In today's episode, Kip covers the recent market pullback and the signs to look for to mark the end of the pullback. As we see it, we are on the edge of a significant market opportunity. He also discusses the latest in the commodity landscape including copper's crucial role in the innovation revolution.

Don’t look back because the market is closed. Good Thursday afternoon everyone. Kip Herriage here with the daily VRA investing podcast. Hope your day was a good one today. Listen, this market is just kind of bleeding us to slow bleeds like chinese water torture kind of happened again today. But we’ve got some good information for you. Getting very close to the bottom here. We got all the data to prove it.

We’re very close. Just tell you the market first. Let’s get to the stuff, get to good stuff. After that, Dow Jones today was the only index finished higher today, up just a small 22 points. We had solid open today. And then here came the losses. This has become a repeating pattern. Not good.

This is not the pattern you want to see. By the way, the semis led lower again today, down 1.9% again. This is not what you want to see, but I think we have an answer to this. We’re going to share this in tomorrow morning’s letter, this specific chart. I’m going to cover it the best way I know how to on a, just a verbal podcast with you, audio podcast. But I think you’ll see what I’m talking about pretty quick here because we’re getting close to, very very close to a major buy signal on the semiconductors and we’re going to make a lot of money in the semiconductor we already have, okay, we’ve already made a lot of money in the semis from the bear market lows, okay, if you’re new to us here, just going to repeat this. The day the market bottomed in October 2022, October 13, we started pounding the table that day we said market bottomed. It was a top capitulation event in my career and that the semis were the play.

[00:01:29]:
We even showed the chart and showed what we thought the return was going to be. We were way low on that return. Anyway. Semis have been up like 600% for us from the October 2022 lows. Now they’ve been incredibly weak over the last two, three weeks. Okay, so giving a lot of that back and a lot of giving some of that back. But again, the semis have been leading lower. So we want to see that turn.

We think that turn is about to come. That’s going to be a major call for us. That will be a major call for us and we’ll make it very clear to you when that happens. But again, semis down today led the way lower. Dow Jones only indexed higher, pretty quiet elsewhere, although Nasdaq was down a half percent, rose 2000 down two cent 1% same thing as we have. 100 down two cent, 1%. Ten year yield continues to inch up. Now it’s 4.64% yield again, still below the 5% of last October, November.

[00:02:24]:
But again, I don’t care. The markets pretend to care, and they do in short stretches. But I’m telling you, this is a period very similar to 95 to 2000. It just is. All right, this is.com part two. And here’s why it doesn’t matter, because the markets did not care. The markets couldn’t have given a shit about in 95 to 2000, about the ten year yield being better than 6%, which it was. The average on the ten year 95, 2000 was better than 6%.

We’ve covered this ad nauseum, okay? With spots over 7% right now. Again, we’re 4.6. Yeah, I know we have a lot more debt. I know it’s complicated, much more complicated now than it was then. But Tyler and I just had a meeting before this podcast. I’m going to tell you now, we’re getting very close, folks. We’re getting. All the signs are here.

[00:03:17]:
Listen, hear me on this. We’re getting very close to major reversal events in the bond market. I don’t know. It’ll be, we’ll get an announcement. Something will happen. There’ll be a shock to the system of some kind, maybe a regional bank failure. Right. That tends to happen when rates spike, liquidity starts to dry up.

We’re starting to see that a little bit now. I’ll share more of that with you in a moment. So I don’t know what that’ll be. It could be an economic event, an employment report or other economic data that shows. Okay, yeah, things are slowing. Okay. Not that we have to go to sharp reversal, slower. I’m not saying that.

I’m not predicting that. I don’t think that’s going to happen. But there’ll be something with inflation driven or economic driven, maybe get a banking issue. There’ll be something that pops up that causes a rush of people to say, oh, okay, so rates aren’t going up. Maybe the Fed’s going to announce their ending quantitative tightening, which why they’re still doing that, I have no idea. Right. Remember, the Fed is still selling a shit ton of bonds every year that they’ve held on their balance sheet. And again, all of this is causing rates to go up.

