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Well, welcome to the I don't know what the fuck I'm doing show. I'm on my own here. My beautiful blonde accompanist blondie has left me standing, so I'm on my own coping while she's in Florida and I am now out of control. So we've got wine, we've got nicotine and we've got shitty fucking markets. So welcome to this world. Oh, it's also hot as balls here in Little Cayman. It just gets more and more humid. The mosquitoes are coming and it's unbearable. So the only way to pass your time is actually get drunk, look at charts, talk shit, maybe insult some people. I find it works for me. Hopefully it works for you. So anyway, cheers. Happy Thursday. So what are we going to talk about today? I think
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Firstly, we need to talk about food and wine because culture is everything, even in a market that's fucking imploding every single day of our lives, which makes us all feel so special. Right, so what I've got today is. Today is a champagne day. Why? Because it's 4 o' clock in the afternoon. It's hot as balls here, so I'm not drinking a, you know, Sassaka or something. I'm going to drink something fresh and light and champagne is my go to drink because I live in the tropics and I just like champagne and it doesn't do me damage. I'm an old fucking owl and it starts to give me red wine gives me migraines. Anything over like 12 and a half, 13% gives me migraines. Now. So even though I collect red wine, I've got tons of the stuff. Hundreds and hundreds of bottles. I barely drink it, which is kind of ridiculous. And then all the white wine and champagne that I have, I drink excessively, probably. So what have we got today? We have 3,000, 210 a champagne by Philip Garnett, Extra brute. So it's super bone dry, which I really like. I'm becoming less and less enamored by anything sweet. And I really like kind of clean, fresh, dry, which is why I'm in my Albarino phase in white wine as well. Even though Albarino is not expensive. You know, you can get really good albarino for like 30 bucks. It's lower alcohol. You drink it like water. It's fresh, it's salty, it's clean, as is a Brute champagne. So Brute champagne, or extra brute is when they finish it off. You can have Brut natural, which is where there's no sugar added at the lot. At the final moment, I can't remember the bloody name. Whatever that process is called with extra Brute, it just keeps it super dry. So brute means dry. Super dry. So it's clean and fresh. It works on a hot summer's day. If you're in Australia, tough shit. But, you know, it's breakfast for you. So champagne works perfectly for breakfast for me. Just don't put orange juice in it. Not in good champagne like this. So cheers. And then, you know, in order not to be a fucking philistine, which you guys immensely struggle with, you have awful taste in music, terrible taste in clothes. Your fashion sense is basically awful. Your interior design needs a lot to be lived up to. It's pretty crappy. And your food is like child's palates. So what we're trying to do is educate you on how you have an aperitivo. We've got a nice chip bowl here, but this is from Morocco. It tells stories. It tells stories from Morocco. And here we have the famous toasted pumpkin seeds in a little drizzle of olive oil. Toasted myself in the oven and added with maldon salt on this one. And it's so good because it's crunchy. Super healthy. All of the. The omega 3s and the fibers and all of the things in it, the magnesium, zinc, all of these things. Fantastic snack. Really good. The other one is Himalayan sea salt, lentil. So again, roasted lentils, bit of Himalayan salt. Why do you want the salt? So the salt makes your taste buds salivate. And that means that you're ready for both your drink and when you've got it slightly dry as well, you get this whole like dry saltiness of a fresh sea air and also prepares you for dinner. Now it's 4 o' clock in the afternoon, so I'm going to be shit faced by the time I have dinner because we've got a long session, we've got lots of questions to get through on the Real Vision platform and some really bloody good questions. So we put up a prize of $1,000 in USDC for questions and the best question, the question I'm going to answer. So that's coming up. If you do want to ask questions and you haven't joined Real Vision yet, it's free to join. Just go to realvision.com join. You will win. No, you will win. You will be part of the prize winning. Because I'm going to give out maybe another grand or two grand just, just for people who joined today. Because if you haven't joined Real Vision, it's like really good friend of mine, Jules, amazing artist, really one of the best artists and one of the loveliest human beings. He's like, oh fuck, I just checked out Real Vision. It's