Michael Nicolletos

There is a rush to be number one.

And that rush to be number one is more important than being profitable.

So that rush to be number one will continue to give a big bid for commodities.

When we go through the phase of how we monetize that, there's going to be a slowdown, material slowdown.

But I don't think we're there yet.

I think this happens for the next six months.

What day?

I'll tell you, until the end of the year.

Until the year end, I think it's going to do well.

We can talk again year end and see where we are, but until year end, I think it's comfortable to be long commodities, industrial commodities, not gold and debasement currencies, if you want to put it.

I think industrial commons are going to do well.

I think we're in a macro turmoil in the sense that there are a lot of people advocating that interest rates should go higher.

I don't think interest rates should be higher.

And I think if interest rates go higher, it would be a grave mistake.

And the reason I believe that is that the inflation discussion that's been happening

Not all inflation is the same.

And what do I mean by that?

It's different when inflation

rises because the economy is running hot and because there is excess money in spending.

And thus we need to reduce that flow and to reduce that bid in terms of rising prices.