Asia session flows quietly dominates carry strategies: reading the Bill Ackman tape

Most blow-ups start as comfortable consensus.

Put beside current chatter on “Bill Ackman Rules Out a US Stock Bubble, Blames Leveraged Bets for Wild Swings,” the incentive problem looks clearer.

Ignoring spot ETFs because sanctions screening looks exciting is how late-cycle mistakes compound.

Ignoring Bitcoin because layer-2 networks looks exciting is how late-cycle mistakes compound.

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