amazing. People think it's like this video platform of me and then they go there and they're like, holy shit, there's a whole community of people here posting trade ideas, writing research notes. There's all of the experts on the platform, there's the AI tools, there's all of this stuff and nobody knows it's there. Well, except the tens of thousands of you who are members. But still, it's an extraordinary place to find alpha on investing the best ideas from the best community, the smartest people and the intelligence of that huge community too. So it, it is really, really worth joining. I can't express this enough. We'll talk a bit about that in a bit. But more importantly, it's like Little Cayman's quite special at this time of year because half of the you fuckers have gone because it's hot as balls elsewhere as well, so nobody bothers to come here. So it starts quieting down and then after August you get into hurricane season and they shut down most hotels here. And now I'm only in Little Cayman, you know, once a month, twice a month and then for some periods I come here for a whole month because I absolutely love it. Know we've got, well, Blondie in fact has chickens she's been feeding. So we've got these baby chickens that are now grown up and now come up to the doorstep of the house. And the. The house is like very elevated, so in case of hurricanes and flooding, so it's on stilts. And the chickens now come up to be fed. And she managed to get a baby iguana. So the iguanas here are like big fucking sister islands. Rock iguanas, they're endemic to these islands. You don't get them anywhere else. And the major concentrations here in Little Cayman, and they're huge fucking things like komodo dragons. And so she had a baby one so big in the house to feed it. It came up the stairs because it followed the chickens, because they seem to talk to each other and explain where the free food is, followed by a curly tail lizard. And the other thing that she does, which is very sweet, is she has a colony of hermit crabs when she's here. So there's a bunch of hermit crabs. We just. All of our scrap food goes to the hermit crabs, so you don't need to compost it, do anything. The hermit crabs eat it all, but they all come in their different shells and they're different sizes. And she paints the shells because hermit crabs change shells. And then she goes on the beach for a walk and gets different shells, paints them and then leaves them out, puts some food out. And before you know it, all the crabs are swapping houses. So it's like this house exchange going on whilst they're getting fed. It's just a really cool thing. And I thought, you know, maybe Blondie's just a bit weird. And then we were speaking to a friend of mine who has been on this island for 20 years. He said, oh, I've got like a colony of 100 crabs or so. I feed them all of my food and I give them shells. I found the best shell place. So, yeah, we get weird on this island, but nature is everything in a world of AI, a world of markets moving 24, 77 days a week. It's really nice to just be able to connect with nature and go for a walk and see the bigger picture. And the bigger picture is really what this is all about. It's how I try and approach everything. And I know, again, I keep saying how painful it is for all of us in crypto. I mean, I'm fucking still heavily loading crypto. Yes, we've got a lot of tech and that's amazing, but crypto is the bet. That is not. It's not the gift that keeps on giving. It was and it's not right now. And we'll come on to markets and stuff in a Sec and I'll hopefully give you some alpha. But I know how tough it is. It makes us all feel like shit. We're all feeling poor. But over time I really strongly believe it plays out. And I strongly believe in my thesis that the layer ones are still the place to be. I still strongly believe in Ethereum Solana Sui for those of you in crypto. So just stick with the program. I'll come onto that in a bit. But summer's the time to go to Europe. You see those of us lucky enough to be able to earn our money in the Western Hemisphere, where the United States is the king of earning money and opportunity, the king of spending money, of quality of life is Europe. So most of us try and head to Europe for at some point in the summer. I'm going to be heading there sometime in July and spend a month in Europe. And I'm so looking forward to not eating fucking awful food, to be honest. What do you get in the us? I mean, yes, you can get everything on Amazon delivered to your house and then there's like 78,000 steak restaurants, fine dining steak restaurants, and they're all basically shit. Go to Galicia in northern Spain and have steak and it's like a religious experience. In the US It's a corn fed experience, which is why most of the US leaves over the summer and goes to Europe. I