Transcription
That's absolutely it. Finished. Game over, man.
We're digressing a little bit, but uh, they've already banned Chinese cars in America. Oh, no, they haven't. Yes, they have.
I made a lot of money and then I got out the top, and then it came down, and then it went up, and I got out at the top again, and now it's come down and it's... What makes you think the se What makes you think the retail audience isn't getting back in?
Our next guest correctly called Bitcoin's downside. He actually also correctly called the market top not too long ago. We're going to find out what he thinks next is going to happen to equities, gold, Bitcoin, and the entire geopolitical situation that could impact the uh global economies and markets alike. Welcome back to the show, Clem. You've made a number of important calls in the last year. I just want to congratulate you. I mean, not everybody is right all the time, but the important things we have to consider and note. Bitcoin. You, you had wanted to short Bitcoin at $100,000. That turned out to be absolutely the right call. And I'm going to ask you about Bitcoin today. Right before the Iran war happened, you had said it's going to happen any minute now. It was a day before we aired that, and then a day after bombs started dropping. So, um, several things you looked at this year turned out to be correct. So, I want to get your update and silver. This pivot.
Gold and silver as well. No, I haven't forgotten that. I want to get to that. You have gold and silver. You also, uh, you also, you also said it was a bubble waiting to pop, and it has.
Now that these things have popped though, Clem, are you getting back in on Bitcoin, gold, and silver under 40,000? And I'll start itching. Gold at three and a half thousand. I'll start itching and I'll probably start scratching when it comes to gold. I'll just DCA in. You see, I'm, I, I've, I'm having this sort of turnover in my brain at the moment on doing things differently. Now, the way that people tend to do things, and I do it, and I've done it for 30 years and made a lot of money, is I go, "Oh, I like that. Bang." And I buy it. Where really, one should actually just watch these things and then make a decision. And you know, it's like if gold goes down to $35,000 an ounce, which it could, it could go lower, why not rather than go plunge? Why not just start buying it bit by bit? You know, buy 50 grand a month or something, you know, why why plunge? So, I think I'm going to not plunge into gold at three and a half. I'm going to start to dollar cost average. Okay. And that, I think you'll find around that level, it's going to go sideways. Yeah. And it's a very simple way of of of looking at that. And people hate simple ways. They like it to be complicated and they like to be clever. And I like to be stupid. I like to draw my charts with Crayola. Oh, look at that obvious line. Right. And what happens with the hockey sticks when they go up like a rocket and down like a rock is, and I've seen this ever since I was a child. So, I literally were looking at at at charts like this in the '70s when I was 12 years old. And they go up and then they come down half the way. And it's that simple. They overshoot. They, they retrace, they get momentum, they overshoot, they correct down to the right price, and then they settle there. And that's about three and a half thousand on gold.
Now, Bitcoin, I mean, if if it gets under 40,000, as I'm expecting, and it could get under 30, I'm not expecting it. Somewhere between 40 and 30, it, it's, it's going to be very interesting for the next cycle. And there might not be a next cycle because all the cycles we've seen up to today, um, with Bitcoin have been B to C, and now it's B to B. The C's are out. You know, all, all the believers, all the, all the normal people that that rode that that rail with Bitcoin, they're not there anymore. It's all institutions. And all institutions, they don't care about Satoshi. They don't care about the dream, and they don't care about autonomy and sovereign, so sovereignty and and anti-money, money, and hard money, and all that good stuff. They don't care about that. All they care about is getting their fangs into it and draining all the liquidity out and buying houses and jets. So now that crypto is under the control of B to B, it's not a good thing. I mean, Satoshi would turn in his grave. Probably is turning in his grave. Yeah. And, and so I think there's a good chance that Bitcoin, 50/50, has had its, had its time. And I'll know later. And I mean, who's going to go to jail at the bottom of this market? Answers on a postcard, right? So there's going to be all that.
You and I have been talking for years, Clem. And you were very bullish on the entire crypto space back in 2021, 2020. What happened? What happened to that money? I made a lot of money and then I got out at the top, and then it came down, and then it went up, and I got out at the top again, and now it's come down and it's... What makes you think the se What makes you think the retail audience isn't getting back in?
