🟢 [E469] This is base case. Building dry powder to buy liquidity sensitive stuff if all hell breaks loose and correlations go to 1. Cowen may be right about another crypto leg down before Oct, not for BTC reasons but because everything sells off.

🟢 [E496] Building dry powder to buy liquidity sensitive stuff should all hell break loose and correlations go to 1.

💬 [E390] Thinks Cowen may be right about crypto having another leg down before October, not for BTC-specific reasons but purely because everything sells off if T-bonds and banks crack.