Capital Is Leaving Big Tech For Gold And Energy | Weekly Roundup

You want to hear my craziest subscriber story? This young kid from Germany subscribed to my newsletter. Well, after a year, he unsubscribed. I was like, oh, my God, this sucks. And then a year later, he emailed me and he told me that he became a pin. Stop. He said-- so he said-- He chased my life, dear. Yeah, he said he's not. After he said, he said, I taught him to be an entrepreneur. Before we get started, a quick reminder that block works as a premier institutional conference. The Digital Assets Summit is returning to New York City this March 24th to 26th. This year represents more than $4.2 trillion in assets under management with 150 speakers and 750 institutions attending. Speakers include SEC Chair Paul Atkins, CFTC Chair Michael Selleig, Fed Governor Stephen Moran, and Tedder CEO Paulo Argonio. Alongside countless other executives, asset managers, regulators, and the core crypto infrastructure builders shaping the industry. If you want serious institutional grade view of Digital Assets in 2026, Digital Assets Summit is where it happens. Use code forward 200 for $200 off and head to blockboards.co/events for more details. Nothing said on Ford guidance is a recommendation to buy or sell any investment score products. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice, or necessarily the views of block works. Our hosts, guests, and the block works team may hold positions in the company's funds or projects discussed. As always, investments in blockchain technology involve risk, terms, and conditions apply. Do your own research. [MUSIC PLAYING] All right, everybody. Welcome back to another-- what we want to call this-- Ford, macro, dairy. - Mashup. - Mashup. - Mashup edition, live and natural. At the TG macro conference, first in all your laundry, man. That was something else, wasn't it? - Such a good time, holy-- - Yes. - Thank you very much. I feel-- I just tell my wife, I'm never proud of myself, but I'm extremely proud of this. You know what I mean? It feels really cool to have that emotion come over you, and it's just because everybody floods you with, oh my God, that was amazing. And when you look at the roster that we had, man, not shocking. - Yeah, we got that response. - Yeah, I got to give you some flowers with that a little bit. It's like, I don't know. There's not many really good macro conferences out there. And just the quality, like you had what, six speakers. Just like, all would be headliners, anywhere. And yeah, it was awesome. - Which is it, Judy? Dude, I'm just, I'm glad you pulled it off. I'm very proud of you. I really am, man. I've done six conferences, you know? But they were all smaller than this. - Yeah. - And the logistics around this were a little more complex. - Yeah, and it just went off without a head. - Yeah, this was throwing a wedding, you know what I mean? And there's so much life throwing a wedding because there's so many people, you know, you have your super close to you, your whole life people in your family, like my cousin Tony's here, my buddy John Bell and all that. And then there's like, you know, my awesome professional relationships like you guys. And then there's 60, 70 people that I never saw, I never met before. And they all want five minutes here. - Yeah, they all want to meet you. And you want to give it to them, right? - Yeah, that's why you, you know, you write to half of them and want the other half to subscribe and you're like, - I mean, you talk to them. - You and I both run our businesses pretty similar. We do, like, 'cause I try to treat my newsletter as just like a family business, like a small business. Like I reply to every single email, you know, I try to get to know people personally. I travel around the country to meet people. You do the same thing. - Yeah, yeah, yeah. - That's what it's about because that's what they appreciate. - No, I feel like you win them over for life. If you, number one, give them an Iota of good advice in the markets and number two, give them time as people, for whatever reason they look up to you. You know, if they look up to you for having some answers that they don't have, right? And it's not really anything else. It's just like your brain aligns with something that helps them and they don't align with that necessarily. So I guess there's a lot of gratification and being able to help people and hear them say, like, dude, like I have, I've had people that tell me, dude, you meet me so much money on that GDX. - Yeah, yeah, yeah, yeah. - Stuff like that. And then what were we talking about? JD and I were talking about it with really big growth manager that was here, a friend of mine, saw Nate Tom. And he was like, YouTube guys, since you started writing, how much money collectively would you think that you could have made people? And I was like, I couldn't even come up with that number. And JD was like, tell them, you said, that's 100 to millions, that blew me right. - Yeah. I mean, the look, like things have been really good in the last couple of years. I had a tough time. I mean, I've gone through top stretches in the markets where I basically was flat lining for a couple of years. You know, we get a little chart in the subscribers, but in the last two years, it's been fantastic. - Yeah, yeah. - You feel like what's so cool too, is just the nexus of this like, anti-traditional media macro community that we have? Like come in here. And you know, this is your conference, your audience, but I had tons of people come and be like, oh man, like love your guys for a bad and chill. Like there's this core group of people that are just like, it's cool to do these collaborations. It's cool to see that audience, cool to meet