Scott Bessent Just Changed the Liquidity Setup | Macro Mondays: August 24, 2026

Andreas Steno and Mikkel Rosenvold are back to ask whether Friday’s stock market rally marks the return of a more bullish macro setup, and how far this move could run. They break down Scott Bessent’s latest intervention in bond markets and what it could mean for yields, the U. S. dollar, and global liquidity. Plus, they dig into the intensifying Anthropic vs. OpenAI battle and ask whether markets are getting another dose of “Warsh hopium” after Friday’s price action. 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps: 00:00 - Are We Finally Back? 00:59 - Bitcoin and Gold Start Moving Again 02:25 - Why the Debasement Trade Is Back 03:24 - What Treasury Buybacks Actually Do 04:53 - The TGA Changes the Liquidity Story 05:29 - Why Bank Liquidity Matters for Markets 07:19 - How Much Liquidity Could Treasury Add? 09:42 - Hedge Funds Become the Marginal Treasury Buyer 11:35 - Is This Sustainable for Bitcoin and Gold? 12:19 - Temporary vs. Permanent Liquidity 14:02 - How Big Could Bessent’s Buybacks Get? 16:46 - Andreas’ Weaker-Dollar Portfolio Setup 18:03 - OpenAI vs. Anthropic 24:14 - Iran, China, and the Geopolitical Spillover 28:06 - What Could Kevin Warsh Say at Jackson Hole? 29:07 - The Most Important Macro Chart Right Now 30:06 - Is the Fed About to Turn Less Hawkish? #macromondays #macro #mikkelrosenvold #andreassteno #stenoresearch #markets #investing #stocks #stockmarket #fed #bonds #treasuries #usdollar #dxy #liquidity #openai #anthropic #interestrates #trading #realvision #scottbessent #kevinwarsh #federalreserve Learn more about your ad choices. Visit podcastchoices.com/adchoices

• 0:00Speaker 00

  Sometimes it may be good, sometimes it may be shit.

• 0:22Speaker 01

  Hello out there, welcome to Real Vision, welcome back to Macro Mondays. My name is Miguel Ostenwell and as usually I'm joined by you Andreas. And Andreas, let me kick off the show, we have a great agenda today, but let's kick off with the good old question. I've been missing this, how back are we right now?

• 0:41Speaker 00

  We're back, at the very least, we're back. And I actually think what we got out of the news outlets this morning supports the notion that we're back. But we can get into the details of that in a second, but I'm, yeah, I'm willing to say we're back.

• 0:59Speaker 01

  We're obviously hinting, or I am at least hinting on, at crypto, the Bitcoin trade, the long suffering crypto trade here. I know lots of our listeners are still in crypto, some may have opted out during the past slide here, but things looking up. Andreas, let's dive in on that initially, then we'll get back to talking a little bit about more into the dollar trade, the war speech on Friday and also the big Bessent, the other thing Scott Bessent is doing right now, the economic D-Day. We'll get back to that a little later, but let's start with Bessent's treasury gymnastics, or the sledgehammer as I call it.

• 1:38Speaker 01

  How much of this Bitcoin rally that we've been seeing and gold is brought along by Scott Bessent? And what's more fundamental in your opinion?

• 1:47Speaker 00

  Okay, Miguel, let's start with the laugh of the week, because I actually think it relates to

• 1:51Speaker 01

  Absolutely.

• 1:52Speaker 00

  what we're going to discuss now.

• 1:53Speaker 01

  I love this.

• 1:54Speaker 00

  I posted this, I think a day or two after the SpaceX IPO. And at the time, you know, it was, it was mostly meant as a joke, but who knows? I mean, at least that's kind of the direction of travel currently, even though SpaceX has made a comeback as well. Having said that, I think what Bessent did last week mattered more optically speaking than fundamentally speaking. And let me show you why on page five, because I actually think this was a very clever way of doing it from one of the Bloomberg strategists in my feed on the Bloomberg screens.

• 2:35Speaker 00

  So they, they've basically calculated the amount of times that the word debasement is mentioned in financial media on a running basis, and then you have the gold price in the white line, right? And you typically see a spike in the storyline, the narrative around dollar debasement when we have these rallies in gold and in Bitcoin, kind of the same trade, right? Having said that, I'm a bit surprised to see this many stories around dollar debasement based on what Scott Bessent did last week. He essentially decided to double the buybacks of longer running US Treasury bonds.

