BP LIVE: Fed is Stuck with High Inflation and Weakening Labor Market - Stagflation

All right, y'all, welcome on today. We have some exciting news from the Federal Reserve. We're gonna talk about stag nation today. Federal Reserve, Jerome Powell, what's going on in 2026, monetary policy, M2 money supply, and quite a, I mean, interesting, uh, world that we live in. Let's just kick it off though. With so yesterday, the Federal Reserve dropped the interest rate by 0.25%. A lot of talk around stagflation. So we're going to roll a clip from Jerome Powell talking about stagflation back in May of 2024. So we're going to roll this clip in a second, and then I'm going to share what he shared yesterday, and we're going to talk about where we may be at for this—the economic conditions we're in. So let's roll that first clip from May of 2024. Inflation, I would say, most forecasters, including—

was that last year's low was very high, 3.4% in, I guess, the 4th quarter, you know, and probably not going to be sustained and would come down. But that would be— that would be our forecast. That wouldn't be stagflation. That would still be to a very healthy level of growth. And, of course, with inflation, you know, our— we will return inflation to 2%. And that won't be— so I don't see the stag or deflation, actually.

Okay. So that was again a reporter asking about stagflation from— this is May of 2024. So now fast forwarding to yesterday, these were comments yesterday about what's going on, the economic condition we're in. So listen to this. We'll pipe into Jerome Powell from yesterday.

Conditions in the labor market appear to be gradually cooling. And inflation remains somewhat elevated. In support of our goals, in light of the balance of risks to employment and inflation, today the Federal Open Market Committee decided to lower our policy interest rate by a quarter percentage point. Conditions—

Did you catch the beginning there? Listen to this beginning one more time. See, listen to what he says here. If you can roll it back. Sorry about that.

Conditions in the labor market appear to be gradually cooling and inflation remains somewhat elevated.

Okay, so pause. So inflation remains elevated while the labor market is cooling. Uh, so now go back to my screen if you can. This is a funny, uh, tweet that went viral yesterday. Let me log in. So, uh, on this comment of stagflation, there's a video we just watched here. This tweet went viral. How to say stagflation without saying stagflation. Try something like, quote, conditions in the labor market are cooling And inflation remains somewhat elevated, which is exactly what Senior Jerome Powell shared yesterday. Right here, you can see down below the quote: Conditions in labor market are cooling and inflation remains somewhat elevated. Now, I don't know if this was an engineered post from chat, but either way, it's pretty funny because it's exactly what he shared. Now, stagflation is one of the worst economic conditions you can be in. If I go to this little Gemini for you, I think you can see my screen. I'll zoom in for you here. Stagflation is an economic condition marked by slow economic growth, stagnation, high inflation, and rising unemployment. This creates a challenging scenario where typical policies to fight inflation can worsen growth or vice versa. The Fed has 2 mandates, which is keep inflation— their current target is 2% inflation, which we've been well above that since COVID They keep saying we're coming back to this 2% average and we're Not. We just simply aren't. And secondly, have maximum unemployment. Well, right now, both of these are going in different directions. And what's happening, if you look at this definition, by cutting interest rates, you're going to help the labor market. But by cutting interest rates, you're probably going to make inflation get worse. And so, we hit this stagflation scenario, which it looks like we are in, which Financial experts, even reporters were calling this out about a year and a half to two years ago, saying Jerome Powell do not see stagflation coming. In the first video we saw, he says, "I don't see the stag or the inflation yet." That was May of 2024, and yesterday he essentially just admitted we are seeing both of these out of control. So it puts the Fed in a very tough spot. Now, this is not just Jerome Powell's fault. This is the fault of you know the entire. Central banks, Congress, and we'll actually, we're going to dive into that in a second of where this is coming from, what this means. But in simple terms, what this means, this is what we are feeling as Americans. Things are costing more, right? Everything's costing more, and it's actually harder to