The Price Of An Asset Has Become Meaningless. What Matters Are Relative Prices

By Eric Peters, CIO of One River Asset Management

I vaguely remember what happened after the stock market closed on Liberation Day. Traders sold whatever they could, S&P 500 futures, Bitcoin too, which they drilled down to around 82,300. And then when Trump bombed Iran on that random weekend not so long ago, markets were all closed except for Bitcoin, which they slammed down to 98,250. I suppose that the boys who bought back their leveraged shorts an hour later felt smart. The rest now work at McDonalds.