• 3:20Speaker 00

  Initially, which was my reading of it as well, a buyback basically means that, well, you, you issue a T-bill to buy an already existing, already issued, say 30-year bond.

• 3:37Speaker 00

  And in that, during that exercise, you don't really create a new dollar, right? You issue one bond to remove the other bond from the market. Of course, you absorb so-called duration risk, the risk of like holding Treasury bonds for longer and the corresponding risk of long-term inflation running wilder than what's penciled in and all of that. That risk is removed to some extent by this twist of the issuance, but you don't create new dollars. You can argue that there are some indirect sources of dollar creation in such a debt buyback. If you manage to remove volatility from the treasury market, it may be easier to post treasury as a collateral, meaning that you could borrow against it.

• 4:22Speaker 00

  There are some indirect impacts on liquidity. But this morning, which may be the most relevant news of the day, even though we've had tariffs news, we have the upcoming D-Day against Iran and all of that. A couple of officials from the US Treasury leaked to CNBC that they may use the so-called TGA to fund these buybacks.

• 4:49Speaker 00

  So let's look at page six, kind of a timeline of what's been going on here, right? So on August 20, he said that they could more than double the buybacks per operation to $4 billion from $2 billion. And then this morning, they said that they could use the TGA to fund these buybacks. So, you know, we've essentially had, you know, a development here from what was initially, in my opinion, an offing burger from a liquidity perspective, more or less, to something that becomes incredibly relevant as soon as you include the TGA in this equation.

• 5:29Speaker 00

  And let me go through the mechanics on the next page, because they're not irrelevant for investors in gold and Bitcoin and the likes. So I typically look at two types of liquidity. One is, you know, the very narrow liquidity that is used to settle transactions between banks. And that's what we have in the top panel here. So we're talking trillions of dollars used in inter-bank settlements. And you need an account at the Fed Reserve to be able to use these dollars. And why is that a relevant metric? It's a relevant metric because it's basically the oil of the system.

• 6:08Speaker 00

  Without sufficient structural liquidity between banks, you'll start to see higher interest rates on repurchase agreements. So the exact repurchase agreements that I referred to when I said that liquidity is needed to ensure that treasury markets functions properly, right? And now that they potentially intend to use the TGA, which is the red line in the second panel here, they intend on using dollars that have already been issued, so they're already created. They issued a bond a while ago, and then they used the proceeds to put in a war chest, basically. So those dollars are currently parked at the Fed, right?

• 6:50Speaker 00

  If they use those exact dollars to buy back bonds, those dollars will go from the Fed into the banking system. So it will eventually turn that idle dollar into a live dollar for the financial system. My best guess, you know, and I'm guessing right now, because we don't have the details from the treasury yet, is that they may be tempted to use as much as 350, 400 billion worth of ammunition here over the next years. They can actually run this program for quite a while if they do it via the TGA. And that is a running liquidity addition, meaning that you can see the dotted line at the very top of the panel. If you forecast that, we're going up.

• 7:32Speaker 00

  And I've said, based on my calculations, you know, it's a long technical calculation. How much, how much do we actually need to ensure that the market is really functioning well? We probably need, say, between 300 and 400 billion more than what we have right now. And those dollars may be delivered by the treasury now instead of the Fed, because I think, you know, initially Bessent probably hoped that the Fed would deliver those dollars, they can also create them.

• 8:01Speaker 00

  So it's big news, you know, again, I'm guessing currently about volumes and sizes here, but the direction of travel is pretty clear if we get liquidity additions from the treasury.

• 8:16Speaker 00

  Why is that super relevant? If we go back to the chart again, the last part of this very detailed chart on page seven

• 8:25Speaker 00

  is the spread between sulfur and the effective Fed funds rate in yellow towards the bottom of the panel, right? That spread is, in my view, the most telling spread for the health of the plumbing in the system. If that spread is below zero, which it probably should be, the interest rate on a secured transaction sulfur where you use a treasury as collateral in a lending operation is lower than an unsecured effective funds rate, which is essentially where you want to be if you want the repo market to be functioning well. And we're now roughly at zero, we've been below zero for a few times during the summer and early summer.

• 9:09Speaker 00

  But if you look at the past year or two, right, we've had many hiccups where this yellow line kept jumping and we've had long periods where sulfur priced too expensively.