get jobs, and people aren't paying wages to the same rate of inflation. We are seeing stagflation. Jobs are getting worse and inflation's getting worse as well at the same time. It's a pretty bad economic scenario to be in. Now, there's a couple of ways out of this problem. Now, before I get to those ways out, let's just touch on a few more things to give us more data. So this is the federal fund rate back all the way back to the 1950s here. I'm going to zoom into a 10-year chart. Actually, it might be useful. Sorry, go back to max. You can see we've had rates pretty darn high. Throughout the '80s, we had stagflation. If I go back to this, actually, it talks about stagflation, the oil crisis seen in the 1970s. You have stagnation and inflation happening at the same time. If you look back in the 19— where was I here? 1970s here, you saw quite a massive swing of interest rates through the '70s. They then dropped rates quite a bit to help out with this oil supply shock, and then rates jumped. Look at this, all the way up to 11%, 12% into the '70s. Then down again, 80s. We were up to an 18— look at this, 15, I think top here, 19% Fed funds rate drop. And then we saw this massive recession here with— and then they cut rates during that recession. That obviously came down here. Now, I don't like using these— this era to reflect back on monetary policy. There's good things to learn from, but since the— oh, looks like it came back here. Let me go back to our 10-year. Maybe I'll go to a— let's go back to 2000 because post-2008, things have changed drastically. 2008, we had the great financial crash and we essentially put rates at zero, which had historically never been done before. I mean, look, if you see this graph, look at this, boom, bottomed out and we left rates almost at zero for half a decade. Let me go back to 10 years here. So you can see, sorry, one more time. We go back to 2000. So you get a picture here. Rates rise. 2008 happened. We put them to zero and we created and bailed out tons of companies. What this creates is a world where the Central Bank of America, the United States Central Bank, steps in and saves things. We move to a new era of monetary policy. Now people thought it was a one and done. And the Federal Reserve at the time said, we're going to, we, they, increased their balance sheet drastically, which means the Fed was buying assets. The Federal Reserve is buying stocks, bonds, all sorts of assets. And what that is, is a net buyer to the market, which tends to make asset prices go up. The Fed's balance sheet ballooned massively through this era. And I'll share one more chart in a second, but we'll stay here for right now. We then saw rates go a little bit up. This is during Trump's first term. And then prior to COVID, they dropped rates again. And then COVID hit, you can see here, and we put rates again to zero and printed even more money. We went again to a quantitative easing era where— and this is— so I'm talking about quantitative tightening and another fancy word of the Fed adding to their balance sheet is quantitative easing. We then entered a major era of quantitative easing and massive money printing. And then— Jerome Powell stepped in and said, we got to curb back inflation. They hiked rates at the fastest pace in history all the way to 5.25%. And just recently, they started to step them down here and then step them down again. And it looks like for next year, we have a new Fed chair, Hassett, coming into play here. He's proposed the likely choice. He'll be inaugurated in May most likely, and he wants to be even more dovish on rates and print more money. If you look at the M2 money supply, so this is tracking how many dollars are in existence. You saw this massive ramp-up period after here. The trend line continued to go up, and then you saw COVID even went up more. I think there's another post here. Yes, this one's very interesting. So someone on X, and again, check our facts here, but I think this lines up with what I've seen. You can see the massive step-ups that we had from the 2000 dot-com bubble Then 2008. See this trend line? So the trend line was supposed to be here. From 2000, it went up. Then 2008, it went here. We are now here. And it looks like we're just beginning quantitative easing again, meaning the Fed is going to spend more money and add to their balance sheet, be a net buyer in here. If you look at credit and liquidity programs from the Fed, OK, you can see here, so back to 2008, the Federal Reserve started to increase its balance sheet quite a bit. It increased, increased, it lowered. And they're like, we're going to tighten back. Quantitative tightening is what it's called. We're going to