“40% of My Portfolio Is Gold” | What Jared Dillian Sees Next

I'm holding 40% of my portfolio in gold, but yeah, I'm still bullish. I think it gets to ultimately in the next two, three, four years. So that doesn't look like a bubble to me. And I don't think it ends until you have massive retail participation of people trying to actually get involved in gold and silver. I think stocks are kind of underpricing the economic effects of the war. You know, if you go back in time, if you go to anytime, we've had an oil shock, which has been 1973, 1979, 1990. It was usually followed by a recession. And here we are with an oil shock and the stock market at its lows was down about 9%, clearly not pricing in a recession. I think in the short term, I think stocks need to go down about 13 to 15% from the highs. I think that in September, 2024, that was the low of commodities. And we are now in a secular bull market in commodities that will continue for 10 years. Hey everyone, this podcast is not investment advice, and I'm certainly not a financial advisor. Just a guy who spends too much time reading about markets. Before investing, do your own research, talk to a licensed advisor, and remember, risk is part of the game. All right, welcome back to another pod. Jared Dillian is a former Lehman Brothers trader, bestselling author, and the editor of the Daily Dirt Map. The last time he joined me was in June, 2024. And at the time he made a couple calls that seemed aggressive then, but in hindsight were spot on. One was his awesome portfolio concept, which included a 20% allocation to gold at a time when very few investors were positioned that way. The other was his view on the dollar. Jared was not in the camp that was calling for dollar collapse. His argument was that the reserve currency status does not disappear because of debt, it disappears when American power breaks down, especially military power. Jared, great to have you back. It's great to be back. Thanks for having me. Pleasure. So let's start with gold. Are you still holding 20% of your portfolio in the precious metal? I'm holding 40% of my portfolio in gold. Jeez. Wow. Yeah. I mean, so we talked about the awesome portfolio, which is 20% stocks, bonds, cash, gold, and real estate. Um, and I came up with the awesome portfolio concept around 2019 and I had been talking about it for a few years and you know, everyone said to me, don't you think 20% gold is a lot? And I said, I think 80% stocks is a lot. I don't know about you, but I think that's a little bit excessive. So, um, as it turns out, um, the awesome portfolio returned more than the S and P 500 last year, um, by a few hundred basis points. And it was mostly because of the gold exposure, gold was up 60% in the year. Um, the awesome portfolio is not necessarily like a gold bullish call. Like really what it says is, is that you should have a certain percentage of your assets in commodities, and you can use gold as a proxy for all commodities. Um, I actually have a book coming out in September called the awesome portfolio, which is all about the awesome portfolio. Uh, it's being published by Harriman house that comes out on September 8th. So you can actually preorder it now. Right on. So 40% of your portfolio in gold, listen, I'm a gold bug, but even for me, that is a lot what's you were 20% a couple of years ago. Now you're 40%. What is the reasoning behind that? Um, well, you know, I'm a, I'm a charts person. Uh, I'm really big into technicals and, uh, gold broke out from 2000, where it had been consolidating for quite a long time, and then it broke out again from 2,500, um, and the price action after the breakouts was, I mean, as strong as you can possibly get. Um, it was clear to me that it was in a trend. Um, but you know, I, I didn't, I really didn't increase my allocation of gold. I've had 40% going back a long time. Um, so, um, you know, gold is corrected. Got up to 5,600 announced now it's trading around 4,600, 4,700. If you remember the day that, uh, Kevin Walsh was nominated to the fed, it was down, I think 11% in the day it crashed. Uh, it's been consolidating since then. Um, but yeah, I'm still bullish. I think it gets to 10,000 ultimately in the next two, three, four years. Um, and I think once the war is resolved, um, gold will go higher. And one of the interesting dynamics about the war is that we've learned that some middle Eastern central banks have actually been selling gold, um, to take advantage of the high prices that appreciated a lot. So, um, there are some central banks that have been selling gold. And I think once the war passes, um, that's going to stop and, you know, China continues to buy and we haven't still, we still haven't really had any retail participation yet. Not a lot. You know, what's interesting is that, you know, silver ripped too. And, um, you might've thought that people were running out to buy gold and silver when it, you know, when gold got over 5,000, they were actually running