Debating Bitcoin, Strategy, Markets, Macro And Gold
Submitted by QTR's Fringe Finance
This week I covered just about everything that’s been on my mind: markets, Bitcoin, investing, economics, politics, and the psychology behind all of it. And heading into Friday, the blog’s 26 Stocks To Watch For 2026 are up about +25.6% on the year and are beating the S&P by an estimated +15.4% on an average, equal weighted basis.
The biggest piece of the week was my discussion with Larry Lepard, where we debated Strategy, Michael Saylor, Bitcoin, and the broader crypto ecosystem. Despite some public disagreements earlier in the week, we found we actually agreed on far more than we disagreed on, and had what I think was one of the more thoughtful conversations you’ll hear on the subject.
Debating Strategy And Bitcoin With Larry Lepard
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This week I also wrote about why asking difficult questions in today’s market somehow gets you labeled a “doomer.” In an environment where skepticism is treated like heresy, I argued that challenging narratives isn’t bearish. It’s what rational investors are supposed to do.
Your Delusion Doesn't Make Me A "Doomer"
On the investing front, I shared three ideas. One was a quiet small cap that may be approaching an inflection point:
A Quiet Small Cap At A Potential Inflection Point
Another looked at a world-class business that’s finally trading at a price I think deserves attention:
A High-Quality Business At An Unusually Reasonable Price
And I passed along a speculative, high-risk, high-reward idea from a respected investor for readers willing to do their own homework:
One "High Risk, High Reward" Long Idea
Outside of markets, I wrote about why expanding the money supply can’t create real economic growth, revisited Bastiat’s warning about governments promising benefits at someone else’s expense, and reflected on the reality that in today’s social media environment, you can do your homework, make your case, and still never convince people who have already decided what they believe.
If you missed anything this week, now’s a great time to catch up. As always, thank you for reading, sharing, and supporting independent work. It means more than you know.
Here’s what else is new on the blog:
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This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.
As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.
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The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.