tighten back. So you saw it tighten a little bit and then COVID hit. Boom. I mean, that is massive. And that's why you saw things like crypto, real estate, everything, stock market just exploded because when there's more dollars in circulation, things in nominal terms go up in value. Not in real terms, but in the nominal, in the actual, the numbers tend to rise. We then saw this go up through COVID, and then we've entered a series of a phase of quantitative tightening again. The last 18 months to 2 years, we've been, well, sorry, 2 and a half years, we've been removing things from our balance sheet. You've seen that. And they're like, we're coming down. We're going to, this was just before pre-COVID, but look at where we're at. Boom. We're right here. And we've just began Now adding to our balance sheet again. It's like a cocaine addict. We can't get off of this because for a lot of reasons, I get the reasons why. And if I was in their shoes, I might be making similar decisions. But what I'm just saying is this is the path we are on. This little curve, they've already told us what they're going to do. It's about to go back up again. And assets in nominal terms tend to drive. I think there was an interesting article here. Yes, this is By Tom Lee, this is on Morningstar. The Fed will help drive a 10% gain for stocks in 2026. That's how significant this is—the moving to a quantitative easing pattern. If you look at this is from by the way federalreserve.gov. We're looking at their official website here. Let me pull up one more. We have has it 10% gain. Oh, I think I don't. Let's see, federal fund rates. Okay. So this curve, I think, is pretty interesting of where we're expected and at right now. You saw this with COVID So let's talk about asset prices. Obviously, crypto took a huge run-up in 2021. We've seen some assets move kind of through 2024 and 2025, but still been relatively muted. Stock market, though, is hitting historic highs. What are the ways out of this problem? You can put me full screen for a second. What are the ways out of this problem? Well, a few things. Now, you can— you couple this with debt. So you couple this with rising debt of the country, right? We're at $38, $39 trillion. And both parties, by the way, this is not a Republican or a Democrat issue. This is a both-party issue. You saw— you saw Kamala, Biden, and Trump all run on We're going to spend more money. I know even some people, Republicans are conservative. Well, the Trump administration, the new Republican Party still spends a lot of money. The current sentiment from either party is that we're going to keep printing money and we're going to grow our way out of this problem. And there's actually some precedent for this. If you look at a couple of things here, I like to look back at different eras and maybe match them up. And by the way, I finally found the thing here. If you look at this, this is the schedule. Yeah, you got on my screen. Screen, the schedule of the Federal Reserve purchases. You can see how much they're buying, maximum purchase amount, and you see the dates that they're purchasing on here. So you can see this all the way through 2026. There's some fancy graphs that show you this is just— the Fed is now a net buyer in the market, in stocks and bonds and all sorts of things. And that tends to make asset prices go up. And you cut rates at the same time, you allow companies to do stock buybacks, etc. The Trump plan currently, and with Howard Ludnick and Scott Bess in it, some very sharp individuals at the White House, the current plan is to grow our way out of this problem, which could work. You see things like— and maybe put my screen back for a second. You see things like Cathie Wood who talks about this mass expansion era we're in. And I'm going to pull up a slide here. I know we're live, so give me a second here. You see people like Cathie Wood talking about the amount of growth that we could have in the next few years. And if you can share my screen now, you'll see this for a second. So, we are seeing and sitting in an unprecedented era. A lot of capital, a lot of growth initiatives, and we have 2 outcomes. Outcome number one is, like I said, we can grow our way out of the problem. And I believe that's what the Trump administration is trying to do. Or scenario number 2 is we inflate our way out of the problem, which we're also kind of on that path, which also destroys our currency. And you see other people on Twitter and saying, the dollar's dead. We're going, you know, every 80 years there's a cycle and we're getting out of that. The U.S. is in a unique position, and I'm going to talk about a couple of things on both scenarios. Bull case for 2026 