Matthew Miller

We had a drop in October, like an 11% intraday drop, but then the stock market doubled to March of 2000.

Are we still in line for a doubling of this market?

uh... that's a really compelling story for higher equity prices well not just that i mean you've got new case are on our opinion team yesterday laid out the argument that this is not the same as nineteen ninety nine because these companies are so profitable right ninety five percent of the s&p five hundred expected to post earnings growth next year in the average earnings growth is sixteen percent it's obviously a lot more for the mag seven or the great eight

Plus, you don't have the same kind of leverage that you had back then.

You have less than 100% debt to equity, and in 1999, it was more than double that.

Nonetheless, you're long now, right?

I mean, at least last time we spoke to you in June, you said your portfolio would be long stocks.

You said you'd be long gold.

You said you'd be long Bitcoin.

And those have been great picks.

Check out this chart, right?

Yeah.

Gold alone is a 22% gain, but all of them are well above zero.

Do you hold onto that portfolio?

But you do think that we continue to see inflation because

I've been talking to Neil Dutta from Renaissance Macro.

He's pushing back on this.

He says inflation hawks need to seek help.

But his main point, I think, is that housing, the shelter component is going to come down.

He said in a note last week, housing prices are likely declining.