"I worry the world is just becoming a lot more correlated. That's my big worry. That if things ever did go down the drain, there's nowhere to hide." - @tylercowen on the rush into precious metals "We've realized Bitcoin is not a hedge. Where else do you go?" "The rest of the world seems a bit crazy, Europe is still slow growth. [So] you pick the precious metals. They're like the new meme stocks. That's fine. I don't think it has major significance, but look, it's not good news." "People will keep on looking [for a store of value]. They look at different things. But if you want something that does not positively covary with Treasuries, good luck. Send me an email when you find it. It turned out Bitcoin is super positively covarying with a lot of other US assets, which again is good news for the US. It may not be good news for those seeking to hedge."