J. Cal

There's this temptation to go and spend all this time making content and pursue that as your career, and that's a life opportunity for you now. It's more free and open, they would think, than perhaps being a movie star or a basketball player used to be.

There's this temptation to go and spend all this time making content and pursue that as your career, and that's a life opportunity for you now. It's more free and open, they would think, than perhaps being a movie star or a basketball player used to be.

To wrap up the conversation about where markets are headed, Sax, I think we were going to just do a quick round the horn. Anything that you've repositioned in your portfolio around investing or asset classes that you shift as we face kind of looming budget crises, the election cycle?

To wrap up the conversation about where markets are headed, Sax, I think we were going to just do a quick round the horn. Anything that you've repositioned in your portfolio around investing or asset classes that you shift as we face kind of looming budget crises, the election cycle?

Well, I would just argue one thing, which is, except in the scenario where you believe the only inevitable path is for the central banks to monetize the debt, meaning the central banks step in to buy the outstanding treasuries that need to be issued, which both supports inflation, but also introduces capital into the system.

Well, I would just argue one thing, which is, except in the scenario where you believe the only inevitable path is for the central banks to monetize the debt, meaning the central banks step in to buy the outstanding treasuries that need to be issued, which both supports inflation, but also introduces capital into the system.

And that's where both equities, that's where you could see a scenario where equities and gold go up while fixed income goes down to have higher rates. So it's effectively a money printing indicator or signal. Now, my personal position on this going into this new era, if it manifests as the markets are telling us it will, is kind of where Paul Tudor Jones is.

And that's where both equities, that's where you could see a scenario where equities and gold go up while fixed income goes down to have higher rates. So it's effectively a money printing indicator or signal. Now, my personal position on this going into this new era, if it manifests as the markets are telling us it will, is kind of where Paul Tudor Jones is.

I think that commodities have, and you know, gold is a commodity. Everyone talks about it as being the safe haven asset, but there are other commodities out there that are much more fungible and used in production cycles to make food, to make energy. to make goods.

I think that commodities have, and you know, gold is a commodity. Everyone talks about it as being the safe haven asset, but there are other commodities out there that are much more fungible and used in production cycles to make food, to make energy. to make goods.

And commodity-linked businesses, meaning businesses whose revenue or profit grows with the underlying commodity price growing, will outperform other businesses. They're going to struggle to raise prices or struggle to pay higher labor costs or struggle to deal with higher COGS, whereas commodity-linked businesses that effectively just make a margin on the commodity- Well, it's an example.

And commodity-linked businesses, meaning businesses whose revenue or profit grows with the underlying commodity price growing, will outperform other businesses. They're going to struggle to raise prices or struggle to pay higher labor costs or struggle to deal with higher COGS, whereas commodity-linked businesses that effectively just make a margin on the commodity- Well, it's an example.

A mining business. So businesses that do mining of natural resources, businesses that trade agricultural commodities. So those businesses usually make kind of a fixed margin on the underlying commodity price. And they do well in these cycles. So anyway, I think that Paul Tudor Jones, because if you own a commodity, it's not a productive asset. It's not generating yield for you.

A mining business. So businesses that do mining of natural resources, businesses that trade agricultural commodities. So those businesses usually make kind of a fixed margin on the underlying commodity price. And they do well in these cycles. So anyway, I think that Paul Tudor Jones, because if you own a commodity, it's not a productive asset. It's not generating yield for you.

But if you own a business that's making a profit and... Just seems like it's easier to own Bitcoin. That's one asset, but Bitcoin isn't a productive asset, right? I mean, so that's one way to kind of build a portfolio. But I personally like owning businesses where they're doing something and making value.

But if you own a business that's making a profit and... Just seems like it's easier to own Bitcoin. That's one asset, but Bitcoin isn't a productive asset, right? I mean, so that's one way to kind of build a portfolio. But I personally like owning businesses where they're doing something and making value.

And in the process, they earn a profit, especially if the profit grows with an underlying inflationary pressure.

And in the process, they earn a profit, especially if the profit grows with an underlying inflationary pressure.

So now that's normalized. That's normalized.

So now that's normalized. That's normalized.