Jordi Visser

You highlight true flation repeatedly, which is basically like it.

Yeah, no, no.

So the difference between truflation and core CPI is pretty much all the shelter calculation.

One uses 80,000 inputs.

One uses, what they say, 35 million inputs.

So we'll go through what's better, what's not.

But the shelter component and how you deal with shelter is the difference in the calculation.

So if history serves well, unless we're going to see a bounce in the housing market, which I see zero chance of that happening, given the fact that people are under pressure at their work.

I don't see that going on.

If the stock market falls, you're definitely not going to have it.

What would cause deflation is if the stock market falls off.

And the reason I brought up the supersonic tsunami, if all of you raised your hand and I said, what's the largest position in your portfolio?

And maybe you've got a trading account, but if you have a pension or you have anything, your biggest positions are software stocks.

Not because you chose them, but because you're in the S&P 500 or you're in some kind of ETF that has mainly software in it.

So I advise all of you to check that and go through it because that's the stuff that's pulling the market.

At some point, if you imagine trying to transfer all of the money in the world so quickly, and that's what Elon Musk said, there's a tsunami which is structural, but there's supersonic, which was all about the fact it's going to happen so fast that individuals...

Companies, governments will not be able to move fast enough.

And that's what's starting to happen.

I'm worried by what I saw in the last week, mainly from Anthropic, because if you guys didn't see it, one of the lead researchers on their safety group resigned.

And he talked about why he resigned.