We re-open the topic of Blockchain, DeFi and Dapps. While it's easy to lampoon the emergence of NFTs, people with real money are starting to talk about Blockchain and Decentralization as the 2nd Digital revolution that will change the landscape. But how can we make money in the sector? Buy crypto, or buy companies speculating on the tech? Greg makes the case for BLOK.

In other news, Bill Hwang is named Degenerate Champion of the new century. His firm Archegos saw untold billions vaporize in short order when his leveraged long positions in Chinese Tech, Viacom & Discovery exploded. So how did this master of high-stakes roulette get 5-20x margin from Wall Street. And is this a sign of easy money contagion or a flash in the pan?

Which leads us to the woeful rotation out of growth and China, which has sent the Degenerate Portfolio (below) down to damnation.