In today's episode, Kip explores recent market trends and movements, sharing his perspective as a seasoned trend follower. He covers significant events such as the recent sell-off, reactions to market shifts, and the implications of a potential "death cross" in the S&P 500. Kip also elaborates on the importance of trend-following, the potential for market capitulation, and the ongoing debates surrounding economic policies and trade barriers. Tune into today's podcast to learn more.

Don’t look back till the market is closed. Good Monday afternoon, everyone. Kip Herriage here with the daily VRA investing podcast. Hope you had a good day. Hope your week was good as well. Listen, we’ve got a lot of good things to talk about today. The shape of the markets, what we see, what would cause us to change direction. As you know, we have sold a lot of positions.

We sold nine positions week before last just in front of the real big move lower. And we don’t like being out of the market. We’ll talk about that a little bit. We’ll tell you what we’re looking at, what we get back in. Because one thing, you know, but we are trend followers, okay? We, what we never do if, you know, famous last words. What we try not to do is stay on the wrong side of anything. I’m pretty competitive, okay? And I don’t like going to bed at night if I’m on the wrong side of a position or on the market, okay? This sits with me, all right? I don’t sleep well because that, that as trend followers, that’s what has been kind of beat into me over the decades.

[00:01:05]:
Why would I want to fight the market? That the market’s telling you what it wants to do. Why would God’s name would you want to fight it? Okay? That’s why I’ve had an issue all these years with perma bears that are just, you know, tilting at windmills, right? When you’re like, do you not see this chart? Look at, look, it’s going up. Left to right, it’s going up. Why would you want to fight that? So I’ll talk about that a little more in just a second. We did get a death cross today in the S&P 500. I’ll talk about that in a minute here. It’s not as bad as it sounds, by the way. Short term kind of is longer term almost doesn’t matter.

The question that we’re getting a lot is, do you think we’ll have a capitulation? Do you think we’ll have a retest of the lows? Spend a couple minutes on that as well. It got some really good info today. Just starting this a little late because Tyler and I were watching the interview with the Treasury Secretary Scott Bessant on Bloomberg after the close. By the way, I gotta say, Bloomberg has been, has had excellent coverage. And I’m not a TV guy. I don’t watch much financial tv. I have four or five sources that I, you know, friends, right. People that I follow for decades.

These are my guys. I trust them. I know that they are legitimate, they’re honest and we see things the same way. And I don’t mean I need a, I don’t, I don’t need someone to agree with me all the time. I’m just saying we’re learned over the decades. This is what works, this doesn’t. Let’s do that instead. Right.

[00:02:23]:
And Bloomberg has been knocking it out of the park. Their coverage has been apolitical and they’ve had great guests. On the next time they asked me to come on, I think I’m going to say yes because I’ve said no a couple times. I just, I don’t like cnbc. I don’t, I never wanted to be on a network that I couldn’t believe in. Right. That’s just, that’s just me. By the way, I’ll be on Fox Business again on Thursday.

Looking forward to going at it with Charles Payne again because Charles has been at first was pretty reluctant to disagree with the Trump administration on tariff policy. He’s been very, because Trump, I mean, Charles gets it. You know, Charles comes from, you know, a lower middle class. He’s a Harlem guy, right. Had a tough childhood. Many of you may know his father’s troubles coming back from Vietnam and what Charles had to see growing up on a day by day basis. And he just always knew when he was young he was going to be successful. I mean, it’s just an amazing story.

Great guy. But the Charles over the last week has been much more brutally honest about execution. And folks, that’s all we’ve ever talked about here. Okay. You have to know, I mean, we’re the original bulls. We turned bullish on October 13, 2022 and did it aggressively, right. Wrote a book about the big bribe, talking about why the markets are going to skyrocket. Okay.

[00:03:44]:
That’s all still in place. By the, just to be clear, that’s all still in place. Unless something bizarre happens here, I don’t think that’s going to happen. I think we’re just going through a bear market. I think all this trade st is going to get worked out and, and I think that we’ll look back and see these are great. We, we picked up some great bargains. Okay. As a reminder, and when I go over these numbers with you, I, I think, I think this is pretty important stuff here.

Okay. Because it tells you this bull market does not have to be over, not by a long shot. And it’s not all our 5 megatrends are still in place. Our innovation revolution obviously still in place. You see the news Nvidia, how many hundreds of billions of dollars are they going to be spending in the US to build all of their AI stuff? I mean, so yeah, so yeah, Trump’s policy is going to work in the long run. Maybe he just thought he needed to break some eggs in the short term. Right. But again, that’s not our job.

