What’s on Raoul Pal's Mind?

26:21about the prevalence of of autonomous vehicles in i think it was in california somewhere and this guy was saying well you know i used to see them once a month and then i saw them every week and then i see them now um three four five times a day i'm like wow i didn't know that so three four or five times a day suddenly scales and it will scale everywhere. So in the next two years, we will see this at scale everywhere. And then you go into New York City. When I was reading that tweet, I was in an Uber. I looked around. Every car was an Uber, a taxi driver, a delivery car, a bus. I'm like, all those jobs are gone.

26:59I don't need any of them. I don't need truck drivers. we need any of this and how fast is that going to come slowly at first then all at once that's how all of this stuff goes robotics self-driving cars are robots with ai so robots and ai that's coming i i sent a hypothesis out when elon bought twitter and i said this is nothing about buying a social network and he's not interested in um in freedom of speech what he's interested in is an unbiased AI platform so he can scrape as much data from humanity as possible, where they're talking to each other in short form. And then he built out long form and he'll have video and he will have audio.

27:39He's got audio. All of these things will train his AI, which is called x.ai. So he's just announced that that way he's working on, which is what I said he bought Twitter for and$44 billion for all of that. It's probably pretty cheap. So he's also got the Dojo supercomputer, computer, which is, I think it's the fastest compute on earth right now. It's passed the Tesla for the self-driving. So all of this stuff, and he's just bought a gazillion GPUs as he's scaling all of this. But the other scary thing is he also owns the robot. So he's got the visualization from the self-driving cars. He's got all of the AI.

28:18And he's built a robot as well, which is this Optimus thing. And again, everyone's going to go, well, yes, Optimus, it's all a sham. It's not real until it is. Don't forget, the guy's sending the biggest space rocket in history into orbit in the next two days, or at least going to try. So don't discount him, even if whether you hate him or not is irrelevant. Just watch what he does and watch what he says. So the exponential age is this process where we're going to go into this period where everything seems liquid. We can't really understand what is happening. Societies shift into this distributed online networked world.

28:55Those networks shift. The utilization of digital assets and AI is the glue that creates this metaverse digital world that we're all moving towards. The metaverse digital world will mean that you can sit with me in this barber's chair and we can chat. But AI could mean that you could have a one-on-one chat with me. That's all coming and it's all coming fast. The rise of the robots, I mean, I'm terrified about if you give my fridge, my toaster, my kettle, maybe my wine fridge, even more scary, AI, because they're all Internet of Things, right? They're all connected to the Internet. Give them AI, they're going to start talking about me.

29:27I don't know what my wine fridge is going to say, but it's not going to be good. And if he tells my wife, I'm in big trouble. But that's the problem. And if my fridge says, hey, listen, Raoul, you've been eating all that shit from the fridge and it's because you've drunk too much wine or whatever it is. I mean, look, you give a fridge autonomy with AI and you've created a robot. Can these things network? Who the hell knows? It's a scary, fascinating world. So that's what's been on my mind this week. There's a hell of a lot going on. The macro's interesting. Crypto's interesting. Exponential age is interesting.

29:59So I'm very excited about everything. Expecting lots of ups and downs. But overall, I think it's a really, really special moment in time that we're living through right now. And nobody's ever lived through a time like this before. So anyway, time to answer the questions. Again, if you're watching this on YouTube, go to realvision.com forward slash daily hyphen briefing. I think the link's below in YouTube. You can ask questions there. I won't get to them on YouTube. I'd rather you came to the platform to ask the questions. It's much easier for me to do. And anyway, if you do sign up, then you'll get the newsletters about the daily briefings, the summaries and notifications.

30:40It's actually pretty useful. It's our most popular email list, free email list by a long way. Hundreds of thousands of people on that. So go for that. OK, question. JLG, do you think the recent noise from the SEC will affect the usual four-year cycle and the halving? So we're talking about crypto here. No, I think the four-year cycle and halving is driven by liquidity. The liquidity cycle is driven by the business cycle, and the business cycle has gone negative, and therefore, the liquidity cycle is playing out. I've talked a bit about this. Part of my everything code is the fact that this is like clockwork every three and a half to four years.

