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Pattijordan
#BerkshireQ3CashOutlook These four negative factors are not independent of each other; they form a layered causal chain.
Many people treat “ETF sell-off, treasury liquidation, custody theft, quantum risk” as four parallel bad news items and calculate their impact separately. This is wrong.
Their true relationship is: each one is deeper than the last, and each layer amplifies the previous one.
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