though, if you look at this, If you look at season, this was me with Tony Robbins a few months ago in a private setting, and he mentioned this idea of seasons. Recognize the season you are in. If you look at the turn of the 1900s, we had 3 emerging technology platforms come out at once. We had the telephone, electricity, and combustion engine. We saw real GDP growth go from about 0.5% to about 2.5% to 3% GDP growth for the next 100 years. After these 3 emerging technologies came out. So again, 0.5% to 2.5% to 3%. That's a pretty big increase of GDP growth. At the turn of the 2000s, we saw the internet and personal computer come out together. The combination of these emerging huge invention or platform-scale asset classes coming out at the same time is massive. And the compounding effect is what made Telephone, electricity, and combustion engine at the same time, these compounded pretty well. Well, right now, we have the emergence of 5, at minimum, some would say up to 10 emerging technology platforms all at the same time. Now, I don't think this video is going to play, but I'll skip through. She mentions in this video—

We believe—

That she believes real GDP growth is going to accelerate in the years ahead. She thinks could be as high as 7%. by 2028 GDP growth, which is absolutely bonkers. She says, if you're an economist, you think that's absolutely crazy. But she goes, there's precedent for this. The early 2000s, we saw a major jump in GDP. The turn of the 1900s, we saw a fivefold increase in GDP growth because of emerging technology platforms. These technology platforms are this. It's artificial intelligence, robotics, energy storage, blockchain, and multionic sequencing. When you combine, just take 3 of these, for example. As AI gets better, robotics gets better. And as robotics gets better, it helps energy storage. And you can go down the line of the other ancillary things it takes. As blockchain gets better with AI, with robotics, there's a compounding effect that can happen in these technologies. If you can look, there's quantum computing, global fast internet, about a billion more people are coming onto the internet. Right now from things like SpaceX and others that are giving global high-speed internet around the globe. Even things like space travel. Space travel does not happen unless you also have robotics, artificial intelligence, and you can have maybe— and very good energy storage. They have to all happen at the same time for real commercial space travel and actual functionality in space to really, really happen and take off. That's what we're seeing right now. And so, you see things like, this is why all these founders have gone back to work. People like Sergey Brin, Jeff Bezos, Marc Benioff, Brian Chesky, Whitney Heard are all gone back to work to work on AI and these emerging technology platforms. Right now, we are actually ahead of Moore's Law with computing power. If you know Moore's Law, it said every 18 months computing speeds would double. We are actually ahead of pace right now on Moore's Law. We've seen a mass Adoption of it. You see these 2 inventions right here, the Model T and the B-2 Spirit. These inventions were 62 years apart. So, one of the cases is we can grow our way out of the problem. Isn't that crazy? 1927 and 1989. I mean, it's absolutely wild. We also have a White House who is very pro-business, and they obviously are in this growth mindset. So, we— they're— this is the most pro-business administration I've ever seen. We currently have $8.8 trillion in U.S. and foreign investments committed to the United States. You can see up on your screen right now of some of the Qatar, Japan, Saudi Arabia, South Korea, United Arab Emirates, all committing capital. You also see companies doing this. Apple committing $600 billion. Stargate $500 billion. Nvidia $500 billion. Micron $200 billion. These are large numbers. I know we just throw around trillions. $8.8 trillion is a massive number. $500 billion is a massive number. $150 billion from IBM, TSMC, $100 billion in US investment is massive. This coupled with cutting rates and a dovish Fed could, could create a lot of growth and massive expansion in the United States and grow our way out of the problem. And the people always talk back to the national debt. If we can grow our economy, our debt-to-GDP ratio becomes a lot more palpable. We can either cut our debt, which just isn't going to happen. We tried Doge. We've tried a lot of things to cut debt. It's just not going to happen. Or we can grow. And right now, we're saying we're going to grow. And if we grow our economy massively, we've got entrepreneurs, fund managers, people like us growing the economy.

Yeah.

