Prudent words as always. I do wonder about one point which of course you are not alone in making. I may be being unfair but I get the feeling that when you and others talk of “all time highs “ you believe it self-evident that sometime in the future these levels will again be attained. I am not at all sure that there is any solid reason to believe this. Bitcoin may prove to be an unmitigated success and achieve all the good we hope for it without ever being worth $ 20000 again. I do not know what price tulip bulbs reached ( in the equivalent of today’s prices) but I strongly suspect that they are cheaper now than they were during that famous bubble. Tulips are still with us. They are useful. Rather nice. However they were historically, not a good investment.
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