31:19And it's driven by the refi cycle of the US government debt markets because everybody reset their debts in 2008 at zero, as did all the private sector. The government's 100 % of GDP in debt. And if interest rates are 2 % and economic growth is at 2%, 100 % of economic growth goes to pay interest, which would cause a huge problem. So they end up refinancing all of this and they use the central bank balance sheet to do it. So I don't think anything with the SEC makes a difference. The US is not the world. I know. Sorry to break it to you guys. You may be the world's biggest economy. But as I explained in financial markets, these things are liquid.

31:57They shift. They can go anywhere where capital is treated well. And they will. Now, they're not going to ban crypto from individuals in the United States, but they're trying to make it hard for businesses to grow. So they'll just move to the UK or Hong Kong or Singapore. And the world moves on. The hedge fund industry moves there like it did with the financial markets. And then they start trading with the firm, let's say Coinbase based in the UK. And the volume just moves. The institutions did the same in the UK. So the US pension funds would set up operations in the UK. They could then do certain things.

32:28We've seen it all before. So I think it's a total red herring to even care about what the SEC does. It's a shame for the United States. for the rest of the crypto markets, just all noise. Remember when they banned China or China banned it? Yeah, they've done it three times. Nothing happened. The market went up. India, same. It's too big. It's too big to decentralize. Okay, Skull6, what are your top trades for the next one year and three-year time horizon? Well, I've talked about this ad nauseum. I would take Exponential Age Basket. I've talked about it on Real Vision. Watch my video. If not, just choose something like SMH, which is the semis that takes into account a lot of this.

33:07And then NASDAQ, if you want to keep it simpler, crypto is my favorite bed of all. And I'm long carbon as well, because I like that. And I'm long bonds. So bonds would not be a three year time horizon. Everything else would be easily one year and three years. Jason C., for investors with 10 to 20 year time horizons, I can see the appeal of things like crypto and exponential age stocks, which I talked about. 10 to 20 years, I think they work in a one-year, two-year, three-year, five-year. They will have down cycles when we have tightening of liquidity, when it comes at the peak of the business cycle, as it always is.

33:42But over time, they still keep trending higher. What about retiree boomers that are looking to draw down now? The old 60-40 portfolios still apply.

33:56Well, with 4.5 % interest rates, you might just want to choose bonds. Now, the problem is inflation, but I think inflation is lower, but you won't beat the debasement of currency because the central bank will probably increase the supply of currency by more than the yield on the bonds. I think equities and bonds is fine. 60-40, I think it will work well. We just had the worst year ever for 60-40. So generally speaking, it's a clean trade now. So, yeah, I don't think it's the worst trade. You could add a bit of gold if you want to be super cautious within that. I have no issue with that. Yeah, that probably kind of makes sense.

34:38Okay, moving down the list of questions. Crypto Gandalf. Hello, Raul. What's your thoughts about Arbitrum and Arbitrum specifically? No idea. Sorry. I know I hear about it. I don't know. I'm not invested. I don't really have any thoughts. Thoughts on the gaming industry entering blockchain in the next year? I think that's 100 % certainty. Depends how much it scales. And there's a lot of people working on it. So I think it's one of the big potential breakthroughs. What do you earn in your non-crypto portfolio? Are Tesla and Coinbase the only individual stock bets you have? No, I would refer to the video that I did recently about all of this and the exponential age.

35:20It shows some stock picks that I've got within my exponential age basket. and there's a whole bunch of them. Coinbase and Tesla are just one of that basket, 30-odd names of which a bunch of those are ETFs and those have lots of names. It's a very broad, diversified, directional bet. I don't think the stocks are all right or the ETFs may be partly wrong, but directionally, it'll nail what it's doing. And it's already, as I said, it's outperformed everything else this year.

35:49John Amatuli, how will the exponential increase in the power of AI held almost exclusively in the hands of a few corporation state actors, along with declining societal cohesion, resulting from the ease of manufacturing, but blah, blah, blah, blah, blah, blah, blah. That's a long question here.

36:08I don't really understand the question. But yeah, I don't like the fact that it's in the hands of a few, and that's what the decentralized movement's about. That's what crypto's about. That's what stability AI is about. I think we can't allow excess power within the few. So I'll leave that question at that. Okay. William Tippett. Square root of Metcalfe's law. Oh, thank you for the correction, William. That's a great value add to the community. I'm pleased you posted that comment. Ricky Ross. I've got a bet on autonomous driving with my girlfriend. Looking forward to winning one pound. Okay. Okay.

