It is amazing that the idea of escaping volatility by investing in things that are not marked to market regularly has gained such prominence. It's the financial equivalent of infant children believing that the room disappears when their eyes are covered. https://t.co/qkYKnmz9Ea

— Mike Bird (@Birdyword) November 1, 2022

Here’s the truth: If you can’t sell it, it’s worth nothing. If it can’t be priced then its value is just a fantasy. If it’s not marked to market then you’re just lying to yourself. The only truth of how much something is worth is how much cold hard cash someone will give you for it. Everything else is a dream.

Only human beings have innate value; assets do not.