[00:04:29]:
China has been selling a lot of their treasury holdings. Again, all of this causes rates to rise. But I’m telling you, this is going to be, I believe, a short term, a short term situation. And we have some. Todd Teller covered this yesterday. The latest from bank of America, a global fund manager survey shows that bond investors are selling bonds at a rate that’s very, it’s like a 20 year, it’s a 20 year high. In other words, professional money managers are throwing in the towel on bonds. They think rates are going to spike when that many, quote, unquote, professional money managers do the same thing.

All right. That is a shift kiss. That is a contrarian signal in the extreme. So I don’t know what it’s going to be. Something’s going to happen. And we’ll see reversal, lowering rates with inflationary concerns. We really dissipating. And then we’re off to the races.

[00:05:28]:
The semis will lead. That’s the best play, if you’re asking, kip. Okay, if you’re right about this, and of course we will be right about this, what’s the best play going to be? It will be the semis. Because the semis lead always. And semis have been leaning lower. Semi started leaning lower about two weeks ago. Okay, we’ve referenced it here. We talk about it pretty much every day.

Because there is no better market tell for broad market action than the semis. It has been the semis since the birth of quantitative easing in 2008, 2009. They lead in both directions. So that’s what we’re watching here. And I’ll go since I’m on the topic now. I’ll go and share this with you. You’ll see it tomorrow morning’s bureau letter. We track, we love to track relative street charts.

Because it tells you, it really, really paints a picture that you can’t get any other way. And so what we track is the semis to the S and P 500. Right? Because again, semis are the ultimate tell S and P 500, largest equity index in the world. So it’s a perfect correlation to track these two. And as you’ll see in tomorrow morning’s chart, the semis have now reversed lower. Right. They’re leading the market lower. So that chart that we shared so many times where it’s like, you know, it’s like a 45 degree angle.

[00:06:41]:
The semi just lead almost going parabolic. There have been stretches where it’s gone parabolic to the market. Again, that’s when the market’s melting up. Now that’s going the other way. Well, we’ve got a chart to show you tomorrow. Where every single time that the semis get to this level of oversold and we’re almost there. Now we’re like a day or two away. Matter of fact, in tomorrow’s chart, we could be there.

We’re almost there. But every single time this has happened, it’s marked a bottom, a significant bottom for semis, and they’ve been, boom, like a, like a shot out of a cannon. They’re off to the races again. So we’ll share. The point being we’re very close. What might a bottom look like? Tyler talked about this yesterday. I’m going to put my spin on it because so far this has been a very orderly decline. We had a couple ugly days, but it’s otherwise been fairly orderly.

And that’s, I think, indicative of how strong this bull market is. Because you get a lot of, remember seven $6.2 trillion sitting in money market accounts, right? These are people that have yet to put money into the stock market, or at least a lot of money. So people still very nervous and antsy about this market. Look, look who’s president. Look at the madness happening everywhere. Look at Russia, Ukraine. Look at now Iran and Israel. It’s easy to understand why there’s a lot of anxiety about this market.

[00:08:03]:
So I think the bottom is going to be one or two things. We’re either going to have a flush. Okay? And I think this is what the market’s waiting. Markets looking for that ultimate buy signal. Now, remember what I just said? On every major index, we’re at extreme oversold on stochastics. We’re already there on stochastics. That’s our leading momentum oscillator. The Dow Jones is at extreme oversold on steroids.

That’s all of our momentum oscillators hitting extreme oversold. At the same time. It’s our most oversold designation. And the Dow Jones is there. The others aren’t far away. So how perfect if we were to get a flush. Maybe it’s a. Maybe Israel retaliates to Iran’s retaliation.

