in the game. Bitcoin will not remain king forever, so there’s huge opportunity left… but for gods sake understand the damn cycle!

#55 Phylis on 12.12.21 at 8:02 am

#54 YouAreLOL on 12.12.21 at 3:31 am
Xxxxx
Pay your taxes and save Canada. Thank you.

#56 HUNGRY BEAR on 12.12.21 at 8:07 am

Interesting to see all the comments here on BITCOIN.
The problem is the facts are the facts no matter what anyone thinks. Some of the brightest software engineers and computer scientists have tried for years to break the bitcoin code and can’t even come close.

In countries where their Fiat paper money has failed they are using Bitcoin and select crypto currencies at a rapid pace for barter.

If you think the current monetary system run by centralized governments full of self-interests is doing just fine then you might just want to do some research on the
survivability of fiat based currencies over the past several centuries.

Bitcoin is a code-based generated system facilitated on the blockchain. It has a fixed supply, is decentralized, and easily traceable. With time after Bitcoin has proven itsself it will become less volatile however it will continue to grow in value.

Like the invention of planes, cars, cumputers, cell phones, and the internet your either going to benefit from and enjoy the next technological breakthrough this time in the monetary system or its just going to pass you by.

Do whatever you like.

#57 Do you have all the facts on 12.12.21 at 8:14 am

#54 YouAreLOL

You do realize that the title of this blog is the ‘Greater Fool’. The hype surrounding the fortunes being made buy ‘investing’ in Bitcoin, and other virtual currencies, is intended to attract ‘greater fools’ just like every pyramid or Ponzi scheme ever created.

Looks like you decided to switch horses and that decision alone say a great deal about your faith in Bitcoin as an investment based asset. I will acknowledge that the work involved in creating each Bitcoin has some value, like building house, a boat, or a widget. However the value is in the creation of scheme to separate ‘greater fools’ from sovereign based currencies.

The fact that propaganda and hype has persuaded people to purchase shares in a Bitcoin should not be interpreted as creating value. Bernie Madoff did not create value he only devised a way to attract a steady stream of ‘greater fools’. Once the scheme was exposed ‘poof’ all gone.

The claims that a computer based blockchain based on a limited supply of an asset can create true value is no different than Bernies monthly circulation of hypothetical returns. Once the supply of ‘greater fools’ runs out hypothetical values soon follow.

I think you have already reached that conclusion.

#58 LH on 12.12.21 at 8:26 am

“The reason it has not happened yet is that with BitCoin not being a transactional currency no one needs to borrow it and it’s too volatile for borrowers to risk it.”

The borrowing/lending of Bitcoin already exists. Current rates are about 5%, depending on the lending platform.

#59 crowdedelevatorfartz on 12.12.21 at 8:47 am

@#26 BC Bit the coin

“Gold is analog and useless. Bitcoin will power commerce and economies around the globe as we transition into the exponential technological age. Like it or not, bitcoin is going to change the world. It already is. You can either learn about it, embrace it, or watch your spending power dwindle as fiat goes to zero.”

+++

Ah yes.
A geek has the world monetary problems sorted out.

Bitcoin, created by a person as yet unidentified.

https://en.wikipedia.org/wiki/Satoshi_Nakamoto

Immense wealth created out of thin air because….people believe in it…for now.

Bitcoin. Embraced by drug dealers, terrorists, hackers, fraudsters and lazy…geeks for its anonymity in criminal endeavors.

Bitcoin sucking up huge amounts of energy in the constant, endless updating of transactions while the rest of the world goes green.

Bitcoin. Relying on computers with “useless” gold chips powering such economic “powerhouses” like El Salvador.

Bitcoin. Oh where oh where to buy a loaf of bread or gallon of milk in so many places I cant decide where to spend it.

Bitcoin as the solution to all the worlds problems.
Give me a break.

#60 willworkforpickles on 12.12.21 at 9:20 am

#54 YouAreLOL
……………………………………..
I doubt there are 100,000. Maybe 50,000 that made in the $millions with bitcoin. Sharks get in early…make the big bucks. They are low in numbers.
Its the sheep,…latecomers, FOMO driven, large in number…much skin in the game who struggle with volatility and greater risk.
Many holding in the red, waiting to break even, will sell out of fear FOL …when they get there, rendering bitcoin a volatile play.
Smart money sharks will wait for the next bitcoin to feed on.
Risky alternatives not so much. Musical chairs.

#61 crowdedelevatorfartz on 12.12.21 at 9:39 am

@#54 LOL is right
“I can’t believe that after all these years you are still trying to find new ways to criticize Bitcoin.”

