The S&P 500 was the best long-term savings technology, tracking M2 at ~8%/yr. But value leaks: – Mgmt costs: 2% – Competitive erosion: 3% – Regulatory drag: 1% – Unknown risk/entropy: 2% – Index churn: 1% – Index fund fees: 0.5% – Corporate bloat/misallocation: 2.5% Add it up: 8% + ~10–12% = ~20% potential. Bitcoin is the best long-term savings technology, without the risks and leaks.(Joe Burnett, MSBA)