36:52Okay, there's a lot of spam comments here.

36:59Al and Ellie, how much do you see private centralized blockchains like MasterCard, provenance impacting growth regulations of public decentralized solutions? I think we all work together. There's going to be private solutions. There's going to be massive decentralized solutions. There's going to be CBDCs. It's all part of the mix. So I have no issue with it. The more people that adopt the technology in whatever format, the better the world will be.

37:28What are your top three indicators that the market is topping out? Well, I don't think it's topping out. I think we've bottomed. But generally speaking, I use the business cycle, forward-looking indicators of the ISM and the ISM itself. It gives a very good signal. GMI, we've built a whole kind of macro quantitative asset allocation model as well based around business cycle. And so, yeah, I use the business cycle, always have. And then I use technical analysis for an overlay.

38:11Sherry Matigan, is this Raoul or AI talking to us? You won't know until we've got digital ID, which is what I keep saying, because we're going to experiment with some of this stuff at Real Vision. And yeah, it's slightly terrifying. So thank you, Sherry. this is me, but it could be AI and me, and you'll never know.

38:33Zane Tan, are you planning to allow Real Vision members to participate and invest in the exponential funds you've set up using blockchain and token distribution, similar to what a public note is saying trying to accomplish? So yes, I have an asset management company called Exponential Asset Management. It invests in digital asset hedge funds. It's a fund of funds. We're having other funds as part of it. The issue is we can't tokenize it for non-accredited investors in the US. So if a US investor can't do it, we are looking at tokenization overall. And we're looking at tokenization of crowdsourced portfolios at Real Vision.

39:04It's regulatory hurdles. So we just need to figure that out. So yes, I believe in tokenization of assets. I believe in allowing ordinary people access to the same tools that wealthy people have. Just bear with me because I don't want to go to prison, however much I love you.

39:26Ralph Humphrey, what were the top three things you learned when you were running a commodity fund? Now, you'll probably think I was the hedge fund, but I did run a commodity fund. I started up a commodity hedge fund, which was agricultural commodities, and I learned never to run a hedge fund trading agricultural commodities. They're massively volatile and they are mean reverting. And so I had a hypothesis that the world would not be able to plant enough food for people. and the land productivity was on the decline. I was wrong because technology changed all of that and actually went up and down with the business cycle as well and the dollar cycle.

40:03And I learned that agricultural commodities are a very specialist topic because you can have whatever thesis you want and then suddenly it rains in Nevada. And before you know it, your whole position has been wiped out and it's limit down for six days in a row. So the answer is never do it. I think Tony Greer gave the same thing on his MA about silver is like, don't ever trade it. It's far too dangerous because it's so gappy. So I didn't like commodity hedge funds, and I'm also not as talented as somebody like Dwight Anderson, who knows what he's doing. George O'Malley, how will the rise of AI affect the price and worth of US college tuitions?

40:41Well, somewhere between the metaverse and AI is a complete disruption of education. so I imagine tuitions at a broad level change but hyper elite education maybe become more elite who the hell knows anything and everything is up for grabs

41:04Marco Devenis O 'Leary and others I didn't know Kevin was a leading voice saying that US dollar shitcoin will be here forever do you think Bricks will shake it up

41:20The US dollar is 87 % of all world trade and something like 70 % of all world debt is in US dollars. It is not going away. Can it go away over time? For sure. And that could be competition from private currencies or let's call them public currencies, non-state. It could be from China. It could be from regional PACs. It could be from all sorts of people. So we end up in a more fragmented world. The world needs to move away from the dollar being such a large part of it. I think it's detrimental for almost every other economy and maybe even for the US itself. I don't think BRICS stand a chance yet of doing that.

42:06But can the world de-dollarize partially? Yes. Does it mean the dollar goes down? Probably not. So I'm an ongoing dollar bull. I think it goes down medium term. The next six months or so, I think the dollar goes lower. But my structural view remains that the world is short dollars. And every time liquidity slows down the global economy, the dollar shoots higher. Kings Cross London. Hey, Riff. What is the best way to exchange dollar to cryptocurrency globally? Many exchanges are no longer able to perform this type of exchange. Well, yes, the UK has problems with its banking, on banking, off banking.