+++
Wow.
10+ years is now an “eternity”.
I guess it would seem like a long time to someone who is only 30.

Time to stop bragging about those ‘Castles in the sky” and put your bitcoin money where your mouth is.
Don’t forget to send us pictures of the infinity swimming pool with all the beautiful peeps lounging around.
Why you bother to slum it here when you’re so fabulously wealthy escapes me.

Hopefully you take notes and plan to diversify some of those billions of $$$$ into grubby Fiat currency……just don’t forget to pay your taxes.
:)

#62 crowdedelevatorfartz on 12.12.21 at 9:44 am

Tomorrow is Chrystia’s pre Christmas announcement Day for 2022.

How will the incredibly brilliant, vertically challenged, polyglot, non finance, Finance Minister stand tall?

By spending more taxpayer money no doubt.

I hope you all like paying more payroll taxes and taxes at the till.
Thats the only way this Liberal fandango keeps rollin’.

Party like its 1999.

#63 Tonykhan on 12.12.21 at 9:55 am

There’s a reason your friends wallet is now in the 6 figures and it’s because he lost the pass phrase because had he not he likely would’ve sold long before the price hit 69000 USD.
The point is to not sell hold onto it as it’s such a scarce asset. Only 21 million coins ever will be made. And so many like your friends are lost forever which makes that number even smaller.
We are so fortunate in Canada to have spot ETFs that hold Bitcoin and go up and down based on the price of Bitcoin so losing a pass phrase would never be an issue. What’s best you can hold BTC in a TFSA or RRSP this way. The US and the SEC are dragging their feet on this but it’s inevitable likely next Summer, and once it becomes available in the US the floodgates will open. Imagine people just getting a “little taste” of Bitcoin through the ETF. X 300 million people . This would effectively regulate Bitcoin in the US. Or pension funds hedge funds etc as an inflation Hedge. Public traded companies and prominent people are already holding Bitcoin. Don’t use the same stories that were out in 2012. Things have evolved.
Don’t bury your head in the sand as I did go down the rabbit hole and research this a bit. We’re still early days. Buy just a little bit a few hundred dollars even through many of the available apps or look up the etfs and invest. You don’t have to buy a whole coin t start. Once you have invested and researched you’ll see how it’s bound to get bigger.
El Salvador has made Bitcoin legal tender it’s not going anywhere. The media loves manipulate stories on Bitcoin but you have to read through this. And it’s not just Bitcoin either Ethereum is another and developed by a Waterloo grad no less. Just look into it is all I’m saying. And you don’t have to go all in. Even balanced is great. instead of 60/40 why not 60/35 and 5 for Bitcoin? Which makes the mentioned volatility much easier to stomach.

#64 Dharma Bum on 12.12.21 at 10:05 am

#13 Wrk.Dover

One of the best compliments I ever received was back when an employer told me ” you’re too smart to work here, we have to let you go”.
——————————————————————————————————-

Nobody ever told me that I was too smart.

However, the best compliment I ever received from an employer was back in 2010 when I advised my boss that I would be taking a year off in 2011.

The owner of the company came to speak with me privately and asked what was really behind it. Like, was I really quitting and going to a competitor. I told him, no, I am just going to take a year to travel the world. It was part of my mid-life crisis.

He congratulated me, wished me well, and then said: “You’ve taught me a very important lesson. From now on I have to make sure that we only hire financially desperate and indebted people”.

Epilogue: They hired me back 15 months later at a much higher salary.

I took the gig, then retired 6 years later.

#65 Linda on 12.12.21 at 10:17 am

Bitcoin is a ‘concentrated digital currency’. Except it is essentially backed by nothing. Seems to me that Bitcoin is a world wide Ponzi scheme. Not a few players have seen their Bitcoin disappear (wasn’t blockchain technology supposed to ensure that could not happen?).

As for the much vaunted digital aspect. Fiat currency systems (banks) allow me to pay for things digitally pretty much anywhere & for anything I might purchase. So don’t really see why Bitcoin is considered ‘better’ other than the claim transactions are potentially free from being tracked by government. I say potentially because if Bitcoin can be stolen digitally then I’d say it could be tracked digitally too. Ditto for other crypto currencies. What actual assets back these financial instruments? Something for nothing is how suckers & their money soon part.

#66 DonM on 12.12.21 at 10:23 am

#54 YouAreLoL

You never lived through the tech bubble did you? Buy tulips instead. At least they smell nice.

#67 Marcia M on 12.12.21 at 10:29 am

#62 crowdedelevatorfartz on 12.12.21 at 9:44 am

Tomorrow is Chrystia’s pre Christmas announcement Day for 2022.