• 9:20Speaker 00

  So if we get back to a very smooth sailing in the sulfur market, in the repo market overall, and if we ensure that there's plenty of liquidity in the system via this buyback transaction funded by the TGA, it's very good news for risk-taking, because it essentially means that hedge funds and such accounts can use their treasuries to lever up their portfolios, they can absorb more treasuries when they're issued. And when you look at page eight, that is more relevant than ever. And this is probably an eye-opener to many. I've seen a load of accounts telling me that the UK is now starting to buy a lot of treasuries. That is absolute bollocks and bullshit.

• 10:03Speaker 00

  Obviously, the UK is the main hedge fund jurisdiction, right? So the reason why the UK is buying a lot of treasuries is that they're, you know, the host nation to a lot of these levered accounts. So in short, what we see here is that Japan is no longer the module buyer of debt. China is certainly not the module buyer of debt anymore, hedge funds are. So all of these gymnastics, all of these attempts to ensure that the leverage market functions, probably, probably, they're all designed to ensure that this light blue line continues to go up because hedge funds have become the marginal buyers of treasuries.

• 10:43Speaker 00

  And therefore, you know, I have to salute Scott Besse for all of these, you know, tricks up his sleeve because he certainly knows what he's doing. And they haven't had a whole lot, a whole lot of luck with, you know, pushing international investors into buying treasuries with their terrorist policy. I think that was part of what they wanted to do. It hasn't really worked. So now they're, you know, trying to orchestrate a strong marginal bid from the leveraged account side, which is essentially the light blue here, which is why they're trying to add liquidity, which is why they're orchestrating these debt buybacks via the TGA, and which is why they've implemented this whole supplementary leverage reform that we've been banging the drum on for months.

• 11:26Speaker 00

  So all in all, we've gone from a nothing burger to something relevant now, and I think it's fair that the debasement storyline is back.

• 11:33Speaker 02

  So a quick break in your regular programming. If you're serious about your future, grab my free report called Prepare for 2030. I think you've got five years to make as much money as possible, and this guide will help you navigate what's coming. The link is in the description. Download it now.

• 11:50Speaker 01

  So how sustainable is this? I mean, did this path be changed by some of the actors? And how sustainable? Because to me, it looks like Andres, we've talked about all sorts of turning points, potential turning points for Bitcoin. We had the Clarity Act, which still probably coming up relatively soon, been talk of Bitcoin reserves, because this seems to me, perhaps a simple analysis, to be the sort of story that should drive up Bitcoin. We're back to the sort of the origin story of Bitcoin, which to me is very, very positive about this rally and why I'm really, really pumped about it. Do you agree with that? And how sustainable is this for Bitcoin and for gold potentially?

• 12:34Speaker 00

  So I think the key here, if we move back to page seven, is whether we're talking about a temporary liquidity addition or a permanent liquidity addition. What I pencil in here is, you know, of running buyback funded by the TGA down to a level around $500 billion from the current 937, as far as I remember, right? So a substantial addition of more than 400 billion. Is that sustainable? Yes, it's certainly sustainable, but it requires the US Treasury to announce that it permanently aims at having a TGA level that is lower than what they currently.

• 13:17Speaker 00

  Because if you look at the red line here again, the equilibrium is around, say, 850 or 900 billion. So it requires a change of strategy from the Treasury, and it may be that Scott Besse, also after having watched Kevin Warsh for a couple of press conferences, basically decided, okay, we're not going to wait for the Fed here, we're going to do something about this ourselves. What's their, currently seems like they're really getting at it, if you know what I mean, right? So if the red line only drops for it to, yeah, return to normal, return to 850 or 900, then you'll see liquidity withdrawal again on the back of the liquidity addition, right?

• 14:00Speaker 00

  And that's not really something that leads to a lasting sustainable impact on markets. But if they decide to bring the level of the TGA lower permanently, then it's worth noting and something really sustainable. Can they fund this buyback from the TGA for a long while? Well, if you look at page six, they can, they can easily up the buyback pace because as far as I can calculate, we're talking about an envelope size of 30, 40 billion, depending a bit on the operation size, whether it's 4 billion at a time, a quarter. And as you can see from the red bar, I've penciled in, you know, a max wallet of more than 400.

• 14:41Speaker 00

  So it basically leaves them years of buying via the TGA if they do it this way. Remember that he said that could be more than 4 billion. He said that explicitly. So they've only promised for it, but they can do six or eight or 10. If they start doing that, wow, then it's something worth noting. And, I mean, we have an election coming up, so why not try to frontload this a little bit? I'm really on the watch for more details from the Treasury Secretary here on whether to expect more than four. He kind of hinted so, right? But what if they do 10? Or what if they do 20?

