Larry McDonald

So that's what we did because we were massively long gold and silver.

And then also the Brent, gold to Brent ratio, right?

That reached

literally two standard deviations above the COVID level.

So now think about how low Brent was, right?

Brent was destroyed.

And so gold was, this ratio of gold versus Brent, like two months ago, reached, I mean, parabolic, crazy, insane level.

Now it's crashed back down.

Because Brent's up and gold's down.

So yeah, we look for those types of relationships.

And then at the end of the day, Bitcoin has become, I think the fact that the biggest point is the fact that it made its way into the ETF model and it made its way into a more broad, like the fact that Jamie Dimon was kind of... Jamie and Larry Fink five years ago were kind of like...

And now, Jamie still hasn't embraced it vocally, but he's embraced it within the bank.

And we know Blackstone, BlackRock, excuse me, with Larry Fink has embraced it.

So that tells me that those large drawdowns that we saw, those 370% drawdowns in Bitcoin,

because there's only like 30 families that control a huge, you should know these numbers, but supposedly there's 30 families control 60% of the flow.

So what happens is the market goes to want to risk off.

This is what happens to all these poor young kids, right?

They don't get it.

Like you're long a high beta asset that moves triple what the market moves on the downside.

That's why you had the 370% drawdowns.