Bitcoin Beats Stocks for the Next 5 Years? | Jordi Visser

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we break down the midterm blue wave and the market sell-off, why the S&P 500 may really be 492 bonds and 8 call options, and why bitcoin is positioned to beat public stocks. We also discuss easing liquidity, the Elliott Wave setup for bitcoin, Iran and oil, gold, and hedge fund deleveraging. ======================= Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you’re rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ======================= Figure’s $1,250 Promotion (https://figuremarkets.onelink.me/Plnq/affiliatepompthanksgiving) T&Cs (https://www.figure.com/crypto-backed-loan/thanksgiving-promotion/terms-and-conditions/) Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms, 8.91% interest rates, and no prepayment penalties. Or check out Democratized Prime (https://figuremarkets.co/pomp) and earn ~8.5% APY on real world assets. Unlock your crypto’s potential today at Figure! https://figuremarkets.co/pomp Figure Lending LLC dba Figure (NMLS 1717824). Loans subject to approval. Crypto collateral may be liquidated. Terms apply - see full disclosures at figure.com/disclosures/ http://figure.com/disclosures/ ======================= This episode is brought to you by GalaxyOne. Need cash but don’t want to sell your crypto? A GalaxyOne Portfolio Line of Credit lets you borrow against eligible crypto, including BTC, ETH, SOL, HYPE, and XRP, without selling. From Nov 4 to Dec 4, make a single draw of $10,000+ and earn a 2% cash bonus, up to $1,000. A 180-day hold with no principal repayments is required, and the offer is limited to the first 200 eligible clients. Borrowing involves risk, including variable interest and possible liquidation of your collateral. Lending is offered by GalaxyOne Lending LLC (NMLS ID: 2741667), and terms apply. Open a line → https://www.galaxy.app/promotions/ploc-november-2026 ======================= 0:00 - Intro1:01 - Midterm blue wave & market sell-off5:30 - S&P 500 is 492 bonds & 8 call options9:37 - Why bitcoin beats public stocks18:29 - Bitcoin liquidity & Elliott Wave setup23:33 - Bitcoin vs the AI trade29:17 - Is AI winner take all?31:40 - Marvell deal & hedge fund deleveraging38:25 - Iran, oil & falling inflation42:48 - Gold, Qualcomm & the AI trade49:08 - Midterm memes & political extremism54:16 - How we used AI this week

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

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• 0:12Speaker 01

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• 0:16Speaker 02

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• 0:41Speaker 03

  Progress is moving faster than humans can handle it. And those humans are government. Those humans are the companies that have lots of people. When Microsoft says they're going to get offered buyouts to 27% of their employees, how is that not like a major warning sign that we have reached a level where this has never happened before and they're offering for 27% of the people in the company to go? This is a very kind of dystopian time that's only going to get worse going forward.

• 1:09Anthony Pompliano?

  What's going on, guys? Today, we got a great conversation with Jordy Visser. In this conversation, we talk about the midterm elections. What's going on with the AI slowdown slash the crash that happened this week in your portfolio? How does he thinking about Bitcoin, crypto, oil, stocks, and much more? And then we get into a very interesting idea that maybe the S and P 500 is made up of 492 bonds and eight call options. And that is going to be a part of the conversation you really want to pay attention to. And then we go around the news and all of the different current events. We talk about some things that we used AI for this week. We even throw in a couple of memes and jokes that'll get you laughing. So here's my latest conversation with Jordy Visser. All right, Jordy, the midterm elections happened this week. It was a blue wave for the ages. Now people are freaking out. There was a big sell off in the stock market through the end of the week. What's your take?

• 1:55Speaker 03

  This is not what hedge funds wanted.

• 1:59Speaker 03

  It's not what my portfolio wanted either, but first of all, the Democrats were favored to win going into it. So it wasn't the outcome of the Senate. It was the extent of the damage. It was Texas and the surprise because Abbott was over 60% going into it. But I think the story, rather than get into people's fears over what this will mean, I don't really think it has a huge impact on next year from what'll be built. Most of the things that are already under construction will get finished. I think the fear for people really comes from, number one, this is a tangible thing

• 2:40Speaker 03

  to make the next two years slower, for sure. Regulations will get heavier in certain states and those states are important. There's no way having a new governor in Texas won't slow down the process of getting it done. So to a degree, we were living in a world where when you have all of the major tech people on inauguration day in the presence of the president, and then you have this happen, I wouldn't say it's too surprising that the market on the AI side or the tech side in general is not happy. For me, I don't think this changes the demand side of compute. I don't think it changes the fact that the stocks had already discounted this.

• 3:22Speaker 03

  And when I say they've already discounted this, we're significantly off the highs in most of these stocks. I can tell you from the ones that I still had left, plus the ones I started adding a couple of weeks ago, of which I've added more this week. I've yet to make a purchase that isn't lower than it was when I made the purchase for the course of the last couple of months. So it's been a problem, but we've been talking a lot about deleveraging. And I've made some bold statements, which I'll keep saying, which is the peak of hedge fund leverage has passed. We will never, ever, ever again be as levered as we were in dollar terms overall. There's rumors today, we're recording this on Thursday, there's rumors today of a couple

• 4:07Speaker 03

  hedge funds being, at least their equity business being shut down, but bigger, bigger stories floating around coming my way. But today is kind of the first day that I would say there's a liberation day type panic selling.

• 4:22Speaker 03

  And for me, that just means that after going through what's effectively been we peaked in early June, we've given back, depending on the name, the overall my agentic portfolio is giving back over 60% of the gains that had happened from the beginning of the year till then, there's still, it's still less than that from a year ago, from when Opus 4.5 came out. But we have done significant damage on the AI trade. And I think the way people should think about it going forward, when I've talked about the difficulties that all public stocks will have by 2030, and the fact that I think the growth of pretty much all public companies will be done. And they will effectively become, as Marc Andreessen has said, bonds.

• 5:07Speaker 03

  And that's what we're in. We haven't talked about this before, but I'm writing a paper on, you may be interested in this, this will be good for you.

• 5:13Anthony Pompliano?

  But Marc, I would love to understand what you mean by growth of public companies will be done by 2030?

• 5:20Speaker 03

  Yeah, I think all, all companies that have large groups of people will be disrupted by AI. I think this is a world headed through tokenization, through small entrepreneurship, that the government, what's happened in the midterms and the most important thing for people to take away. Do you believe that AI progress will only go up from here?

• 5:44Anthony Pompliano?

  Of course.

• 5:45Speaker 03

  Okay, so that means cyber risk will go. Terror risk will increase. Job replacement will increase. Companies that have a monopoly on this stuff, that have margins that are enormous, that are firing people, the labor versus capital situation will worsen. If you're a big public company, you're targeted via cyber, you're targeted via government intervention, you're targeted, the public companies, the big ones, I don't think there'll be any growth. So Marc Andreessen made this comment two years ago, which I'm writing a paper on. He said, everything in the S and P 500 is basically 492 are bonds, eight of them are call options, which is exactly what I believe.

