Lyn Alden

And then as that money supply growth happens, it doesn't show up everywhere equally because we're not, you know, we're not 4% better at making gold this year.

You know, we're always just marginally better at making that.

We're not better at making Bitcoin this year, obviously.

And then, you know, you go down the stack from there.

So we're not, you know, every year we're not way better at getting more oil out of the ground.

We're a little better.

We're not way better at making houses.

We're a little better, but we are exponentially better, for example, making software.

We're exponentially better over the several decades of making electronics.

So when that happens, when you have that kind of longer term money supply growth, it shows up in the assets that we're not getting better at making.

Same thing with like the best stocks in the world.

We're not getting better at making NVIDIA stock.

for example.

And that's where all that debasement capital shows up.

And then the long tail of things that were way more abundant and they get cheaper and then they weigh down the CPI basket.

And that's what allows the central bank to be pretty dovish.

Well, the cool thing about assets is you can own both.

I think there's been an unnecessary animosity between Bitcoin proponents and gold proponents.

I mean, there are plenty of us on the macro side that own both.

You know, I think a lot of things, it's always surprising how things can happen all at once.