February 2025 is also in the books and we take a quick look at it and see that we briefly stopped off in Absurdistan!

Equities from China, of all places, which is in a deflationary death spiral, and Germany, which has politically shot itself in the brain, dominated February's asset performance.

Meanwhile our horse in the stable, Bitcoin, took a short breather in what has become a year-long ride. But I expect that, in view of improving economic macro data and an improved credit supply on a global level, the race will soon be on again and Bitcoin will regain its well-deserved top position.

And always remember: we are running a marathon here, with the goal firmly in sight and with the lowest possible time preference. That's how we win! The rest is noise.