• 15:24Speaker 00

  I mean, they can do that, of course. So it's certainly something that's worth noting this, and I think, at least for the rest of Trump's administration, running until 2028, unless he seeks reelection. We had a lot of stories around that over the weekend. There's plenty of firepower to keep this running until 2028, no doubt.

• 15:48Speaker 01

  Yeah. And at another point, we'll discuss the long-term implications and the signal value of this, but, but, but, but right now, this is what matters. This is what you trade. So this is what we focus on, absolutely. Okay, Andres, a little, a little break here before we get to the other Besse news, the other Besse sledgehammer discussions on that. Remember, guys, this is our free weekly show, where we give you a sneak peek into our view on the world of macro and geopolitics. To get the full spectrum of our analysis, you need to check out your options at realvision.com. We issue three, publish three weekly articles on the Procheer. That also includes our macro portfolio, but we also have a lot of content on the Chiba Alphacheer.

• 16:33Speaker 01

  We run an ETF portfolio and publish a weekly digest of our readings there. It's slightly more fairly priced, you might say, so check out that as an option as well. We are developing our publications there week by week. But tomorrow, Andres, only for the Procheer, not for the Alphacheer, but for the Procheer, we're running the Macro Needs Micro Show. Now, we've talked a lot of macro. Is that going to be dripping into the Macro Needs Micro Show tomorrow? What could people expect there?

• 17:02Speaker 00

  So, you know, a sneak peek into our portfolio. We, we did a few changes during July in anticipation of a weaker dollar. It was basically what our now casting told us. It was also what, you know, the divergence between inflation markets and the Federal Reserve speech, we'll get back to that in a second, told us. So we've had that lean right coming into these changes made by Scott Besse. It's of course not the only variable moving. We have issues in the Strait of Amuz, again, also in the Red Sea just today. I see that the Houthis are, they're claiming that they've hit another Saudi Arabian tanker, right? So on one side of the equation, we have a very weak dollar out, given everything that

• 17:47Speaker 00

  we just went through on the Treasury side. Then we have an unsolved energy market, which, which is still an issue for that dollar view. So we're going to discuss tomorrow how to, you know, balance those two things in the portfolio. Also, of course, we have updates on our great performers within the biotech pharmaceutical space, where we've had a couple of home runs this year. We've had a couple of home runs in technology, of course, and, you know, everything in our portfolio is very frontier driven, right? So expect lots of focus on OpenAI and Anthropic as well. And maybe that's a good segue to, to, to give just a sneak peek into that, Michael,

• 18:28Speaker 00

  because, you know, currently, we don't hold any Anthropic or OpenAI in our portfolio, right? But if you go to page 10, I'd like, just like to highlight to everyone watching this show, that I think it goes without saying right now that OpenAI has got a much better business momentum than Anthropic, which is the exact opposite conclusion of two months ago or three months ago, right? And I still think it's the case that every single investment manager and pundit will tell you that Anthropic is the better business of the two. So what happened here, on the screens, we have the annualized recurring revenue of Claude Code versus OpenAI's Codex.

• 19:10Speaker 01

  So I'm just trying to zoom in on the live here, Andres. Hopefully, it works for people because it can be a little bit tricky to see the movements, but, but it's very, very critical for people to see the movement up here.

• 19:19Speaker 00

  Yeah. So I think what you, what you should note here is that Claude Code has basically been flatlining from a revenue perspective since, yeah, mid-June, early-June. We're starting to see an uptick again, which is relevant and something that we need to watch the coming weeks. But, but the way I read this is that Anthropic has been very laid back in terms of compute capacity. And I've said that, I actually said it already when Dario Amade went on the wires and said that, well, we don't want to commit to compute. Obviously, the deal that they made with SpaceX, was it in June, actually, right? Is the most expensive deal we've seen on compute so far. So it is in many ways a panic.

• 20:02Speaker 00

  I know why they, why they had to panic into this deal because they were simply running out of capacity. So I don't buy the notion that Claude Code... Flatlined from a mental perspective because of two large bills for corporates and some of those blue chip stories where corporates were, you know, dialing back on their budgets because the budgets are up everywhere. And you can see that the spending per employee is up everywhere over this period. So I think it's essentially clock code telling users and also potential new users, hold, hold, hold, hold, hold, we need to be able to deliver. As two super users ourselves, Michael, we, we, we've noticed this, right? It's

• 20:46Speaker 01

  You can feel it. Just on an anecdotal level, I think Raul posted about this last week as well. You can clearly feel it that the prompts that would usually take 30 seconds is now taking 20 minutes, essentially. And I mean, some of it I can wait for. It's okay. If it's doing my job, it can take all day. I don't care. But it's, it's a very clear signal that they are at limit of their capacity right now. Absolutely.

