it's so economical to sell your power to AI companies. Now you get a 10-year deal for billions of dollars instead of mining Bitcoin at a paltry sum at this price.

you could potentially see a lot of money come out of large cap tech and go into a lot of other interesting stuff. And new leaders emerge, right?

It's rotational. It's not like 2008 where you see credit spreads blow out. There's a massive crisis. Everything is going to different sectors. So that's sort of what I, if you're, if you're in the right sectors, like industrials are crushing it, making new highs, banks are crushing it, making new highs.

For as much as he didn't want to say he gave forward guidance, it was implicitly forward guidance and it did what he needed to be done to set the stage for, I think, not actually hiking.

I'm pretty sure, you know, we, we're seeing the dollar rolling over here now. The dollar kind of looks like toppy.

A lot of the, the precious metals went from— what's so fascinating to me is how extreme things get. You get, you know, a couple months ago everyone was talking about the debasement trade.

when you look at the bond market, it's been a straight line since over the last few weeks, like yields just plummeting. And I think the long end's leading the front end... the long end is basically saying there's no growth or inflation run amok issues to be seen. And so you've had this huge flattening of the yield curve.

even though oil is down to basically pre-war levels, like the disinflationary aspect of gasoline still has ways to go because it's not followed yet.

The whole hyperscaler complex is being rerated from a multiple basis because they are moving from cash flow rich, dividend buyback rich financial profiles to leverage balance sheets with no cash flow. And so that's a hugely different— commands a different multiple.

you see the chart between like Micron and Bitcoin. It's like completely inverse. And there's that says a lot. You know, it's, it's because there's things that actually are making lots of money and they're at relatively cheap valuations.

you suddenly have this narrative come to a head where you have MicroStrategy right now is really struggling and Bitcoin's lost for a bit of a narrative... Is the best use of my money and capital to just give it to Saylor to sit and either do more financial leverage or do nothing with? There's things to do with capital now.

I don't think it's really possible to get core inflation down sub-3% when the government's spending 6% as a percentage of GDP every year in deficits.