And bring in foreign investment in the United States, we could potentially grow our way out of this problem. We've already hit this inflation plateau and maybe more inflation. We need to grow faster than the inflation of our problem. I believe, and I'm pro-America, I love America. I don't want America to die. I also don't want the dollar to die. If the dollar dies, that ruins a lot of our livelihoods. Okay? Now let's talk about that for a second. You can go back to full screen for me. We'll come back to this in a minute. What's interesting, so you have people online saying the dollar is dead, which there's a scenario for that because we've printed a lot of dollars and we have rising debt and you see the collapse and you see people like Ray Dalio who puts out these nice articles and books that talk about the world changing order and every 80 years we have a new cycle of currency. I get the argument. What's different about right now? Ray Dalio's book talks about an emerging economic threat, and he points out China is that emerging threat, which is a good scenario. However, and I would love to hear his update on this, China's economy is worse than ours with all the same problems. And you also see this in the European Union, but France, Germany, You see this in Spain, Italy. We, the United States, is not the only country with an inflation, let's call it a stagflation problem and a currency problem. It's happening across the world. The reason the dollar hasn't collapsed yet is because we're doing better than everybody else. Like, you're like, oh, the dollar stinks. It's like, okay, well, what else are you going to use? You can use the ruble. You can use the euro. You're going to use the yen. Those currencies are actually all doing worse than the dollar. You can actually track this, by the way. So, you can look at the dollar index. Here's the DXY on MarketWatch here. I'm going to go to a— let's go to a— well, I'll go to a 3-year. That's an all-time chart. Here we go. All-time. So, we'll look at percentage. You can also look at dollars. Now, the dollar is declining over all time here back to the '90s. The dollar, according to the DXY, and this is, by the way, the DXY is compared to other currencies. It's the dollar compared to other currencies. Okay? Compared to other currencies since its height in 1986, we're down about 20%. But really since the 2000s, we're kind of on par. If you go a little bit shorter timeframe, like 3 years, now this year, we've had a much weakening dollar this year. But really, we're actually doing pretty darn good compared to other currencies. It's not like this. If you look at this, there's a lot of indexes that compare currencies. The dollar's actually doing pretty well compared To other currencies, meaning all currencies are actually dropping together. All countries are printing lots of money together. If you look at global M2, this by the way, this is just M2 for the dollar. And I maybe I don't have it up in front of me. Global M2 has exploded. So this comes back to like compared to what? What do you want to hold then? All countries are printing. All countries are having inflation and probably stagflation. The United States is. Seemingly the first to admit it. They didn't admit it, but they admitted it. We talked about it at the beginning of this call, right? This condition in the labor market are cooling and inflation remains somewhat elevated. Stagflation. Okay? They said it, but they didn't say it. But where do you go? In a lot of cases, assets are the things that rise in nominal terms. This is why most smart people will tell you, get into assets, things like real estate, Things like gold, silver, things like Bitcoin, Ethereum, other assets that can de-risk you from currency risk because countries are just printing at mass. And all you— we have seen all assets across the board pretty much rise over the last 2 decades. I'm going to look at this medium. So let's talk about real estate for a second because there's been kind of a quiet recession in real estate. This is the medium sales prices of homes in the United States. Wow. So, look at the last 10 years. Okay? We saw here the last time the Fed did quantitative easing, we saw a huge spike in home prices. Look at this. Remember this in 2021, 2020? You couldn't even— it was— I went and bid on a fourplex. There was— I showed up to the house. It was an open house. There was 100 people there. I was trying to buy a duplex, you know, get into real estate. I believe I called that night. I was going to put an offer in. They had 28 cash offers. 