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“So many people will say, well, it doesn't even matter if I'm getting paid below that. I can't sell my property because I have to realize this massive gain. Even if I do a ten thirty one, like, I don't wanna do that, man. Like, it's just it's just too much. Like, you know, it'll go up over time, and I'm just like, I don't care. And that positioning factor is such a large portion of markets.”

“Capital is a coward, and right now it is fleeing to wherever it feels most protected from the escalating conflict in the Middle East.”

“The credit risk, when I think about that, it is about what is the probability of me receiving these nominal cash flows? What's the probability of me receiving the rents that I'm getting from my real estate property every month? Then I have duration risk or, you know, this other risk that says, okay. Well, even if I get the payments every single month, what's happening to inflation or the amount of money in the financial system that is devaluing or revaluing those cash flows?”

“And all of these decisions take place over years. And that determines the flows of capital between each country, right? Because when when you trade with a country, you are sending the currency back and forth to be able to pay for that, right? And that is the flip side of the capital account in an economy. My view is this connects to the entire administration that we have.”

“If you weren't longer in 2021 or even over the last couple of years after the bear market in 2022, you basically got squeezed out because inflation rose. And if your performance wasn't greater than that, you just got absolutely crushed. And so when I pull everything together and I say, okay, what is my goal in markets? I know that we are in a period of time where melt ups and meltdowns are kind of the new norm because so many things are changing so fast.”

“I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor. If you're not paying attention, you probably should be. You probably should be.”

“Capital is a coward, and right now it is fleeing to wherever it feels most protected from the escalating conflict in the Middle East.”