Anthony Pompliano

And how much of that is they grow versus the tech and financial shrink?

It's fascinating.

When you think about the precious metals and all this stuff, a lot of people talk about gold and silver, but copper, lithium, some of these other ones seem to be much more kind of speculative but needed for a lot of the robotics and space and things like that.

How do you look when you're saying, okay, I want to go into materials and precious metals, etc.

?

Are you just buying a basket and it's more about I want exposure?

Or are you kind of single name picking and saying, hey, you know, actually copper is my bet or, you know, or this is my bet instead of just saying, look, give me a basket of the precious metals or other materials.

Let's talk about this because this is actually probably an area where we may not agree.

And I enjoy learning it when I disagree with somebody.

So in the short term, I think right now people see the Iran conflict, oil prices spiking.

There's a lot of short-term inflationary pressures that are happening.

I would argue over the medium to long term, there's this massive deflationary force that's swallowing the US economy.

You get tariffs, you get deportations, you get AI and robotics, right?

And those are all pretty deflationary.

What I don't know is who wins that battle in the short term.

So put aside for a second the next, you know, I don't know, three to six months.

two years, three years from now, are you more convinced that we get higher inflation or we get lower inflation over kind of that medium couple years?

Okay.

Which would lead to the inflation that you're talking about.

Yes.