• 6:26Speaker 03

  Starting when AI took off, the eight biggest companies became a mad race to dominate AI. Larry Page publicly said, or Gavin Baker said for Larry Page on an interview, I'll bankrupt this company in the race to AGI. We don't talk about AGI as being this winner, one takes winner thing anymore. So my whole belief has been, and this is the reason why I believe in Bitcoin, is that there are no more moats and that when your business gets there, it's not that you won't be a $5 trillion company, but growth comes from a lack of government involvement. It comes from multiple expansion. It comes from all of those things. We're starting to see the negatives of AI this year, and I think it's only going to worsen.

• 7:09Anthony Pompliano?

  All right, there's a lot to unpack here. So let's start first with 492 bonds in the S and P 500. Can you unpack, like, does that just mean they trade basically at whatever the inflation rate is? Does that mean that you get inflation plus something? Like, what would your expectation be for the 492 bonds?

• 7:26Speaker 03

  That is pretty much about what Marc Andreessen is saying. And if you go through the rest of the world, that's been about what's been happening.

• 7:35Speaker 03

  If you go to Europe, their stock market has done nothing since 2007. You go to emerging markets, it's done nothing. You go through most of the world, it goes through, I mean, a 20-year period where you get less than inflation. So that's been happening if you're a loser to AI, mall stocks, like all of these things, Ford, GM, I joke about them, they're still companies, they still make products that people buy, but they're not growth. So if you look out over a decade and you've owned Ford, what would you expect your annualized return to be? Are you thinking you're going to get S and P? Or are you thinking you're going to get S and P minus three, four, five? So what Mark said is that in the world of AI, which I agree with, all companies are going to be disrupted.

• 8:19Speaker 03

  They can't reinvent themselves. So part of his argument is AI native businesses have a huge advantage. They grow, they grow rapidly, but they also run into competition eventually as well. Founders don't need there to be growth if their business is making money every single year, right? Like, if you're taking most of the money, if you're bringing in, isn't that effectively what a salary is to some degree? You're hoping you get inflation plus, but a salary is a number and then you're hoping it grows in some way when you first get the job. If you're a founder of a business and you have to sell off part of your business, the question is, was it a good choice to make the sale? So Dario has created the most valuable company in the world, and how much does he own of it? We're starting to see that pressure growing, which was what Mark was talking about.

• 9:04Speaker 03

  And I think the eight call options, which are the mag seven, they're being forced to spend an enormous amount of money for this massive payoff that may or may not happen. So if you think where Nebius is, where CoreWeave is, how would you price them? They're effectively bonds. They're not call options because I don't think they can grow up 10 times. I thought the infrastructure trades, and I still believe that the infrastructure trade will create S and P plus returns, but only for the next two years, three years, and then eventually efficiency gains and everything else will come in. So there's very few companies that you can say to me are going to have a business that can outcompete anyone. If you told me SpaceX because they're doing something differently, that's great, but SpaceX

• 9:47Speaker 03

  is going to have a lot of government involvement in terms of them. In fact, that might, he might be the company, the biggest target in the world right now with what's happening. So I think people have to start to realize that this election, the midterms take us to 2028.

• 10:02Speaker 03

  That's two more years of AI? That's two more years of a massive progress acceleration where we're gonna see pressure on jobs. I just think people have to start thinking about this for public stocks that way.

• 10:12Anthony Pompliano?

  The call options, you said there's eight, Mag7 plus SpaceX?

• 10:16Speaker 03

  Yeah.

• 10:16Anthony Pompliano?

  Is that the same thing? Okay. Now, you mentioned that the 492 bonds would be S and P minus some number. If that's the case, does the S and P become uninvestable?

• 10:29Speaker 03

  I mean, we've talked about it. The reason that I'm interested in Bitcoin is because I'm looking for things that are benefiting from growth that is going to happen of which there's going to be difficulty for competition. So the first thing is the crypto ecosystem. There's no doubt in my mind that tokenization, that agentic commerce, that all of those things are going to happen over the course of the next two years. The one thing, the data center moratorium, that may create doubt in terms of, you know, 2028 and this, but I've never been a believer that all of that compute that was necessary down the line, we don't know how much of it will be necessary. We just, we just don't. We don't know the progress on the models. We don't know when we're going to reach certain levels.

• 11:11Speaker 03

  I have people that are very smart on the tech side that swear to me, oh no, we won't need memory in three years, we blah, blah, blah. I don't believe any of that stuff, but I do believe competition is coming. I think the Chinese are coming. I think other places are going. I think there's tremendous amounts of manufacturing and innovation that's happening. And I don't think we know what problems AI can solve. So I do think over the course of the next three years, crypto is something that is a growth that should benefit Bitcoin. But then the other thing about Bitcoin is I do believe in this, this world. You want to find something where money goes into that's growing. Bitcoin doesn't have the hurdles that stocks do. So you got to remember, you've been doing this for a long time with Bitcoin.

• 11:57Speaker 03

  It's been under attack for the entire time.

• 12:02Anthony Pompliano?

  Correct.

• 12:03Speaker 03

  Public companies are going to be under attack. So the last 12 years, I would say the Mag7 or the hyperscalers, whatever, whichever one you want to do it, both parties at some point were against them being so big. Even Trump, to some degree, the problem is we need the AI build out. So it's very hard to stop them from it if you believe in the political side, which is why I think the current administration has focused on the race against AI. But I think going forward, this is not just government involvement. AI is an incredibly disruptive force. You and I both have businesses that are built on AI where we're shocked at how few people we need to build the business.

• 12:45Speaker 03

  I think it's very, very challenging when you have something that very few people are using and they're not using it because AI is hated in this country. It is absolutely hated and more and more that's become evident to me.

• 12:58Speaker 03

  The voting, AI was not popular. Data centers was not as big a story as affordability, but the distribution of wealth is a big story. And that again gets attached to AI. So I just think anyone that doesn't believe that there'll be government involvement, we've already seen it with Intel, we've seen it open up with OpenAI and Anthropic in terms of what it would be, and we're seeing already them involve more and more. I just think when the government gets involved in public markets, you can't expect the same types of returns.

• 13:23Anthony Pompliano?

  Based on what you're saying is if the public markets are essentially uninvestable or getting close to that, why not put all of your money in Bitcoin? Like what keeps you from just concentrating in your best idea?

• 13:36Speaker 03

  Well, you mean me personally?

• 13:38Anthony Pompliano?

  Yeah, just as an investor, right? Like forget your exact portfolio, but just, okay. By process of elimination, if housing is not going to drive a return in real estate, if, you know, the largest companies in America are not going to drive a return, if AI is going to come under pressure because of the blue wave, you kind of end up with, there's only so many assets. And if Bitcoin is the thing that you feel like is best insulated and best positioned, how do you stop putting money in? Like at what point do you say, hey, I shouldn't put more money into this in my portfolio? Why not all of it?

