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The Colossal Mistake | Richard Bernstein on the Risks of Tariffs and Passive Investing

Excess Returns

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Exploring the Speculative Nature of Cryptocurrency and its Financial Implications

This chapter explores the speculative aspects of cryptocurrencies, especially Bitcoin, highlighting it as the first significant global financial bubble. It critiques the reliance on liquidity over fundamental economic value and reflects on the historical shortcomings of decentralized finance compared to centralized financial systems.

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