Anthony Pompliano

Memory is a part of that, too.

And even though memory has come down now, you're still dealing with memory prices that are going to be higher going forward.

So whether it's gold in this, gold got down for the year not too long ago.

I do think people should be looking in their portfolio more at that.

When this becomes a theme, I think the equity market will reset at a lower level.

When multiples get down significantly enough, and I think the first level for the S&P 500 is around 6,000, which would put the S&P down a little bit more than 13% off the highs, probably 15%.

I'm not looking for too much lower than that for the time being to let earnings grow and to kind of go through this.

And so if people think about the market that way, that

Don't worry about a big recession.

Don't worry about those things because AI is going to keep spending.

And whether people like it or not, we're just not as sensitive to oil as we were in the past.

And you're going to start seeing a lot more stories about that.

But the reality is in 2007, before the great financial crisis or 2008, we had oil prices up to $155.

So we're now fast forward 18, 19 years or 18 years from that point, household net worth

has gone from sub-100, way below 100.

So we're probably from 60 trillion to 180 trillion, but oil prices are still lower than they were, which means the impact of oil to consumption is not as big as it was.

What you will see is inflation is going to move higher, and that will, again, hurt the K-shaped economy, and that means the credit problems are not going around, and I'm sure we're going to start seeing some weakness, and I think recession fears will grow.

Well, so far, one year tips are up to 5%.

So you've gotten up to 520.

So the market's building in that for this year- It's halfway.