Insanity over there, right? Insanity around the world. I’m not going to go off on that tangent. Very tempted to not going to do it. I would just. It would be mental masturbation. We’re not going to go there today. Okay. I’m in a pretty good mood today.

[00:09:03]:
But if we kind of flush with Israel doing something, you know, some kind of retaliation, everything we’re hearing is like, anything to do is going to be fairly measured. You never know. But we get that event. That’s a flush event. When the bullets fly, stocks are by. That’s when. What if that happens? Like, let’s say for to happen over the weekend. We come in Monday morning, Dow Jones is down 500 points, whatever it is, at the open.

Okay. And then all of our indexes then at the same time hit extreme oversold on steroids and the semis reverse higher. You see how quickly this will go. And now the fear of greed index is at 34 now, folks. Right? A week ago we were 46. A month ago we were 71. We’re 34. That’s fear.

We’re only a few points away from extreme fear. So sentiment has flipped. But what hasn’t flipped are the fundamentals and the technicals have been pretty solid here. Again, we’re still hitting the 50 day moving averages. Now we’re getting extreme oversold. It really is setting up perfectly. But what’s really interesting in my opinion is that the fundamentals, right. This is why we’ve remained so bullish, because the fundamentals are so incredibly rock solid for this economy.

[00:10:20]:
Again, ad nauseam. We talked about it, but I’m just going to put a second on it. It’s been decades since the economy has been this strong for both the consumer and american companies. Again, we’ve covered this so much. Again, we always have new people joining. So I want to hit some details. The bottom line is that what I just said, this is a structural market. This is a structural bull market, meaning that it’s going up for all the right reasons.

It should be going up with the economy as strong as it is, unemployment as low as it is, with the consumer as strong. Again, I got to say a few of these. Everybody knows home prices are all time highs, right? Most people know net equity in homes is all time high. I don’t think many people know. You probably do because you listen to us here, because you’re smart crowd. But I don’t think most people know that one third of american homeowners have no mortgage on their home. They paid off their home. One third.

[00:11:15]:
Again, these are all all time records. Credit scores all time high. Consumer net worth all time high. So consumers have reduced their debt, disposable income by 25% in the last 15 years. We learned from the financial crisis. We said we never want to be put in that condition again in that situation again by these scumbag bankers. Right. American companies have done the same thing.

Companies are right now sitting with a debt to market cap at 50 year lows. The point being there, the ability to lever up is significant. This is the financial balance sheet information for consumers and companies that we see at the birth, at the birth of economic expansions. Not the end. So that’s the reason that this pullback is a gift, as every pullback is going to be for a very long time. Again, we like to be perfect about this stuff, especially because of parabolic options program. And for obviously, our leveraged ETF’s what we use here at Vray. Timing is important.

[00:12:19]:
We need to get this right when we tell people to go, you know, to go all in, you know, back up the truck. We haven’t said that in a while because the markets have been rich, meaning that they’ve been overbought. Well, that’s not the case anymore. So we’re getting very, very close to a backed up the truck moment, and that’s what we want to make sure you’re prepared for. That’s what we are going to be doing. Okay. When we recommend something we’re doing with our own money, both in parabolic options and in the VRA. Yesterday, I got to tell you, we were all.

Tyler, myself and Josh were on a webinar. Sorry, a Twitter spaces wrote this up this morning with Brett Winton, the chief futurist at Ark. And just an incredible snapshot of what’s happening with this innovation revolution. And everybody knows AI because that’s been, you know, that’s been what everybody’s been talking about. Everybody’s been googling that, right? What AI, what’s it going to mean? But it’s not just AI. AI is just a part of this unprecedented growth and technological transformation that’s happening across multiple sectors. And it’s going to happen, as Brett Witten says. And I’ve seen this, I think other good research shops are saying the same thing.

