Murray Stahl: Blockchain Wallet, Bitcoin And NIRP

Murray Stahl: Blockchain Wallet – The Ultimate Hedge by Horizon Kinetics via Grant’s Interest Rate Observer

Passive people may be nonassertive, but passive investors are another breed of cat. They are out to conquer the world, to judge by the inflows into Vanguard and its ilk over the past 12 months ($229 billion into passively managed funds, according to Morningstar, just shy of the $236 billion removed from actively managed funds). The tribulations of the active spirits, especially...

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