• 21:10Speaker 00

  And I've, you know, I've had a range of research papers out on this for the pro tier at Real Vision on how to look at these two cases into the IPOs that are, and I can say most likely upcoming, right? I think it's slightly nasty for Anthropic that they've lost momentum from a revenue perspective into this IPO. We had a leak from their investor presentation, I think it was last Monday, maybe we could show that on page 11, because, you know, even though I'm telling you that it's a business that has lost momentum, we're talking about the rate of change and something that is improving, right? The leak put their AI, sorry, ARR at $65 billion a year. Remember, this is a company that had no clients 15 months

• 21:55Speaker 00

  ago, more or less, right? And now their, the revenue is the same as IBM or Accenture, right?

• 22:02Speaker 00

  I guess Accenture is a 500K employee company, something like that, but it's not more. So, I mean, it's, it's still crazy. What does it take for Anthropic or OpenAI to be self-sustaining in terms of what, how much revenue do they need to generate for them to be able to pay their compute bills? Probably still 4X from now, like they need to go to 250, 300 billion, something like that in early recurring revenues. Is that doable? Latest piece of anecdotal evidence from my side, well, for example, accounting software, they're slowly but surely opening

• 22:44Speaker 00

  up for Claude and OpenAI and others to work directly in, within their software, right? And you, you'll end up seeing that everywhere in the software space, obviously, right? Because that also creates vertical integration from existing software providers, making it more difficult to scrap their licenses. And, yeah, all of a sudden, it becomes normal to use tokens for everything that you don't use tokens for right now, or at least you don't use as many tokens, because you'll probably ask Claude, okay, if I need to do something like this in this program, how do I do it? And then you spend some tokens. But if you ask it, an agent to run like automatic exercises, then you'll spend a lot more tokens, right? So I still

• 23:26Speaker 00

  think it's very doable to, to three or four X this revenue within a couple of years. So, in short, expect some contrarian takes on the whole AI situation. But overall, I still think the revenue side and the, and the, you know, business momentum, despite the lack of compute capacity at Anthropic, supports the notion that we haven't peaked yet. And everything that Scott Bessent just did probably prolonged the cycle. Remember that as well. I mean, it is much more likely today than it was two weeks ago that the cycle will run through 2027 as well, in my opinion.

• 24:01Speaker 01

  Interesting. Great news. We'll dive even more into this story tomorrow on Macro Meets Micro for Pro subscribers with Real Vision. I just want to touch upon finally, toward the end of the show here, Andreas, two interesting speeches this week. We have Scott Bessent in about two and a half hours, explaining, hopefully, the economic D-Day against Iran. I'll have some notes on that. And then I'll let you talk a little bit about the upcoming Jackson Hole and the Kevin Warsh speech there. So, just a few notes here on the Scott Bessent speech and the economic D-Day. We don't know the exact details, but we do have an idea of what's going to happen. It's going to be secondary sanctions, secondary measures against countries

• 24:44Speaker 01

  and companies and lawyers, whatever, working with Iran and anything. The big thing here is, or the problem is that it's not, it's not that you don't have wide scale sanctions against Iran already, they're just not really working, at least not to the extent that US would hope for, because of China. And this is the big question for me for later today and in coming weeks. How much are they willing to throw grenades at China here? Are they going to be mentioning Chinese banks, cutting, trying to cut off Chinese banks? Are they placing sanctions on Chinese banks here, Chinese individuals, Chinese companies? That's the big question for me. And eventually, this leads to the other big question that I raised

• 25:26Speaker 01

  in the drill last week, that I think was only accentuated by this, is that we're beginning to see the true spillover of the Iran conflict. And I'm not talking about spillover into the neighboring countries getting attacked. That was phase one. This phase of spillover is spillover into other geopolitical arenas, that the Iran war is beginning to cast US political capital and real capital in the Pacific, again, in the relationship to South Korea, and most importantly, in the relationship to China. This is beginning to affect everything else geopolitically. And that is where the real cost of this conflict arises. Not as much in dollar terms or in lives lost, but in political capital, geopolitical capital going into this.