[00:13:36]:
This is why we call it the roaring 2020s. They think it’s going to extend much further, 20 to 30 years. This can produce average gross domestic product growth, GDP growth of 7%, 68%, 7% a year for 20 to 30 years. Folks, we’re talking about the kind of growth that this country hasn’t had probably since our deception. I know that sounds hard to believe, right? But the areas that they’re focused on in their research at Arc, like Kathy Woodshop, public blockchains, bitcoin. Right? But it’s not just bitcoin. It’s everything happening in the cryptocurrency space. Trillions of dollars have already flown into this.

The market cap for bitcoin is only $1.3 trillion. Now, if that sounds big, just know that it’s not, okay? That is a tiny market cap for what is now a new global currency. It’s classified as a commodity. But look, we all know it’s being treated as a currency, and there’s nothing like it. I mean, it’s a financial engineering marble that we’ve never seen before for. But again, inside of that, it’s not just bitcoin, but it’s what’s happening with the blockchain. It’s what’s happening with fractional ownership. This is all going to become much more clear to people in the years to come.

[00:14:54]:
And also happening, well, there are so many different offshoots of what’s happening in the cryptocurrency space, but basically it’s going to tokenization. All of this is going to make. Everything is going to put every financial asset on the blockchain. Every financial asset on the blockchain, meaning they’re all tradable 24/7 just like bitcoin. So we’ve got a world of innovation happening here. It’s going to create liquidity and things that don’t have liquidity today. Like your home. Would you like your home in the blockchain? Fine.

That’s what’s going to happen. That’s coming in. Housing. Major investments are taking place right now exactly in that space, the Sears Tower in Chicago. This is one of the largest experiments, if you will, for this, putting that investment on the blockchain. So, look, if you’re an investor, you want to buy part of Sears Tower, you want to buy part of the Empire State building. Anything that puts itself up to be on the blockchain, you can take a piece of it. So again, I’m just giving you.

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That’s just real estate, that’s just housing, okay? But to give you an idea of what’s coming nfts, you know, that’s a, that was maybe the starter set right to what’s happening here. But it’s going to, it’s going to blossom out in so many different ways. It’s going to create liquidity and it’s going to create a rise in asset values. Again, this is going to get a little crazy. Okay? It’s going to get a lot crazy. Science fiction, here we come. This is our future. And it started now.

They’re also involved in research in multiomic sequencing, genetic, basically, artificial intelligence, energy storage and robotics. Yes. A lot of this is Tesla, you know, it’s one of our favorite stocks. And I. I don’t know how it comes across. I say this maybe think I. Maybe people think. I’m just saying this because maybe it sounds good for, for me to, I don’t know but I’ve been.

[00:16:44]:
I’ve been a Tesla owner since $18 is here, split adjusted. I like the stock better now at 150 than I did then. Okay? And I. What I’m saying is, I like it when the stock goes down. I want to buy more. I want to buy it on sale every day if I can, because the future that’s going to happen for Tesla with full self driving FSD robo taxis is really. That’s what this company, in just a few years, this company will be known as the robo taxi company and the robotics company with Optimus, right? They call it the robot. I mean, this thing’s going to be everywhere, working in homes, doing jobs all over the country.

So again, Tesla with their AI, which is extraordinary, and with their ability, of course, for autonomous driving FSD robo taxis, this is the future that’s upon us. Okay? And I said it before, I’ll say it again. There’s never been a better time to be an optimist. This is the time that optimists are going to be rewarded. So all of that, again, in a structural market in the roaring 2020s, innovation revolution, like all of this is aligning and happening at the same time. So I say all that to say this, this is why buy the dip will remain the smartest of smart money strategies. This is it. This is that bull market.

[00:18:04]:
And so, you know, the markets are expecting a shoe to drop. They’re expecting a flush. That’s what, that’s what’s happening here. And so I got a lot of on the sidelines again, Israel is probably the most expected. I just don’t, I just don’t think we have a lot of concern from race or inflation. I just don’t think we do. Okay. For the reasons we’ve already shared.

