Episode
Stocks Up, Gold Soaring, Bitcoin Lagging: What the New Market Regime Means for Investors
- Podcast
- The Pomp Letter
- Published
- Dec 2, 2025
- Duration seconds
- 221
- Processing state
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Summary
Today’s Letter is brought to you by The Bitcoin Dolce Visa ! You can now access Italy’s Investor Visa with a €250K equity investment into Bitizenship Italia, a Milan-based Bitcoin startup. Visa approval arrives first, investment happens only after authorization. The company operates with a Bitcoin-aligned treasury, non-custodial L2 staking, and clear redemption windows every 24 months. To date, Bitizenship has facilitated €25M+ in Bitcoin-aligned residency investments. A compliant, Bitcoin-native pathway into one of Europe’s strongest economies. Private placements now open. 1 To investors, Professional investors care about their returns and they care about the correlation in their portfolio. The return measures how much money they are making, while correlations measure how much pain they could feel if a recession or financial panic sets in. The former shows you upside and the latter illuminates potential downside. This is important right now because we are living through a regime change in asset correlations. Remember, we saw all assets (stocks, bitcoin, gold, etc) go higher together in 2021, they all fell in unison in 2022, and these assets collectively recovered very aggressively in the last few years. Just like a hand in a glove, these assets ebbed and flowed with each other. That is starting to change though. Take a look at the performance of various assets over the last 12 months: * S&P 500: +12% * Gold: +59% * US Treasuries (TLT): -1.25% * Bitcoin: -10% There are a few major takeaways from these data points. First, US treasuries continue to be a money-losing proposition over the short and long-term. TLT is down more than 40% over the last 5 years and it is negative over the last 12 months too. Second, stocks and gold have done very well in light of the return…