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The Walt Disney Co.'s theme parks are a strong division for the media giant, thanks to many additions such as Star Wars: Galaxy's Edge.The Burbank, California-based entertainment giant which owns and operates several theme parks...reported an 8% revenue increase in its theme park division to $7.39 billion for the first quarter of fiscal 2020, up from $6.82 billion last fiscal year.
-- Richard Bilbao, Orlando Business Journal


I have no ideas why Bitcoin is going up, nor does anyone else. You will hear people wax on about China, money supply, politics and yada yada yada but it’s just noise.
-- The Freedom Of Speech Bull Market … and Bitcoin

Maybe so. Bitcoin has been around (as a real thing) for less than a decade vs. the U.S. Dollar, which has been around (again, as a real thing) since World War II. One can wax poetic about gold, silver or a piece of early art, but the yardstick is currently the U.S. Dollar. The concept of Bitcoin is legitimate, but like anything new it has to pay its dues and survive the test of time. Perhaps not sixty years like the U.S. Dollar, but if it can demonstrate another three to five years of stability, it might gain wider acceptance as a storer of value. By comparison, the Euro in U.S. Dollar terms, was worth about $1.50 as recently as 2011 - less than a decade ago. Currently, a Euro is worth $1.09, roughly 30% lower.

What does all of this mean about Bitcoin? In my opinion it means that to not be in Bitcoin is to not be diversified against shifts in geopolitics. We value the U.S. Dollar at a premium in part because of our recency bias, but in reality nobody knows where it will be in ten years. Do I want to be in U.S. Dollars? Of course. But I also want to be in Bitcoin. Not because Bitcoin's future is uncertain (it is) but because the future is uncertain.

-- Scrib

The most controversial aspect of the paper may be its recommendation for an attitude adjustment to counter the view in recent years that disinflationary/deflationary forces are a phenomenon that are amenable to correcting if only policy makers muster the political will and intellectual capital to grapple with the problem. Measured against the long game of history, however, such plans look like the proverbial Dutch boy sticking his finger in the dike in the hopes of holding off a rising sea.
-- James Picerno, The Capital Spectator

I believe that the 1/29 Federal Open Market Committee (FOMC) statement and Federal Reserve Chair Jerome Powell’s same-day press conference suggest that the Fed is likely to stay on hold through the end of this year. Furthermore, the Fed’s next move, whenever that comes, is likelier to be a rate cut than the start of more hikes. That’s because Fed officials remain concerned that inflation has stayed stubbornly below their 2.0% target.
-- Dr. Ed's Blog

This is definitely the prevailing wisdom, right now. I'm taking the other side, with an overweight position in TIP (the iShares TIPS Bond ETF) vs. intermediate Treasuries. The prevailing wisdom could certainly end up being right, but in my opinion the inflation risk is to the upside, not the downside.

-- Scrib