out to sell gold and silver. Like people, people had physical silver, physical gold, uh, in their houses for a period of years. And then when prices got high enough, they ran to sell. So that doesn't look like a bubble to me. Like if everybody's like selling these assets, that does not look like an asset bubble to me. And I don't think it ends until you have massive retail participation of people trying to actually get involved in gold and silver. So, so, okay. So the central banks were the main buyer of gold during the last two year rally. Right. And correctly, obviously China has been a large buyer, but you have, you did mention that some central banks have been selling, uh, one of which I know has been Turkey. Yep. Doesn't, doesn't that give you pause to continue to remain bullish on it? No, it actually makes me more bullish. Like central banks have a pretty terrible track record when it comes to buying and selling gold. I mean, the most famous example is, uh, great Britain in the late When Gordon Brown was the finance minister and he was selling gold, he was basically sold all the, all the country's gold at under $300 an ounce. Um, the fact that central banks are selling. Central banks are not going to mark the top of any move there. They're, they're the dumb money. Um, so I'm, I'm very comfortable saying, you know, that, you know, as, as volatile as the price action has been lately, um, this is not the ultimate highs and you know, there will, I'm not, uh, I actually don't consider myself to be a gold bug. Um, there's going to come a time where I'm going to sell it all. Um, I just don't think we're there yet. There's, there's nothing that leads me to believe that we're there yet. Walk me through the, the sell off in gold when the war kicked off. Right. Cause this has been a kind of a hot button issue with our audience. I basically said, you know, gold failed the flight to safety test. Um, obviously people rushed into dollars. Is that basically the simplistic breakdown of why gold somewhat crashed when the war kicked off? I think it lost about 17%. Uh, was it just simply because it was a flight to safety and the dollar is still the ultimate safe haven? I think it was more of a story of, um, speculative sentiment on gold had gotten very hot and it needed to correct and Walsh was a catalyst and the Iran war was a catalyst. But I think it would have corrected even with the absence of those catalysts, like sentiment, sentiment just got very, very hot. Um, there was a lot of speculation, especially in silver. Like there was, you know, um, gosh, you know, people trading double and triple levered silver ETFs and stuff like that, like, like in the short term sentiment got very hot and needed to correct, uh, the war was an excuse and, uh, yeah. So now what's interesting is that, um, this is something, this is a development that I'm not particularly excited about, but stocks have become a risk, not stock. Sorry. Gold has become a risk asset. Um, it's trading correlated to stocks, which is something you usually don't like to see. Um, and that, that is, that is the one thing that has me a little bit worried. Um, you know, one of the reasons the awesome portfolio works is because historically gold has had a correlation to stocks of about zero, right? So if you take something that's not correlated and you add it to a portfolio, you bring the volatility down. Now that stocks and gold are correlated, the diversification benefits kind of disappear. Do you think the market's getting anything dangerously wrong right now? Or do you think it's just, uh, kind of in a wait and see mode? Well, um, I think stocks are kind of underpricing, um, the economic effects of the war. Um, you know, if you go back in time, if you go to anytime we've had an oil shock, which has been 1973, 1979, 1990, it was usually followed by a recession. And here we are with an oil shock and, um, the stock market at, at its lows was down about 9%. Um, clearly not pricing in a recession. So, you know, maybe this time is different, you know, who knows? Um, but I, you know, it's, it's hard to say because one of the things I was writing about in my newsletter recently is the idea that, you know, with oil, with gas at $2 and 50 cents. A gallon. It was actually pretty cheap on an inflation adjustment basis, going back over history. Like at two at two 50 a gallon, like gas is pretty cheap now at three $54 a gallon, it's back up to where it was in the late two thousands, early two thousand tens, um, but we've had, you know, 50% inflation since then. So it's still not that expensive. If you get gas up to five, $6 a gallon, then I think that totally changes the equation and that's when you start to get some real economic pain. So, yeah, I would, I mean, it's a bit of an outlier, but I was just in Southern California and I saw gas prices around six 50 a gallon. And that I know California is a little bit of a, it's a little bit, a little bit different story than the rest of the