Jordi Visser

This was before the great financial crisis, one and a half.

Like that's what's driven the multiple expansion has been the hope of the future.

So if you're questioning the future,

multiples should come down.

And I think that's what the market is doing.

And I will replay one thing.

I think Donald Trump and Scott Besson were very, very clear in February and March of last year, before Liberation Day, that they didn't care if the stock market came down, as long as

The people that haven't benefited the most did well.

Well, there's two ways for that scenario to play out.

One is to try and massively rise the bottom end of the K. And they've been trying to do that, but it's very, very challenging.

The second part is for the wealthy part of the K to suffer a little bit.

If a billionaire goes from a billionaire to half a billion dollars, and it happens because of investments going down in what they own, that's very different than the government coming in and taxing them and taking the money.

I don't think the second one is possible.

I do think the first one is possible from AI.

Only reason I bring that up is you could have what's going on in the S&P.

You've had a dramatic fall in software stocks, but the S&P is unchanged.

So maybe we can kind of get through this, this K-shaped alligator jaws closing without a completely like horrible deflationary act.

But I think crypto comes out as the winner of this.

And I'll keep saying it.

I think crypto, the amount of reality check that people need for the rails that are necessary for this and the cryptography, which is necessary for deep fakes and everything to actually know what's real.