these people. Like it's just, it's awesome to see it all come together. - The thing that I was most excited about to come was obviously great guest line up of Jared and Kuppey and Kran speaking and everybody for those listening. You gotta be here in person 'cause everyone has their stick, right? Brad's got the dollar milkshake, Kuppey's bright and about feudalism, JD, you know, you follow his newsletters and they have their views, but these were all unique presentations. These were all unique ideas, lasting ideas. And also, but even more than that, you can tell the people, the quality of a person by who they surround themselves with. And that was why I was most excited. People are gravitated towards Tony for what he gives off, like smart trading insights, teach you how to think. - And that's three out of four. - Yeah, exactly. (laughing) - Smart development. But, it's just amazing. - And so I was just excited to see the type of people that were gonna be here. And when you sat down the first day and the room was just chock-fill standing room only. And you're talking to the guys, one guy's a logger, one guy's a minor, one guy's a woodworker. And it's like all these people with the same, like, you know, curiosity and motivation. - You wanna hear my craziest subscriber story? - I had this young kid from Germany subscribed to my newsletter. His name was Stefan. And like three months later, I threw a party in New York at a club. And he flew from Germany to the party and had a great time. I was like, oh my God, that's soft. And then a year later, he e-mailed me and he told me that he became a pimp. (laughing) - Stop. - He said, so he sent me, - He changed my life, dear. - Yeah, he said, he said, he said I taught him to be an entrepreneur. And it doesn't matter how. He sent me the website. I mean, it's like euroskyed.com or something like that. And he's like, will you please promote it in your newsletter? I'm like, no, won't you? (laughing) - He's like, scratch my back, that's scratch your back. - That takes the cake. That's what's going on. It's like, on the way, so a little heroin. - Yeah, yeah. - You don't want to tell that to your guys, so they know. - That's so classic, weasel and end of likeness. - Self-promote your shit. (laughing) - Yeah, yeah. - So, subscriber experience is really kind of cool. It's this one on one thing. And you get paranoid when you have people jump off or whatever, and then you realize that it's always, it's never you. It really is it. Like it's like, you get paranoid that people jump off and they'll fill out the, I have an exit survey. So when somebody leads the newsletter, I just look, no, what? And every time people are like, man, I am like getting killed over here. This changed for me. I don't watch the markets. And you look at it and you're like, okay, I don't want people to let her trade, not trading the markets to pay for this. Like this doesn't do you any good, so that's fine. - Yeah, so, yeah. - Then you have guys go and start brothels. - Yeah. (laughing) - Do what you gotta do. - You do. - Yeah, I wanna talk a little bit about some of this. Obviously, you know, you gotta be here to get through the real good stuff, but just wanna talk a little bit about some of the stuff that we heard. - Jay, you kicked things off yesterday. You got a chart banana. - I think I know it was a chart banana. - The chart banana was a lot. - This bang bang, I don't know. - I think that was like over 100 charts, but what was your favorite chart? What was your most interesting takeaway? - My favorite chart, and I've actually used this in a couple of presentations, is the chart that shows the rates of marriage among different age cohorts. - That was bomb. You know, like 1940s, 1950s, people born in the 40s, 50s, 60s, 70s. And once you start getting to the 90s, like it drops off, and 2,000s, like people are not getting married. And, you know, I don't know what we need to do to promote marriage as an institution, but when people get married, that's when all the economic benefits accrue. Like people make more money, their salaries go up, they buy houses, they have kids, like, and it is literally fallen apart, like in the younger generations. - Everybody talks about it, and they're just like, "Oh, wow, that's crazy." But no one just extrapolates the 20 years of headworks, like you have no population growth. - Yeah. - And it's a global thing. It's happening in Europe, Japan, ancient. Like, and everyone just assumes it fixes itself, which, yeah, it doesn't with any good thing, unless you attack it, head on. - Yeah, so I don't really know what the solution is. I mean, the different countries have tried different things. I mentioned Poland, which gave this lifetime tax in the Steve, you had three kids. then you'll have to pay tax to them or again. It's kind of an interesting concept. But one of the interesting things that the social scientists have figured out was it's not just cohabitation, right? Like couples that cohabitate but don't get married, don't get the same benefit. It happens when people get married, you know? So I mean, it's kind of an interesting chart, why is this at a macro conference? Well, you know, it has all kinds of implications out for the next 20 years about incomes and consumption and debt and all this stuff and the housing market. Like, you know, that's the chart when I look at it, I'm like, it just blows my mind, you know? One of the charts I like that you showed was that the household sector massively leveraged. We've talked about that on our show and how the problems at the sovereign level and how that feeds into secular inflation regime because there's actually a lot of ample room for re-leveraging in the household sector when you think about the policies