country, but you know, that gave me pause when I see prices that high in America, it's, uh, it gives me concern and I don't know, this feels to me a bit like the end of a bull market. Some of it even feels a little 2008 ish. Do you see it that way? Um, I, I, I kind of share your intuition on that. Um, I mean, just from a valuation standpoint, stocks got very expensive. You can make the argument that we had a little bit of a bubble, um, with the mag seven and stuff. Um, you know, what's interesting is that the S and P failed at a big round number. It failed at 7,000, you know, um, which I don't, I don't think it's a coincidence. Um, so I, I kind of, I kind of share the same sentiment as you, um, I think in the short term, I think stocks need to go down about 13 to 15% from the highs. Uh, and then we'll get a bounce and then we'll see what happens after that. So, you know, one thing we haven't talked about is private credit, private equity. Um, you know, even if the war goes away, we still have a lot of problems like, you know, we were talking about big systemic risks here with private equity and private credit. Um, so even, you know, the war ends, things go back to normal. We still have really big problems and potential risks to the market. So. Absolutely. I think Jamie diamond came out yesterday and said this private credit issue is a lot bigger than people think. And, um, you know, obviously he's a sharp cookie and he knows what's going on in the banking and lending world. That is one, I look at all the systemic risks in the system right now. I see commercial real estate as a big one. Uh, private credit is obviously a large one inflation, uh, and just the general cost of living is another. So consumer demand, um, what's your thoughts on inflation today and do you see it getting worse, uh, in the near future in a world of rising deficits, currency dilution and market volatility. Many us investors are choosing to diversify their retirement accounts with assets like physical gold, silver, and even crypto. This video is sponsored by I trust capital, which offers a platform for Americans to hold physical gold and silver, as well as crypto directly inside a tax advantaged IRA designed around transparent pricing with clear premiums over spot and no hidden storage fees, I trust capital offers something that still isn't standard in the precious metals IRA space. So if you're a us investor looking to learn more about owning gold, silver, or crypto inside an IRA, use the link in this video description, Americans may be eligible for a $100 funding bonus when opening and funding an account with I trust capital. You know, it's funny. People love to argue about inflation. There's inflation bulls and inflation bears. And the reality is, is that inflation has been pretty stable over the last year, year and a half. You know, we have about high twos, low threes inflation, and it really hasn't moved that much. Um, you know, the next fed chairman is going to be Kevin Walsh. You know, he's going to get confirmed by the Senate. He's going to be the next fed chairman. And he has made an argument that we are going to have lower than trend inflation because of AI and other technological developments. And I actually tend to agree with that. Um, AI is, uh, it just a huge deflationary force. Um, now we have some inflationary forces. We have the war, we have commodity prices. Um, and you know, it's the type of thing where the prices of some things may go down and the prices of the, some things may go up. Um, but I actually, you know, I think I, I, you know, I agree with Walsh. I think that, um, the economy can tolerate lower interest rates without sparking off four or five, 6% inflation. So, you know, if the fed comes in to do rate cuts, um, which is another thing we haven't talked about, Walsh takes over in may, um, the fed is probably going to start cutting rates. Uh, they could get fed funds down to two, two and a half percent. That's probably going to be positive for stocks, you know, at least in the short term, so we'll see, but he's also against asset purchases on the fed balance sheet. Right. Yeah. And, um, it's going to be, it's going to be interesting to see what happens with that. Um, you know, ultimately if the fed did nothing with its balance sheet and all the treasuries and mortgage backed securities rolled off over time, um, then, you know, the balance, the balance sheet problem would go away. Um, that, which is also deflationary, I would argue that's also very deflationary. So, so I'm trying to get a read on your outlook for equities. Um, sounds pretty bearish to me. I mean, I'm definitely, I'm definitely leaning bearish. Um, but I, you know, these days I probably think short term more than long term. And, you know, in the short term, I think we need to get a flush to 6,100 ish somewhere in that area. Uh, and then we can build a base and bounce, uh, and then, you know, long-term, what do you think? Well, long-term, um, I mean, you