28. And I believe they said 5 of them were above asking price. And I just said, I'm out. I'm out of this game. I can't play in this game. Okay? That was 2021, 2022. What happened was we then jacked interest rates at the fastest rate in history. We showed that. I'll put these charts side by side here. Okay? So, we rose rates like crazy. What this did, it made homes 50% less affordable. Meaning if you actually do the math, if you're getting a mortgage in 2022 versus a mortgage in 2024, it was about double. Like if you're going to pay $3,000 a month, now you're paying $6,000 a month, which prices a lot of people out of the market. What should happen is home prices plummet, right? When you raise rates like this, the affordability of homes should drop a lot. Well, guess what happened? Yeah, they kind of went down a little bit. People that were in homes just stayed. They just didn't do anything. They didn't want to move. People that were going to buy homes said, I'm going to wait. And you just saw a lot of real estate transactions stop because the bid-ask spread was so high. And that's what we have seen so far. As of— and by the way, real estate is about 14% of our GDP. I know guys nearby me that run huge mortgage firms and refinancing firms. Their business was almost killed. And a lot of people actually went out of business during this period because no one was refinancing. No one was fixing up their home. No one was buying homes. You saw realtors, anybody attached to real estate, all their business dried up. We have just seen rates come down a little bit. And you're starting to see The real estate markets start to warm up. But what's so interesting? House prices didn't plummet. People are like, oh, housing prices are going to crash. Really? They should have already crashed. And by the way, the new Fed chair, Hassett, which is the probability, he wants to cut rates another full percentage points. He's going to be likely in office May of next year. So, if you're looking to buy a home, You just tell me, what do you think will happen to the median home prices in the United States when they cut interest rates a full nother percentage point? I think you might see something like COVID happen again. Okay? I could be wrong. We could see it. There's stuff that I could not be watching. But if I'm looking just from big picture, what is going on in the world, we have lots of money being created. We have the Fed now cutting rates. When rates cut, mortgage— the cost of a mortgage drops drastically. It gives buying power to buyers and real estate transactions go off. And what that does, by the way, back to the growing our way out of the problem, the Trump administration has been pushing for rate cuts massively. Why? They want the economy to grow. When you have 14% of your economy, the real estate part of your economy can now flourish with low interest rates. That gives massive expansion. And by the way, it's not just real estate. It's lending on businesses, car loans. It's all expansion efforts happen when you have low interest rates. The problem with that is you also get more inflation because there's just more dollars in circulation when we go to quantitative easing. So what I am doing for me, you do whatever you want, but for me, I want to have assets. I want to own assets during a period of high inflation. We have just announced we are getting away from quantitative tightening and now moving to quantitative easing. So all of the inflation reduction efforts that the Fed has done over the last 2 years are over. And we are now moving to a time period where we're going to have, I think, more inflation or at least continued inflation. The metric they always quote is a 2% to 3%. It's a trailing 12 months, by the way. So you have trailing 12-month Inflation. Really, since COVID we've had about a 20% to 22% inflation cost total. They just report their trailing 12 months. So from November or December of last year to now, we have a, you know, 2.8% or a 3.1% or a 2.7%, whatever the number is. That's my take. We have rates dropping, medium home prices might be moving, and asset prices, I believe, could explode over the next few years. You couple that— With emerging technologies. Where's my little chart here? Emerging technologies that are coming out all right now and making things deflationary. When you have emerging technologies like these coming out, when you have humanoid robots, AI, things become more deflationary, meaning things become cheaper for the end user. Now, deflation can also be scary as well. When you have a lot of technology come out, let me describe this deflation for a second. If you had a self-driving truck that could deliver goods across the country, it doesn't have to sleep. There's no driver. What that does is make shipping costs go down immensely because you can just ship, a truck can drive. It just charges. There's no driver. There's no workers' comp for that driver. They can drive 24/7 as long as they have full batteries. Shipping costs go down, are faster and cheaper with self-driving trucks. That's deflationary. That makes shipping costs across the country go down, which makes net profits for all businesses probably go up. The result of that though is people lose their jobs, right? Truck drivers all lose their jobs and have to be retooled into other parts of the economy. Take back to robots. An Optimus robot is very deflationary. When you can spend $20,000, maybe $30,000 for an Optimus robot and they can run a factory line or be in a warehouse or lift things or be your assistant at a job site, mow your lawn, all of a sudden, you're not paying $50,000, $60,000 a year, $40,000 a year for a skilled warehouse person or a— I wouldn't say electrician yet, but trade jobs. I'm a business. I