Our job is to make money, figure out the direction of the markets, be in the right stocks, sectors, et cetera. And that’s what we will continue to do here. But here are the numbers that matter because in the dot com melt up there were five corrections of 10 to 20%. 1995, 2000, the biggest decline. We had a bear market included as well. Right. This is where it gets interesting. NASDAQ fell, I believe it was 32%.

[00:05:02]:
18 months from the final melted. Move higher, 32% rip facing bear market. Right. Painful. You just couldn’t believe. Three months it happened in. Sound standing familiar, is it not? We’re two months into this one. Okay, here are the, here are the numbers where we are right now.

This is from the high to last week’s lows. SPF 100 down 19%. So technically just short of a bear market. But listen, the average Stock is down 30, 40%. You’re in a bear market. Let’s just, we don’t play those little word games. Nasdaq down 26%. High to low again.

This is all in two months, actually took place in like five, six weeks. Russ 2000 down 29.7%. All right, this is just, these are brutal, brutal declines. And then the semis, the market leader, one of our favorite sectors. Okay. Until, you know, until the last two months. SMH, Semi ETF down 39%. And again, this all happened inside of two months.

[00:05:59]:
So that’s just brutality. That’s not even, it shouldn’t, shouldn’t be allowed to happen. All right. It’s just too painful. But I think, I think what gives us perspective on that is that again this happens. It’s happened before. It’s happened in the biggest bull market in history. It’s happened and then it was just over with.

And then if you bought there or anywhere near there, you know, the last 18 month move higher for Nasdaq, which of course is where all the, you know, the, all the dot coms were. The final 18 month move higher was like up 270%. And I remember those days really well. Okay, so look That’s. I just want to make the point that while this has been brutal, I just cannot see Trump. I cannot see Trump doing things that are going to hurt to the point that we go into recession or worse. Remember last week he said to Scott Bessant, this has been double reported now, both Bloomberg and Wall Street Journal, and no one’s denied it. From the White House, Bessant said it was.

Bessant was talking to Trump. And this is a quote from Bessant. Bessant said, yeah, we talked about it. Trump said, I understand the risk from a recession, but I don’t want to have a depression. That’s Trump using the D word. So clearly this guy is smarter than I’ll ever be, and he’s got a game plan here, and we let that play out. I totally get that. The problem that I’ve had, as we said now consistently for at least a month, is execution.

[00:07:28]:
I don’t know that this had to happen, but what do I know? Maybe I’ll look back on this in a month or two and say it was 40 chess, you know, but in the meantime, we have to deal with this every day. I hate being on the wrong side of any move. And, and I, I can’t sit there and watch every day because I know, you know, multiply times, you know, 1500, okay, that, that’s, that’s, that’s basically the number of subscribers we have. We keep, we keep it small, but kind of by design. So, you know, I can reply to all your emails. By the way, thank you for emails. If I haven’t replied to one of your emails, it was important and you want to reply for me, please send it again. Never take it personally if I don’t reply.

But I do try to reply to everyone’s emails because they’re important to me, and I’ll learn from you. Some of you are really, really sharp. Okay? Some of you, some of you are very emotional. When it comes to President Trump, I have to say, you know, it’s okay to disagree with somebody on policy and still like the guy and still support him. I mean, but I’ve done this a long time, and I’m a lifelong independent, so that’s just kind of where I see it. But I do understand it looks these are, these are very emotional, trying times. You know, Trump is trying to right a lot of wrongs from the, from the birth of nafta. Okay? Just think about how different it would have been had H.

Ross Perot beat Bill Clinton. Right? If tanks would we. That never would have that never would have passed talking about NAFTA. Right. And remember H. Ross Pro got what, 20, 19.7% as an independent. Of course that’s never, we’ve never come close to that again. But the country knew then that just you, the country knew then that was a mistake.

[00:09:04]:
But there is a debate to have about this. There is an important debate to have about manufacturing because you know, we’ve seen poll after poll that says okay, should the US manufacture more of our products? It’s like 70, 30. Oh yes, absolutely. It’s convincing. Right? And then the next question is do you want to work in manufacturing? It’s like 30, 70. No, I don’t want to. Yeah, I, I, Look, I, I’m 62. I don’t want to work in manufacturing.