Well, they're not there. They're just not there. You, you could just go on to all the websites and and and not hear anybody be, you know, going ya like they did back in 2017 and 2021. You know, it's gone. Remember that word, institutional? Right. Yeah. It's meant to be outside of the financial system. That's what the Bitcoin was meant to be about. Well, now it's totally inside. It's meant to be no one controls it. Well, now it's totally controlled. It's meant to be outside of government. Now it's inside of government. And, you know, so the whole point, the whole methodology, the whole idea, the whole thing that drove it, that is dead. Now, does Bitcoin live on? And I think it's touch and go. I really do think it's touch and go. And if I, if I read another 10 stories about people being hacked and millions being stolen, that will be tomorrow. Yeah, it's absolutely pestilential the robberies that are going on in crypto. And, you know, it's not just like someone went into a bank and stole 5 million. It's not Ocean's 11, it's Ocean's 11 times 20. These are the biggest robberies of all time. And, and, you know, I was looking at, I was looking at a crypto punk because underneath it all, I'm a nerd and I love crypto and I want a crypto punk and I don't mind paying 50 grand for one. But I'm going, someone's going to steal it. Why would you buy that if someone's going to steal it? And who's going to? You just wake up one morning and it'll be gone. So, the, the, the whole basis of crypto, the the driver is gone. Now it belongs to institutions, and all the risk is still there. So, I think different with stable coins, that is going to become infrastructure for sure. But the, the idea of of a of Bitcoins and of Ethereum, that particularly Bitcoin, that really is touch and go. The idea of computing on the blockchain that's distributed, that might change. It will go. You could say crypto blockchain is going to go through another cycle of invention. That's going to happen. But what will come out of it will be a long way away from the original dream of Satoshi. And Bitcoin is is under threat. It's under threat purely by the fact that it's now controlled by a bunch of looters, i.e. Wall Street. And, and they will, given half a chance, and they've got several chances, suck all the blood out of it. And, and that could be the next four-year cycle. So, we'll have to wait and see.
You think the previous four-year cycles have been driven by retail buying and selling? All of them, up until, you know, even this one to an extent, but not, not so much.
So, when people tell you the four-year cycle is dead, would you agree or disagree? I would say it's in intensive care. And the more it goes Wall Street, the more close to the to the graveyard it is.
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I see. Now, why 40,000? Let me just pull up a chart of Bitcoin here. Uh, so, uh, you know, Bitcoin has fallen off 50% from its highest, more than 50% from its highs in prior bull and bear cycles. It's down exactly more than 50% now at 60,000. Uh, previously, I've noted this before with you as well. Bitcoin has had a habit of retracing back to its prior, uh, bull cycle peak for its trough. Case in point, in 2022, it troughed around 16, $17,000. That happened to the peak, happened to be the peak back in 2017, late 2017, the prior bull cycle. Uh, it's already gone down below 69,000. It's 2021 peak. Uh, I'm just curious how, why you think it's going to go down another 30% from here.
Okay. Okay. Once upon a time, I used to be a big fan of my old friend Professor Mandelbrot. And, you know, I had some interaction with him back in the day. And fractals are self-similar and self-defined. Now, that's all gobbledegook. But what I would say to you, look at the last, um, time it did it, and then imagine that that happens again. Where's it going to? And if you look at the one before, you'll see it again. Then you look at the one, there's seven of these, and they're all pretty similar. Yeah, that the only thing that happened was the last cycle, you got this double top, and you've kind of got this double top again. But look at the fall. Yeah. And look where it came back down to. And, and the whole thing's almost a photograph. I mean, it's not quite a photograph, but it definitely rhymes. And it comes back down to that first pull. If you look at, I'm pointing at my screen, you can't see me, but if you look at the at the rise, there's a first pause early, very, very early on. Okay, there you go. Now go to the first pause on the on the on the cycle before.
Okay. There. There you go. That's where it's coming. It's coming down there.