that they're going to have to implement to fix the national, that problem I can grow their way out of it, be a, you know, non-multiplation and poor real asset return. You know what? Here's an interesting idea. Somebody told me this like 10 years ago as kind of a solution to the national debt. Like, we used to have savings bonds. We used to have the double E savings bonds. Well, Obama got rid of the program. He wanted to cut like 800 jobs in Pittsburgh where they processed these things and then he started the MyRA program, which was like you invest on mine and you get like a portfolio of treasury bonds. It's kind of like a mutual fund and Trump killed that. It got 20 million in assets. It was a complete failure. The interesting thing is is that if you had a president who said, you know, going back to the 40s, we had war bonds to finance the war, right? One if, what if Trump or somebody said, look like this is a patriotic thing to buy savings bonds and they offered like a decent rate of return. I mean, household net worth is what like, you know, 50 trillion or 100 trillion, like you could put, you could potentially finance that very easily with a campaign one tap. Maybe tear free fund bonds. Yeah. Yeah. Yeah. Interesting. It's pretty wild. Yeah. I think another big thing though we're hearing at this conference is half the camp of the speakers that you kind of come here. We're talking about, you know, we had Doomburg here, which was awesome. And you know, it was really great to see him walk in and his big green bird costume. Oh, it's glory. It was like, you can see that. Oh, I got you. Yeah, look at the view. Yeah, that would be three. Yeah. And you want to see him. I've seen him present, like probably eight or ten times now. And I'm so glad that I asked him to gear it a little bit towards trading and risk management. And then he just took it not to that point. Yeah. You know, I do. And like that. But everything from his Yolo story to, you know, exploiting an edge and, you know, giving people confidence to sell an oil rally. Like that was cool. Like I have confidence to sell an oil rally after what he said, you know, I will be in the weeds waiting for that. Well, I'll tell you what, today's Friday, today's the day to sell oil. Yeah, you know, because we're not going to tag our hand over the weekend. It's going to open up four bucks lower on Monday. Yeah. I mean, it might have already adjusted to that, you know, as we speak, who knows. But that was really great. Yeah. I mean, that's so like, there's an interesting, I don't know if he was who said it, but he's comparing it to, you know, when you're trying to long the bits, like it's a decaying asset. And yeah, you can go long for a little bit to catch those those reversions. But his perspective was that, you know, secularly, you're you're fading human ingenuity if you're long commodities. And you know, this conference, like it had a lot of pretty bullish commodity guys in space that he came out here and said, look, on a long term horizon, like you can't own commodities unless you're just getting on human ingenuity. So he said, yeah, I 100% agree with that. And I am hating on human ingenuity. Yeah. Because all of human progress is three steps forward and two steps back. Right. You have three steps forward than two steps back. And I am an event Tony is not, but I am an investor who makes money on the two steps back. Right. Like that is that is an environment that I'm comfortable trading. I like to short things. Pretty good at it. You know, like I, uh, credit me if I'm wrong, but you probably have a tougher time in that environment. I'm horrible in that. I'm I don't like to do that. I'm not comfortable short. I don't literally, it's it's a 10 x degree of difficulty. If you ask me shorting stocks, and a bull market, anyway, you know what I mean, you get literally, it's one of the things where as soon as you feel good about the position that means you should probably be covering some, you watch charts that your shorts spike lower and you're like, oh, this thing is about to collapse. And it, these back up to where it was. And I just can't manage that. That's not the way my trading goes well. Like I have more compliments from way, but it's good that we do the macro dirt. Yeah. Yeah. Yeah. Yeah. Totally. We give people full. I just don't mean. Yeah. That's the best. I mean, it feels like right now is we're in sort of that two steps back situation for commodities because suddenly we're like, oh crap, we've under invested in commodities with past decade. And now we have all these scarcity situations with AI buildouts or one half you. And it feels like it's one of those times where there is that that two step back that you can ride on, but it's also good to keep in mind the long term horizon that eventually, there will be those three steps forward eventually. Well, it's not going to get into around. Yeah, not at all. So it's good to have commodities in your portfolio all the time anyway, as a diverse means of diversification, right? Because commodities are low correlated or negatively correlated, two stocks or bonds, you need to have some real assets with your financial assets. That's where the whole awesome portfolio comes in. And it provides a level of diversification that you can't get with a 64 report, you know, I agree completely new secular. To try and go like, you know, each speaker had their own views. There's a lot of bullish gold undercurrents through everybody, I would say, particularly as well, Dumber, who who identified gold as a monetary commodity versus in Dugga out of commodity basket, basically. But one of the things I was looking forward, commonality themes throughout people that sort of zeroed in on where I could find