42:49I think you can use Revolut and some of the neobanks. I think that's a pretty straightforward. PayPal is probably another one. So you may not be able to get RBS or NatWest or whoever to do it because they're being stupid right now. But there are other ways. I mean, there's plenty of people onboarding to crypto from the UK. In fact, the UK government put out the report. There's like 28 % of all UK citizens own crypto. So there are plenty of ways. You just need to look into non-traditional ways or neobank ways.

43:25Benjamin Kemper, how does marking prices higher? This is the debasement idea. Work and who does it? It's the market does it. I don't know. It's a weird mechanism. Like in Venezuela, stock markets don't go up. the currency goes down and they revalue it. Same with what happened in the Iranian stock market and anywhere else we see that kind of stuff. It's the same that happens if, let's say you live in a street and suddenly there's a billionaire comes who wants to buy property in your street. Well, guess what? Everybody marks up that your house 50%. That didn't trade. It's a markup. So I think what happens is prices get marked up to account for the debasement.

44:04And it seems to be almost mathematical as I've proven in the charts earlier. So the mechanism is whether it's by market making or just by the crowd psychology.

44:19JJ, you like carbon, but don't think it'll take many more years to iron out all the kinks. I think you need to watch the interview with Lawson Steele. Lawson and I have gone through this at depth many times. The EU carbon allowance system is a phenomenally good system, which has been thoroughly tested. And it is, I think, a great trade because the government is incentivizing everybody to move off carbon and is penalizing them via the carbon allowances to do it. And it reduces the supply every year. So it's like ETH, where you reduce the supply every year, but you're forcing people into it. So it's a phenomenally good trade.

44:58And what it's doing is then forces people to decarbonize over time. So I think it works very well. How do I invest in carbon credits? So Crane shares, I think are a sponsor here. KRBN is one of them. And I think this is KREU is the other one. So KRBN also includes the California carbon credits. KR EU is just the European one. You can also use the futures. So places like Interactive Brokers, you can trade the futures, the Pure Futures contract, which is the benchmark of which what everybody uses or you can use stuff like Lawson Steel Kabuki which is a ERC 20 token and that exactly mirrors the carbon as well and actually removes carbon from the system or allowances from the system so it's a very good mechanism so there's plenty of ways of doing it.

45:51JJ what do you think about the future of Solana? Well I'm a bull I think it goes up.

45:58VPAL Mantri, why is nobody working on decentralized AI and blockchain? I don't know. Are you sure? My guess is they are. I mean, I've spoken about it at length. I think we can tokenize these AI networks to allow use of compute to be tokenized or people put data in to be tokenized and therefore everybody participates in the network. So I think because you don't see it today doesn't mean it's not happening.

46:28jmarco at gmail.com. Thank you, Jay, for giving us your email address. Everybody email Jay and say thank you for his question. jmarco at gmail.com. When will the US next print more dollars? Well, roughly by month. I'm sorry, Jay. Let me get my crystal ball out for you. They recently did it. And people say, well, that wasn't quantitative easing. Well, it went on the balance sheet and the stock market went up. So it seems like it was debasement to me. when will the next do it it depends if the kre index the regional banking shares index falls um then they will do it faster if it doesn't fall much further then it will come when economy uh when um unemployment starts rising which my guess is by about september we'll be back into money printing mode and rate cutting mode will probably come sooner.

47:23But it all depends on the banks because that can accelerate the whole thing. My hypothesis is the bank's probably got another leg lower and that will bring around potential rate cuts to get the difference between money market funds and deposit rates back closer in line. And I think they'll do QE because they need to clear up the commercial real estate on the balance sheets of these firms and also cement some of these firms. Gary Day, this is a question that everybody asks. What should my 15-year-old do to best take advantage of the coming trends? I have no idea. I know it's terrifying as a parent.

47:56All my friends are asking the same thing. I think just lean in. Lean into it. Lean into crypto. Lean into technology. Lean into the use of technology to enhance yourself to be a more productive person. If you can do that, you're ahead of most people. So I think that is the thing. And then he'll have to figure it out, like we all have to figure it out. I mean, somebody, you know, you will have been told many wrong things in the past. You should be doing this. And then that job changed. So I don't really know, but just lean in. It's a secular trend, it's not going away. Ken, do you value polka dot similes to Solana?