actually think about this a lot, about people say, well, Europe's just going to become a museum in a world of technology which is moving faster. This exponential age where everything's going exponential. I talk about nature a lot. But the other thing that grounds us is culture and our sense of history and place. And Europe actually does that really, really well. And I notice it every time I go back, even to London now. They really trade on these experiences and these experiences are immensely valuable to us because they give us a sense of grounding. So it's really hard not to enjoy being in Spain, Italy, France, Greece, Portugal in the summer and slowing down, enjoying amazing fresh food and people that just aren't driven in the same way. And I love that. I really love it. That's the reason half of England tips out over the summer. In Northern Europe, the Dutch and the Germans a. Because they're fucking miserable countries full of miserable people. Well, they're miserable until they get into the sun and then they're delightful people and you just have to get out of that awful weather. Belgium, it's all the same. Danes, I mean, look at Andreas. He's always miserable. Just needs to get in the sun. A bit more, but he's got that Scandinavian tan, so he just burns in seconds. But the summer's here. It's time to actually kind of enjoy ourselves, relax a little bit, have a glass of champagne, spend time with friends, do all of that. And hopefully the fucking crypto markets recover because it's getting a little bit tiring. So before we go on to the alpha stage, Real Vision, we've talked about it a lot. I know you're on here thinking, oh, fucking Al, he's going to sell me something and yes, I am, I'm going to sell you a 70% discount. Well, it's between 50 and 77. We've got a big fucking sale, a generational sale going on on Real Vision. Why? Because we've got a K shaped economy going on. We've got a bunch of people making a fortune in AI and technology. We've got a bunch of people living ordinary lives, trying to get ahead and are still feeling fucked because your mortgage rates are up here, your credit card rates are up here. Opportunity set, still not coming. I think it comes, but it's miserable, it's hard and we've all got to get ahead. And then those of us who thought crypto was going to be our answer, we're sitting there with portfolios either underwater or not quite where they wanted to be. And so that's miserable too. And we get that, we get that people don't have all the money in the world, but we all still need to find the opportunity in all of this. We need to be able to make money. We need to unfuck our future. And that's what the whole Real Vision discount is about. So join for free or go to realvision.com pricing if you've been sitting on the fence for ages or you used to be a member and you thought, yeah, maybe I don't need to anymore, come back and see the changes. Come back and see the platform. It's fucking incredible. There is nothing like it that exists. It'll change your life over time. Be part of the community, be a proactive part, give ideas. If you've got 20,000 people giving trade ideas and notes, you've got something that is incredibly valuable. It's not about me. Let's instead see 20,000 people get it wrong. As I got it wrong in the last year, well, I got some of it wrong. Crypto badly. Technology really. Right. But you know, everyone remembers you for your shit calls. But go to realvision.com pricing, it's fucking stupid discounts and we're Doing it because it matters to me, it matters to everybody at Real Vision. To give as many people the opportunity to participate in that economic future and to understand why markets go up and down where the opportunity is, how to do it. That's the important part. And I'll come into some of that in a sec. Realvision.com forward/pricing or just come for free? Free, I don't give a. Just come across. And also if you ask me a question and you're a brand new member, there's a thousand bucks up to grab and maybe I'll add another thousand in just because I'm feeling that way. Okay, I'm going to drink some wine and then we're going to get into some alpha, I think. Okay, so I start sharing some screens, random stuff. So when we go to trading beer. Okay, so here is the chart. I've got a log. I love log regression channels. They give me an idea of how overbought, how oversold things are in a secular trend. We know AI is in a secular trend. He says now, pausing for a vape. And it has been one of the great trades to own the semis. I'm just writing Global Macro Investor over this weekend and Real Vision Pro and one of the things we've been doing is taking some money off some of these bets. Took some money off. Rocket Labs took some money off semis. But when I look at this, semis are now 3.8 standard deviations overbought versus their log trend