Stanley Druckenmiller - Remove yourself from cash. If you want to be independent from inflation your government in whichever country you're in traditionally gold would be the assets that you would want to pull back into nowadays that can be Bitcoin. And so you'd expect their cyclicality to be similar. And yes, Bitcoin is highly cyclical gold is counter cyclical historically. Why is that?

I'm not sure why other than naztech type risk play takers are the ones that send a play in Bitcoin and curmudgeons that are gold bugs and want the world to fall apart, playing gold, but there's no question. And this I've watched, and it's gone on long enough now that I believe it, that if you believe we're going to have irresponsible monetary policy, and inflation going forward, if it's in a bull phase, you want to own Bitcoin. But if it's in a bear phase, for other assets, you want to own gold. And I think I just start typically the reason but sometimes, John, I don't care. This is going long on enough that I'm starting to believe what I'm observing. And for sure, if I think we're going to have an inflationary bull market, I'd want to own Bitcoin more than gold. And if I thought we're going to have a bear market, you know, stagflation type thing I'd want to own gold, doesn't mean I'm going to believe that in a year. But that's my assumption going forward from this point.

And is that because of some fundamentals of the underlying assets are just based on what you've observed in their behaviors, today's it's 85%, what I've observed, but I would also say it's the type of investor over the counter Fang type investors, if they believe in inflation, and they tend to be younger, they want to play Bitcoin, old curmudgeons that secretly want the world to fall apart. They don't own Bitcoin, they own gold. So, but that's kind of cheating, because that's kind of a reason I've made up for what I've observed. I think you gotta, you gotta know your own biases.
Yes, go back to how you work and you know, kind of the young man's game and things like that. I talked to someone who worked for you, who says maybe an underrated aspect of your performance historically, is you just work way harder than everyone else. And there's few people who have been in the market since the 70s. Working with your work ethic, and you know, across a broad range of assets, how relevant Do you think that is? Or how much truth do you ascribe to that?
I think it's very relevant. I was pretty lazy in college. And I never considered myself a particularly hard worker. But I'm so passionate about our business, that it's almost like a compulsive gambler that has a way to channel his composure, and the fact that every event in the world affects some security price somewhere. And the fact that I'm so intellectually stimulated trying to imagine the world 12 To 18 months from now, versus the way it looks in the present, and security prices, how they would reflect that, I just find it so stimulating, it makes everybody think I'm a hard worker, because I'm attracted to the game. So in this game, I am a hard worker, but I actually think there's a life lesson there. I've seen young people who when they find their passion, who had kind of looked like they were lazy, or lost their way or weren't very driven, become very driven. I just happen to be passionate about this particular discipline. So I don't know whether I have a word hard work ethic, but that that's the end result of my passion.

Are you then excited about the growth of mobile investing and you know, approachable retail investing for kind of a younger crowd? Because it might pull more people into this? Or do you think it might get people in for the wrong reasons, and it's a bit more of a, you know, blinking slot machine game.

To ladder, I mean, given given what's gone on the last 11 years with central bank policy and the breadth of the bubble, I do fear for, you know, one of the sayings I'm sure you've heard it, but I probably heard the first week I was in the business 50 years ago, it's still applied. Bull Market geniuses. I think there's a lot of bull market geniuses around and it's not that they love the game. They love winning, but they were surfing with a hurricane behind their back. That was giving them these nice waves. They they may become very discouraged. So I don't embrace. I've heard a lot of people invasive fact that all these people are investing now and all these and how great it is. I don't think is so great if the story doesn't end well.


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