FTX's bust and crypto crash come with two silver linings

First, the crypto crash has not spread over into the stock market

The S&P 500 is up 5.9% in the past five trading sessions compared with a 19% drop

The rout is not as huge as the headlines suggest

"We think Bitcoin and ETH remain a too small part of the market to cause broader financial market contagion

"The FTX shortfall is still relatively small in comparison to other crypto events

Maybe that means less booms and busts, which is a positive for investors