When "Outperforming the Market" Still Means Losing Money

 ▎ A Fundstrat chart circulating in macro circles shows Ethereum up 17%, Energy up 13%, and Bitcoin up 12% since the Iran conflict began. It looks bullish. But three words in the subtitle change everything: "Relative to S&P 500."                                                                                  ▎ In this episode, I break down how relative performance charts work, why they're designed to frame losses as wins, and what the actual numbers look like when you do the arithmetic.               ▎ Read the full article with interactive charts: https://adezeno.com/posts/relative-performance-trick.html                              ▎ ---Audio generated with NotebookLM based on original analysis by Adezeno.