‘Coincidence? We Don’t Think So’: Pinnacle In S&P P/E, Bitcoin Was ‘Peak Excitement’, Morgan Stanley Says

In late January, Deutsche Bank suggested that going forward, investors in traditional assets are going to have start paying more attention to Bitcoin. Their rationale was simple: cryptocurrencies had replaced short vol. as "the new frontier in risk-taking." Exactly a week ago, everyone was forced to acknowledge what a lot folks on Wall Street and a handful of fund managers had been saying for the better part of two years: the tail was wagging the dog. Between the proliferation of the short vol