• 14:08Speaker 03

  So Bitcoin is, is, you know, a trillion and a half, trillion seven asset. It's still doubted by almost everyone who has the money. We've seen such a dramatic shift in the last 12 months in terms of the banks. I mean, first it was the government saying, we're all in on Bitcoin. Now you have all the banks basically bending over backwards to basically be all in on selling people Bitcoin. So we've seen some things happen in the last two years with the ETF, with everything where greed eventually sets in. These are the people selling things. The outstanding shares for the Bitcoin ETF hit new all time highs despite the fact that

• 14:49Speaker 03

  we are significantly off the all time highs, which means wealth managers are still putting money in there because as a diversification, I think it's legitimate. Now you and I talked about some of the headwinds for Bitcoin in the beginning part of this year. I did a video today. I don't know if you got a chance to see it, but I sent it to you. But there's a bunch of things in there which kind of fit in with this story and the bigger picture.

• 15:15Speaker 03

  Number one, I think with the midterms, we've eliminated the, the bubble risk, which sounds funny when the market's going down, but my argument would be there isn't a bubble risk yet because we haven't done enough of the debt. We haven't done enough of the spending yet.

• 15:32Speaker 03

  If there was a macro event which slowed down the demand side or something happened in the next couple of years and these guys spent more and more money, I think it would be an issue. But if we're all believing that they're not going to spend as much money for 2028, well then that would mean that capex would probably be less next year. They've already started on the stuff that'll happen now. If they're worried about 2028, maybe there'll be a delay and that would be good for the bubble risk, meaning it would push out the build out further and further, and that would be good. Second thing is there'd be less capital needed. That's put enormous pressure on rates to go higher. Second thing is if people believe that the market is going to go down and there's going to be less of a build out and Brad Gerson says this is 50 basis points off GDP, well then that means that growth will come down, which means rates should come down.

• 16:14Speaker 03

  At the same time, one of the contributors to inflation this year has been DRAM prices. DRAM prices have already peaked, not in terms of the actual price, but in their growth rate. They're in a negative declining year over year growth rate right now, and that's only going to get worse as we go through the year because the biggest portion of the gains happened really from September to March. So by the time we get to March, you're going to start seeing the base effects kick in. The base effects are going to kick in for oil because now you have oil down at levels. You're getting gas at the pump down. We have the tariffs rolling off. So when you go through everything, a lot of those things were negatives for Bitcoin this year. They were negatives for gold because they were all related to liquidity. And I think the liquidity headwinds are going to drop off.

• 16:56Speaker 03

  And that's what I did in the video to just highlight to people that maybe something good comes out of this for Bitcoin. But the biggest thing is the volatility and the lack of certainty on AI going forward. So again, June, firework show's over. We're never again going to see what we saw in the first half for the agentic compute trade. From that point on, it's going to have to be a grind. We've seen hedge fund deleveraging. I think this is all part of the bigger script. I think AI is causing this, and I think it will continue to cause a disruption from politics, a disruption in bottlenecks, a disruption in all of these different things. And I think people have to start to think about adjusting their portfolios. And I do think that that is what's going to play out over the course of the next five years.

• 17:36Anthony Pompliano?

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• 19:03Anthony Pompliano?

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• 19:10Anthony Pompliano?

  All right. So there's two things in this video that I think are important. When I was watching it and I was watching, I got a, I got a late start on this video right before we came in here. So I was watching on two speed, two XP, which, you know, you're not exactly the prime candidate to be listening to a YouTube video on two XP. But the liquidity pressures kind of easing has almost served, as I've heard people describe it as like a, like a beach ball underwater, right? And so it's been put in these pressures. You, one, think that they're easing, but then also two is you've been looking via an Elliott wave type, type analysis. I don't know anything about Elliott waves. I know they exist. I know that you probably are an expert in understanding these things. So maybe help us understand like, how do these two things line up in terms of liquidity environment getting much more attractive for Bitcoin?

• 19:55Anthony Pompliano?

  And then what is the Elliott wave analysis telling us?

• 19:58Speaker 03

  All right. So the things I mentioned on the liquidity, you have to remember, so real yields went extremely high this year. So, so people understand the difference between saying 10 year rates went higher and real 10 year rates. 10 year rates went higher. Inflation expectations did not. So let me repeat that. We saw bond yields go higher, but inflation expectations actually went down since March. So you've had this scenario that when you're using inflation swaps or inflation expectations, you've taken real rates, real rates up to big, high levels. Now what's happened in the last week, we've seen another significant drop in inflation expectations. Two, one year and two year inflation expectations are lower than where they started this year.

• 20:42Speaker 03

  And that's because of the oil price that's come down. I don't think enough has been said about what happened this week. The fact that oil fell, I mean Brent crude was down $20 in three days. And that happened right before the election. And I've talked to a bunch of macro people and I'm surprised that people didn't realize that, okay, Iran, basically this week.

• 21:10Speaker 03

  Seemed like they were the ones for the first time that said, hey, we're ready to talk. I'm, I'm, Kemeni is giving the okay for them to have conversations. So the price falls. Every time the price has fallen this year, it's been Donald Trump basically saying, yeah, there's going to be a deal. And then there'd never be a deal. This time it was the Iranians that basically did this and the oil price dropped. And I think that's probably because they held out for as long as they possibly could. They got their blue tsunami. And now they get to play from a negotiation in their mind of strength. The vice president is now on a different page than the president and he's got to start preparing for the election in 2028.

• 21:48Speaker 03

  So the oil prices come down and those types of things, real yields, oil, they've had a big impact. The Fed raising rates, we went from expectations of rate cuts at the beginning of the year to significant rate hikes, not just this year, but into next year. And so I highlighted that that's been correlated. These are all negatives for gold. They're all negative for Bitcoin in terms of the liquidity side. The only reason that I think people were disappointed is because the AI trade was trading better. The NASDAQ was up, but now you've got the NASDAQ down, you've got rates falling, you've got oil falling. So I know this is hard for people to do. It was easy in people's minds to go invest in the AI trade in May and June because it was working. And now they don't want to buy anything.

• 22:33Speaker 03

  The reason I said I haven't made a purchase yet in the last two weeks that's up on money. There's no way to buy the bottom of this. I don't, I don't think, I also think the AI trade is real and this isn't a bubble. So by not having a bubble unwind and by feeling the liquidity is good. For the Elliott Wave, Elliott Wave theory is a very, it's the technical analysis I chose. I chose it because of Paul Tudor Jones and Stan Ruckinmiller. When I read a book that they were both quoted in where they said, this was the book. At least Paul said he read it every single year. Stan said he, as I got to know both of them, Elliott Wave is just such a beautiful art form for markets. The theory behind it is from, I think his name is R N Elliott.

