Robert Armstrong

I mean, there is a theory, by the way.

I mean, I think there are people out there saying that crypto people are realizing that crypto is actually correlated to the stock market.

So it's not a hedge against your other assets.

And so they're switching to gold, right?

They're like, oh, you know, there's no diversification benefit to crypto.

It's just an amplifier of the returns on the rest of my portfolio.

But I can't find anyone who says they see that happening, that they see out of crypto and into gold trades.

So...

I've spoken him to a lot.

I've interviewed him for the newsletter.

He's an extremely clever man with a very deep knowledge of markets.

I mean, he's arguably the most important bond trader in the world, given the sheer amount of assets he manages at BlackRock.

So he knows the market as well as anyone you can possibly imagine.

And I think he's a very smart guy.

Does that mean he has the temperament to be the chair of the Fed or that Trump will pick him?

I have no idea.

It is important to notice, to note, however, that on several occasions, quite consistently, Reeder has said he doesn't think –

rates at, you know, call them 5% now or whatever they are, or when rates were at 5%, now the base rate is a little lower, you know, whatever.

He's consistently said, actually, I don't think these high-ish rates are doing very much to control inflation.

And in that context, he's used the example in the past of the housing market.