know, I really, I, I really can't predict what's going to happen. I don't know if we're going to have a 15, 20% correction. I don't know if we're going to have a 30 or 40% correction. I don't know what that looks like. Uh, you know, as traders, we kind of have to think, you know, a week to a month out. And that's kind of where I am right now. So when you look at, um, the American consumer today, you know, I've been to a couple of states lately, but they're pretty, um, I don't know, they get a lot of tourism, so my, my boots on the ground take in America was that it's still bustling, it's still busy now you're in a different part of the country. I think you're in, where is it? South Carolina. Yep. How are, how are things over there? That's kind of a more of a typical, I feel more of a typical American state. How's the economy looking over there? Uh, it looks great, actually. It's terrific. What I think you're seeing is, and you're going to see over the next 10 years is a big divergence, and this is not a political statement at all. I'm not, I'm not talking politics here. You're going to see a big divergence between the blue states and the red states, and it's for tax reasons. The red states are cutting state income taxes. The blue states are raising them. Um, Rhode Island is raising taxes. Maryland is raising taxes. Virginia is raising taxes. Washington is raising taxes. And on the other hand, uh, South Carolina, Oklahoma, Mississippi, Iowa, um, North Carolina. There's a lot of red states that are cutting taxes and you're going to see a really, really big migration from economically weak to states to economically strong states. And that's, that's already been happening since 2017 when Trump passed the first tax cut in 2017 and he capped the salt deductions that set off a big migration and it's going to get, it's going to get even bigger from there. So I think you're, we're going to have this state where, you know, some parts of the country like Florida are doing really, really well and other parts of the country like California, New York are doing very poorly. So it's, it's all, it really, it's all depends on where you live. I mean, here in South Carolina, this is also a tourism state. Tourism is the number one industry in South Carolina. Um, and you know, with the exception of some Canadians who don't come down here anymore, um, tourism is still super, super strong here. Uh, the economy, I would say the economy is almost hot. Um, you know, like just, you know, anecdotally five years ago, I used to have no trouble getting restaurant reservations. Now I have to plan a month in advance. You know, it's, it's hot here. Interesting. So let's jump back to the awesome portfolio. Um, you know, you mentioned now you're 40% gold. Does that, when you, when you say 40% gold, does that mean the actual physical metal itself or you gold, gold miners and so forth? I have very little physical metal. Um, it's mostly the ETFs, right? So GLD, uh, and miners, that's really where most of my holdings are. So, okay. So 40% of the portfolios in gold related investments, where's the other 60% right now? Uh, I rotated pretty heavily into energy, um, around the time of the Maduro raid in Venezuela, um, into oil services, into the majors. Um, so I have a pretty big position in energy right now and the rest of it is outside the U S it's, uh, international emerging markets. Um, you know, because if you have a weak dollar view, you know, I said earlier that I think the dollar is going to weaken after the war is over. If you have a weak dollar view, you want assets that are outside the U S um, you've had massive underperformance for 20 years, uh, in EM in international. Um, and that over the, in 2025, that reversed very, very strongly. Most people don't know this, but one of the top performing asset classes in 2025 was actually international small cap value, which was up 46% in 2025. And nobody is talking about it. Nobody even knows about it. Why, um, well, let me, let me rephrase it. I I'm a bull on China. I have a lot of exposure in Chinese equities. When you talk about emerging markets, where is your focus? If you had to break it down in countries, mostly Latin America, but I would say pretty much everywhere except for India. And I've actually been a China bear for a long time, but I've gotten more bullish on China recently. China got very, very cheap. Um, it's still cheap. Um, and, uh, I I'm actually, you know, I, before I would have said, you know, if you want to invest in emerging markets, avoid EM, avoid VWO it's 35% China, and that really worked for a couple of years, like if you looked at like emerging markets X China, like that performed really well, and now China is starting to catch up, uh, so I'm not as afraid of holding China anymore. And like I said, it got very cheap. So what is it about Latin America that you like so much? So Latin America is moving to the right politically. And what's interesting about it is, um, it's not the