confluence in an asset class to behind everybody to use. And one of them was you have Dumber talking about, you know, gold's different. It's a monetary hedge against, you know, all the craziness I'm going. And there's this downward over time pressure on oil, which is a large input cost to miners, for example. So you think of that backdrop. And then you have JJ, who's, you know, absolute commodity guru spent decades in trading the pits and his stories were just, I know we want to talk about those. We'll get to. And you can find these threads, which is for me around gold miners, because you do, you might get these spikes in oil on geopolitical whatever, but we know a key agenda item is to keep, you know, oil and gas prices lower. Meanwhile, nothing behind the gold thesis is changing outside, you know, short term overbought, you know, craziness. And, so you combine the secular tailwind, for sure, the miners revenue and a secular headwind for, you know, getting oil prices down. That is powerful, right? That is powerful. That's why I think that they could be up to one percent any year because they're crushing it on the higher metal prices. They haven't even reported those quarters yet that they're crushing, you know what I mean? They probably leave some in the tank of earnings, you know what I mean? Just wait to report a lot. Like they're delivering like never before. They don't have so much cash. They don't have to do with that. Yeah. The gold miners, if gold stayed at 5,000 for the next 10 years, the gold miners are still a triple for here. Yeah, right? The gold doesn't go off. Everyone's so scarred for them still. But I can't be, this company's presentation, which, you know, it's, it's, that's what makes markets interesting and sick with oil. Because it's like you get burned trying to touch the gold miner long for 10 years. Yeah, I'm happy with that. And that's why we're seeing GDX price vertical. But actually GDX shares decreasing because you're still not having that blow off. Yeah, I think, I think the GDX shares outstanding. I mean, there's a lot of funny stuff with ETFs. There's structured products on them and stuff like that. Like I don't think it's, I don't think it's really a measure of sentiment in miners. I have said that like for years, I just sold puts on GDX. I would sell slightly out of the money puts. They would go down. I would get signed out by the stock. I just sold puts on it for years. And then I bought a bunch of GDX and finally worked, you know, so there's one, there's one word of caution that I think I would have about the certain T-shirt of oil prices going down. And that's if real money comes after it, you know, it's like everybody's like, well, there's so much, there's so much for fine product that floating around the harbor and there's pointy oil and this and that. And so it's like to like that until one or two or three large funds right after the other decide to commit a couple hundred million bucks to that proper to that trade. And then next thing, you know, that covers that inventory that was sitting over there. That can essentially be off the market because this guy is putting that money in and taking the position off the market. So that stuff happens fast. And if you get a whole student body right, we got our own oil for whatever reason. Like with the oil dynamics, any different one, it's like to 130 on the Russia Ukraine invasion. I thought that that that that that they were very different. But it was a blatant epicenter, you know, attack on production areas and potential danger to the street or whatever. But I feel like investment money, investment capital can come and take that oil off the market for sure. So I try not to get too worried about it. And I like oil socks, you know, they're speaking to me, right? Yeah, the producer situation like that is just I mean this is also a different comp out it's just like yeah own the producers the picks and shovels yeah ones were yeah you can actually get those consistent free cash flows happening regardless of where where the actual modesty goes over the next few years you just say it's flat they're gonna be great and then you have those tail ends I mean I think all four of us are in the camp here of this big rotation coming out of the tech trade out of the max sevens into those other sectors and just how pretty and small those sectors are like look at the last month it's just going through our holes and it's just on vertical and saint why is that basically everything came out of tech and it went into basics energy staples and utilities which is funny because there's cyclicals and defensive which you know yeah yeah exactly yeah which the the fat the staples is a little bit front running the tariffs because they just got tried so that was that was probably that the funny thing about this actually you know the producers for energy is they've all gone vertical and oil's kind of done this and you know the bears are saying out that's just the geopolitical premium for Iran meanwhile the producers every single day oh absolutely excellent x-olee oi h offshore onshore small cap whatever and it reminds me of the gold miner because this happened back was it last year I think you might have been talking about in the navigator where it's like okay gold's still chopping in this consolidation but miners are going vertical someone someone knows something yes I'm and then gold followed it in a big yeah yeah and I have to yeah you have to you have to you know keep that in your back your mind and yeah I wouldn't I instead of me selling the oil spike here I'm more of a buy the workout buy the breakout or buy the you know old Iran was not happening you know comes off it might have to get it yeah yeah yeah it's made I remember