• 23:13Speaker 03

  But he was basically a, an accountant who decided he was going to study all of the chart patterns of stocks. And think of it as coming up with the way that stocks move. Because at the end of the day, they are human psychology. And what he's found was that they moved upward in impulsive moves. And then there'd be a correction where it would kind of go sideways. Then they'd go up powerfully again and they'd go sideways and it would go, and everything moved in kind of fives and threes. So the thing I showed you in the video, Bitcoins moved from the lows back really in June into early July. And then up to where we just peaked, that was five waves.

• 23:53Speaker 03

  And now we've seen a three wave correction that is almost textbook, getting now down to the 200 day moving average, which is right around the 73, 74 area. So everything looks good, assuming that the equity market is going to find a loan. The other thing I showed in there is there are some signals I'm looking for in the equity market, which haven't triggered yet. But we're closer to them today than we were when I did the video this morning.

• 24:15Anthony Pompliano?

  All right. So there's two other aspects here that I think are interesting. We have talked a lot about the intersection of AI, Bitcoin and crypto. I think that if there's one person in the world that could be boiled down to living at that intersection, building a house at that intersection, building a sky rise at that intersection. It is you, you have the foundation, you have the streets, you've got the street sign. It is called Jordi Bisser Way. You're talking about AI speed headwind for crypto. The faster the AI thing went, the more that it sucked the air out of the room for crypto. If now it appears both through midterm elections, some of these other components, there is some headwinds for AI or at least some difficulty ahead. Is it as simple as like rotate back to crypto?

• 25:00Anthony Pompliano?

  Or do you think that both of them keep some sort of correlation that people get worried about like the NASDAQ and Bitcoin, you know, trading similarly?

• 25:10Speaker 03

  So here's my thought on, on this, and I showed this in the video. Bitcoin is, has been this year fairly correlated to the NASDAQ over the S and P. NASDAQ over the S and P is another way of saying beta versus quality. So beta meaning faster moving stuff, NASDAQ versus quality, the S and P 500. I think that's still going to hold. So what you have to remember is things can stay correlated, but better returns can happen in this. If, if the NASDAQ goes up 10% a year, but Bitcoin goes up 50% a year.

• 25:50Speaker 03

  If I would have said to you NASDAQ goes up 10% a year and I said, hey, based on your brain and where this is, what do you, what do you think Bitcoin would do? Most people would say 15 or 20, probably has, you know, one and a half to three times level. It used to be three, maybe it's two now, so 20% a year. I actually think when the true trade happens, people get frustrated by things that are not growing anymore the way that they used to. Or, and this is what's happened this year, Bitcoin volatility stayed around 30 for basically the whole year. I mean, when I came in here, like, I mean, I think Nvidia was down about 10% today. Micron was down more than 10%. The S and P, like you're getting moves where the volatility with inside the AI trade is so much higher than Bitcoin.

• 26:35Speaker 03

  And this was not the case before. So the reason this wasn't the case is because of the hyperscalers. So I just want to make sure people realize this with the mag seven. The mag seven has had significant, well, at least the hyperscalers, so Meta, Amazon, Google, Microsoft. They've all in the last 12 months, all of them had 10% falls in a day. Amazon is the only one that didn't do it exactly in a day, but it was pretty close and it definitely did it over two days. But regardless of that, these things have had huge falls in one day. They've also had tremendous volatility and they've been basically around flat, going up and down for most of the year. These were the kind of names you just own.

• 27:19Speaker 03

  What I said about call options before, when you start spending tons of money, you are taking lots of risk. If the Democrats slow down the ability for these companies to get their data centers done, well, that hurts their revenues because they have a backlog. At the same time, when you read what the new governor of Texas has said, she did not say she hated data centers. She basically said before data center will go up, I want to make sure that the, the people financing this are paying the people. Like there's a cost that's going to go higher. This is not just a tax from memory. This is a tax from, you're going to make sure water is taken care of. You're going to make sure electricity is taken care of.

• 28:02Speaker 03

  They're going to do that anyway, but it does come at the expense of margins. And so when you go through all of this, I just think the headwinds on public tech companies, we've learned about this year. One thing I can say with certainty to everyone watching this, there will never be a time where you will be able to go three months without some risk that makes this question that happened with the midterms rise to the surface again. Bubble risk, someone defaulting. The open source models being able to compete on price. You guys, you and I have talked about a lot of these issues. This has been a year of a lot of headwinds in AI, which I don't think anyone with certainty can say, no, no, we'll get over all of these. It's a very different world than it was before.

• 28:47Speaker 03

  And I'll, I'll finish with this. All someone needs to do is go look at 2010 to 2019 and look at a chart of the hyperscalers and really the mag seven. This was based on SaaS. The one thing about SaaS is it was a growth thing that was just happening every single quarter. There were very little times to worry. There were very little volatile shocks. It was a fairly boring period. You also had zero interest rate policy. People got used to that. Hedge fund managers got used to that. The people that made the most money from 2010 to 2022, they rode this SaaS train. It's gotten much more difficult over the course of the last, you know, two years, three years since the rate hikes. I don't think rates are going to go falling down.

• 29:32Speaker 03

  I also don't think that the headwinds are going to be gone from AI. So if you're investing in this stuff, you're becoming a trader, whether you like it or not. You can invest in the S and P 500, but like I said, this has been a very bad year for the S and P 500 relative to earnings. It might be one of the worst in history. With where we stand now, we're no longer up double digits, but earnings are growing close to 30%. So multiples have compressed and that is the market saying to me, yeah, these headwinds are getting to be a problem for equity growth.

• 29:59Anthony Pompliano?

  Okay. If that is true, you mentioned earlier the commentary that AGI being winner take all, or Google saying, we'll spend whatever, I'll bankrupt the company to win this. Do you think it is winner take all? And should every company take that position of it is worth every dollar of spending, even if it literally bankrupts the company for them to win?

• 30:19Speaker 03

  I think that is the one thing that's happened that no one has talked about. I, of all the podcasts I've listened to with, with Jensen, I like when I can do everyone's names by the first name. Elon, Brad, Gavin, go through the list. No one has said there's one winner. And the reason has been the physical hardware side.

• 30:43Speaker 03

  You need to have the physical hardware. So this is where the issue comes in because what are now the government saying? We're not going to allow there to be one winner. Like, we're going to be monitoring this whole situation. And if someone gets too big and too powerful, we're going to get involved. So there's not even allowed to be one. Now, I know I've said on our weekly talks, but I've said it on my podcast. I've said it with other people that if you don't think the government's going to get involved as this thing gets more dangerous, you're out of your mind. And we're at that stage now. The government is more involved today than it was a year ago with AI because we've reached levels of cyber that are extreme risk. You hear this repeatedly. We had the Binance thing, which seems like a distant memory. But the Binance thing is a real risk for every single business.