populace, right? Like we have in the United States or they have in Europe, it's really the free market, right? And Malay really kicked it off, uh, when he won in Argentina two and a half years ago, um, and now every country in South America wants their own melee, right? So, um, Chile, uh, throughout the communist after one term, um, Columbia actually looks like it's going the opposite direction. Columbia is in big trouble. Um, Peru moved to the right, uh, Brazil, in spite of, you know, what's interesting is that, you know, Lula was leading in the polls for a long time. And now, um, Bolsonaro's son is catching up Flavio and, um, they're about even in the polls, but even, even as Bolsonaro loses, like Brazil is so ridiculously cheap, like it's still a great place to be for the next 10 years. Um, so, uh, Mexico is a bit of a mess. Um, and Mexico is not super cheap. So I would stay away from Mexico, but you know, I would say by and large, Latin America looks pretty good. So when you talk about, uh, I I'm interested in Latin America. I'm just a little too ignorant to have any serious conviction right now. I need to do more research on it. But when I think about Latin America specifically, it's really a commodity trade, isn't it? Uh, not necessarily. Um, you know, if you, if you go around Latin America, if you look at the big stocks in the indices, they're usually banks. Um, I mean, Chile is known for copper, right? So like, you know, one of the reasons Chile has done so well is because copper prices went up a lot. So for sure, that's a commodity play. And you know, Brazil has a volley. They have iron ore, they have petrol brass, they have oil. So yes, they are commodity countries, but, um, you know, if you, if, if, if you know, uh, if, if you know about the politics and regulation of, you know, they're heavily regulated economies. You know, if you start to free themselves up from some of this regulation, they can really, really grow. Absolutely. Um, and I also remember last time you were on, you were actually quite bullish on real estate, American real estate. So do you still share that sentiment? I asked this because, um, I'm pretty bearish on demographics in North America, specifically Europe. Um, you know, Canada, for example, where I am, our population contracted for the first time ever recorded. You know, I remember when you were on the, on the show last time you were talking about, well, look at the, you know, the immigration levels in America, this is going to drive up demand for housing, but now with Trump, uh, you know, immigration is kind of frowned upon or at least, or at least the levels that which it was happening under Biden and, and prior is, uh, is not the same. Do you still remain bullish on real estate? Well, I think the last time I was on, I mean, I was bullish, but not necessarily bullish. I think I was just not bearish and everybody is bearish. Everybody's bearish on real estate. And I would just say that I'm not bearish. Let's put it that way. And yes, Trump basically stopped immigration. Uh, but under Biden, we had 10 million people come into the country and we only build 1.4 million houses a year, you know, so that, so those people that came into the country legally or illegally, uh, are going to settle down. They're going to rent at first, but they're going to have families and their kids are going to buy houses. We do not build enough homes to keep up. I mean, you know, you mentioned demographics, us demographics are not great, but they're also not terrible. Right? Like our birth rates are still higher than Europe by quite a bit and we've had immigration. So the demographics here are decent. And Trump has even said, he's like, I don't want housing prices to go down. I want housing prices to go up. He's got bill Palti, who is, I think the grandson of a home builder, you know, as, as head of the FHFA, um, Trump is tight with the home building industry that, that we are, we're just not going to build enough homes to accommodate all these people. So, you know, unless, unless interest rates go ridiculously high and we get like eight or 9% mortgage rates, like I really don't see a scenario in which housing prices come down more than like three or 5% nationally. So, you know, I'm still, like I said, I'm not like bullish, but I'm definitely not bearish like everybody else is. I mean, real estate's definitely in America is definitely a nice hedge against, um, a weakening us dollar too. But, you know, when I look at, I have real estate investments. And when I look at real estate, I take a long view, right? You're not going to be trading homes or condos or houses or whatever. You're kind of, I would imagine most people buy real estate for the long, long term. And when I look at the longterm, I see a fertility rate collapsing globally. It's been descending downward at a rapid pace for 50 years. That to me is a pretty big headwind for real estate longterm. Like I'm a bit of a, I'm getting into a bit of the Armageddon