But again, if I was younger, what I want to whatever I think back to when I was in college when I want to work in manufacturing, in management. But I don’t want to be on the floor. I never wanted to be on the floor. That’s why I went to college. You know, again, just, just to be clear, I come from that lower, lower middle class. There were a couple times, there were some times growing up where we didn’t have three meals a day. I didn’t, I didn’t know it was a problem at the time. We grew up in a mobile home for many years and I mean I, I, I, we grew up not having okay, but I never knew I didn’t have right.

It was just, you know, my mom was able to stay home with us. They sacrificed for that. It’s always had that, that love and attention sometimes a little, a little too much. But anyway, you know, it’ll be interesting to see what actually winds up happening with this. I think that frankly the more I hear it’s got Bessant said this today in the interview. It’s not just about tariff, it’s non tariff, non tariff trade barriers. Right. It’s the currency manipulation.

[00:10:23]:
I think that’s really what they’re going for and those, that’s what they want in these agreements and that’s going to be hard to get because you know, these are all sovereign countries and you start telling a sovereign country that had to how to, how to manipulate or not manipulate their own currency and that’s just tricky waters. I don’t know how eventually to see how this plays out. Okay, all right, let’s move on here. Look, I’m the eternal optimist as I wrote this morning. Last thing we want to do is flip from bearish to bullish, bullish, to bearish. We will flip back at some point, but the devastations, you know, it’s been, it really didn’t leave us a choice. We just should have done it sooner. Okay.

And again, over the years I’ve talked about how bad the Perma Bears are. But as we’ve been talking about here with you, when you have, and today was better, I’ll cover that in just a moment. Today these correlations were much healthier. Right? This is what we need more of. And maybe it’s, you know, Trump agreeing to what are they? They didn’t use the word exempt. Right. They have buckets now that they had these tariffs in. So they’re, they clearly don’t want to go back and admit they made a mistake with the exemptions that happened on Friday night.

But they were. And I think that that helped a lot today. That’s the kind of thing that we need to have is, it’s just so confusing, you know, like again, this never had to happen in the first place. That’s been our point from the beginning. But when you have the US Dollar, government bonds, when we talk about government bonds, we’re almost always talking about 10 year bonds here. Okay? It’s the most important government bond there is. US$10 year government bonds, stock market, they’re all moving in the same direction. That’s called correlations breaking down because that’s never happened in my career.

[00:12:04]:
And at the same time, gold going parabolic like this is what the perma bears had been warning about for decades, saying, okay, this is, this is the downside. But when this happens, and it could happen anytime, you do not want to have high exposure to equities. And that’s what just happened last week. Today was much better. So let’s talk about that now. Market today, look, it was not a good close. We finished down almost, we lost about 40% from the highs. Okay.

A lot of that was in the last 15 minutes. All right. That’s not the kind of close you want to see. But still it was a good day. Dow Jones finishing up 7/10 of 1%. SB 500 right there with 7:10 of 1%. Russ 2000, which had flipped negative. Intraday actually rallied back and finished up 1.1% again, small caps down 29%.

I mean this is, that means the average small caps down over 50%. And I think most of us understand what’s going on there it is again, it’s absolutely brutal and it shakes your confidence in investing. This is not normal behavior. But we’ve had now four bear markets since 2018. Four bear markets in seven where the average stock lost 30 and 40% or more. In most of these it was like 50% or worse. Right. And when the final numbers come in, we’ll have to see where this plays out.

[00:13:19]:
But again, fully on this has been a bear market. Nasdaq today lagging up 610 of 1%. And the small caps, let me just quick quote here. Small caps down 6 inch 1%. So that’s something’s happened there because the stocks actually finished up today 3/10 of a percent. So it definitely lagged. This is not, this is not the leadership day you want to see. Okay, the Charles were pretty good.

I’ll cover that next. But again the SMH in the after hours now is back lower. So that’s just something that we as we talk to you a lot about here semislean. They lead both directions and they’re I think they are the most important sector to watch. I don’t think there’s a close second and I think history has proven us right on that. Okay. There are some people that talk about that I don’t think enough and maybe it’s everybody’s own little secret, you know this. I just want to keep this to myself so I can track this.

But again, I’m not complaining. It was a good day. We need more of these days. Not a good close though. But the, the good thing today again is those correlations began to hold up. Hold up today 10 year yield fell below 4.4% right down. What is this? Down 12 basis points on the day down to 4.36%. But again, you know, just in a matter of what, a week from a week or two from up 3.8% right.

[00:14:39]:
To 4.5. It hit on Friday. So that’s the market telling you we’re losing trust in the dollar. We’re losing trust in your government debt. That’s a big warning sign. Besson today again on Bloomberg, great interview, said that we’ve not heard this before. We kind of thought this is the case. But it makes you feel good when you hear this.