How will the incredibly brilliant, vertically challenged, polyglot, non finance, Finance Minister stand tall?
____________________________________________

Vertically challenged? Because women are shorter on average than men?

You bigoted POS, just go away.

Garth, please delete this self-absorbed fool.

#68 crowdedelevatorfartz on 12.12.21 at 10:30 am

@#63 Comicon
“El Salvador has made Bitcoin legal tender it’s not going anywhere. The media loves manipulate stories on Bitcoin but you have to read through this. And it’s not just Bitcoin either Ethereum is another and developed by a Waterloo grad no less.”

++++

El Salvador.
That bastion of international monetary exchange.
Almost as financially significant as Venezuela.
Spare me.

“Ethereum developed by a Waterloo grad.”
Yes!
Govt spy agencies the world over are beating the doors down to hire Waterloo cryptology geeks.
Thanks for the Sunday am laugh.

#69 crowdedelevatorfartz on 12.12.21 at 10:40 am

@#56 Hibernating Bear
“Like the invention of planes, cars, cumputers, cell phones, and the internet your either going to benefit from and enjoy the next technological breakthrough this time in the monetary system or its just going to pass you by.”

+++++

Are cumputers the next techno AI breakthrough or is spellcheck lagging the latest geek speak?

I’d hardly call “creating” a new “currency” out of a software algorithm a “techno breakthrough”.

Currently …it’s an uncrackable code used to create a finite set of cyberspace widgets…. that people are willing to buy with ….(gasp!) fiat currency.

The same old fashioned fiat currency that gives the cyber “money” its intrinsic value.
Grubby gold for phantom dots and dashes on a screen.

The first peeps to jump in have made millions off the last suckers to join.

Sounds Ponzie -ish to me.

#70 crowdedelevatorfartz on 12.12.21 at 10:57 am

” Canada is in a really good place”, according to our non finance Finance Minister

https://vancouversun.com/news/politics/freeland-argues-canadian-economy-is-strong-despite-inflation-during-finance-committee-appearance/wcm/6dc57018-e6db-4af9-ac29-0a50ff4c1cf2

#71 Sail Away on 12.12.21 at 12:00 pm

#67 Marcia M on 12.12.21 at 10:29 am
#62 crowdedelevatorfartz on 12.12.21 at 9:44 am

Tomorrow is Chrystia’s pre Christmas announcement Day for 2022.

How will the incredibly brilliant, vertically challenged, polyglot, non finance, Finance Minister stand tall?

———-

Vertically challenged? Because women are shorter on average than men?

You bigoted POS, just go away.

Garth, please delete this self-absorbed fool.

———-

Yes, how dare Crowdie talk about someone’s height. Shockingly rude. Possibly a hate crime.

Is this better: ‘with her sturdy caboose and nose that could split hailstones’?

#72 Quintilian on 12.12.21 at 12:04 pm

By far the best post of the year at Greaterfool;it exposes in a succinct summary the problem with the limited thinking capacity of human beings.

People have actually become wealthy selling nothing of value at an exorbitant price.

Nothing more than a hoax-deluxe slightly more sophisticated than a Bernie Madoff scheme.

What you can’t see the beauty of the emperors’ clothes?

You must be cyber illiterate.

#73 DrV on 12.12.21 at 12:16 pm

67 Marcia, Marcia, Marica

Perhaps “Elfin deity II” would be OK?

#74 crowdedelevatorfartz on 12.12.21 at 12:26 pm

@#67 Marcia Marcia Marcia

“Vertically challenged? Because women are shorter on average than men?”

+++

“Average height” and Ms. Freeland don’t belong in the same postal code.

Our incredibly brilliant, non finance, Finance Minister is….shall we say…. hovering near dwarfism?

I know , I know.
Sometime the truth is a hate crime.
But there it is…. in all it’s vertically challenged glory.

#75 Shawn Allen on 12.12.21 at 12:28 pm

TINA?

Stocks have benefited from the idea that “There is No Alternative”.

If interest rates finally do go meaningfully higher then bonds would become a bit of an alternative at some point.

And if markets start to slide and appear set to continue to slide then many investors will decide that cash is an alternative.

Cash is much maligned. But once in a while its day comes. No matter the inflation level cash will beat stocks if and when a major slide in stock prices arises.

Anyhow, let’s stay tuned and see what happens.

Why would markets ‘slide and appear set to continue to slide’? – Garth

#76 Sheesh on 12.12.21 at 12:51 pm

#67 Marcia M on 12.12.21 at 10:29 am
Somewhat fascist of you to demand the deletion of someone you find offensive.