camp on real estate, just longer term. Because I look at it and it's like, where are the babies coming from? Where's this family formation coming from? The younger generations are, you know, not even thinking about getting married and having children and so forth because of the cost of living. And I think that's a direct reflection of the fertility rate collapsing. And so you talk about the US being, you know, in a better situation demographically and family formation and fertility rate wise. And I agree, but it's still, I think the birth rate, fertility rate in America is like 1.6, 1.7. To me, that is, that is a major problem for housing demand. Yeah, that's a pretty good argument and I'm glad you pushed back. But, um, I think it's more of a, a longterm argument. I think, I think what you're telling me is like a 30 year trade where I'm focused on like the next five to 10 years, uh, Morgan Housel, I think once said that all disagreements in finance are actually based about time horizons, right? So I can be right in the short term and you can be right in the longterm. Um, but, but I, I think we agree, but we just have different time horizons. Yeah. Fair point. Um, my whole thing with real estate is it's something you buy and you just hold onto as a productive asset for a generation, right? So I guess you're absolutely right on time horizon. The, uh, I want to talk about energy too, because obviously, uh, oil surged and it's the big, it's the most topical thing on investors' minds. I think right now is where's the price of energy going? Do you, you know, I think you believe this war is going to, going to wind down at some point in the relatively near term, would you remain bullish on energy if your call on that is right? Uh, I mean, look like if the war ended today, um, oil, which is now we'll probably gap down to 90 is my guess. Um, I don't think it's getting back down to 60 or 70. Uh, I think it has a new floor. I think it's going to be 85, 90, 95 is where you'll see oil going forward. Um, so, um, you know, which has implications, you know, it has implications for, you know, all commodities, not just oil, right? Like if oil goes to 90, then agricultural commodities go down, metals go down. So I think, you know, when the war ends, you'll see a big pullback in the commodity index, right? Whatever commodity index you're talking about, whether it's Goldman Sachs or Bloomberg or whatever, like you'll see commodities, correct. Um, and then they'll build a base. And then at some point in the future, they'll take off again. Um, I think that in September, 2024, that was the low of commodities. And we are now in a secular bull market and commodities that will continue for 10 years. You know, people make analogs about the 1970s. I really think that this is going to be a similar environment to the 1970s. In the seventies stocks returned zero bonds got killed. Commodities did well. And if I'm looking out for 10 years in the U S I see the exact same environment, stocks and bonds don't do well, commodities do well. Yeah, I, I share that, uh, that view. I think we are in a long-term secular bull for commodities. And I do agree as well that I think, uh, there's a, there's a long-term risk premium now priced into oil. I mean, we started the war, it was around 60 bucks a barrel. I can't see, even if the war comes to an end soon, I can't see it dropping below 75, 80 bucks. So I, I share that view. And a lot of these oil and gas producers and, uh, services, as you talked about as well. I mean, they're the, the, the dividend rates that they pay out are so handsome these days that it's, it's hard to want to sell any of them, even if this war does come to an end. So if you had to, um, take a viewpoint, uh, looking out, let's say a year or two, I know that might be a little bit longer term than, than what you want to speak to. You're basically saying being commodities, equity is not so sure. Uh, what's your, what's your take on bonds? Uh, bonds have, uh, probably the least interesting chart I've ever seen of all charts, um, you know, tens have been in a range for a long time. I'm not bullish or bearish. Um, what you should see is that if war starts cutting rates, you should see the yield curve steepen. Which is something that people have been calling for for the last two years and hasn't happened. Um, but that should happen just academically. Like if war start starts cutting rates, uh, if I was going to be in bonds, I'd be in the front end of the curve, not the long end, so lastly, Jared, um, you know, I remember you saying that the real edge, I mean, there's so much, there's so much analyzation going on in the markets for technicals and economic data and so forth. But the real edge that the kind of retail investor or everyday investor has is, is gauging sentiment. Um, you said that's kind of where you can find your edge. If you obviously do the work, what's your take on investor sentiment these days? In stocks? Yeah. And equities. Yeah. Um, sentiment