He said we have, I have lunch with Chairman Jay Powell once a week and his tower just reminded me today he says it was away breakfast. In other words, Bessant went to the Federal Reserve. And so apparently Jay Powell has come and met with him at the White House, I would assume. Right. And that’s good to hear. That’s good to hear. That means again there is that communication, active communication. These are the Guys that are more, Trump’s the guy.

And then right beneath Trump are these two guys. They have to be on the same page, making sure Trump’s policy works. That’s the coalition building we’ve been talking about with you here. That clearly was not in place when they started this. Okay, but look, better late than never. They’re meeting once a week. That tells me what was said on Friday afternoon, which helped the markets rally, is that as a Fed spokesman said, we’ll be there if we’re needed, we’re going to be there again. But you know, it’s hard for them to be there if rates continue to move higher because how are you.

[00:16:03]:
Quantitative easing as rates spike. That’s a new, that’s a new, that’d be a new game for us. We haven’t seen that one. Right. That’s a new, that’s a brand new ball game. And now you start thinking about, okay, listen, here’s the other problem. Come August, September, guess what has to happen by then. We’ve got to sell $10 trillion in government bonds between now and August, September.

How do you do that exactly, in a rising rate environment? Because as we said here, and I think this is exactly right, really, I think this is, this is a smart money comment because I’ve heard it from people I trust the most. If the 10 year yield gets past 5%, there’s real trouble and it’s going to make last week look like a reality. Okay, but are we going to say the question, are we going to have capitulation kit? Are we going to have a retest of the lows and true capitulation? I have to say I think we are, only because we don’t have to. But this happened after the 87 crash. It happened after 2008. The final lows were in March and the final lows for 87 were a couple months later retested. Believe it or not, those, those Black Monday lows, I think we’re going to have a retest here. And the primary reason I say that it’s number one.

[00:17:18]:
Technically. It’s just, it’s, it typically happens. It’s important. Give you a double bottom. But I think the other reason is, as we shared this morning in our letter, the public is long and strong, this market. And now first of all, I got to stand up and give my, get at least a golf clap. Way to go, Rory. Winning this weekend.

What a, what a, what a final round of the Masters, huh? Good for him. Seemed like a good guy. But the public has really stepped up Here the public is long and strong in the market and they’re not backing down. Remember the $7 trillion in money market funds? So the retail buying has been absolutely stunning and they just won’t back away. Maybe they enter something that none of us do. I hope that’s the case. But again, in my career, capitulation from the public has been a necessary ingredient before final lows in place. We’ll keep a close eye on that yet.

I don’t want that to happen. Okay, Understand this. I want the lows to be in place. Now we’re going to go back to being long this market and we will when we get the all clear sign. We just haven’t gotten it yet. And again, we know what to look for. Semis lead. Right.

[00:18:18]:
Good smart money hours. Right. Tech tech following semis bonds going the right direction. Right. We still, I don’t mind gold going up, but not going parabolic when the dollar’s melting down and yields are skyrocketing again. So those are the kind of things we need some more normalcy to take place in that while Trump executes on the rest of his policy. All right. Okay, so we had a death cross today in the S&P 500.

That’s A. This is the death cross that they warn about. It just is. Okay, because the 50 day moving average now has crossed the 200 day moving average in the largest and most important equity index on the planet, the S&P 500. And the problem is, and this is a true death cross. In a true death cross, use me allergy has been driving me crazy. In a true death cross which we got today where the 50 day cross of the 200 day. It’s happening as the 200 day has rolled over.

This is what we talk about being a trend follower, this has to change and that just takes time. And that’s why you do get the retest. But that’s why we are in no hurry. Look, we’ve still got long positions. We’re not going to sell our 10 baggers gold, silver or miners. Look, we’ll just keep using monthly dollar cost averaging. Yeah, it might be a little painful, but I’m not worried about that. That there ain’t no way we’re panic selling that.

[00:19:35]:
Okay. Things would have to get really bad before we’re going to sell Tesla for example, or our miners or gold we don’t sell. First of all, we will never sell gold and silver. I know there are a lot of hodlers in bitcoin that feel the same way, right? But I wanted the original Hodlers in gold and silver because we’ve told our subscribers since 2003, not only should you be buying gold and silver, but it should be your savings account. And we’ve caught so much crap for that over the years from financial planner types. Okay, they’re fantastic and they serve a huge purpose, but they’re not great investors. I’m just call like it is. They’re great long term investors.

