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- I was talking with a good friend the other day, a bond salesman who has been around for a while. He is fifty, and has quite a bit of grey in his beard. We were talking about how cool it was that 1 year Treasury bills yielded almost 1.5%, and how you can get 1.5% in an online savings account.
I said to him, are you listening to us? We’re talking about T-bills. Nobody talks about T-bills. But in 1981, everyone was talking about T-bills.
We will get back there eventually.
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The entire investing class is dismissively negative on cryptocurrency. It's like Irving Fisher saying "stocks have reached a permanently high plateau" on October 16, 1929. The Dow dropped 11% on the 24th, another 13 on the 28th and another 12 on the 29th.
Cryptocurrency is outside their experience and as a class, they are not an imaginative bunch. Also keep in mind that anybody who uses algebra is a "quant" and their arcane use of math makes them untrustworthy warlocks.