it back at the value yeah I think we should talk a little bit about cup these presentation around you listen because I think it goes it's kind of contract to a few of the things we've just been talking about it like you know if you're a super bullish on metals or cyclical industrials and that sort of thing like he he brought the species of whatever you know he was looking like why is everybody so bomb down super sentiment why is everybody sad why is everybody frustrated why is everything feels so kind of shitty right now he's like maybe we're just in a recession and it's just not as obvious because of things like AI catbacks and just Chris how you guys took away from from that perspective you want to go JD yeah I mean the sentiment numbers I think reflect a lot of things other like other than the labor market other than the economy I think it I mean honestly I think it reflects politics I think people are so disillusioned with me look politics are nuts right now polarization it just keeps getting worse and worse and worse and I really think it has something to do with that like apart from the economy you know but I'm just I'm not really sure now since I'm one I appreciated his S&P versus gold chart right he's like you know what yeah everybody saying the stocks are so great he's like they can't even keep up with the pet rock you know and that's fair you know even though we have a generational breakout in gold it's still like you you would you would think that that's maybe enough of a risk on move because it's a gold's not like a flight to safety because of war or anything like that so because like people are buying gold buying commodities that's like a risk on trade mentality atmosphere and he's right it's like watch I mean stocks could be a K and then the S&P right now and the fact that they're not is kind of disappointing to me and I guess makes sense that it's not keeping up with gold is not a good fit so yeah well the last two gold's volatility when it peaked out on that big rep hire was only higher two other times in history which was COVID March crisis and GFC08 oh wow and so that's that's uh uh you know rarity of a signal that's like okay something's weird here something's weird and but accompanying those you at 30 percent equity drawdowns and here you don't and I think it's I the run it hot narrative I think it will be tested because the feds unhold until you know new blood you know TBD if if the economic re-excealeration still needs some liquidity help to really stick here but that that to me is powerful I think there is you know a lot of government intervention papering over the cracks because it's not a US thing it's it's a Japan thing it's a Europe thing so by the way you mentioned you mentioned gold volatility around 2008 uh I don't know if you remember this but gold peaked in 2000 e at a thousand when bear sturds blew up and then it traded off until the Lehman blow up when it bought on it 700 net and never saw that price again well that that that's good to go to the points too about like we've kind of had this vertical scent where it's been the magic carpet ride to like Valhalla for for gold investors thinking like it just goes straight up with no ball and you don't get good ball without bad ball when when it goes from 15 to 40 and so you know these things are just part of a new market structure for for this remanetizing remark you know capitalizing asset and you're gonna have that like 20 percent dips and on 40 ball assets not yeah I think there's something to be said too for just I mean you're talking about this in your presentation this morning about how you look at bonds is an accelerometer for your for your positioning and you know when you look at the Jawsport that we have a couple weeks ago and the reaction of bonds is them in rallying like crazy even though it was a gangbusters Jawsport and it's like what do you what do you take from that it's obviously it's not quite as obvious the the environment that we're in have just you know the run at hot basement stuff if bonds are rallying off a hot Jawsport they're rallying but they're not trending yeah so I'm not paying attention to it right and if they get to a level that's interesting enough to show or they start price actions start showing that they can actually trend out with the range that they're in which is a pretty Taiwan you know what's been to what's the inside range you could argue that the inside range in tens is like 20 basis points wide right like four bit and four 20 or maybe I don't know I don't even know what the exact number is but you if you can have faith if you operate from a position of bonds or mean reverting that's it right there's push and pull I get it but they're not going to take me out of my equity trade that's the most important thing for me this episode is brought to you by Coinbase if you're a long-term crypto holder but don't want to sell your Bitcoin or Ethereum Coinbase now offers crypto-backed loans powered by Morpho you can borrow up to five million dollars using Bitcoin or one million dollars using ETH as collateral all at competitive rates typically between four and eight percent there are no credit checks loans originate in seconds and you can repay anytime with no fixed deadlines the USDC liquidity can be used for things like a down payment refinancing high interest debt unexpected expenses or anything else life throws at you importantly Coinbase does not treat borrow transactions as taxable events and over one billion dollars in loans have already been opened through the platform if you want liquidity without selling your crypto click the link in the show notes to learn more and get started today yeah I think bonds are also I think you know after Worsh was nominated I