I very much appreciate your truly excellent analysis, but regarding volatility (as opposed to a permanent loss of value), doesn’t it all come down to available reserves relative to leveraging, which determines the time horizon the speculator is materially prepared to endure for the value of an asset that has experienced a temporary loss of value to rebound? For players of “guts” poker, it is like having enough chips to ‘buy the pot’, matching loss after loss from one’s stack until one at last gets a winning hand.