Okay. So let’s talk about what happened today, because, again, we see some other things. By the way, Netflix announced earnings, stocks down 5%. Again, it was a good report. Not the news that matters. It’s the market’s reaction to that news. Right now. Things look soft again.

That’s how you get bottoms. Taiwan semi again, we’re huge semi fans here. Taiwan semi announced they beat this morning before the market opened. Stocks down 5% today. So we’re not getting encouraging signs that we have a bottom in place right now. And that’s why it’s a good idea to always have some cash and time your buys. When we go in aggressively again, back at the truck moment, you’ll know it because that’s what we’re going to call it a backup the truck moment. And we don’t say that very often.

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Matter of fact, we haven’t had a chance to say in a long time, again, because the markets have not been cheap as far as being, you know, on the, on the, as far as overbought or sold. Well, we’re getting there. So there’s great opportunities coming up. So if you’re new, you know, if you’re a new investor or you’ve got money that just came into, or you’ve got a lot, like a lot of people in money market accounts, your bank account, or in other investments you don’t like, there’s a great opportunity approaching here. Just stay with us. We’re going to tell you when we think that is because, again, this is a fundamentally sound market, fundamentally sound economy. It’s a structural bull market that’s only in its second year. Only in the second year.

So this is a, another, again, another by the dip opportunity. Another, another, another fact here. The percent of SPF 100, again, the world’s most important, largest equity index percent above the SPF hundred. That’s above the 50 moving average down to 30%. Now, 30%. It was 84, 85% a month ago. Right? This is boom. It’s just like a waterfall decline.

[00:20:08]:
Right? It’s collapsed. And again, this is, this is what you look for. To start saying, okay, now we’re getting, now we’re getting to reliable bottom. So those are the things that we look for. But again, this most important thing by far is the semis leading. We want to see them start leading higher. And then we have much better fuel book call ratio today. Another indicator.

Again, Tyler cup yesterday, I believe that it was 1.28 is where the put call ratio closed yesterday. If I remember correctly from Tyler’s podcast, 1.2, that’s, that’s extremely elevated. Right. So I was surprised. I wasn’t surprised. We got a good open today. You know, dow one point is up 300 points. And then here came that bid.

They selling again, the smart money hour, midday selling. That is not a great short term sign. But again, the market’s trying to find a bottom, looking for a flush event. But again, today, book call ratio 1.05. So back to back days, a better than one on the put call ratio again, tells us that we got a lot of fear in the market, a lot of people buying puts again. It’s like, it’s like these money managers selling bonds. Okay? These are chef’s kiss reverse indicators. These are contrary indicators that you look for.

[00:21:17]:
Okay, let’s look under the hood today, internals today actually were fine. You know, they just. They’re not, they’re not, they’re not. They’re not flashing like a big kind of weakness that you would expect if the market’s going to keep going lower. Here we go. We had advanced decline, just barely. Negative. Both NYSE and Nasdaq volume was just the opposite.

Volume was pretty solidly positive for Nasdaq, one and a half to one. NYSE positive about $300 million worth of trading. So again, slightly positive, but still both wins in volume. The negative here today, the clear negative, was new 50 week highs, lows. And this is not as important as it used to be, but this is not a big number anyway. We had 297 stocks in the 52 week low to 3352 week high. We only mentioned it because at extremes, it matters. Days like this, it doesn’t matter as much in our sector.

[00:22:16]:
Watch today. Again, this is a pretty good day here. We had eleven SPF 100 sectors. Seven finished higher, four finished lower. Nothing really happening big either way. Leader. For example, communication services up six tenths 1%. Utilities of six tenths 1%.

Technology is a leader to the downside, down nine tenths one, nine tenths 1%. Again, semi is down today, 1.871.8%. So again, technology is going to be lower, but again, seven sectors higher. Four finished lower. And our commodity watch. There we go. Quiet day here as well. We put out a big piece yesterday on gold.