#77 HUNGRY BEAR on 12.12.21 at 2:16 pm

#67 Marcia M on 12.12.21 at 10:29 am
‐———————

Take it easy MARCIA!!

MR. Fartz meant to say “Mentally” challenged…. NOT Vertically.

Oh and BTW what if Chrystia was a dude and was short?….. would it still be a problem for you to call him “vertically challenged”……. I smell a double standard.

#78 Shawn Allen on 12.12.21 at 3:01 pm

Why would markets ‘slide and appear set to continue to slide’? – Garth

Higher interest rates should they occur. Buffett has described higher interest rates as a gravitational force on the value of all financial assets. And it can happen even if GDP soars.

Here’s an exert from his famous Fortune Magazine article of late 1999:

“Take, to begin with, the first 17 years of the period, from the end of 1964 through 1981. Here’s what took place in that interval:

DOW JONES INDUSTRIAL AVERAGE Dec. 31, 1964: 874.12 Dec. 31, 1981: 875.00

Now I’m known as a long-term investor and a patient guy, but that is not my idea of a big move.

And here’s a major and very opposite fact: During that same 17 years, the GDP of the U.S.–that is, the business being done in this country–almost quintupled, rising by 370%. Or, if we look at another measure, the sales of the FORTUNE 500 (a changing mix of companies, of course) more than sextupled. And yet the Dow went exactly nowhere.

To understand why that happened, we need first to look at one of the two important variables that affect investment results: interest rates. These act on financial valuations the way gravity acts on matter: The higher the rate, the greater the downward pull. That’s because the rates of return that investors need from any kind of investment are directly tied to the risk-free rate that they can earn from government securities. So if the government rate rises, the prices of all other investments must adjust downward, to a level that brings their expected rates of return into line. Conversely, if government interest rates fall, the move pushes the prices of all other investments upward. The basic proposition is this: What an investor should pay today for a dollar to be received tomorrow can only be determined by first looking at the risk-free interest rate.

Consequently, every time the risk-free rate moves by one basis point–by 0.01%–the value of every investment in the country changes. People can see this easily in the case of bonds, whose value is normally affected only by interest rates. In the case of equities or real estate or farms or whatever, other very important variables are almost always at work, and that means the effect of interest rate changes is usually obscured. Nonetheless, the effect–like the invisible pull of gravity–is constantly there.

https://archive.fortune.com/magazines/fortune/fortune_archive/1999/11/22/269071/index.htm

The moment you go back 40 years to prove something is the moment the argument falls apart. Gradually rising rates mean economic strength (since inflation is rising as full employment pushes wages higher) which normally translates into higher profits (did you see the latest quarterly earnings)? Rest assured after two years of trying to revive the GDP the last ting the CBs will be doing is crash equities with an unexpected rate spike. Find something more worthy to worry about. Like Trump or Xi. – Garth

#79 Steven Rowlandson on 12.12.21 at 3:39 pm

Free lunches and no lose investments are an illusion or are rare. There is always some kind of a price to pay.

#80 espressobob on 12.12.21 at 4:05 pm

Something for the cryptonites in the link below.

Anyways, currently savoring a rare bottle of bourbon just in case this ambrosia becomes the next medium of exchange.

https://en.wikipedia.org/wiki/Tulip_mania

#81 Sail Away on 12.12.21 at 4:44 pm

#79 Steven Rowlandson on 12.12.21 at 3:39 pm

Free lunches and no lose investments are an illusion or are rare. There is always some kind of a price to pay.

———

Agreed. Somebody always has to pay.

Just try not to be that person.

#82 Chalkie on 12.12.21 at 5:05 pm

Consider Bitcoin as an investment, it falls in three categories, it’s called Dumb, Dummer & Dummer, pick your own category.
Casino and Bitcoin have the same averages of making any profits from your hard owned money.

#83 Dragonfly 58 on 12.12.21 at 5:05 pm

Well Garth, I have yet to see any evidence of rising wages ; my 21 year old son and his circle of friends, I am retired and doomed to downward mobility. But I sure have seen prices on a tear every time I look tnto buying anything.

#84 Ryan on 12.12.21 at 10:12 pm

TLDR

Only buy Bitcoin if you have a set of stones robust enough to withstand volatility. The volatility is a feature, not a bug.

HODL

Lack of exposure to Bitcoin will be seen as financially negligent in the coming years.

#85 JD on 12.13.21 at 8:31 am

Personally I’ve sold all BTC holdings for AU. I don’t see how it maintains above $50k for the long term.

#86 Don't fight the Fed on 12.13.21 at 11:25 am

Chrystia and Tiff dog and pony show:

Blah blah blah.

Note dog.