there's this conocial moment in more money than god where greenspan raises rates to get ahead of inflation in 1994? I think? and the market reacts unexpectadly with leverage panic selling us bonds (yields rip higher) AND a euro/japan bond selloff as well (yields rip crazy) And there's this revelation of holy fuck assets no longer trade in a silo, hedge funds are big enough to transmit shocks across markets and they trade everything. They run this now. that's why if say gold is supposed to act as a risk off hedge inversely correlated with risk, if nvda has a terrible miss and dumps -15% gold is going down with it bc people need to sell to cover so zooming out over the last couple weeks we've watched the ai trade start to unravel - I know spy is -2% or whatever but i think it's fair to say Kospi -40%, Dram -43% etc an unraveling and bitcoin/crypto hasn't gone down, at all. Well it's because nobody fucking holds any. None of the biggest funds hold, literally any The entire market has a coorelation of fucking 1 to AI and crypto is just standing there as the perfect hedge in the middle of once in a multi decade wealth generation event uniquely reserved for the demographic that understands it the most. I just don't think selling the few coins I like because dram might leg down another 10% makes a lot of sense as it hasn't been happening at all So ya I bought some zcash Also im sure a lot of my nuance in this take is wrong because im not a fucking macro larp but i'm reading the book now and it felt relevant good luck