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.

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.

the biggest loser in all this is... passive management and like closet indexers... there's so much dispersion in the market right now. And that's so— I think it's so healthy.

real rates are tightening global liquidity pretty hard. We're watching, we have a bunch of charts to back this up, but the dollar's breaking out here higher

now it flips the whole risk-reward of like the 60/40 portfolio is like, if you're a boomer, you actually get paid to own yield now

This is the Goldman Sachs hyperscalers versus Goldman Sachs, like AI beneficiaries. And you can see money coming out of the hyperscalers

Bitcoin serves a purpose long term when there's not real growth and when governments keep stewing the economy with fake money, right?

the yen. This is a super long-term chart back to the '70s. You can kind of see we were basing from like, I don't know, 1985 to basically now.