Okay, that's not to the point, the first, the the first peaks. And what, what does your chart tell you that prices? That's about 40,000. Yeah. Okay, I see what you're saying.
There you go. All right. And of course, you could just draw a line straight across the pre the the bottom in 2017 and the bottom in 2020 or whenever it was, and see where that ends up. That's probably about 30,000.
Yeah, it does, it does behave, uh, you know, pretty symmetrically, um, historically speaking. Uh, yeah, go ahead.
I saw, David, I saw something very funny today. I was on on X because I'm silly. I'm going, going on X. And, you know, I've been talking about the four-year cycle for years now. Yeah. And then there's someone going, "Oh, it's the four-year cycle." And the, and the guy from Coinbase goes, "Yeah, well, you should have said that a couple of years ago and saved the people a lot of money, mate." Well, okay. Well, you know, yeah, a lot of the ex, um, influencers on crypto have disappeared. What about the rest of the crypto space? That leads me to my next point. We're talking about Bitcoin now. Uh, it's in intensive care. Is the rest of crypto also in intensive care?
Yeah, I think so. I think so. And, I mean, there's this huge problem that America's only just starting to address, and that is global, um, in online scamming. Okay? And there's a massive, massive evil apocalypse in in Asia where tens of thousands of people are being murdered every year to scam Americans. Now, most people don't know about this, but there are concentration camps in places like Burma. Concentration camps, focus on that, where people get kidnapped and locked up in concentration camps, and the only way they get to go or or get fed is by scamming Americans. Yeah. And, and the, the Americans and the, and the Vietnamese and the Chinese just shut down a big outfit that was doing billions of dollars in this and running concentration camps with there's something like 200,000 people who are forced labor called slaves right in in these camps, forced labor camps, a concentration camp, and, and their life expectancy is basically 10 years, rather, and they're young people, so they should be living another 50. So, one 10% of them are dying every year, right? Which is, you would do if you're in a concentration camp, you die, right?
Okay. How does that... And that hasn't really come out. And you can... How does that relate to crypto?
Well, because they're getting paid in crypto.
All right.
That's how they get paid, right? So, there's all these things going on, and all this pestilential scamming that's going on of people via online. Yeah. Is all linked up with with crypto. And America seems to have decided to shut this down. It should have been shut down a decade ago. But, yeah, people will hear what I say and go, "That's not true. That can't be right." Go and look it up. Prince's Group. Go to Wikipedia. You'll see it. Right. Forced labor camps with hundreds of thousands of people scamming Americans online and getting and get and laundering it all in crypto. Yeah. And this is a big move, and that is going to that's going to cramp, uh, Bitcoin. And Iran, Iran, if, if we don't have a breakout of the war in the next couple of weeks again, Iran produces 25% of the Bitcoin, and one of the reasons for that is that they can launder the oil money through Bitcoin. And funny enough, gold. Yeah. And, and all these things are pointing against crypto right now, and, and they're real. I mean, they sound, it sounds ridiculous that only a few percentage people in the world know about these forced labor camps in Asia that are are built to scam Americans out of their money. And there are hundreds of thousands of slaves there. You would have thought it'd be on the front page every day, wouldn't you? But there it is. Go look it up. And that's all attached to all this stuff. And they're going to be clamping down. Please God, they clamp that down. Get rid of that. Well, that's going to hurt. If Iran gets normalized, they're going to probably have to can pull away from Bitcoin because they don't need it anymore. So, that will hurt Bitcoin. And then you've got Wall Street who's got this $1 trillion target over Bitcoin's head. Because if they can liquidate all of Bitcoin, that'll make a trillion dollars, and they'll like a trillion dollars. That's the kind of money they like. So, yeah, a lot of things are pointing in the wrong direction for Bitcoin. Blockchain is another matter, and, and that will pan out in the next two or three years. What happens next in Bitcoin, blockchain?
So you talk about gold network.
