00:00When you look at the market right now, how would you be trading it across assets? Yeah, I would say I think equities are rich relative to to bond yields. And I think the bond market really has no way out. There's high inflation. The deficit is as large as it's ever been. And everything's as good as it's ever been. So if something bad happens, the deficit goes even higher. So I think it is tricky to be in the traditional markets. And that's why I do favor being in hard assets
00:29like cryptocurrencies. So just to clarify for my mom, right, a tiger cub means that you traded global macro for Julian Robertson and then on your own. So basically one of the most important global macro traders of the world for a quarter of a century. How does this rank in your experience in terms of geopolitical events? It does seem like it's probably contained as the previous guest said that there's really not much that Iran probably can do. So I think
00:59it will be relatively contained. I realize by asking you this, you said cryptocurrency is a hard asset. A lot of people would debate that because they are now trading gold these days, right? So when you think about the safe havens that are out there, how do you think about Bitcoin relative to gold relative to the bond market? I think it's a great question. I think all these geopolitical issues highlight a theme we've been talking about for a decade, the separation of money and state. Back in the day, money was separate from the state. It was hard assets like gold.
01:29We've had this era where governments print money. They're printing a lot of it now. And I think we are going back to people trying to store their wealth in hard assets. Gold's great. Gold's doing very well. But digital gold, Bitcoin, is also relevant for people's portfolios.
01:45And it can't be undermined by policies, tariffs, wars. You can't print more of it. It has all those attributes that gold has.
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