since 2008. So this is like La la lands. Now in terms of overboughtness, does it mean that they stop? Do they go down? They will definitely not be the leaders of the next phase. That's where I'm getting to on this. And so I start looking at these log channels and then you get to the opposite end of the sphere and we've got. Actually we haven't got the log channel on ETH here, but just eth itself is. You know I love demark indicators. Tom Demar, great friend of mine, best technical indicators I've ever used. The depth and nuance of what they have and you can get it on Trading View. I don't know, it's like 250 bucks. It's nothing. For what? For what you get is stupid. So you find the dmark913 on Trading View. But where we are is a monthly 8 and a monthly 12 in. This is Ethereum, but they're all the same. Nines and 13s are the full reversal pattern. So we're at the bottom of the wedge of this consolidation pattern, if you remember, gold did something very similar and then it exploded out of the range. And then when we look at sui, which I know a bunch of you are in as well, the log channel is we've already hit the nine count. We won't go to the 13 count. We are 1.8 standard deviations oversold. So I like this, I like this versus that. Let's have a look at gold out of interest, see if I can find it via. Let's do it all. So gold really did overshoot it overshot to, I don't know, three and a bit standard deviations overboard. So kind of feels like semis did. But if you remember this whole period, there was a 14 year period of sideways or a four or five years period of sideways. This looks a lot kind of like ETH now. So that's kind of how I think about things. Technology keeps moving. Those of you in Real Vision Pro and those of you lucky enough to be in gmi, which is separate to Real Vision. It's my sort of institutional research service. I'm writing up about this great rotation which I think is coming. I think there's a great rotation amongst a bunch of different areas. I definitely think there's some areas that super undervalued. I think layer ones obviously are undervalued, particularly versus Nasdaq and particularly versus semis. Okay, but let's change to something else now. So on Real Vision, I've built dashboards because now we're all fucking AI superpowers and we can do everything. So I can just build shit all day and I'm the least technical person in the world. So what I've managed to build on Real Vision is one of the things is the GMI compounding machine. And this is really useful for you to understand how to invest in secular long term trends. This is how I think of the world. I've made more money from long term trends than anything else. I ignore the noise. Everyone's like, how the fuck can you ignore the noise? Can't you see that it's gone down this much? I don't care. Because my thesis is, and my framework is that these assets compound returns over time because of technology. Because intelligence per unit of energy is the way the universe works and it compounds into the things that produce it. Layer ones produce massive amounts of intelligence. The coordination layer of the Internet, the agentic layer of the Internet, the value layer of the Internet, they're just undervalued because of liquidity. I'll come on to liquidity in a bit. So, GMI compounding machine, Very simply, that log regression channel we looked at before. So here it is again. Here's in bitcoin. And you see these green dots? It's like, oh, my God. Yeah. Of course, if you were so lucky to be able to buy the bottoms and sell the tops. Yeah, you can. It's pretty simple. What you do is you put in your initial investment. Let's say, let's make this more reasonable. Let's make it 25 grand. Okay, so there's your big chunk of savings in. You're at 25 grand and you're going to add another 25 grand. So you're going to save furiously every time the market gets over one and a half standard deviations oversold. And when it's overbought by two standard deviations, you're going to take some lifestyle chips. So this is what it looks like. You sold in January 2018. And we took off. Oh, sorry. We took off 20% of our Bitcoin and then we bought back in the low and then we bought again in the 2020 crash, and then we sold twice in when it got to 2 stamp of the oceans overbought in 2021 and 2022. We bought back again right at the low in 2022 and it's flashing that we should be buying now. This is why I get excited when I see lower prices. Everyone's like, you fucking scammer, why did I lose money? I hate you. And I'm like, this is fantastic. All I need to do is keep saving money so I can invest, because it's almost impossible for me that crypto is now over, that it's never going to work. It's all a scam. It's all bullshit. You rob me of my money, you crypto scammers. It's like, are you fucking insane? It's the coordination layer for