• 31:26Speaker 03

  I know CZ talked about, if you're worried about, you know, applications in crypto, you should be extremely worried about bank accounts. I think this is going to be an issue and maybe it's not a US issue. Maybe it's a foreign one. I think bioterror. I think all of these things are things that people have heard about that are going to be issues. So again, I'm going to say it. I think there were a lot of thoughts going into AI, which have been proven extremely wrong. And I think the one thing that is happening is progress is moving faster than humans can handle it. And those humans are government. Those humans are the companies that have lots of people. When Microsoft says they're going to get, offer buyouts to 27% of their employees, how is that not like a major warning sign that we have reached a level where this has

• 32:11Speaker 03

  never happened before and they're offering for 27% of the people in the company to go? This is a very kind of dystopian time that's only going to get worse going forward.

• 32:22Anthony Pompliano?

  Now, as we see headwinds, chaos, uncertainty, we saw Marvell do a big acquisition this week, and that seems to have caught a lot of people's attention. Is that a defensive acquisition? Is that an offensive acquisition? How do you look at consolidation? You know, whenever you get a lot of investment going on and then you start to get these drawdowns, usually you see some sort of consolidation, but a lot of these are pretty big. This was a hundred plus billion dollar acquisition. That's not like, you know, you wake up on Wednesday and decide, hey, let's go do that. There's a lot of work that goes into it. How do you view something like that?

• 32:55Speaker 03

  Well, first thing, it was a very big consolidation in my own personal portfolio. Not in a good way either. So first of all, they weren't buying necessarily a competitor. They're buying a different part of the stack. And, you know, I said it on mine, I don't know if we talked about it last week, but I had a lot of people reach out to me going, what are you doing with your Marvell? And I said, well, this is not a good thing if it ends up happening. Just because I don't think it needs to be done. And I think it creates a lot of, whenever you get bigger, it creates potential risk going forward.

• 33:34Speaker 03

  I think Marvell and Intel in particular, last week, had a huge impact on this next leg down that happened in AI. If you went through the month of October and then into the first week of November, there were hedge funds were, you know, one of the things in my podcast this week is, this is, this is a little too old for you, this reference, but, no, it is. You know, at some point, the age difference has to come in.

• 34:02Anthony Pompliano?

  No, I was, I was shocked that you called your video a podcast. Don't, don't put yourself down like that.

• 34:08Speaker 03

  It isn't a podcast.

• 34:10Anthony Pompliano?

  Your amazing video analysis from the analyst Jordi Visser.

• 34:15Speaker 03

  Do you know who Roberto Duran is?

• 34:18Anthony Pompliano?

  Like Duran Duran?

• 34:20Speaker 03

  Like I said, you want, do you know Roberto? Okay, he was a boxer. Okay. And he was famous.

• 34:26Anthony Pompliano?

  In what years?

• 34:27Speaker 03

  The eighties. And he was famous.

• 34:29Anthony Pompliano?

  I was born in 1988.

• 34:30Speaker 03

  I said, this is where the age difference is going to show up. Okay. So for those people watching that are more my age, they're like, how can he not know? Well, again.

• 34:37Anthony Pompliano?

  You're, you're 21. What do you mean?

• 34:40Speaker 03

  All right, well, Roberto Duran was famous for a lot of different reasons, but one of them was no mas. He basically quit in a fight and he said no mas. So.

• 34:50Anthony Pompliano?

  Quitter.

• 34:51Speaker 03

  I think hedge funds reached the no mas moment with the Intel. Marvell is kind of the, all right, this month sucks. But then when the midterms hit, I mean, I've got rumors of two major hedge fund closures of either the entire firm or the equity business. That would be a lot of what's going on today. Regardless of what's true and what, what's not true, because I've learned in my hedge fund days, you just don't know what's going on. I think the no mas thing has hit for the hedge fund world in terms of being able to run risk. And I'll say it again, and I'll say it again, and I'll say it again. When you're running leverage of that magnitude and you had issues with CoreWeave debt, you

• 35:35Speaker 03

  had issues with French debt, you had issues with Marvell, issues with Intel, issues with Google falling. When you start to have these things go on, if you have leverage, like situational awareness, which was going through X today, that he's in trouble again, and he has to be. There's just no way around it based on what I heard.

• 35:56Anthony Pompliano?

  I just wrote that down to ask how you think our boy Leopold's doing.

• 35:59Speaker 03

  I, I have a feeling everyone who has certainty on a trade, and again, this is, remember we talked about LTCM like a month ago, and I said, this is like LTCM? It's still like LTCM, guys. I'm trying to find the bottom of it. I just know I have no chance of finding the bottom of it. But I also don't believe that the AI trade is over. But for people like, let's say Leopold is in trouble again, the reason he's in trouble is not because fundamentally Micron won't make the numbers they're saying. It's that you may not have the time to be in the trade based on the way the structure of your positions, the debt, the, the liquidity, all of the things that happen. How many losses can you take?

• 36:41Speaker 03

  And when you've got a hundred dollars that have been given to you and you have 300 or $400 of positions and the markets are moving at an incredibly insane pace where you can have your shorts going up. And for people who don't know this, we are one day from, so Wednesday, there was an all time high in equal weight S and P. I don't know if you knew that. So with all of the carnage post midterms, equal weight S and P made an all time high the day after. So that means that a lot of stocks went higher, a lot of AI names went down. And so for people that are in the AI trade and they've been trying to hedge it, there's nowhere to hide.

• 37:19Anthony Pompliano?

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• 38:04Anthony Pompliano?

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• 38:48Anthony Pompliano?

  Limited to the first 200 eligible clients. Offer may close early, but borrowing involves risk, including interest costs and liquidation if your collateral drops in value. Credit approval and terms apply. You can learn more at galaxy.app/PLOC. That's galaxy.app/PLOC. Oil is interesting to me because it's bounced a little bit. And I want to read you the exact line that JD Vance used. JD said that he, he believes the reason we lost is the war. And because of that, he essentially, at least people believe, is breaking from Trump's stance on the war. And I don't know if it's because presidential aspirations or whatever, but just like there was a clear divergence there.

• 39:33Anthony Pompliano?

  Now, if he somehow does impact a quote unquote truce, a end to the war, some sort of like culmination event where we say, okay, the Iran thing is over. Does oil go back down? What happens to the equity markets? Like, how do you see Bitcoin, gold, other assets responding to that event?

• 39:56Speaker 03

  So all I can do is not being an oil expert, but just taking the facts of what happened. When the straight was actually shut, like truly shut, the price of oil did not go to the levels that people thought it would. So somehow or another, that tells you that something happened differently. All the speculation that happens, oh, China stopped importing, this is a temporary thing. Like every theory that happened, the price of oil did not go as high as people thought. I do believe that if you ask me what Iran wanted, I don't think any geopolitical person would argue that in their perfect world,

• 40:40Speaker 03

  they would want the price of oil to be a cause for Trump to lose the election. You agree with that?

