J. Cal

And then recently, particularly starting around COVID, they began selling down and have been selling down at an accelerated pace. Today, China is back to the level they were at nearly 15 years ago in terms of their treasury holdings. And they have publicly declared that they are selling off US treasuries and buying gold instead.

And then recently, particularly starting around COVID, they began selling down and have been selling down at an accelerated pace. Today, China is back to the level they were at nearly 15 years ago in terms of their treasury holdings. And they have publicly declared that they are selling off US treasuries and buying gold instead.

So the biggest buyer of US treasuries has kind of left the market or is leaving the market. Who does that leave? Well, at the end of the day, the Federal Reserve has been the kind of buyer of last resort. And if they end up buying treasuries, that's where we have a problem with too many dollars and inflation kicking up.

So the biggest buyer of US treasuries has kind of left the market or is leaving the market. Who does that leave? Well, at the end of the day, the Federal Reserve has been the kind of buyer of last resort. And if they end up buying treasuries, that's where we have a problem with too many dollars and inflation kicking up.

And so it feels like a lot of the trades in assets are what's going to benefit from the inflation. And it's going to be gold. It's going to be Bitcoin. And in some cases, because you're pumping more money in the system, it's going to be equities. And that might explain why equities are moving up as well. Where do you guys invest here?

And so it feels like a lot of the trades in assets are what's going to benefit from the inflation. And it's going to be gold. It's going to be Bitcoin. And in some cases, because you're pumping more money in the system, it's going to be equities. And that might explain why equities are moving up as well. Where do you guys invest here?

I mean, Chamath, like, do you care about how the market's positioned or how you're positioned in this election right now? And based on how we're seeing markets trade and what these kind of macro indicators are telling us, are you just business as usual, heads down, invest and build as you always have?

I mean, Chamath, like, do you care about how the market's positioned or how you're positioned in this election right now? And based on how we're seeing markets trade and what these kind of macro indicators are telling us, are you just business as usual, heads down, invest and build as you always have?

Are you the same place, Sax? J. Cal, are you guys trading at all?

Are you the same place, Sax? J. Cal, are you guys trading at all?

I mean, that's the key question, right? Like, do you change what assets you own?

I mean, that's the key question, right? Like, do you change what assets you own?

Well, the majority now of young people, the number I believe, and Nick, if you could pull this up, 57% of Gen Zers want to be influencers as their primary career now. That the idea of working a job is almost like a secondary option, the primary option that everyone would strive for. is to be an influencer. And this number has grown considerably, continues to grow.

Well, the majority now of young people, the number I believe, and Nick, if you could pull this up, 57% of Gen Zers want to be influencers as their primary career now. That the idea of working a job is almost like a secondary option, the primary option that everyone would strive for. is to be an influencer. And this number has grown considerably, continues to grow.

And in fact, if you look at the rest of this report, this was out of a morning consult.

And in fact, if you look at the rest of this report, this was out of a morning consult.

Sax, as a successful influencer, how would you advise the youth on their career choices?

Sax, as a successful influencer, how would you advise the youth on their career choices?

Pro athlete, yeah. Pro athlete, yeah.

Pro athlete, yeah. Pro athlete, yeah.