think bonds I think bonds are front-running Worsh a little bit once once the market figured out like you know the initial reaction to Worsh was like oh my god he's a hog yeah oh my god how did you not know this it's a hog as if it's from interviewed for 18 months to put a guy in there is gonna hike right yeah really I just want to tell you like that's the comment that's it that's the TDSF folk like yeah they're just like you know he doesn't know what he's doing it's like to think it's all right so Worsh has made a lot of comments about how you know AI and these other deflationary forces allow you to lower rates and you know a bond is really at its core just the future path of FedFonds right so two year notes are really the future path of FedFonds but 10 year notes are two just over a long time horizon so I think what the yield curve looks like underwater is you have twos at two to two and a half and you have tens at three and a half and the curve is a hundred basis point steep but you know a move to three and a half on tens is pretty big yeah and that's gonna get mortgage rates down to about five and a half which does all kinds of interesting things so that's that's kind of what I think the yield curve looks like under Worsh I agree steeper I don't agree that low but I agree steeper one thing I do agree with you at JDN you in your secular bearish dollar views and how I like to think about why you know even if you might be sort of some people are very bullish I'm seeing on the Finne twit community on bonds here because the AI deflation costs potential but a bond is just dollars in the future and so you know I just can't get myself to buy them even for that type of trade because I don't want to do anything with dollars in the future you know I think it's new to look at the the second order facts like I agree I think the major or significantly steeper curve is likely and it's interesting to look at what your drunken Miller's 13 etchers came out last week and he went long XLF financials and you know he's he's the guy that is tapped into Worsh he's tapped into Besson like he is part of that complex and he's going to buy financials that's pretty interesting if you contrast that with a steeper yield curve which is great for Bess yeah he also bought Brazil he bought a lot yeah which is one of my favorites um regard I mean look like Brazil is uh look Brazilian politics are even more nuts than US politics uh you know, Lulu seems like a done deal for the next election, but anything, anything can happen. And, you know, Brazil was trading it like six times, seven times, you know, with massive dividend yields. You know, it's like any time you see a country that's trading at a six PE with a six percent dividend yield, that's basically where the US was in 1982, right? Which was the best time to buy stocks in history, you know? So I'm not too wound up about who's going to be president of Brazil. Like when stuff gets that cheap, you just have to buy it. Yeah, I mean, I guess that cheap in the dollars where it's already knows what's next about the fall of the cliff. And the reality keeps rallying. Yeah, the reality is it's relentless. It just keeps rallying. There was that there was that blip a month or two ago when Bolsonaro's son was going to run for president, which screwed everything up. But like it recovered and it just continues to rally. So drop also had some calls at the bottom there on macro, LLC private equity. Yeah, I think you guys are on opposite ends on the US equities versus international. Are you used to know that? No, look, I'm not, I'm not smart enough to be, you know, I really don't have the like intellectual capacity to try to be a global. That's for who? You know, I mean, it's like if, if, if, though I'm fine if those stocks outperform, but it's like if Europe is up, I was saying this to somebody the other night, if Europe is up 23% one year and the S and P is only up 16% like, does that mean that I still can't print 35, 40% trading around this stuff? So like I just stayed US centric as I'm a trader, you know what I mean? Like I don't, I understand that there's value and things like that to invest in on the long term, but I don't feel like as long as we're in a bull market, and I have sectors and breakouts and things that I can trade and things that I can up size when I get confident about it. I don't really need to leave the continent. I just keep it simple, you know, I mean, for better or for worse, but it's been working for me. That there's one question that, like, this theme, it's, it's common. I think it goes to like the low consumer sentiment where it's like, you know, the wealth managers and this isn't at this, but you just hear the sentiment. A lot where it's like, oh, you know, with equities at all time highs and this going on and the craziness of Paul, this sort of like mopey depressed, like, what do you invest in? And it's like, there's a hundred bull markets out there. There's markets. Yeah. There's other markets. If you know, here's, here's an interesting one. If you look at a list of the top performing assets in 2025, gold miners were at the top and a bunch of other stuff and pretty close to the top of the list was an international small cap value, which was a 46% in 2025. Well, you know, I mean, every Latin market, that's why I'm bullish. Miami real estate because you got the New Yorkers in California is coming down and then every Latin stock market up 100% here over year. It's a chance. Yeah. Does that make sense? You know, Grand Williams. They're close things up. Man, legend. Yeah, legend. You know, his presentation is just crisp and well thought out and it's just like a very peaceful thing for your mind to go through. I don't know if they come out of it