Yeah. I mean, that that's an interesting perspective. The other thing I want to add, and maybe you can comment on, I, I've noticed during the peak of the bull cycle last time in 2021, um, a lot of the people that I talked to in the Bitcoin crypto space, blockchain space, uh, were Wall Street people who moved into, uh, the blockchain space to build something on blockchain. These were very talented, high-ranking executives at major financial institutions building the equipment in the blockchain space.
Yeah. Now, a lot of these people are moving into the AI space.
Sir, I would call the people that couldn't cut it on Wall Street and got kicked out and and thought they might try their hand at crypto.
I don't know about that. I've met some pretty smart people, uh, smarter than me at least. So, what does that say about me? Uh, but the point I'm trying to make, Clem, is that, um, the talent seems to be moving into tech, moving into AI, and I wonder what that says about not just sentiment, but the future of of of who's building what.
Well, AI is the future. There's, there's no future without it. I mean, there's something that dawned on me today, and it's a horrible thought, but, but you people can think about this, right? Electricity is destiny. If America doesn't get enough electricity, that's it, finished, right? China already has 250% more electricity than America. Now, electricity is AI, and there ain't no second place in AI. And if America doesn't keep up with China, or rather, if China catches, which they're only a heartbeat away from catching American AI right now, they're stealing it. I'm sure you read the news about Alibaba and his 40 thieves stealing all the blood, or 25,000 thieves stealing Anthropic's work. Yeah. So, if China catches up and pulls past American AI, you can forget your democracy. You're over. You're over. There ain't going to be no democracy if America loses the AI race because it will be proven that an authoritarian non-democracy will win against a democracy that, you know, can't get its act together.
Okay? You know, 250% more energy in China.
Think about that. Now, there's another thing that people need to think about. They say, "Oh, there's a Sputnik moment. Oh, you know." Well, the Sputnik moment was when a bankrupt economy, all they could do was launch a blooming rocket. That's the only thing they could do better than America, the dominant manufacturing country in the world. Yeah. And the dominant manufacturing powerhouse in the world, America, panicked and got its skates on and landed on the moon in a few years. That was a Sputnik moment. Well, who is now the country with no no economy and no manufacturing that can only launch rockets? And who is the, who is the 800-pound gorilla of manufacturing? Sadly, it's the tables are turned. The only thing that America can do that China can't do better and more of is launch rockets. Yeah. Because they're doing robots so well, China, that they're going to ban Chinese robots in America. And people can say, "Well, that can't be true." Go look it up. They've already banned Chinese cars in America. Oh, no, they haven't. Yes, they have. It's touch and go now. Touch and go. So, if this AI bubble has burst, and that's it, well, that's it.
Mhm. That's absolutely it. Finished. Game over, man.
We're digressing a little bit. But, uh, yeah. What, what, what's the on that note, what's the future of Europe as well? If America is falling behind in manufacturing, what does Europe produce that the rest of the world really needs?
Tricky. Very, very tricky. And they know it. They absolutely know it. They've woken up to that in the same way as America woke up to China. Well, Donald Trump woke up to it first, and then suddenly the whole country woke up to it. You know, Europe is now waking up to it. And, and what's it going to do? In a sense, it's been pushed by America into the arms of China because America's going, "Yeah, Europe, we want tariffs on you, too." Yeah. And you're all a bunch of idiots, and, and we're put, we're maybe pulling out of NATO. I mean, what, what's, um, Europe going to do? Is it going to bend the knee to China? Why not? It's a long way away. All right, Genghis Khan nearly got there. But there's a choice. It's, it bent the knee to America, and now America's not its friend anymore. Who's it going to bend the knee to? So, it's a good question. But Europe is waking up to it, and it's got a major challenge on its hands because if, if America hasn't got enough, uh, energy, Europe is well down that wrong end of that path. I mean, you know, the Germans blew up some power stations because they didn't want any energy. But energy is life. Yeah. And energy is AI, and ain't no second place. So...
Yeah.
I mean, even, even I was going to say even, but the UK is also getting it on. They announced a big budget for rare earth, um, production in the UK only a few days ago. So, everybody's, the penny's dropping. The penny's dropping, and it's going to be absolute rock and roll out there. Absolute rock and roll.