is still really high, you know? Um, I mean, just as an anecdote, you know, I have, um, I have some neighbors who bought into the whole stocks for the long run narrative and, uh, they have 90% of their wealth in stocks. They just recently moved 10% into bonds. Uh, but they're 90% in stocks. And when they asked me about the markets, they want to know when stocks are going to bottom so they can buy more, right? Like that's not the type of sentiment you see at market bottoms, right? Everybody is waiting for this to bottom so they can buy the dip again, because that is what has worked for the last 17 years, right? So this, you know, the pain is going to continue until people are disabused of that notion, right? Which is going to take a while because literally it's been 20 years. People, people have learned that if you buy the dip, stocks always go up, you know, and I think the next 10 years, uh, I think at the end of those 10 years, people are going to have a completely different view of equities, just like in 1982, you know, I'm not saying valuations are going to get, well, I don't think PEs are going to get down to six, you know, with 6% dividend yields like they were in 1982, but gosh, I mean, if you know, valuations could go down 40% in stocks are still expensive in historical terms, so makes it hard to want to step into the bar. That's, that's my, uh, that's been my kind of concern is just valuations. I mean, they can exactly to your point, they can go down 30, 40% and still be historically average. So it's, uh, it creates a little bit of a, a dynamic where, you know, I believe the, by the dip mentality remains and I believe that it will buoy the markets, uh, for quite a while still. But when you look at it just from a sensible historical average perspective, markets look extremely expensive and there's a long way down for them to go just to get down to average level, historically average level PE ratios. So, um, just to wrap it up, uh, generally speaking, I think from our conversation today, you remain bullish on gold commodities as a whole equities bonds, kind of a no-go zone. Is there anything else? Is it, what, what is the greatest opportunity you see in the markets today, as far as a disconnect between actual value and where it trades at today, if you had to pick a commodity doubted, but if you had to pick an equity of some sort or sector, what would it be? Uh, probably the dollar actually. Um, I think the dollar is, yeah, I mean, the dollar peaked last year around the tariff tantrum, right? Uh, and then it went down 10% and now it's consolidated per year and it's gone up during the war. Um, I, I, I think that that is the one thing that is the most mispriced. Um, I think the dollar has, and just even in purchasing power parody terms, you have all these American idiots that are traveling to Europe, like these people who make like $70,000 a year. And they're taking these five-star vacations in Europe because it's so cheap there. Like I remember in 2006, when the dollar was very weak and I was in New York city and you had all these German and English tourists in times square. Because the dollar was so cheap. If you want to follow currency valuations, just see where people are traveling to. People are going to Japan, Japan in 2012 dollar yen was like at 70. Now it's at 150 and it's one of the cheapest places to visit and everybody's going to Japan, right? So just in purchasing power parody terms, the dollar, even after going down, 10% is still too expensive. Agreed. Uh, and that's a good, uh, good observation about travel. If you're right about Japan, I mean, even in Canada, we have, uh, anecdotally as well, but we have a lot of friends that are, that are headed to Japan for the summer for that very reason. So that's a, that's a, that's an interesting observation. Always a pleasure chatting. Where can our viewers find you online and tell us a little bit more about, uh, your new book coming out? Uh, the new book is the awesome portfolio. It's on Amazon. You can pre-order it. Um, learn all about the awesome portfolio and you can find me at Jared Dillion money.com. Um, I have a bunch of newsletters and special reports there. I have like a masterclass on bonds. I have a masterclass on options that you can take. It's very good stuff. Uh, and if you want to follow me on Twitter, I'm at daily dirt nap, but I don't, uh, I don't tweet much these days. So, you know, whatever. So why is that? Why have you, uh, slowed down on Twitter? Um, it just, you know, I have almost a hundred thousand followers and it just got to a point where, you know, I could tweet the sky is blue and I would end up having to block like five people. Like there's just so many angry people out there. I just got sick of dealing with it. So, you know, I tweet like once or twice a week now and that's about it. So fair enough, fair enough. We will include links in the description. Uh, Jared, thank you again for your time. Always a pleasure. Thank you.