the Internet. It's not about that stupid shitty coin that you bought. It's about how do you organize the agents to make payments in a digital age at the speed that they require, at the proof of identity that they require, at the privacy that they require. All of these things require. Crypto Rails. Blockchain technology is a profoundly important technology, and AI and blockchain are married at the hit. And people think, oh, we're just saying that now just to try and give crypto a beard. It's like, I don't care, Just wait and see. It's obvious. It's fucking obvious for any of you who use AI, any of you using agents or anybody who's involved in crypto. These layer ones, the programmable smart contract layer, is incredibly important to all of what is to come. So I look at this, has that trend changed? No. Is the opportunity there? Yes. It's flashing and then we've got those DMARC nines. So I look at that and I'm like, amazing, amazing. We're back to basically the same levels. We've done like three or four times before, but now we're so oversold that the opportunity set means that the risk reward on an adjusted basis going forward is extremely high. Now, you could think about that and think what's going to be higher in a year's time. Nvidia in terms of percentage gains, or Ethereum, Solana Sui, Bitcoin. It's very hard to argue that Nvidia doubles from here, considering where we are in the compute cycle, where we are in the semicycle, where we are in the capex buildout cycle. But for here, for the applications layer of this. Yeah, I can see that. So anyway, so I'm very interested in that when we go to the QQQ version. So now we're talking about the NASDAQ again. This is all on Real Vision. It's all part of the tools that you get once you sign up as a member of Real Vision. There's tons of these dashboards to help you understand what you're doing. So the NASDAQ now is, where are we? We are one standard deviation overbought, 13% above fair value. Nothing wild. I mean, really, even if we took lifestyle chips off at one standard deviation, you've only done it twice ever. But you missed that whole rally and I think you'll miss a massive rally too. There's a lot going on in the NASDAQ right now. You've got the index inclusion. People don't realize this, and I've traded this stuff for 30 years is the index inclusion trade. So you're bringing a monster waiting in, which is SpaceX. Everything has to be weighted down. So what you tend to get is firstly, I know this is complicated. So firstly, SpaceX comes out short squeeze because not all the order books are filled. Then the arbitrages start selling that to start thinking about how to position for post IPO pop. So you get a bit of that, you get a bit of trading price pulls back. But the big game is the game that's happening now, it's been happening for about a week is all these arbitrages all of the hedge funds and some of the index funds start front running. The situation where SpaceX gets bought, but these stocks, every single stock gets sold. So what you get is all the stocks in the nasdaq, or a whole bunch of them, particularly the big weights, get sold. And so you're seeing that, but the NASDAQ itself holds still. And then you should see, as the squeeze happens, you should see SpaceX squeezing into it, but the trade the ARBS is setting in for is shorting the other side. And then as the index funds sort of computationally just have to do the trade, which is to sell those other shares, they then buy into them, closing out their shorts, and then usually it clears afterwards. So that's a big thing that's happening there. And that's one of the reasons the market is volatile right now. We've got to get this out of the way. And so that's. I think next Monday, next Monday and next Tuesday should be out of the way. So volatility is there, but I do think the rotation changes. And again, something I'm writing about in RV Pro and also in Real Vision. So let's look at the macro as well. So again, I'm just going to show off because I'm fucking amazing at everything except calling crypto, right? I have built out these dashboards and these dashboards, this is gmi, and I'll create versions for Real Vision as well. This is not released for gmi. This is me working on my own stuff. But let's talk about the Everything code. The Everything code is the process by which we have to service. In fact, let's just quickly go through the Everything code. We got a bit of time. I don't care. I've got nothing to do. Blondie's abandoned me. So I'm going to go and do this while she's in Florida. The Everything code? What is the Everything code? Well, actually, I'm writing a book about this. It's going to come out in October. But the Everything code is really the most important work at a macro level that I've done. And it's all about demographics. So as the labor force, as the