this chart, that you're showing of reserves is going to, by definition, continue to plummet at a very rapid pace because of the exports that are already scheduled to be sent out of the US over the coming weeks. So even if the strait opens today, from a headline perspective, there's still a number of operational components that need to be accounted for.

in 2022, yields and economic growth kicked higher when the Ukraine-Russia war calm down because it meant that global growth was okay... So we're in a situation where I'm actually more bearish bonds, AKA bullish yields, if the war were to end today

go look at every agricultural commodity on your screen and tell me that's not going to get worse, right?

this ties into the AI trade a lot because what does China have that we don't is they have the power. They can build nuclear reactors faster... we actually are short power here in terms of like we need more power to energize all the models.

I bought gold over the last few weeks on dips. And you also have a lot of catalysts upcoming, whether it's the midterm uncertainty... Every time they intervene to put a lid on USDJPY or Japan sells oil futures or Bessan is doing some debt issuance shenanigans, like every single one of these is just like another reason to be long gold.

If you look down at like the mid-caps, the small caps, their earnings are actually looking really good too. So this is the S&P 600. Earnings revisions are heading higher.

from a positioning perspective, I'd rather be selling like the price of insurance. If implied volatility is high, right? The price of insurance insurance is high. So if you have a view, you might as well be selling volatility here.

the baton probably goes back to metals from the other risks like Bitcoin. I mean, you can probably see that in the chart right now. It's probably a really good place to sell your Bitcoin and buy gold.

There's no commodity on your screen that's not ripping. It's cocoa, cattle, soybeans, corn, wheat... Everything. Because this is how inflation starts. Like, and this is exactly what 2021 was.

this is the NASDAQ price to free cash flow is a lot higher than the PE ratio because they're set—

if this is the policy, suppress rates and don't look at inflation when it's, you know, going into mid-single digits, you better borrow every dollar you can at these cheap long-term fixed rates and buy any fixed asset possible.

I think if possible, be a homeowner with long-term fixed rate debt over the next year or so.