• 40:48Anthony Pompliano?

  A hundred percent.

• 40:49Speaker 03

  So then I don't find it to be a coincidence that they, which these are the facts that I've, we've all heard. Oil's flowing, there's traffic going through the straight. The US has a blockade, so it's made it very difficult on the Iranian government. They still have the potential to bomb them in a way that they clearly know would be detrimental. They've lost the straight and they have a blockade for getting any money. So when you put all that together, and one fact that I don't hear people talk enough about, there's pipelines being constructed that every oil person that I've heard forecast will take two to three years to be done.

• 41:34Speaker 03

  And maybe it's now one and three quarters to two and three quarters. You've heard the same thing to bypass the straight. Well, that means that Iran's losing, at some point they lose. If this, and we know this is happening because they're bombing the pipes that are still in existence. So if Iran has one time to negotiate, it would seem like now would be the prime time. You've got the disconnect between Vance and Trump. You have the Republicans saying, we have to end this war because it cost us this and we have to be ready for the next election. That says to me, there's a chance that there can be something done. Let's put it this way, I think there's less chance than we thought of a move higher.

• 42:15Speaker 03

  And I always do believe that these price moves that are this massive, there's probably more insight into what was going on. So that's my, like, kind of putting the tea leaves together. I don't have a position in it. I don't really care that much. The reason it falls important for Bitcoin, that means that CPI will be negative for the December reading for November, most likely. Because November is going to have a very sharp gas at the pump. Gas at the pump has already fallen from 440 to 410. The current futures price for unleaded gas, because it takes a while for gas at the pump to fall the same pace as the futures. The futures are equivalent as of this morning of 375.

• 42:57Speaker 03

  So that would be another 35 cents, which would be, take us from 440 to 375, which if people do the math, gets you pretty close to a 20% fall. That would mean that headline CPI has a sharp negative number. And like I said, DRAM year-over-year is turning down. The tariff stuff, we've passed the peak and now we're going to be past the peak on oil. And the base effects kick in for oil when we get through March of next year and everything starts to go down where year-over-year oil is negative. So my whole estimate is that the inflation fears have peaked as well now.

• 43:29Anthony Pompliano?

  Okay. If that is true, gold, looking at GLD, last five days, up about four, four and a half percent. Last month, it is basically flat, down about 0.7. Last six months is down 10%. Year-to-date, gold is down 5%. For the last year though, it is basically slightly up about 2.3%. But over the last five years, it's up 120%. So if you basically look over the last five days, it's up kind of post-election, but for the last month, it's been flat. How does something like gold play into the macro environment as it's developing? And is it something that you're excited about or something that you kind of just don't care about right now?

• 44:06Speaker 03

  So I put gold, I showed a chart in there of an overlay of gold with Bitcoin this year. And since the liquidity headwind started, which I would say started when, when Trump and Israel went into Iran, when that started, that's when the headwind started for real 10-year yields. That was when the Fed became more of an issue. The dollar basically stopped going down or having any kind of weakness. And the AI trade was accelerating, taking all the capital. So again, when I say liquidity, I want people to realize the liquidity for crypto, when people invest in the AI trade and when they come to the market and go, we're going to raise a trillion and a half dollars. That has an impact on Bitcoin. That's just US capital. I mean, we saw what the Korean market did.

• 44:51Speaker 03

  You brought back that you heard that Korea wasn't, didn't want to be involved in Bitcoin. Greed will always bring people back in. So I'm excited about the fact that Bitcoin has acted extremely well during this chaos. And I do believe it'll be correlated to gold on the upside. I believe it will be correlated to any bounce in the AI trade from this point. Because I don't think the AI trade is going to collapse from these levels. Because now we've taken it to levels where, believe it or not, the PE on Micron is three as of when I came in here.

• 45:19Anthony Pompliano?

  That's crazy.

• 45:21Speaker 03

  But again, that's the reality of where you have this stuff. I mean, for Nvidia, you're getting close to a single-digit PE on, you know.

• 45:31Anthony Pompliano?

  And that doesn't make you excited. That actually tells you a cause for concern.

• 45:35Speaker 03

  That tells me about what I was saying, which is the multiple compression. Do I think Micron will ever get to a 10 PE? No. So that's the best way I can say it is. You think of a 3 PE in something in your head that says that's a low number. But the reality is, I think all of the PEs are coming down. The only company this year that's seen really multiple expansion that, you know, is a big company is Apple, and something like a 40 PE. But what does Apple have that all these other companies don't have? They're actually immune to AI. They don't have an AI business. I mean, if you've looked at the capex numbers of all of their, the MAG7, they're at zero, basically.

• 46:16Speaker 03

  So Apple has done well because it's a quality, safe company that people have migrated into. It's almost like the hedge against the rest of the way Berkshire is. Because Berkshire and Apple are both making, so is Eli Lilly. So my biggest AI trade is doing well. It's just not big enough to offset the other ones that I have. So I just think that in general, what you're, you're going into is you're going to have a bounce in gold. Platinum's had a big, has a reversal week. Silver's done well. Palladium's done well. This isn't just one trade. Bitcoin to me will be correlated, it's part gold at this point, it's part NDX. And when we see a bounce in the AI trade and gold is going higher, happen. One more thing that we talked about before the quarterly refunding announcement happened.

• 47:00Speaker 03

  And as I highlighted in the crypto video, they tweaked the language. So Bloomberg put out a story and you have a lot of people saying, okay, now they can make changes when they want. They did the one little change. Now, the reason this is important, they did this language change on August 4th as well. And then two weeks later, on the 18th or 19th is when they actually made the buyback announcement where they were going to buy more. They have to do something to change affordability. This is a major issue coming out of the, there's a number one issue was affordability and distribution of wealth. So I think there's a risk here, again, that the government will get involved

• 47:45Speaker 03

  to make sure that this long end is an issue.

• 47:50Anthony Pompliano?

  Qualcomm, down 9% after their earnings. I have a little bird in my ear who has been telling me that Qualcomm has a whole chips business. But people don't really ever talk about them. Do you have any thoughts or are they just kind of irrelevant from the narrative, regardless of what the financials and technology is?

• 48:10Speaker 03

  So Qualcomm ends up being more for autos and more for phones. So they do have a data center business, but it's not the same. So where Qualcomm becomes more of a thought is when car sales are going higher, which is not happening. Primarily an affordability issue, but also we, we're not rolling out the FSD yet. And then on the phone side, memory's been such a big bottleneck and it's made the prices go higher that Apple has said they're not going to sell as many as thought. Now, this had an impact on Intel too. So Qualcomm, I think, fits a little bit into the Intel side. It fits a little bit into the auto side.