population gets older, the labor force participation rate falls with it because old people don't work. Okay, great. We kind of understand that. You can see the correlation. It's pretty fucking obvious. Then what is less obvious to people? And the greatest macro chart of all time, trademarked, which nobody else uses because nobody understands it, is very fucking simple, is labor force participation rate falling is exactly the inverse of the US Government's debt to gdp. So debt to GDP rises exactly in proportion with the fall in the labor force. That is the magic formula. GDP growth equals population growth plus productivity growth plus debt growth is old people means lower population growth. Old people means less productivity, which means more debt. It's perfectly proven in this chart. And that is the story of the world that we live in. And then the other story of the world that we live in is liquidity, which is in red. Here is the thing that pays the difference. So they print money to pay the debt. That is the everything code. And once you understand that, you can see it everywhere. And also liquidity. What's really driving debt growth is interest payments. And particularly with interest rates as high as they are, interest payments are what's driving debt growth. And so that keeps climbing the inevitable wall. Here we've got total liquidity includes bank debt, bank credits, and bank lending, because that is part of the equation. The Fed moved away from central bank balance sheets. Then they moved to the Fed net liquidity model, which was balance sheets plus the tga, plus the reverse repo, blah, blah, blah. That was really all about the reverse repo. They drained all of that. So that went. And then they said, and they've made it clear, Scott Besant, Steve Mirren, Kevin Walsh, that they want the banks to provide liquidity. That's the old model, because the only two people who can create dollars in the world are banks and the central bank. And here is the bank banks creating liquidity. So that game is the game that is at play. That game is the game that then gives us an interest in liquidity. So where is liquidity right now? If liquidity is the big thing, it drives assets too. So global liquidity is going up recently, it's gone down a bit. But you get this cyclicality and liquidity that happens seasonally and stuff like that. So there's nothing to see here except liquidity rising. As you can see, it bottomed in 2022. This is when we went long, the NASDAQ and crypto and have been long ever since. So I know other people have joined at different points, but this is where we got long because of liquidity. And it's been rising ever since. And the markets have gone with it year on year. Global liquidity, nothing to see. You get these changes. This change, this change are all the US Dollar. So the US Dollar strengthening right now. Finally, rates are coming down. They will come down a lot sharper again. I don't have time to go through all of this right now. But I will do on Real Vision again soon. So rates come down sharper. Also in Macro Investing Tool, in Real Vision Alpha, we go through this in excruciating detail every single week. But the dollar's too strong. That's what's causing this. We've got the Venezuela and probably Iran sort of onboarding back into dollars. So that keeps a dollar bid. But rates are starting to fall, oil starting to fall. I think that all changes. But liquidity leads Bitcoin, now, it keeps moving and shifting. And there's somebody on Real Vision, Sarah Walker, who's been a fantastic part of our community, even though she bugs the shit out of me, which I joke with her about, but holds us accountable over things like, over the long run, global liquidity is the best predictor of asset prices. It's been the highest correlation to Bitcoin, about 85% to 87%. And for the NASDAQ, it's about 97 and a half. But she rightly pointed out that it shifts and correlation shift and different parts of the liquidity curve shift to Bitcoin. This is where I am right now is total global liquidity seems to be roughly in line with Bitcoin right now. So that seems to be the dollar effect. And we'll talk a bit more about this in a sec. NASDAQ has been perfection. We called this sort of panic area and said, look, this is disconnected, it's stupid, it's gone back. It trades perfectly. Going back to my US Liquidity, which I think is the big daddy of this cycle. Sometimes it had been China. And again, these are shifting variables. And I think it's important to understand that things shift and there's no perfection. U.S. liquidity, broad year on year is growing at about three and a half percent, which is okay. It's not great. And we'll come a little bit into that in a sec. Narrow liquidity is. That's it. Outright. It's moving up again. That was the tga, the government shutdown. It's kind of