I know a lot of you saw that. Thanks for your feedback. Again, very bullish on gold, but had been for a long time, recommended gold in 2003, in my second ever VrA newsletter at gold was like 300 5375 an ounce. Silver was $5 an ounce. And this again, we’re broken record on this, but we don’t save money in bank accounts. Right. That’s a depreciating, frankly, liability. It’s fiat currencies, don’t.

[00:23:23]:
You might see the US dollar index get strong. But look, since the Federal Reserve created, you know, we all know this 98% decline in the value of the dollar since. Since gold was taking off the gold standard. But under Nixon in 71, the dollar’s lost 70, something like 73% of its value. Okay, so, no, we don’t save in fiat currency. We save our money in gold or bitcoin, take your pick. But that’s always been our thing. Save in gold, invest in gold.

That’s your savings account. And so now it’s really starting to pay dividends. Gold today was up $6 an ounce. 23, 94. Again, we hit our minimum target this year, which start the year, was 2400, but we got there fairly quick, and now we’re targeting $3,000 announced by year end. And I think there’s at least a decent chance we’re going to get there. The real play, of course, is the miners, which remain dirt cheap here. Silver today was down $0.08 an ounce.

[00:24:18]:
28.31. Copper continues to power higher, up 2% today, $4.43 an ounce. Again, what a great story, especially with the innovation revolution. Copper goes in everything, of course, and of course, ev’s, they are the future. You may hate them, but guess what? When battery storage takes its next leap forward, and you know it’s going to, because that’s the way, when you attract trillions of dollars in capital to a new industry, guess what? They figure it out, because that’s how smart we are. And so that’s going to get figured out. Battery storage is going to get figured out. Ev’s, everyone’s going to own an EV.

Of course, like most of you, I’m going to keep at least one gas guzzler, right? I may. I’ll probably keep my Hummer and my six. Six mustang. My Hummer is 2005. My mustang is 1966. I’ll never sell either one of them. I never, you know, never say never, right? But I like classics, and now they don’t make the Hummer anymore. So it’s a classic.

It’s a. It’s an old school gas guzzler classic. I wish, only wish it got less. Fewer miles to the gallon. That would make me happier. So I could really, really piss off all these environmentalists. But anyway. Yeah, but the future is EV.

[00:25:29]:
It just is. And so copper, of course, is a major metal that goes in these vehicles. Who knows? Maybe they’ll figure that out. I think we’re going to see technology leap forwards. It’s going to be a little crazy in the next few years, and that’s going to be a very good thing. But change is always a little scary, too. Crude oil today was down fourteen cents a barrel at 82.55. And finally, the day bitcoin.

What are we, a day away? Like, the having is going to be like either tomorrow or the 20th. We’ll call. I think we’re like 30 hours away from the fourth having. There’s only been three of them. We’ve covered this a bunch. The returns have been unbelievable in the year to 18 months that have followed the having. And I put out a tweet today that I share with our parabolic folks today. Again, we’re long term fans of bitcoin.

[00:26:20]:
Bought it at 600, recommended 2000, sold at 58,000 in 2021, got back at 28,800 last June. And now we are in it to win it. We’re in for the long run, you know, again, minimum target this year, bitcoin is 100 grand, with the move possible to 250 this year. It’s because the demand against the best supply demand story ever. It’s a financial injury marvel unlike anything else that we’ve seen in our time. And so I just encourage everybody, you know, just, I just don’t care what it does short term. If it goes lower, I’m buying more. Right? It’s like Tesla.

These are the two investments I hope go lower because I have a pretty good idea of where they’re going to go in the years to come. And so that’s how I feel about bitcoin right now. Last trade here is 63,547. You know, it shook out a bunch, took out a bunch of stops over the last week. Even yesterday, dip below 60,000 and again taking out stops, getting ready to ramp higher. I just don’t know. I’m terrible with bitcoin and short term predictions. I think most people are.