In the short term, they’re not good with their own money. I happen to have experience in knowing this. Okay, but they’re, they’re analysis paralysis guys typically. But they’re great with making sure your money works for you over the long run and making sure you’re getting your taxes right and all that. So I’m not knocking them. Believe me, I’m not. But this, this is, this is kind of a key point. I think when you’ve got the death cross happening here and you got this rolling over, you want to be very careful but in with the market.

But again, I was talking gold. I apologize, little brain fart there. We’ve recommended since 2003 to save in gold and silver. Financial planner types have given us a hard time about it because they say that’s too risky for most people. Well, you know, we’re just telling you what we know works. And again, we’ve reported this many times. If you had put a hundred thousand dollars in gold and a money market account in 2003, today that hundred thousand in gold would be worth more than $700,000. That same hundred thousand invested in money markets at 3% would be worth below.

[00:21:18]:
I think it’s 67,000 and maybe less than that. Now this data is a couple months old when I ran it, but that’s pretty close. So we’ll never sell gold and silver just like you Hodlers will never sell bitcoin. I’ll talk about more of that in a moment. Because bitcoin has held up like an absolute beast. And this is a pattern change. This is very good for bitcoin. We will own it again probably before long.

And as we said before, I have no problem buying it back at a higher price. Matter of fact, it just says, you know what, Kev? Hey, your thought might have been right, but it didn’t work out. So I don’t live, you know, review mirror for me no longer exists in most of my life because it doesn’t help with anything, right? Guilt side stocks and living the past, you can’t change a second ago. So always focus on moving Forward, never go back, only forward. Right. And that’s the way I look at Bitcoin, the way it’s traded here. Okay, let’s take a look under the hood today. There was something else I wanted to.

No, that, that’s pretty much it. Okay. The internal state, again, we’re good, but not great. Let’s take a look here. NYSE three to one positive. Advanced decline. NASDAQ also three to one. I’m just kind of rounding up and down here a little bit.

[00:22:29]:
Both three to one positive. These are good readings today. I have to tell you this data reported on Market Watch and I think Tyler said, you know what, Tyler sent me a text with this. But I’m just going to tell you, we’re not going to report today New 52 week highest lows because I think there’s bad data out there. When I ran this and I’m looking at it again now. It’s refreshing. Just like this shows 2012 stocks at a new 52 week low to only 92. Hitting a new 52 week high.

Something may be wrong with that data. So let’s. Because that’s awful. Okay, that’s, that’s not what you want to see on a day like this at all. It tells you underneath the surface something else is going on. But I, I don’t think that’s accurate. We’ll have correct corrections for you tomorrow. But everywhere else again, was good volume today.

Check these numbers out. 77.9% of volume. Day NYC NASDAQ 78.5% of volume. Yeah, we need to put together a few days like this, get a few more tariff trade winds. Have Scott Bessant be the only person from the administration besides Trump that speaks. Peter Navarro seemed like an amazing guy. He does not belong on tv. Howard Ludnick seemed like a.

[00:23:35]:
Probably not. Probably is. He’s a fantastic entrepreneur that’s made an amazing man out of himself on Wall Street. Right. I don’t know that he should be on tv. I would take, I would take Ludnick over Navarro though, pretty much every day because they just don’t help the messaging. You know, they, they’ve only hurt with messaging. So let’s, let’s put Scott Besson on every day if we can.

Our sector watch today also very Good. We had 10 of 11 sectors finish high on the day, led by real estate up 2% again. Rates coming down. That’s very good. We need that. Mortgage rates, of course, have been moving up pretty rapidly here. We do not want that for housing. Utilities up 1.8%.

Consumer staples also up 1.6%. Get good data around. Only consumer discretionary down. That’s just a fraction of a percent. No problem there whatsoever. By the way, the put call ratio today, this is something we’ve been tracking pretty carefully here because again, like, like retail investors capitulating. We want to see that happen in the options market. We want everybody and their mother buying puts.

[00:24:42]:
That has not happened yet. We’ve had, we’ve had consistently high readings, but we’ve never got to the point where people are puking up calls. And again, that typically is what you have at a dependable market low. I will tell you today for the entirety of the day, more people bought puts and calls. We closed it just at a 1.01. That’s elevated. We did a high at the open of 1.24. Again, that’s high.

But it’s not like you know, puking up high. You know, it’s not like, oh my God, look at it. Two. It’s a, it’s a ratio of two to one. So it’s not, it’s not there. Right. But again this was a, this, this is, this is, this is the direction at least that we want to see that go in. And our commodity watch today.

