This is excellent. I am thrilled to hear that Felix Zulauf is coming back. Thanks.

YCC incoming.

ash gave the absolute best advice that i have not heard those crypto youtubers say. it's always "(your fave crypto) to the moon!"

To me the interesting thing about dogecoin is that 1) it demonstrates the cockroach nature of cryptos, even a joke coin can go far and move billions around without failing, but also 2) we may not have seen dogecoin's final form. If the dogecoin community supports modifications to the dogecoin software there is no reason it can't be reformed, modified, made more useful.

Someone in the RV community with the requisite tech skills really needs to release Ashcoin lol. If this takes off, everyone on RV will need to buy some just because...

Jack, you rock man! Those old guys are practically falling asleep. Keep them on their toes.

I sensed a degree of uncertainty about the equity market plumbing. The proportion of trades reported to the TRF (Trade Reporting Facility) has risen over the past 12 months and is touching 50%, as noted. The main reasons for this are the rise of the retail trader and the increase in option trading. Zero commissions retail trades are bought by the likes of Citadel and Virtu and, as much as possible, paired off internally at those firms. The transactions are reported to the TRF. Cash equity market transactions that are executed as a consequence of derivative activity are booked in the "upstairs market" and again, are reported to the TRF. The rise in TRF reported trades was referred to as dark pool trading and decentralization. To the latter point, these trades take place away from the main exchanges, NYSE and NASDAQ, but I am tempted to call this recentralization. Citadel and Virtu's market share is through the roof as a consequence of increased retail and option trading and this is not generally accessible to mainstream institutional funds. Large derivative houses, such as BNP Paribas, have seen a significant jump in share of reported cash block trades, but almost exclusively due to option activity. Again, institutional funds do not have ready access to this flow. Thus off-exchange activity has risen sharply, but to point to dark pool trading is a little misleading. Institutional block trading at ATS (Alternative Trading Systems) has not risen as a proportion of activity and institutional traders complain about transitory liquidity in lit markets, in even the largest and most traded stocks. If they did try dark pool trading to find liquidity and to save the bid-offer spread, which has been jacked up by market makers over the last year and contributed to those record investment banking profits, then they would hardly be blamed.

The three horsemen of the apocalypse

Ed, At about 16:50, I think you are making the wrong point (which you made previously) that when the price of Gamestop went up, people in the index had to effectively buy more Gamestop stock. Is this really the case? The index increases in value because it holds Gamestop stock; its proportion in the index increases with value, but it shouldn't force the index to buy more shares. It is only when you have net purchases or sales of the index that there would be any multiplier effect. Is my understanding of this wrong?

Incredible how everyone is trying to somehow explain, excuse, rationalize, understand and narrate what is going on. They say people see a bubble only in hindsight, its not true I see it now! Remember this I see it! There is no other explanation its tulip mania all over again, its the plateau, its just that the party is such fun that no one wants to go home! Its happening again, and there will be some great opportunities soon, forget the ones you may miss now, keep your powder dry! Hear this, 10 year yields are up 100% since august, should this have an effect on the “accepted” valuation narrative? Interest rates up 100 % valuations keep going up.!? Come on find a cool little rational explanation for me!

Not sure how they differ from the Purpose BTC ETF but I've been investing in Canada in QBTC.U and QETH.U for months. They track Ethereum and Bitcoin and have obviously done quite well. These two just track BTC and ETH so in no sense do I own the actual coins. Maybe Purpose is the first one where you actually have coins allocated to you?

Very cool - great discussion guys. Have a great, long weekend.

A Jack & Ed SPAC!?!?!...TAKE MY MONEY!!!

Great work guys

talk about marketing... gees that a call to please upgrade to plus. where the news I paid for?

Wouldn't a possible strategy be to look for the explosive and irregular moves (30%+ daily or more) and then buy puts for the re-calibration. Short duration. It keeps happening: GME, AMC, TLRY, etc. Lord knows we haven't seen the last.

Call your SPAC JackSPAC. Then you can blame JF!

in 2000 everyone said a correction was coming, and they also said, "but the bull market would last 1 more day"....

30yr UST cracked over 2%. Ruh-roh.

Bullish on A-Rod's SPAC. WTF?

Right on, SPAC it is. :D

Very nice DB gents. I didn't know about that LSD story. I have a feeling we might be heading into a liquidity trap.

Well said. Most of the time, people will spend too long on price but not understanding the strategy , risk and product.

On Ash, last comment. Mining Crypto is a good start to learn about the eco-system. Convert some electricity to start to navigate the crypto industry, build opportunities, and planning practice. Glad to not hear the usual "Let's go to the moon"! Let's keep that one for tik-tok investors!

it's like the Dream Team today :)

I have already converted to cash in my 401k! lol!

A bubble in Passive? You don't say! ;)