Ed Elson

and our

annual deficit spend so far, at least in the first half of the fiscal year, was $1.3 trillion.

So it's clear where we're headed on a debt perspective there.

In terms of the internal order, it's clear for most to see that there is more and more polarization, both between the left and the right, but also between

the rich and the poor.

We've seen some pretty disturbing attacks on CEOs lately, which I believe is at least somewhat indicative of sentiment within the U.S.

starting to fray.

And then, I mean, you talk about on an international scale, we have...

a war with Iran, which is also coming off of a moment at Davos where most of the leaders got together and said the thing that you said and have been predicting for many years, which is that the world order as we know it is coming apart.

This era of globalism is coming to an end.

And even its proponents were the people who said outright, yes, this era is coming to an end.

So I guess...

My takeaway is the big cycle is happening.

The things that you have been talking about, they are occurring.

And the question for me then becomes, well, where are we in the big cycle?

What stage are we actually at?

And what are these events that we have seen in the real world actually say to us?

And what does it mean for investors?

Yes.

Yeah, I mean, my next question is, what does this mean for portfolio management?