48:40Everything's valued off Metcalfe's Law, and I've kind of proven it out in Global Macro Investor and Pro Macro. They all work the same thing, roughly number of active addresses times the value exchanged, let's say, on a week or a month. That formula maps pretty much exactly. The number doesn't matter, but the actual output is pretty much price, which says that most cryptocurrencies are fairly priced once they get to a vaguely mature stage. I pass the launch phase, you know, pass the kind of few hundred million dollar market cap phase. So yes, polka dots valued in a very similar way. Jav Medina.

49:19Hi, Raoul. Always enjoy your presentations. Well, thank you, Jav. I appreciate you being here and asking me a question. What did DMARC signal say about crypto and US indices? DMARC's my favorite technical indicator. I feel completely blind without it. um tom demarc is a personal friend and also i think has created one of the greatest things in technical analysis it's voodoo to me if you care about demarc and want to learn more we've got an entire demarc course by tom demarc himself we're the only people in the world who have this it's on real vision plus as part of the real investing course and the real vision academy so if you haven't done that it's worth the bloody cost of the real vision plus which is about 550 a year.

50:02And that gives you all your essential content plus all the academy just for that course. Trust me, it changes your life. If you can't make$550 once you understand how Tom's indicators work, I can't help you. So Real Vision Plus, honestly, trust me, just for that course alone. And there's a ton of other amazing courses, including coming my business cycle course as well. um so let's have a look the um i'm looking at if it's like a daily 12 so we're we're looking to have a short-term top at a pause the weekly is still um uh weekly demark is let's have a quick look i think it was that i think it was a six um might be seven now let's just check seven.

50:51So week seven. So it'd have another two weeks. So I kind of feel like pause here, another squirt higher than a larger consolidation, whether it's sideways or a sharp correction, who the hell knows? You never know in crypto before the next phase where I think we then have another push up. So I think we've got a very strong year to come. So that's what it's doing for US equities. I'm going to use the NASDAQ because I don't care about the S &P. It feels like a boomer index nowadays. And the NASDAQ's the one that outperforms, as I've proven. It's already up double what the S &P's up.

51:26NASDAQ daily demarc. I paid fortune for this on my Bloomberg, by the way. So you're getting this for free. Daily demarc is a four count. It had a 13. So we had a 9.13. And maybe we'll get a 9. They'll get a bigger correction. So there's probably a bigger correction coming, but it feels like there's more upside. Let me check the weeklies because that's important. I like the context. It's at a six, similar to crypto. Feels that we're around the point where we might have a squeeze up, pull back, a run higher into the next two or three weeks, and then probably a large correction or a pause for the time being.

52:02So let's wait and see. Again, things can change. DMARC indicators change as well. So you need to look at that.

52:14Sandy, do you hold any Casper? I don't even know what it is. It was a bed company. Maybe it is, but no, I don't know the bed company.

52:30David Chatterton, what are the benefits of owning a Real Vision Collective NFT differ between the various rarity categories? Do we need to own a mythic for all three drops to qualify? When is the next drop? I'm not sure the date of the next drop, but I think it's early next month. The idea is that you only need one NFT to qualify to be part of the community. So that's to make it inclusive. But owning more rarity traits and more of each season will give you the ability to eventually join a super community, which is a small, super elite community. You also get different benefits from doing so. So, you know, go onto the Discord, ask them more about the details.

53:11Moritz Hyden, the Real Vision bot, those guys are there to help you. So they will guide you through what all of that is.

53:32Sorry, I'm reading. I've always got my mouth in a gormless look when I do this. Frank, are you worried about US valuations? Why would it warrant much higher valuation than other countries? Okay, this is part of the everything code as well. Valuations are a pure monetary phenomena since 2008. They're driven by two factors. The price of equities rise according to the debasement. So that's the Fed balance sheet or the global balance sheets. And earnings rise by M2. The balance sheet rises faster than M2, earnings rise. Once you adjust for that, all earnings are equal across the world. It's the US that benefits, it's the reserve currency.

54:13That is entirely the US outperformance of the global markets. It's driven by the US dollar plus the effects of the debasement on US assets. I know it's a lot to get your head around. Sounds mumbo-jumbo, but I've proven it out in the everything code, which is, again, really important. Raoul, what must happen to prove your whole thesis wrong? Technology needs to stop.