with trade ideas, which is why I liked it. You know, what I loved about it was that he brought up Tony Dayton as like an actual topic. Yeah. You know, because that's something that I've clearly been, I mean, I mentioned like 10 times, I've been obsessed with that interview just because there's so much wisdom coming out of that guy's mouth that you really don't want to miss it. And so I'm glad that he brought that up and the ideas of, you know, patients and scarcity and things that last are things that wait, that's how you want to think. You know, and it's kind of, it kind of just fits into the idea of, you know, for a trader, it's like just kind of causes you to just exercise more patients and try to be a little bit slower moving and kind of figure out things that you can be in and just leave, you know, like it's this, it's hard to trade around things, but you can do it and make money, but it's also nice to just be in it and watch it run, you know what I mean? So that was kind of interesting. And then I got confidence from that not to switch subjects too far, but Brent, Brent, does a very good way. Brent has a good mode of being understatedly bullish to US. Yeah. I mean, like he's like, he's like, you know, like he kind of has that attitude, like look, everybody likes to throw rocks at the United States right now. And we don't get fair media coverage. And then he comes goes and tells you this is how it big, beautiful bill, the reindustrialization of America, the genius act, the stablecoin plan, Stephen Friedberg running the, you know, office of strategic capital, like you don't want to fade this stuff. I'm telling you, you know what I mean? And like you agree with that, you know, and it's just everything gets such a negative connotation in the press because it's Trump's, you know, admin and everything that we're doing has to be negative. And he's like, I'm not seeing it that way, you know, he's like, he's pretty bullish to US and things that this stuff is gonna follow for. So my favorite side from his was the, but like Quadrin of Soros, Drak, yeah, Besson and, and Warsh. And you know, if you're a student of the game and markets, like, you know, it doesn't, like, Drak Soros, you know, politics is kind of divided, but you know, it doesn't get any brighter than this. And when you sit there, you're just like, you know, I truck like these guys are magnificent. Yeah, I'm nificent. Yeah. And yeah, covered the corruption when they get to DC and these sorts of things, but, but when it comes to making the right, you know, and I'm a big believer that the US's decat of markets is what allows us to have such a powerful strong economy, sovereignty, culture, you know, above all else, which we lose sight of what things are going so good then we get into the social issue where it's like, I know, first world problems. But if you have that, you know, guidance at the helm, you can kind of disagree with all the things around the edges and the what's going on. But, but you have to find some, you know, shirty or that. Yeah, it's getting, it's tumultuous. And sometimes I feel like we as a society media point a lot of fingers and hatred towards the people that are actually shining the light on the problems, attempting to fix it, saying, you started this problem and say, maybe I'm trying to fix it and you didn't know about the problem. Yeah. Until I started trying to fix it because everybody else lied to you and tried kicking the can in other 10 years. And so I think education around that sort of thing. Yeah. I mean, we bowled down to like first principles of the, those guys, right? Like if you rewind five years ago and you told somebody who's super into macro, whatever, that, you know, that the, that the Soros, Drop and Miller alumni is going to be running the Treasury Central Bank. Everybody would be ecstatic. Yeah. The problem is that they're all fifths. But they're all, they're all in on the debatement trade stuff. And they're like, Oh, no, no, no, worse. This is going to blow up my debatement trade. So they're upset. Even though if they didn't have those positions on, they didn't know who the president was. They just saw those people in charge of those areas. Yeah. I think a lot more people would be excited about what's happening. Yeah. And I'm keeping two truths together as well, because you can see that and be like, well, how much do you ask because these guys leading? But I'm also bullish goal because that was all their biggest positions because they know that to get us back on the right ship, we actually needed the base. We need to do something. That's good for golf. So people have a hard time goal. They multiple truths. That's true. That's true. It's tricky. It's a tricky landscape. It's a tricky landscape right now. Yeah. Any other big takeaways? A lot of scolodiz guys. I love JJ's story, man. I literally JJ's story about trading that live real time experience that he relayed was blew my mind. So he was like a lot of time commodities, pet trader. He's been now 70s made. So I met him the first time when I for golden sex, I worked on the floor for a little while. I went down to be their goal options broker and also had to do some spot trading in goal on floor. And JJ was like one of the biggest guys down there. And with the best reputation and then like the most studious dude and like just had it all going on. And you can see how he breathes markets, you know, like it's so different. What's his, what's his, I'm not, what's his educational background? Trying to think of what the college is. I mean, that's like a lot of points. Like, yeah, I got to tell you the disappearance of open-out crying trading has been a very bad fit. Oh, yeah. Maybe not necessarily in terms of transactions costs and