• 48:51Speaker 03

  They don't have, let's say, the upside interest that a Marvell would have or that any of these companies on the optical side, because they're almost exclusively towards the data center side, which still has demand. But now that data center demand, people are questioning, so you've lost the entire AI trade. I want to repeat again what I said, so people understand this. At June, the stock market was not discounting any bottlenecks. It was not discounting any of the issues that were going to come up. You guys can go pull our tapes from May and June. This was a major, major thing that was, why I was writing papers called, "The fireworks show is over, mid-cycle slowdown's here." You never know when these corrections are going to end up bottoming. And maybe this is a bubble and this is going to completely unwind.

• 49:35Anthony Pompliano?

  Take your victory lap. You were right.

• 49:37Speaker 03

  This is not, my portfolio does not look like a victory lap. It looks more like carnage, like someone threw an ice cream all over it.

• 49:44Anthony Pompliano?

  But you were right. And I can say, you can't say, that's fine. All right, I want to do two more things before we let you go. The first thing is, I'm going to read, we're going to have a little fun here. But after I get done having this fun, I want you and I both to share one thing we did with AI this week that is actionable for, for people. But the fun part of what we're going to do today is, me and Mr. Matt Marlinsky, we collected this week, all the best memes, all the best jokes coming out of the midterm elections. I want to read you a couple of them. If you're in AI, pivot to daycares, pretty good one. Somebody said, "Mondistan has expanded its borders, took it over the United States." Somebody said, "We're putting Miss Rachel on the $100 bill."

• 50:27Anthony Pompliano?

  And I have to read only the appropriate ones here. "Trump got regime change in Texas before Iran." I mean, there are like all-timers. "Elon Musk and Joe Rogan moved to Texas to escape liberal California and inadvertently turned Texas blue for the first time in 30 years." And I, you know, I read some of this stuff and as much as I'm joking around and, you know, there's things that are obviously hilarious jokes, but then there's things that have like these truths to them.

• 50:55Anthony Pompliano?

  I think that it kind of comes back to this idea of like, the people aren't fooled. Right? And one of the ones that really got me and kind of opened my eyes, Raymond James put out a chart that showed Trump's approval rating mapped onto the gas prices. I mean, it is like, might as well be identical twins in each direction, right? And as gas prices got worse, the approval rating. And so I do feel like, one, we live in this world where information moves at the speed of light. And I saw a picture and it was basically taking, I think it was men under the age of 35. And they started off on the blue side of the aisle. And then it basically showed that then they went to red two years ago, when they voted for and had this big red wave. And then the chart very nicely drew like a U-turn back to blue.

• 51:40Anthony Pompliano?

  And it was like, you know, plus 36 for whatever it was. And what that tells me is that's not a left or right thing. That is a group of people in search of solutions to their problems and they don't know who can help them. Right? It's like, you know, they're blowing in the wind of whoever says, well, the people in charge right now suck. I promise I'll do better. And it's just like, you just vote for the party that's not in control, back and forth, back and forth. Because the truth is like, can either one of these parties solve the problem? Probably not. Like, we just print money and affordability gets worse, which means that to your point, like, the AI trade has to find a bottom at some point. But it also is this massive tailwind, Bitcoin, gold, you know, stocks, whatever. Like, at some point, the money printer just takes over, right?

• 52:25Anthony Pompliano?

  No?

• 52:26Speaker 03

  So I'm not as, the money printing, if, and again, I'm going to couch this with, with one thing. When you say gas prices and Trump's approval rating, you have to remember that the war moved gas prices.

• 52:43Anthony Pompliano?

  Agreed.

• 52:43Speaker 03

  The war moved rates because oil moved rates and then they had to respond to rates moving higher because inflation risks went higher. I don't think it can be minimized how a lot of people voted for Trump because he promised no more wars. And there was a war and it made the affordability issue much weaker. I think everything has been a major issue in the Middle East. I think it's divided a lot of the country. I think it's been a major issue. So I, I, I think getting back to the printing side, everyone has a job. There's no, nothing showing up in bankruptcies. There's nothing showing up.

• 53:23Speaker 03

  I, I just think people are, I just think they're, they're fed up and they're angry. The deficit's not going away. That's what keeps the growth going along with the AI spending. And I just think the government's going to be more involved and I think bigger governments there. I did see something interesting that of the people elected and of the people that are securing these places, we're actually moving less and less centric in terms of the people that are getting voted in. Meaning you're getting more extremists coming into this on both sides.

• 53:55Anthony Pompliano?

  Yeah, 100%.

• 53:56Speaker 03

  And that's, that's a little dangerous place to be because then again, you really don't know what's going to happen. And that is a big change that I think this election showed is just extremism is becoming a much bigger part of our political system. Meaning the, the, the way I see it is the left and the right are getting further away from each other. And the policies that they're both thinking of actually make it very, very difficult. Okay, we're going to spend a ton. Okay, we're going to spend nothing. That's kind of the issue is what I, I see is that it's actually getting impossible when you're starting from a 6% deficit, which Trump tried in his head to get down, then he tried to grow his way out. Now neither of them is going to work.

• 54:36Speaker 03

  And so now you have this extreme of, we're going to have to spend lots of money or we're going to have to, to become austere. I don't think either of those is going to work, which means I think we're on this Lynn Alden, nothing stops this train.

• 54:48Anthony Pompliano?

  Yeah, I think she's 100% right on that. I thought you were going to drop some memes there for a second. I thought you brought your own, but I noticed you didn't comment. All right, it's all right. No fun police is out from Jordy. Will you tell us one way that you actually used AI this week?

• 55:03Speaker 03

  Okay, one work wise was just taking a bunch of charts from hedge fund. So one of the great things about what it's able to do now is I can take multiple charts and put them into one place and get them to basically extract what looks like the data visually. It's now good enough to do this, which was not the case six months ago.

• 55:25Anthony Pompliano?

  You put in the chart and then it gives you the raw data?

• 55:27Speaker 03

  Yeah, it effectively gives me an approximation of the data, which is very close. So what I would do is take a Bloomberg chart, put the chart in, then give it the data after it gave me the approximation of the data and then say, how offer these, where did you make a mistake? Almost fine tuning it to work. The reason this becomes important is because if I take a chart from Twitter that's got a certain timeline and I take one from Bloomberg and I take one from the FT and I take one from there and I put them all together and say, hey, show me these charts as one chart. That's something I've always wanted to do in my life was take one visual, match it up with another. So I did that. The other one is a little more boring, but I think it's, it's something that's bothered me for a long time.

• 56:08Speaker 03

  And I probably could have done this in Google, but this is one of the reasons why if people don't use it for even simple things like asking it complex questions. So I, I literally went in and said, I have a really nice shirt that I bought only three months ago. And I made the mistake of, I drink some olive oil in the morning. It's a health tip for you as you get older.

• 56:30Anthony Pompliano?

  High calories, but good for you.

• 56:32Speaker 03

  Good fats, yes. It's good. So I have-

• 56:34Anthony Pompliano?

  Italian, you think I don't know that trick?