What would you, what would you know if you're a European, what would you invest in right now? The So, LG gas prices are still high. We can talk about oil in just a minute. And the ECB just raised rates. What do you do if you're European?
Yeah. Um, I don't know. Property in Portugal, so you can head for South America quick. Um, I don't, I, you know, there's a lot of good glo Europe. If you're a European, you get taxed a lot, right? But you do have access to all sorts of good stuff. You know, you do have access to international equities that you can move your money abroad, unless you're Norwegian. And, and, you know, there's, there's plenty of opportunities because you're in an environment where you're either the quick or the dead.
So, if you're the quick, you're in great shape. C-shaped economy. Heard that one, right? Well, which leg of the cage do you want to be on?
And you can pick your leg. And, you know, that's what your users, viewers would be doing. They they might feel they're on the wrong leg of the K, but actually they're trying to get on this one. And this, this, there's this money's is big there, and, and the pickings are rich, right? So, if you're on, if you aim to be on that leg of the K, i.e. where the money is, you'll do real well. And that's open to Europeans as much as it is to Americans. Yeah. Whether the countries, whether the the states of those countries, whether those policies, you know, blow it or not is another matter. You couldn't, you know, if you've got enough cash, you can go, can't you? And a lot of people in the UK have. That's exactly what they've done. They've gone, I'm off. And in certain countries, you can't do that. You just can't leave. You can't just leave China. Yeah. So, you know, there's plenty of options for people that want to be active and on the up leg of the K. And if people don't realize they can get on it or feel that they're not capable or don't want to be bothered, well, unfortunately, it's going to be pretty tough. Take a listen to what Jamie Diamond of JP Morgan said on a panel just last week.
Ernie said, you know, the middle powers should get together. It's a fantasy. They did that. It's called Europe, you know, and...
It is hard to go to a CFR event these days where Europe doesn't get dumped on, I'm afraid. Uh...
No, but Europe, but this, this is a serious problem. The GDP of Europe has gone from 90% of America to 70%. And at the current, and, and our view is they'll probably continue to erode over time because high taxes. I'm not against social safety nets, and we should probably talk about that a little bit too, but they're too high and effective. A lot of countries, uh, their debt, they have 100% debt to GDP also, but, you know, growing slow is much worse with 100% debt to GDP than growing fast. And, and, um, and that, you know, kind of anti-business, you know, poor tax structures that stop investment capital formation generally drives growth. A lot of that capital's moving here. Like, here's here's some big numbers for you. Our stock exchange is worth, I think, 60, maybe 70 trillion today. Uh, you know, Deutsche Boer's three, you know, the Footsie at the UK, four, the French one, three, you know, and, and that is serious stuff. And, and, and there's not a deep recognition. So, Mario Draghi wrote this great report. That is what they need to do. Have a real European Union, open, you know, trade services to everyone in there, have a big common market, have a growth strategy and policies, uh, that can can drive growth. And, um...
All right. You live in Europe, Clem. Is he right or wrong?
Yes, but things are changing. I mean, a lot of things are changing really fast now. So, if you look back, say, before the Wild Bang got into Washington, it was all slow. And now he has absolutely, he has been a bull in a china shop. And now everything has changed. And I mean, that is one of the real benefits of Trump amongst the negatives. That's a big positive because he has spelled it out in big letters. And a lot of people, like the stuff I was saying earlier, people go, "No, no, no, it can't be. It can't be. It can't be." Oh, I'm going to look now. Oh, there it is. Ah. So, you know, he has really, um, vitalized or revitalized all sorts of corners. I mean, you know, they're hopping up and bopping in Greenland right now, for example. But he has absolutely revitalized a lot of issues. So, the polite decline, which has been the road for both America and Europe, that has kind of, you know, people now know that that is an option, but it's a pretty disastrous one. So, now it's just a question of whether it can be turned around. And, and the challenge for America to turn it around is is massive. Absolutely, ma, absolutely massive. And, and the same with Europe, and the same with with the UK. And yes, everything Diamond says is is spot on. Are they going to do it? I, I, it's already, these are supertankers, turning them around, they just don't turn around that fast. Will they be able to to change direction quick enough? That's the open question. And really, it's America which is the one that is in the greatest peril because Europe can plod along and do its socialist thing, and it can do that for a very, very, very long time. But if America wants to stay the number one, it, it's got a couple of years to turn it around because it's not going to be number one for much longer. It might even be the case, if you wanted to be really, really, really down on it, it's no longer the number one. Yeah. Because who can do without who? It's touch and go now, isn't it?