can pay $30,000 and I'll get use from this robot for 3 years. That's better than paying $50,000 a year. So $150,000 over the next 3 years for a person to do that. It's very deflationary to an economy. It makes things cheaper, but it also displaces jobs around the economy. So we're now toggling inflation like we talked about from the Fed here. I'll go back to stagflation. We have conditions in the labor market getting worse. We have inflation going high and we have deflation hitting us at the same time with emerging technologies coming out. What a time to be alive. When I take all that in, what I want to do for me, I want to figure out how to acquire assets that I believe will rise with inflation. This year, we've seen gold and silver hit massive levels this year. They've hit all-time highs. Gold has— excuse me, silver has outpaced the stock market, which is at all-time highs by a few-fold. You've seen gold massively jump. I believe assets like Bitcoin, Ethereum, crypto assets, and other assets like real estate and others may do very, very well during an inflationary period like what I believe we are entering into again. So buckle up. Make sure you and your family are positioned well. Talk to someone. This is not financial advice, but talk to someone who can give you financial advice if you don't want it here. But that's what I'm doing. If there's a wealth gap that's going to keep dividing, or maybe it's coming together, maybe it's dividing, I want to be on the wealthy side. I'm going to try to figure out how my family, my businesses can be ahead of the wave. Lastly, I'm going to share this last slide. This is a, let me jump down here. This is what my dad taught me for years. And I love this analogy. He says, Bridger, in life, there are tidal waves sometimes coming at you. He goes, when I was a young man, I used to fight these tidal waves. For example, the internet. My dad, he's like, I knew the internet. I tried to adopt it kind of, but I didn't really fully adopt the internet in the '90s when it was coming out. A lot of ways, I fought the internet. I put my hands up and I said, ah, this isn't the right thing. It was scary. I don't want to put my credit card on there. Mobile phones, cloud computing, you name it. He goes, as I'm an older man, what I've learned is sometimes, especially with technology, you just got to get your boogie board and go with the wave. Millions, billions, and even trillions of dollars are made when these waves are hitting. Don't fight the wave. Get a boogie board. Figure out how to position your family, your company, your business. In the wave right now, we have about five distinct waves hitting at the same time: AI, blockchain, energy storage, multi-anic sequencing, quantum computing, and I'll add more: 3D printing, space travel, high-speed internet are all hitting right now at the same time. This is something we have never seen before in the history of the world, and furthermore, we have a government. A president and a cabinet that wants to be the crypto capital of the world, that wants to be the AI capital of the world, that is doing as much as they can, at least seemingly, to be pro-business, to help companies position themselves well in these ways. We have $8.8 trillion of foreign investment dedicated to invest in the United States. That is a major tidal wave. Get your boogie board, go with the wave. Because lots of money is made in the wakes, in the froth of these waves. So with that, you guys are amazing. What we do at Fund Launch, by the way, drop questions if you have them. We help people launch investment funds. So if you're interested in building a fund, you can share my screen. We help people build investment funds. I do this day in and day out. This is what we do. We've helped launch 300+ funds. We have $4.8 billion of reported climate. Here's my subtle pitch. This is what we do. Okay? I run 2 funds right now. I run Fund Launch Partners and Ugly Unicorn. And then also, we help other people launch investment funds. So, if you're curious, there's a link down below or go find us at fundlaunch.com. You can book a call with us if you want to learn how funds work. That's how I am positioning myself in front of these waves. I built a crypto blockchain investment fund. I believe that is the future of finance. I want to build a fund that has a huge chunk of money that can benefit from this massive wave that is hitting. So, if you're curious about that and talking more, we got videos on here. I think you actually can come in here and there's tons of videos on our channel that we talk about this. We actually walk through I have a training right here. I think it's 10 minutes. I just train on how funds work, the Fund Launch Formula, how we raise capital, etc. So you can go check that out at fundlaunch.com/training. All right. With that, you guys are amazing. Please like this video, send it to somebody if it's useful for them, and we'll do more of these lives. Hopefully, if you guys like it, Thursdays, we kind of like Thursdays. We might do more live streams on Thursdays. Let us know if you want us to keep doing Thursdays down in the chat and we'll see you later. Bye-bye.