I get it, framing is everything, that was kinda my point. If you use five year returns you may conclude gold and bitcoin are equally pretty good at debasement hedging. But if you use 2023 or 2024 returns, you'd say btc is WAY better, gold crap. If you use last 12mo (like media is doing now) you'd say btc failed as debasement hedge, gold better. It's all pretty dumb, no? Same thing happens w active managers, hard to make big conclusions on a year or two. There's too much noise, luck, cross currents in short term.(Eric Balchunas)