• 26:11Speaker 01

  What if the entire summit next month with Xi Jinping is spent on getting the Hormuz Strait opened? I mean, that wasn't the point. That summit was supposed to solve the trade issue. So, so that is worrying to me. I'm beginning to get more and more worried about this summit in the next month. I don't think the, the economic D-Day will be as massive or a big driver for markets, as some would have you believe. But I'm beginning to get very, very worried about the spillover costs, especially for that Trump Xi meeting over in September. I don't know if you have any thoughts on that, Andreas, or?

• 26:48Speaker 00

  I can just add, if you go to page nine, Michael, that, you know, China has been instrumental in keeping things balanced in energy markets, right? Remember that they've imported a lot less oil than usually. So they've willingly used their commercial and structural reserves to ensure that the oil market was decently balanced, probably to some degree in cooperation with Trump and his administration, right? We're currently seeing China buying more. One of the reasons why the oil price has been heading more up than down recently. And if you look at the dark blue line here, the crack spreads. So if you, if you want to go from oil to the

• 27:29Speaker 00

  relevant consumer price, you basically need to run it through a refiner, right? And they're having a blast because of the lack of refiners' capacity in the Middle East. So, you know, if, if they throw grenades at China, will China then willingly be able, or will they willingly continue to balance the energy market? That's a huge question mark, especially ahead of the midterms, because they can easily disrupt the midterms by buying a lot of oil, right? I think the key to unlocking the exact environment that Scott Bessent is actually trying to orchestrate here for bonds and for treasury markets is to solve the products issue in the Strait of Hormuz. Nothing is more relevant than getting the price of the

• 28:13Speaker 00

  pump down now. They've managed to get the oil price down, but not the price of the pump to any major extent because of these crack spreads. And speaking of unlocking the Fed and Kevin Warsh, we have the symposium beginning on Friday, I think it is, in Jackson Hole in Wyoming. And on page 12, you have the, you know, the announced theme of the year, which is financial innovation implications for payments and policy. Could be very related to everything we've talked about with, within crypto, right? I think that is certainly something that's on the cards here. But it could also be related to how AI, that is a financial innovation, in my opinion, how AI impacts payments and policy. And, you know, at least,

• 28:58Speaker 00

  if we throw back times, six, six months when he was, you know, when he was basically trying to get the job, Kevin Warsh, he talked a lot about productivity, talked a lot about how technology would, would lead to lower prices and all of that. We haven't seen much of that after he actually got the nod, right? He hasn't been talking a lot about it, but maybe this is the occasion for him to start talking about it again. And I've noted one thing, and this is the most important chart of macro right now on page 13. We run these scores on the, you know, language used by Fed officials on a running basis, hawkish or dovish, versus

• 29:39Speaker 00

  the inflation market. And, you know, what started this whole rout in financial markets in July was probably this major disconnect with inflation expectations coming down, while the Fed officials, they just kept stating that the need for rate hikes was more and more, yeah, alive in many ways. Look at the light blue now. It seems like we peaked in terms of Fed statements, Fed hawkishness. Obviously, Warsh has got a great opportunity on Friday to solidify that peak. And my opinion is that it's likely, especially given that we've, we've seen some, some data that could back up such a view, was essentially exactly

• 30:20Speaker 00

  what we said after his first press conference. Give him three months and in September, he'll have a better opportunity of saying something more soft. And, well, Friday is his opportunity, basically, because at least typically governors have used, or chairmen have used that occasion to, you know, to signal change. And it could be a very relevant opportunity on Friday, especially to say something about productivity and blockchain maybe becoming disinflationary forces. That would be my reading of it when I read the headline or the theme of the year.

• 30:52Speaker 01

  And that should bring us even more back, Andreas, especially with some of the trades we've been doing in our portfolio. Great to hear, Andreas. We covered a lot of ground in these 30 minutes. Hopefully, it was useful to, to you out there listening. Before we go, please let us know in the comments what you liked and what you disliked, what you would like to see more of in this show. And thanks again for, for joining us. Remember to like and subscribe and we'll be back next week. See you.

• 31:18Speaker 02

  You obviously enjoyed the episode because you're here with me at the end. But listen, don't forget to go to realvision.com/join and grab a free membership. It's an incredible community packed with alpha, great investment ideas, and the research that you need to help you unfuck your future. So get started now. Go to realvision.com/join.