Gold today, again, just so you know, get a lot of questions about this. Gold is trading at extreme overbought. Not quite on steroids because money flows aren’t quite there yet. But it’s very close to our almost overbought designation. Again, that is not a sell signal. Understand this. We just had paused our buying here and I’ll probably, I’ll write, I’ll write this up in a minute. Let me know this so I don’t forget to write this up tomorrow.

[00:25:52]:
Again, up to 18 today. 32, 26. You may have seen this. Goldman Sachs over the weekend raise their top line target on gold this year to $4,500. What? They, what did they see? Our $4,000 target. They just had to top it. Goldman the vampire squid. What are you doing to me now I have to raise my target to 4501 or something.

But no, they’re right. Gold’s going a lot higher. But it just, it’s funny because they raised their target exactly when we’re hitting extreme revolt levels. That is not really the way you’re supposed to do this. If you watch the technicals at all because you really like. We don’t want you buying gold right now. Right. That’s, that’s probably not the smart play to buy gold right now, but again, don’t sell it.

Just pause your buying. Right. And then get ready to. Once you get oversold, we’re back in the game again. Silver today up 1.1%, 37 cents to 32.28. I am shocked that silver hasn’t really gotten legs yet. It has got, it has been performing well. Silver should be 40.

[00:26:48]:
It just, frankly, based on everything we know about the silver market, supply and demand, silver should be 40. But it’s so heavily manipulated they just won’t let it go. I guess JP Morgan doesn’t want to take those maybe possibly hundreds of billions of dollars in losses from the short positions in silver. Copper up 3% a day, 466 a pound again looks great all around. You know, hit a, all time high with a week and a half ago of 540 a pound and got smoked. But it’s just a great story. Fundamentally, crude oil today, 61.60. That’s up slightly on the day, you know, last week when it touched 55.

That’s danger zone. So it’s good to see crude oil. You know, we want crude oil ideally like 70. That, that’s where, that’s kind of the sweet spot for everybody, you know, for the, for the shareholders. And energy companies can still make a lot of money and, but, but, but it brings our inflation levels down. And by the way, no one’s talking about this. Trump certainly got his wish here, hasn’t he? He’s got low oil prices. That’s what he wanted.

Sometimes be careful what you wish for. But anything below 55, then we’re kind of in trouble, right? 50 to 55, that’s kind of the range where people say we can’t go below that or we risk, you know, shutting, studying in production. Okay. But again, good to see crude oil bounce here. I believe. I, I don’t believe it’s going to fall any lower. Okay. And that’s, that’s good to see a bottom here in place.

[00:28:08]:
Natural gas and still down 5% today, but it’s held up so well. 333 per mcf. Love natural gas for the long run. Natural gas and nuclear, I think you just can’t go wrong with those two stories right there. And finally again, bitcoin, so I’ve touched on a minute ago, it’s been an absolute beast here. It’s held up so well. Yeah, you know, we sold the 82 2. Okay.

From there it fell to what, 73, 72, something like that and change, you know, overnight. And when the market was almost Limit down. So it was. It was a kind of a flush job, but now it’s right back to 84. 7. And this is the first time that since we’ve owned bitcoin, since Tyler and I first bought it at 600, recommended at 2,000. This is the first time that we’ve ever seen bitcoin act like this. This is a big pattern change.

This is huge for the bulls. Okay? And by the way, you know what? I’ll tell you another. We have a buyer on GameStop. A lot of people hear that and go, why would you have a GameStop? Kip, do you spend a lot of time in GameStop stores? No, I don’t. Haven’t done this at. Tyler and Sam were kids. I can’t believe they’re even still open. But they are.

[00:29:17]:
But now they have a bitcoin strategy. They’re doing convertible debt just like MSTR, and they’ve got almost $5 billion in cash. GameStop is an amazing story. And this guy, Ron Cohen, he’s got something good up his sleeves, I think, even beyond GameStop. I mean, Bitcoin, I think he’s got something else working. But it’s all about financial engineering. It’s one of our big, broad megatrends. Financial engineering.

Another one of the big components of why this bull market will continue right after this shakeout. Very painful. Shakeout is over. But, yeah, we, we like. We like GameStop and the Bitcoin strategy. Going to make a lot of money. Going to make a lot of money in this group, folks. We’ll be back in bitcoin before long.

All right, that’s it for the day. Hey, hope you had a great day and even better night. We’ll see you back here again tomorrow after the close.