[00:27:30]:
How can you predict this short term? But, you know, this is the first having. I think this is significant. This is the first having where bitcoin has hit a new all time high before the having that normally happens after. I think that’s, again, people trying to get, trying to front run. Right. That makes sense. And now that we have so many investors, institutional investors, trade of future traders that are trading bitcoin, bitcoin futures, they really dominating the short term movements, but not the long term movements. The long term movements are going to be based in supply and demand.

And the Hodlers really, and the folks that say I’m just in this, I know, I think, I know it’s going to do. I think it’s going to million dollars plus. I think it is. I believe it for sure. It is. Five years, ten years, whatever. But the dollar monthly cost averaging. Monthly dollar cost averaging.

[00:28:20]:
Bitcoin is a phenomenal idea. Hope you’re all doing it that way. You just every, you know, pick a date, right? Pick a date. First day of the month, pick it. Any date you want to. You’re going to put another thousand dollars on the first day of every month in bitcoin. That removes your emotional attachment. Oh, am I buying it too high? Buying it too low? Pick a date.

Pick an amount. Invest that every. That’s what I recommend with our ten baggers, we do a bitcoin, too. And I think it just relieves, it gets rid of a lot of the anxiety and tension about trying to time it just right. I’m horrible at that with bitcoin. So I just, you know, incremental investments. Again, monthly dollar cost averaging really does work. I believe in bitcoin.

It will continue to work that he’s going a whole lot higher. Final point of bitcoin, I’m sure you all know this, but I got to repeat it. 80%. About 80% of all broker dealers, financial advisors, all money managers in this country cannot buy bitcoin yet. Going through the various compliance process, legal process, approval process. But those are all underway. Yes. Even for Vanguard, even though they said they’re not going to do it.

[00:29:25]:
And their CEO now is retiring for sure. It has nothing to do with the fact that he stopped Vanguard, the biggest in the business, from being a dealer, having their own ETF, even they don’t like Blackrock, of course, does Vanguard ultimately is going to do it. They’re all going to do it. But it’s not just the US. The same thing is happening globally. Most Europeans cannot buy these EtF’s. They can only buy bitcoin. Like every, like, you know, again, the classic where you have to have a wallet, etcetera, of Coinbase or whatever, to buy bitcoin, and they can’t buy through the ETF’s or the game changer.

Right. They can’t use it. Same thing in other countries throughout Europe. It’s very common. But again, all these approval processes are underway. Hong Kong. Hong Kong, where 10% of all global wealth is concentrated. Okay, those are the estimates.

Hong Kong just approved these ETF’s in Hong Kong, and the approval is taking place first day of trading where they can actually buy it is. I’ve read April 30, the end of this month. Imagine the amount of money is going to be coming in from Hong Kong, and then following that’s going to be South Korea. Right. Massive amounts of money that have yet to even approve the ability for their local investors, citizens and dealers and advisors, money managers, hedge funds, sovereign wealth funds. None of these folks have been able to buy yet. So remember, there’s really only one country, El Salvador, that really is known for having. Having done this and approved.

Kip Herriage [00:30:54]:
That’s what they save money in. That’s what they invest in. So again, this is so early in this game for bitcoin. That again, that’s why I do not care about near term pricing, but I think we’ve got the trend right. You know, the trends is your friend. If you get the trend right, then your money, your money. So I think that’s where we are with bitcoin. I think that’s where we are the stock market as well.

And that’s why these pauses, which are normal pauses in bull markets are completely normal. They’re healthy. It shakes out the weekends. It’s what sustains and propels bull markets higher for longer. So we welcome this, right? Everyone hates going through it at the time, but after you’ve done this a long time, like I’m sure like a lot of you, you get at least a little more accustomed to, right? All right, folks, listen, that’s it for the day. Hey, always appreciate you listening. Hope you had a great day and even better night. We’ll see you back here again tomorrow after the close.