recovering from that year on year. Not great. So narrow liquidity, what is that? That is Fed net liquidity plus bank securities holdings, treasury holdings. So this is the central. The treasury selling debt and the banks taking it on, plus the normal kind of central bank balance sheet, et cetera. And they're just starting to pick up, but they've been held back by a number of issues. And one of them is the flat yield curve. Again, story for another day, but this is what's going on here. M2 is accelerating again. US liquidity leads the NASDAQ 100. So US seems to be the dominant factor right now. Again, it changed over time. Most of this is not a science and it's all Bayesian. So I know in the past everyone's got caught in the trap of like, well, the chart says this and therefore that's going to happen. You can't do that. You have to just say contextually this is right. We need to watch for changes, all of that stuff. I was never clear enough in explaining that to people. I mean I've been doing this 35 years. I just assume people understood that, but they don't. Here's narrow liquidity versus Bitcoin. Bitcoin's not again, still not doing great. We've got these kind of liquidations going on right now, but comfortably over the short term. Here's the banks held. This is like are the banks just monetizing the central bank balance sheet? That's growing at about six month, 5.4% yearly, 3.8. So it's not massive yet. Right. So we don't have massive monetary printing. And this is where you get into excess liquidity. Excess liquidity is the amount of liquidity growth in excess of GDP growth. Now both measures are now positive, but they weren't. And that negative period was a negative period for crypto. Because if there's no excess liquidity it'll find its home in the most compounding place. And the place that compounds intelligence the most is AI. So it compounded there. But now we've got excess liquidity. It means there's more liquidity for investments. And this helps us. This happens with the business cycle too. As the business cycle gets positive, we get more earnings. And you can see that we had this is M2 version which is not as good, but it gives you a long term history is like I think we're in the 1950s phase where excess liquidity was high at all points. I think we'll do that again. It was also high in the late 90s into the boom. And we're starting to go positive here. Productivity, which is the main part of that formula, is not yet positive versus inflation. So of that formula, inflation is still eating productivity. But what Kevin Walsh has talked about and Scott Bessner has talked about is that switches. So there's a whole bunch of stuff there. But generally speaking, I think the cycle extends. I think crypto. I know you don't believe me. That's fine. I've been doing this since 2013 will play catch up. I think the rotation of leads. So the darlings that you hold won't be the darlings that persist. So just be careful if you're an overly racy sector. The 90s were full of rotations and have a plan, have a plan about when you accumulate, when you exit. Why I didn't take lifestyle chips off the table. People are like, you didn't take lifestyle chips is because that fucking indicator didn't give me lifestyle chips to take off. So I don't take them off. So then end up adding and I've been adding in crypto and I've added recently I've added several points around this kind of one and a half standard deviation oversold level. And I'm comfortable with that because I've done the work and I think that the crypto trend continues over time. And I've also had tech investments. But again I'm starting to rotate and look at the different areas of tech. So okay, hopefully that adds some value. I know it's for those of you in crypto, it's like it's fucking frustrating. You probably hate me, you hate everybody. And then there's the confusion amongst time horizons. You know, one person's got one time horizon, other person cares about the cycle. One person says the cycle's dead. I think it's a mid cycle sl. It's all noise. It's all just fucking noise. You just have to focus on what is the big gain, what is going to unfuck your future. Unfucking your future is compounding up your futurist trying to trade. And there are some people who are good at trading. But I say this seriously is the best performing brokerage accounts at every brokerage are the ones of dead people. It's because they don't sell. And traders, it's very hard to meet many rich traders. There are lucky traders. There's people who do well for a period of time, but there's very few people who trade that make compounding returns. It's very difficult to do. It's a really, really difficult skill set to buy and hold. You could be as dumb as me. I mean honestly, you can be absolutely stupid and make money as long as you understand where you are in the