A Case Study in Speculation, Leverage, and Survival
At the 2025 Acropolis Investor Social — a wonderful evening, only to be topped by this year’s Social — I presented the chart below. The colors were slightly different, and at the time, I hadn’t included the S&P 500 or the Bloomberg Aggregate Bond Index. But the message was clear: pockets of speculative excess were forming in unusual corners of the market. I began by revealing Bitcoin. Over the final… Read More
