If Bitcoin goes, everything will.

As correlations with the S&P 500 elevate dramatically, Bitcoin will be the best indicator of risk-appetite.

Last week’s thoughts on cash:

With elevated valuations, unstable economic conditions, the backdrop is becoming much more hostile toward investors in the intermediate term, understanding the value of cash as a “hedge” against loss becomes more important. Yes, cash will lose purchasing power over time but when volatility spikes, equities can lose a lot mor…