• 56:36Speaker 03

  I, I have, I have a couple tablespoons a day. So you should know that.

• 56:40Anthony Pompliano?

  Why so little? Yeah, why so little?

• 56:42Speaker 03

  But I did this in the morning before I was running out and I spilled it on there. Now olive oil is horrible on clothing. But I literally went to ChatGPT and to Gemini and to Claude and said, I'm sick of this. I've ruined so many shirts. And I said, I have olive oil on this. How do I get rid of this? They came up with three different answers. I put them all together in one and I asked it how to do it and I got rid of it.

• 57:06Anthony Pompliano?

  Really?

• 57:06Speaker 03

  Yeah, first time in my life. So.

• 57:08Anthony Pompliano?

  All right. Well, that's a super intelligence that worked for the important-

• 57:11Speaker 03

  cornstarch and Dawn. So if people want to go look it up, those are, that's the key thing. And if you've ever had that, that stain, it just doesn't leave. Little magic trick for it.

• 57:22Anthony Pompliano?

  That's the key. All right. I built a, a health coach this week and I am proud of one part and embarrassed by another, but I'll tell you both. The first start on Grokbot, built a little bot, you know, named it Health Coach, which is pretty good actually knowing like, if you name it Health Coach, like what to do, right? And then I started telling it, hey, here's all the data I want you to pull in. And I hooked it up to Garmin, Apple Health. Interestingly, Apple Health's data is very hard to get off the device. And so you gotta go get all these apps or whatever. So started getting all of that in, but I said, I don't want you just to take the like passive data that is here. I want you to also track the food that I'm eating, the workouts, you know, all this different stuff.

• 58:03Anthony Pompliano?

  And then I fed it goals for what I want to be able to do, you know, lifting wise, weight wise, all this stuff. And I said, I want that over the next 12 months, create a whole plan, blah, blah, whatever. But then I just asked it, I said, by the way, I'm never going to know like how many calories I'm eating or anything. Can I just take a picture and throw it in here and you'll just get, yeah, okay, cool. So built this whole thing in the Grokbot. Then I said, just build me a website for it so I can go like visualize this stuff. So all that, I think it's like pretty easy. But for the first time, I went to dinner on, on Tuesday night, I think it was, no, I'm sorry, Monday night. And at dinner on Monday night, I was there with a couple of colleagues, including Phil Rosen.

• 58:44Anthony Pompliano?

  And Phil's head fell off because I picked up the menu and I took a picture and I sent it to my health coach. And I said, what should I eat? And it said, get the shrimp cocktail and the steak. And Phil said, there's no way you're going to have this thing tell you what to do. And I said, waiter, shrimp cocktail and steak. And Phil was dying and he was like, oh my God, like, of course, we're just going to work for the machines. Like, they're going to just tell us what to eat. They're going to tell us where to go. And so as much as it's fun and cool and, you know, I'm enjoying kind of like playing around with this stuff. I do think that was like one of my big takeaways is like, I'm literally letting it tell me what to put, like ingest into my body. Now it's through this lens of like, make me healthy.

• 59:28Anthony Pompliano?

  But man, what are we not going to let it do? Like, Google Maps tells you where to go, you know, in your car. This is going to tell you what to eat, when to sleep, you know, whatever.

• 59:38Speaker 03

  Well, and I think the most important thing, because Matt and I were talking about this before you came in here.

• 59:45Anthony Pompliano?

  I was late.

• 59:46Speaker 03

  Yeah. I mean, I keep, I keep a journal. So like, when you say you've built the health coach, I, I don't feel like I-

• 59:53Anthony Pompliano?

  What's that, a journal? That's like caveman stuff?

• 59:56Speaker 03

  Muse does all of that. Like, I don't need to create anything anymore.

• 1:00:00Anthony Pompliano?

  It's the AI. You're keeping the journal with the AI.

• 1:00:02Speaker 03

  I'm keeping the journal. And so if I have, I don't, I mean, this will sound strange. Have I ever canceled because I'm sick?

• 1:00:11Anthony Pompliano?

  No.

• 1:00:11Speaker 03

  Like, I haven't had the sniffles in a year. So I don't get sick, hopefully because of the way I approach life, hopefully. Yes, hopefully. Trust me.

• 1:00:20Anthony Pompliano?

  Next week, you'll see Jordy.

• 1:00:24Speaker 03

  But one of the things I do do is if I'm even off for a second, like I don't take painkillers.

• 1:00:31Anthony Pompliano?

  Yeah, I'm not into that.

• 1:00:32Speaker 03

  So again, if I ever have to take a couple Advil, and there might be a day where I worked out a lot and I didn't drink enough water. And I don't identify the fact that I'm dehydrated, I take two. And when you don't take them that much, they have a huge impact and the headache's immediately gone. So I always put everything in Muse of what happened. And then when you do that every day, that even goes on. And then you say, hey, when was the last time I took Advil? You start to get a reading on everything. I get my blood work done every, preferably every quarter, but every three months. But sometimes it's every four months. I keep that data in this and I don't think people want to do this, but this is the only way, in my opinion, to your point about the food,

• 1:01:14Speaker 03

  the exercise that I'm doing, the reason I'm doing physical therapy and acupuncture, because I have soreness in my knee, which is all related to my glute and my hamstring. Only way this stuff comes up is by the conversations I'm having with AI. Which exercise should I do based on what PT gave me? That whole conversation is just regular for me at this point. I don't view it as building anything in AI. I just view it as Muse had a huge impact on me. So did Grokbot. One for work, which is Grokbot, it did more, that video I sent you today, there will be shorts up of it. If people want to go see it and see what I'm doing on my subscriber wall to see how they can get some insights. It does, the work Matt does for you, it does that.

• 1:01:53Anthony Pompliano?

  I was just going to say, are you coming for Matt's job? Trying to automate away people? Yeah, you were going to say, if your microphone works next time you come in here. Say, Matt, Matt will say, go ahead, get your Grokbot to fix the microphone, Jordy.

• 1:02:08Anthony Pompliano?

  All right. We appreciate you guys watching. Make sure you go to YouTube, search, search Jordy Visser on YouTube. You can watch his Sunday videos. Where can they go to find the research that you put out? How do they become a subscriber to your work if?

• 1:02:22Speaker 03

  AI dot 22vresearch.com.

• 1:02:25Anthony Pompliano?

  All right. AI dot 22vresearch.com. You find Jordy. I should just put like a big picture of your face, like, you know, like, just right there.

• 1:02:32Speaker 03

  Yeah, my videos have little tiny, little tiny box in there.

• 1:02:36Anthony Pompliano?

  I do, I do hate that, how they put it up there, but it's okay. And if you want to use AI to better manage your household finances, then go to Sylvia.com, S I L V I A.com. And we'll see you guys next week. We'll do the best to try to figure out what's going on in the world and help you guys better manage your portfolios. See you.