Jordi Visser

That's a negative signal.

How do you evaluate a market where there are different signals, positive and negative?

And it's really just confusing investors.

And that's why you get so much heated debate online as to like, are we going to go up?

Are we going to go down?

Are we going to be okay or not?

All right.

There's a couple of things that I want to give you the counter narrative to, and you tell me whether you agree or disagree.

Let's start with the efficient market hypothesis, right?

Which is the market is smart.

I agree the market is smart, but I think that a lot of great investors would argue actually the most common state of the market is they are wrong, mispriced, there's opportunity, et cetera.

Can both of those things be true at the same time where the market gets it right, but actually these great investors are just

excellent at exploiting the inefficiencies when they show up?

So you said that inflation is going higher.

I.

have been very clear with people for, I don't know, five years now.

The number one signal I look at is true inflation.

I know that it is somewhat still controversial.

People are skeptical.

You know, how could this private company create this metric, whatever.