Anthony Pompliano

NVIDIA's two times that.

So energy had been left for dead as an investment side.

When you add materials in, you had a combined number of maybe 5%, while technology is 53.

So we have a long re-rating that's happening.

And so the way that I'm thinking about this is the 1970s, which is multiple compression happens in stocks when...

We have uncertainty.

That's what happened during the 70s.

And I'll remind people that's actually what happened in 2022.

So in 2022, we never had a recession.

We had stocks fall, but the earnings kept growing.

And I think you want to have earnings that are, you want to be long companies that are not subject to the pains that happen with higher inflation.

So anything that's a long duration, high multiple stock trading at 30 PE, well, your multiples have to come down because now

You've got trouble from AI and you've got trouble from this other situation.

And I think the other place that this ends up being is that commodities and materials are the place that people need to have in their portfolios for the first time.

And for those of you that have your money indexed to spies, you're locked into a low inflation basket.

It has done well during a period from 2008.

to now where it was about QE, low interest rates, low inflation.

We're in a new regime and I think people have to adapt their portfolios that way.

Well, first of all, I know that's not true.

Nobody has all their money in just those two.