Yeah. Let's finish off on gold. Let's go full circle here. We talked about gold in the beginning of the interview. Turkey selling gold made headlines all over, uh, social media in the last two months now. Uh, probably, this is the biggest wave of gold sales in the country's history, exceeding two previous episodes that we've also highlighted in our chart. There's all sorts of theories to why they did that. Some say to prop up the currency. Who knows? Is this the end of central bank buying as we know it of gold for now?
Well, look, my thesis with you over many, many, many, many months is gold is for war. And that war, as I've said on your show over and over again, is America versus China or China versus America over Taiwan. Now, that has been at the very least postponed. And therefore, the demand for gold is going to settle at a different price. The moment you see gold do a run, that's that's really going to be bad. That's because that means Taiwan is on again. And, and, and that nobody... Oh, dear. Oh, dear, that would be absolutely catastrophic, right? For gold to get back on the, it's all about inflation train. It will be gently rising. If it starts to go like that, that's because gold is for war and there's a big one coming, and that will be catastrophic. And I think that that is at least postponed, and at least for two or three years. And I think actually it's probably now not on at all because if they've got any sense, and I believe they have, the Chinese have realized they they can do nothing and win. Yeah. All they got to do is just keep doing what they're doing, and it's inevitable what happens. They've got more energy. They've got all the, all the industry. They, they've got the America by the throat in propaganda. They, they've won. And what America is trying to do is turn that around. Can they? It's a mighty challenge. It's a mighty, mighty challenge. And, and I hope it goes well because, boy, I don't want to live in a non-democratic world run by the Chinese Communist Party by proxy. And that's what will happen. If, if America loses the AI war, that's it. It's over. Because a, a Chinese government who's smarter through AI than the American system, well, what's the outcome of that going to be? Nothing good, right? So, it's all down to that. And we will know this summer whether that's going to be a thing or not. Because if this is an AI bubble that's burst, that's it. Finished. It's all finished. It's all finished for the West. This is I'll close off on this statement here. U I've only pulled up three asset classes, but there's many others to show. The point I'm trying to make is that last year when we were speaking, Clem, you and I have been talking about how everything was going up to new all-time highs, and the issue was, you know, picking the best out of, uh, a field of fast racehorses, so to speak. Either way, you're winning, but you just want to be being the fastest one. Now, it seems like everything's pulling back. What do you do in this environment?
Right. So, the way that I see it is this. This is an example of a pull in a bubble. And if you look at any bubble, there's always big pullbacks. Yeah. The question is, is it the end or is it the middle? Now, when I look at the dot bubble, we're nowhere near up there. And for this to be the bubble, the AI bubble, then it has to go a lot further. And it's another year or 18 months. So, this would make it a pullback. Now, if this is the end of the bubble, well, that's it. Goodbye, Vienna, anyway, right? Because China will has got twice as much energy. We'll win the AI war. We'll outsmart America, and that'll be that. Yeah. But I think what, what will happen is you've got a lot of very, very, very smart people, very rich, powerful smart people, putting it all, putting their whole net worth on the line with AI because they know, because they're the guys that made it, and they know that this is an amazing thing. And if they don't do it, then that's it. They're finished, and the country is finished, and the West is finished. So they're going hell for leather. And unless the government, who might fear it, because after all, AI is better at words than they are, and that's pretty scary for anybody. If the government lets it run, then it will be, it will be great. And if they, if they choke it off, that's, that's it's all over. So, we'll know that very soon because if we are at the beginning, or maybe a third of the way up the bubble, then, then that's good because that will all be built out, and it'll all be, um, doing its AI thing, and, and, you know, there'll be a massive economic boom. All right, there'll be high inflation. That'll be good for gold and silver. The stock market, um, the markets will go berserk, and then who knows what they'll do, and everybody will be great. But, you know, I, I, if they, if America goes into retrenchment and says, "Oh, no. We don't need this. No, no, we don't need our manufacturer back. Oh, no. We're just going to be friendly with China. You're just going to eat our heart out." Then that's it. It's finished. It's all over. Because that's what China's done. It's hollowed out America. And if it keeps on doing it for another three or four or five years, there won't be anything left.