cycle, what to do and don't panic. You bought something too high, that's okay. Do you still believe the thesis? Do you have a framework of understanding? If you have a thesis and you have a framework and you truly believe in it and you've asked your AI or gone to the real vision AI even better, go on the real vision AI, ask it the questions. What do you think of this thesis? Go and ask the the rap. In fact, let me show you this. I haven't fucking showed you this for ages. Let's share a screen. I'll show a little bit of real vision magic because it is fun. So let's go to AI. Right, so we've got the AI. The Pulse is what's going on in markets. You can kind of. It tells you everything that's been happening. You can dig into these things, find out what the community's been thinking when they put out trade ideas, all of this kind of stuff. You can see who's been talking about it, the, the notes, the ideas that have been done, all of this stuff. Great, fantastic. And that's only going to improve as we distill the intelligence held within the platform of the sentiment, the ideas, the analysis, all of this. It's all coming into the Pulse. The chat is the real vision model where you can just go and ask even about, look, any fucking video you see on the platform, any post you can say, what does this mean? So Ritali Weber, just ask what the real vision brain thinks about his head and shoulders idea in microstrategies. Microstrategies, What a shit show, right? God, it's pretty obvious, but there we go. Anyway, it explains everything for you. Fantastic. But more importantly, it's all about me because clearly you're the person, I'm the person you want to speak to. There's the RealB AI Mentor. Now we're gonna have more mentors. We'll have an Andreas mentor coming up as well. But this speaks in my voice, trained on my content, or you can chat, you can give me a chart, analyze it, you can do all of this stuff. So you don't need to ask me a question. I mean, yes, you can on the platform, get paid a thousand bucks, but you also can just ask me stuff from my perspective. So it helps you with that. I don't know if this is right. Give me your trade idea. Let me analyze. Look, I'm an AI. I'm going to fuck it up, but I fuck it up myself. But over time you'll see it will really add value to it. I even ask myself questions because it's trained on my content. So it has this memory of stuff, has memory of the macro investing tool that has macro memory of the business cycle stuff. It has also trained on wine and travel and food and books and all sorts of stuff. So it has some sort of contextualization about who is me. But it's really bloody useful and it's right there at the top amongst the AIs. Go to the mentors, speak to me, ask me anything, have long conversations with me. I'm here to help and this is a really cool way of doing it. So let's go across to the Real Vision platform for the last thing again, we'll put up another. I almost said I, but I'm not going to do it because I'm skimped because the market's gone down so much. We'll put up a couple of thousand bucks for two more questions. So I've got ten already picked because they're amazing questions and actually very useful. The point about Real Vision and a community is what you get is people asking the question that the hive mind wants to hear the answer to. And that's why I've chosen many of these. Some of them are just fun, but really a lot of them is really about what the hive mind actually wants to know. Where did I up? Why am I an idiot? What wine am I drinking? Did I ever get anything right? Those kind of things. That's what everybody's going to ask me. And is it all over? That's obviously going to come up as a question, but come and ask any question if you can't get hold of me. If you're a pro member, you can ask me questions in the AMA always. And that's an amazing thing where everyone just comes and chats about markets and stuff. Super fucking cool. Nobody else does this in the world. And also, obviously just use the real mentor. He's there for you. He's there to be your mentor. So come across real vision, real vision.com forward/join or forward slash free or whatever the fuck it is pricing. If you've been waiting to sign up or re sign back up again because there's a lot of you have not seen what we've done, please come and join us. It's generational discounts, stupid cheap and it's there to help you. So see you at Real Vision and I'm going to refill my drink. And over in Real Vision we'll get to the questions. You obviously enjoyed the episode because you're here with me at the end. But. But listen, don't forget to go to realvision.com join and grab a free membership. It's an incredible community packed with alpha, great investment ideas and the research that you need to help you unfuck your future. So get started now, go to realvision.com join.