Why Fear Moves Markets Faster Than Logic | Adrian Morris

Market sentiment is weak, volatility is elevated, and capital has nowhere to hide. In this episode, Adrian Morris explains why sentiment drives all markets, how it shapes bitcoin’s price, and what it takes to navigate and withstand the current environment.Read Adrian's research report here: https://tnorth.com/research/sentiment-as-substrate/Timestamps:00:00 Introduction00:33 Welcoming Adrian01:08 Current market conditions and volatility03:31 Energy, macro pressure, and bitcoin outlook04:04 Why markets are driven by sentiment07:54 mNAV, valuation, and sentiment shifts13:50 The most controversial idea in the paper15:37 Is valuation ever objective?20:17 Bitcoin narratives vs market reality20:35 Traditional finance misses the “first cause”24:55 Do fundamentals matter or not?28:46 The “blind ledger” thought experiment31:23 Warren Buffett and valuation frameworks34:54 What is reflexivity in markets?36:46 Leverage, volatility, and bitcoin39:00 Paper bitcoin and market structure42:30 Fixed supply and bitcoin valuation46:15 Efficient market hypothesis critique49:45 Are free markets truly efficient?52:13 Why most investors underperform55:41 Passive investing and market risk59:32 Digital credit and market perception1:03:23 Final thoughts on sentiment and pricing1:04:49 Weathering volatility as an investor