slippage and stuff like that. But an open-out cry exchange was a place where any kid or any asshole could walk in and compete and learn and make a living. Like nowadays, if you're coming out of college, your options are like 10 banks. Yeah. Right? And you have to have a Harvard education, a Yale education. Your resume has to be like 4.0 GPA, activities, stuff like that. They're only taking like these blue bloods kids. Like any jerk could walk in off the floor and be a millionaire. Yeah. And that way there was the democratization of competition kind of thing, right? And the scene, Todd, what was a floor trader? I don't know if you know that, but he used to create bond options. Yeah. Yeah. Yeah. Why me Gary Cohen who ran Goldman Sachs was freaking silver spread trader essentially. That is the beautiful thing about the floor, but listening to that story, you know, made you realize how what surgeons those guys really were. And especially on hectic days, like he described where he blew up his entire account and still had the position on and it was still limit down, offered. You know what that feels like, man? That is an out of body experience. Like you can't even believe. Like, you know, you just work on gut instinct and that it was cool to see his instincts take over and be like, Oh, I got a Bobby XYZ just bought 700 from him down 40 cents. Okay, let's, you know, that's a value trade. Somebody knows what they're doing. in, you know, like just that keen sense that floor guys had and he got his money back. Or most of it, you know what I mean? And but trembling like down a million bucks with the market still open and things limit down. It's like I had a lot, I brought many tears. I swear I got. And then because I read every single thing that he's ever wrote and after he came off the stage, I was like, "Talk about my nervous story because I never told it." So they went down. That was awesome. And the whole room was like silent and it was like he's reading it from a novel because he's just like, "Yeah." And then it was up 10 points and next thing, you know, I'm up a million and 20 minutes later I get an order to sell 5,000 lots at a, you know, limit down. And I lost it all and the crowd just like, "Yeah, I get it." And it's like story telling is just like, "But there's a year to compounding of lost it all, still have to position." It's offered limit down and there's three hours left in the day. Like you know what I mean? It's like you're in a choke hold. Everybody's, you're in a choke hold and you can't get out. Like you're trying to tap out and you have C fight and it's like, "No, you can't tap out." Yeah. You just got to deal. I mean, I think, yeah, in light of normal puts like that. To your point, you started off your conference with talking about the importance of live events now that were all online and get this quote about it all. I'm talking about how the new luxury good, bringing good is in person interaction with people in like-minded circles. And I think that's so important. Like that's a blocker's we ever did in the last of summits that we do. And that's also a key quote that we've been writing on as well. And any of this going with your inaugural conference. And I think it's going to become a lot more important to hang out with person with people that you just want to talk about. That's where the magic habit of being. It's like the difference between whatever watching a concert on TV and being at the concert in the garden, right? Like it's just being around the people and feeling the free energy. It really, there was so much energy in the arena in the club that lists some house music. Yeah, exactly. Whatever. He's a beast. He's not so big. He's a beast. The whole thing. He's a dog. He had all the national. Yeah. We had a little bit of everything, man. That was a great night. A great day, a great night. Great party of kid rocks after. Holy shit. So that's what Nashville's for. That's why we did it. You know, Mark O'City and the words that Tony Greer does. Yeah. Yeah. It is a bull market city. It's coming here for like seven, eight years now and like it's exploded right in front of my face like while I'm coming back every other, you know, two, three months. So yeah, it's just set some of the fields. It's in the airport. You walk in and it's a solid, famous country. Singers, welcome. Yeah. Yeah. I'm Luke Holmes, woman in Nashville. I'm like, okay. It feels like a lot of these places. The place is great. The airport. Like there's a unodd hustling and bustling and you're in the city in 15 minutes and this place is glorious. Yeah. It feels like New York in the 90s. Yeah. This is awesome. Well. Awesome. Do this awesome to be here. You guys did it best. We had so much fun hanging out all day and all night. We got another night left. I mean, we got to throw this down. I'm literally blown away at how happy people were. Yeah. Yes, man. A lot of positive energy, man. Just go by. Yeah. Yeah. So thank you guys for doing coming here and doing this with us. This is a great partnership that will continue. Yeah. Yeah. We were just saying we're going to try and do this more regularly because it's we should find just a banter or all of us. Like, you know, none of us take ourselves too seriously. Yeah. That's one be with you. Live from JD's next bag is performance. Yeah. Yeah. That might be happening soon. We'll see. There you go. See you. Yeah. Bad ass, man. Oh. All right. Beautiful. Well, we'll be back here for another 10 years in a row. That's Mohit and I's goal is to do another nine here and, you know, eventually graduate to someplace else. Beautiful. Yeah, man. I just want to have an ashtag. Nice job. Yeah. Nice job, Felix. Thanks, guys. Nice job, Stingford. Yeah. He is breath. That's a wrap.