54:45How else does technology not continue? That thesis, so exponential age, almost impossible to stop. Even with inflation, people are like, wow, inflation. Yeah, well, you know, companies that grow at 100 % a year or fucking open AI that grew at ChatGPT that went from zero to 100 million users in five weeks. I don't think it cares about inflation. Rates higher, makes no difference. It's only the rate of change as they're increasing rates that causes the sell-off. Crypto, at a trillion dollar market cap, what do I have to prove anymore? So I don't know about that one. Disinflation, okay, we can argue about that one.

55:26that I think we're still in a structural disinflationary world driven by demographics and debt and technology. And others would argue we're in a sticky inflation world driven by wage growth and commodity prices. I think that's a 70s driven world and we're missing the demographic push for that. So even though wages for people who remain in the workforce may be higher, the labor force participation rate keeps going down. Those people don't earn a wage. Their wages don't go up. So there's a percentage of the overall work pool and spending pool doesn't go up. And so GDP keeps trending down. Inflation keeps trending down.

56:04That would be my thesis. Part of my bigger thesis being wrong is disinflation. Well, but it doesn't actually make any difference to my investments per se. The only one it would make a difference to is my bond trade, which is a trade and not an investment, which is probably a 6-12 month bet. Other than that, I think it doesn't really, really make a difference.

56:30By God, you guys are a cynical bunch of miserable people. Mark Brooker. Hey, Raul, what do you think about the assertion that we're embarking on an exponential age on a planet of finite resources so we're actually entering a terminal decline for technology and civilization? We'll all be back to living pre-industrialized lives in a century or so. Okay.

56:53you're probably in a bunker with a tin hat, eating tin food, and have your supply of guns around you, maybe some killer attack dogs. But really, Mark, what is happening here is technology leverages resources. You've got to understand this key point. We're producing more productive output per calorie of energy than humanity has ever done before. As we build within the exponential age, new forms of electricity that come from new sources, solar, wind, nuclear, geothermal, those are an exponential downward path in costs. The issue is, is some of them don't scale big enough yet. All of that is to come.

57:42What we have had is a world for the last 100 years where all energy is basically the oil price, which is cyclical and inflation adjusted has not gone anywhere at all. So that has been the anchor to everything. So what we've done is use technology to massively increase the product of output per units of energy. Now, productivity hasn't gone up because we've got an aging population. Productivity is to do with population as well. but if you lower the cost of the energy, which is about to happen, whether it's in the next three years, five years, 10 years, doesn't really matter. Plus, you add in the exponential technologies, you're using less resources and creating more output.

58:28So it's very hard to get in a world where resource output, particularly with a global shrinking population in the Western world and peak demographics in most of the world, apart from Africa, which is still peaking, but India peak demographics already happened so everybody's rate of change of growth is now going to shrink going forwards and the global population will shrink going forward well not going not yet but will eventually start shrinking towards the end of the century so I think it's the opposite world than you think of so I might open those tins of food I will you and maybe use the foil to wrap some of that food in after you've cooked it because you probably don't need the bunker

59:09um another one fad one what is wrong with you guys fad one what's the stance of the conflict soon war between china and taiwan for the macro field and the stock market well war's never a good thing but although you you tend to buy war uh you sell the lead into war and buy the war but i don't know how to answer that yes it would be bad but if you think there's always war around the corner or some shocking geopolitical event or the end of the world coming you'll never make any money at all so that's the risk you have to play with my god there's a lot of questions okay I'm going to skip forward a few because I'm going to run out of time Joe Brady Joe thank you my friend K-U-E-A not K-R EU.

1:00:02K-E-U-A is the EU carbon ETF. Sounds like a superhero, Lawson Seale. Now, frankly, don't give him that impression. Please don't. He's insufferable as it is.

1:00:25There's so much Armageddon here. Z, Raoul, please speak to what Elizabeth Warren is saying to destroy crypto. And is it like an order to later promote a U.S. CBDC? Yes, CBDCs are coming everywhere to you. Get used to it. That is your form of sovereign currency. You live in whatever country you live in, and you will accept their currency. We also have an alternative system, which we can use, which is the cryptocurrency market. And we can all use those too, and we will do. And Elizabeth Warren is a irrelevant baby boomer who is trying to stop her world changing. That's my thoughts on that one. Will rate cuts bring on a recession?

