Q: Where do you invest your own money?
A: I have a home bias — and I am proud of it.

Call me old-fashioned, but I have negligible crypto “assets”, save for some indirect interest with an old university mate running an Ethereum mining enterprise in an obscure corner of Sweden where real estate is cheap. The real reason is the cold weather: it costs less to cool the rigs. And (un)fortunately, I have no artistic talent to create NFTs (non-fungible tokens), nor am I a millennial to buy into this 21st-century version of, shall we say, moving money. 

The arguments against home bias in investing speak of an efficient world, where capital gravitates towards the best possible opportunities and funds the most productive projects. With no frictional boring barriers, like taxes, foreign exchange rates, fees and other costs or outright prohibitions, this perfect world will enable the capitalist mecca. Shareholders will rule, market discipline will carry out the weak, and capital will chase after the successful business in a virtuous cycle.

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