Anthony Pompliano

But if nominal GDP goes up faster than the S&P 500, you get multiple compression.

That's what we've seen so far, too, especially in software and the hyperscalers, a multiple compression five year period where commodities go higher, which is the norm.

means you want to have some investments in other things.

I will keep preaching that I want to be in hardware.

I do not want to be in software.

I think the hardware stuff may come under a little bit of pressure because it's over-owned at this point.

So I think people should be, again, in more cash for at least the next few weeks, just kind of waiting.

And if prices do fall down, I don't think there's going to be a serious recession.

But that's all dependent on the fact that oil prices don't shoot higher or go much higher than they are.

How high could they go?

Like I said, Oman got up to 170 this week.

It's still up at 160.

Dubai.

And again, these are not fake oil markets.

They're real oil markets.

WTI is for Texas.

Brent crude, Europe, 110, 120.

Of course we can see 200.

I don't think it can stay up there very long, but that means

demand destruction happens.