The weekly Market Update is posted at Alpha Baskets and includes the following;
The cryptocurrency sphere was buzzing last week as Bitcoin took the $5000. Bespoke Investment Group posted a table showing 12 different cryptocurrencies with more than $1 billion totalling $145 billion with Bitcoin far and away the leader with $89 billion. It is certainly a mania but probably doesn’t rise to the level of true bubble from the standpoint that is something catastrophic happened tomorrow it wouldn’t have much of an impact on the economy. If you scan social media you will find divergent opinions ranging from telling you this is just the beginning, all the way to run screaming from the room with your arms waving frantically. We certainly don’t know what will happen but a small investment (speculation) with the realization that it could just as easily go down 100% as go up 1000% won’t permanently impair a portfolio. Did we say small? Very small.
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We made our (almost) annual pilgrimage to the North Rim of the Grand Canyon over the weekend and spent a little more time at the Vermilion Cliffs National Monument, it’s one we need to spend a lot more time at, other than just driving by on AZ Highway 89. It is stunning…beyond stunning really. The first picture is from House Rock Rd just off 89.
This is what it looks like for miles.
Looking at the Cliffs from Highway 67(the turn off to the North Rim), this area burned in 2016, before then this view didn’t exist.