1:01:03Christina. Christina, rate cuts are because of recession. So we have a recession, they cut rates.

1:01:13Sergey S or Serge S, what are your thoughts on NVIDIA? Not particularly good with single stocks, but as I said, I like the SMH. I like semis. I think they go higher.

1:01:26Okay, skip forwards.

1:01:31Andre Warkotch, who let the dog out? I think my wife went past. I don't know. Somebody did. But usually they fight their way out.

1:01:48How do you, crypto rascal, how do you plan on using Bitcoin in the future in your portfolio? Will you ever sell it for dollars or hold it and use it to borrow against? I actually don't own much Bitcoin. I haven't for a very long time now. But let's assume it's for crypto. Will I ever sell it out? Yes, because the whole game is about lifestyle. That's what we're in this for. We're not in it for some justice warrior world. At some point, you want to have a nice house or you want to build an extension or you want to do something else. So everything is about lifestyle. That is what we work for. That is what we invest for.

1:02:20Everything is about the quality of life that you have. It's not about material possessions. it could be just because you want to have a hut in the woods so you can be out with nature it could be you want to go traveling lifestyle is everything that's what we invest for nothing else matters lifestyle meaning relationships love the environment we live in our connection with nature the things around us the things that make us happy so don't confuse it with that um yo yo world war three will stop the exponential age thank you yo yo i please you've added such value you did add a smiley face so i hope you were being sarcastic um

1:03:07don farm don does cynicism maybe mean people are in disbelief and that's exactly what it is you know at periods of great change people get really cynical i was on a spaces call today and i could hear a friend of mine really pushing back on ai no it's not it's not happening ev it's not happening it's all nonsense i'm like maybe it is maybe it isn't but you don't sound like you've got an open mind to it because i think people fear change and that's understandable if you don't have that abundance mindset going into this kind of stuff It's unsettling because everything you took to understand as stable isn't stable.

1:03:50Everything you thought was new is now not new anymore. It's actually really hard. So I may kind of joke about the kind of scarcity mindset, the mindset of no, don't change, the fear of change. But look, it's a complete understandable thing. And people don't like it. And they find arguments against stuff because they don't want change. And that's okay. But change still comes and there's nothing you can do about it. So you might as well just embrace it.

1:04:23Okay, final question. Oh, Yo-Yo. Thank you, Yo-Yo. India peak population, 2070. So appreciate that.

1:04:34South Africa is 2100. Thank you, Yo-Yo. You are chat GPT of this chat. Most valuable player coming with the facts. Yo has come back with war creates exponential age demand. Okay, yo, yo, enough now.

1:04:54Okay, final, final question. I'm going to go to the last question on the page.

1:05:01God, you guys asked a lot of questions. Thank you. I love this. What's the way I do it? can you speak about the abundance mindset what is it great question to end on the abundance mindset is not a it's mine or your world it's it's our world there is enough for all of us to grow together some will do better some will do worse but the idea is that combined we can create more wealth and more opportunity it is not that resource scarce world of i've got the oil you haven't got the oil you need to pay me for it once you realize that technology web3 and other things like this and just karma karma is an abundance mindset some people are just mean to people because they think it's me versus them.

1:05:59Karma is I'm going to give with no expectation of return, but the universe kind of returns it back because people think you're a nice person. They want to also be nice to you. It's incredible. It creates enormous abundance. Helping people in any way, shape or form does this. And once you accept it within investing as well, it's not my idea versus your idea. It's like, oh, your idea is interesting and my idea is interesting or we can do this together and once you understand it is not a competition for scarce scarce resources particularly in technology cryptocurrencies and stuff like that where we're building new things then it opens your mind that we can all make money and doesn't have to be a mean reverting world it's a it's literally a game changer once you understand the abundance mindset that together we can do more than we can as individuals.

1:06:53It's not one team versus another. It's all of us together. So thank you, everybody. Wealth is not zero sum. Christoph, that's how you sum it all up in our investing world. Wealth is not a zero sum game. We can grow the entire pie, not just take our share of the pie. Thank you, everyone. I hope you enjoyed this. It was slightly chaotic as ever. I don't really know what I'm doing, but hopefully I've helped you. We've had some fun in the process. If I've insulted you because of your comments, it's all part of the game because you insult me in the comments as well. If you're on YouTube, thank you.

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