Coleman Church

Yes, it's an inflationary hedge.

Well, it's funny.

The move in gold this year, I won't get it right off the top of my head, but it's over the last 20 years, I think now, gold's now beat S&P now when you compare the two.

It's really effectively just a debasement trade when you look at it.

What's a debasement trade?

A debasement trade is that the currency that we all use and think about every day has been debased against gold.

The value of the dollar...

I think oftentimes people look at the dollar as the dollar strong or the dollar weak, and what people are looking at is effectively the DXY, the dollar index, and that's a basket of major currencies, or it's heavily weighted to the major currencies, Euro, Yen, Canadian dollar, Aussie dollar.

It's really, at this point, kind of a ridiculous comparison because all of those countries are sort of in a basket case with their debt issue and their growth.

But if you look at the dollar versus Bitcoin, or if you look at it versus gold over the last...

10 years it's pretty clear that the currency's been debased in those terms so if you look at in that terms the stock market returns don't really actually look quite as uh as great as wonderful if you're looking at in what a dollar uh would how many how many dollars it took to buy an ounce of gold 10 or 15 years ago versus today

I think the gold move is for sure.

The dollar weakness against gold, yes.

But there's also, I mean, I think the big move in, I mean, if you look at...

If you look at what we did after the GFC in terms of interest rates and- Global financial crisis.

Yes.

What we did, bailout, extraordinary measures, fiscal and monetary, keeping interest rates at zero.

emergency measures, keeping rates at zero that remained in place for a good 10 years.

Like, I don't know how you stay at emergency measures at zero interest rates when the stock market quadruples, quadruples over 10 years.

So,