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Bitcoin Is “Right Where Oil Was in 1890” (Advisor Perspective, 4 min read) The recent “halving” of bitcoin (a decrease in circulation and issuance of new Bitcoins) will limit supplies. Its demand is like oil in the 19th century: no one knew its value before the emergence of automobiles. So in the future, more innovation and new application of cryptocurrency could cause a surge in demand.
Current opportunities in the TIPS market (BlackRock, 6 min read) According to BlackRock, the TIPS market is attractive for the following reasons: (i) “Liquidity deterioration has made the TIPS index cheaper”, (ii) the front end of the curve has overpriced disinflation, (iii) “TIPS provide targeted exposure to the expected real interest rate”. And without negative rates, nominals have less price appreciation potential relative to real rates.
Dud stock picks, bad industry bets, vast underperformance — it’s the end of the Warren Buffett era (Market Watch, 6 min read) From 9 March 2009, the last bear market low, through to 19 February 2020, Berkshire trailed popular S&P 500 index ETFs by more than 100 percentage points. So far in 2020, Berkshire stock has lost nearly 25%, significantly worse than peers.