So, buy Chinese stocks. Is that what we're saying?
Yeah. Right. No.
Well, yeah. I mean, sure, if you really are that cold.
Okay. But I wasn't it. But I mean, there's, there's issues. Well, you, they don't, they won't let you buy them, by the way. Most of them. They won't let you have them. Funny that.
That's right. Yeah, that's right. I mean, there's the H shares index and other things, but, yeah, for, for, I wonder why they won't let you buy their shares. Oh, I wonder why that would be. Oh.
Um, well, let's end on this note. So, if Bitcoin is going down to possibly 40,000 from 60,000, what does that mean for looking at 3,000, 30?
Bitcoin 30 to 40,000, and it'll settle around there. It might go under 30, but I don't think it will. Gold, three and a half thousand. It will go in, and it will find its level, I believe, around there. It might go a little bit lower. It might shake about a lot, but when all is said and done, that's where it'll be. And I'll be DCAing in then. And I will be holding through this and market. I mean, yeah, I, I, I put on 10% on my portfolio in a matter of weeks, and it's all gone back.
Yeah. But, you know, this particular, um, storm, which is one of of month-end, quarter-end, half-year-end, year-end, all at the same time, which is the end of June. That should rectify itself in July, and then we should be off to the races again. If we're not, that probably means a number of other really interesting things that aren't good. Well, maybe they are good. Depends on your point of view. But, you know, if, if Donald Trump and his merry crew are now a busted flush because of Iran, and the system, um, says, "No, no, we're not, we're not having any of this anymore." Then, and we're not having AI, and we don't like that. No, no, no. Then, then that's goodbye, Vienna. I think.
On that happy note, let's, uh, [laughter] end there. Where do we follow you, Clem?
Yeah. Well, I'm, I'm on Substack. You see, I'm not a perma-bear. I'm actually bullish because I don't think, I think America's going to do it. And I, and I, and I think you have to be pretty optimistic to see that. And, but I do know for sure, everybody feels that this is a K-shaped economy. And there's, there's no one's going to send you an invite to be on the right leg of that K. It's open to anybody to get on it. It's about being economically active. And your viewers are just that group. Okay. So, I am actually a bull, and to prove, proven otherwise. And, you know, we might see a little bit of further action in Iran would be my wild guess. And you should be watching oil. If I'm getting bullish on oil, if oil kicks off, well, that's going to be an interesting sign. So, there's, there's a lot to play for. But long term, if, you know, long term, it's always good to be in equities. It's always good to be in cheap stocks. But the market tends to these days have an issue with month ends and quarter ends and year ends because of the way that that funds and and behave. And I think that's what we're going through now. And it's, you know, wild and not very pleasant. But we will know in early February, and if it goes on a run again, then, then you can, I would say that we are a third of the way up this bubble, and the top of this bubble, if we, if it is a proper bubble, is got way, way further to go. And, and it's nowhere near as, it's hard to predict how high it could go, but it will be ridiculous. So, you just have to ride it, and then, you know, quit when you're ahead, and you feel it's gone far enough for you.
Okay, good. Clem, thank you so much. We'll put the links down below, so follow Clem there. Appreciate your time. We'll speak soon.
Thanks very much, Dave. Sorry to depress you.
Well, you know, uh, the Vancouver weather does that on its own. I don't, I don't really need anybody's help for that. Thank you so much. We'll speak again soon, and thank you for watching. And don't forget to like, subscribe.