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Remi Tetot

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2024-03-03

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2024-03-03

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1. “Go up so you can it's actually quite an interesting trade Long, long, long. Now, I tried to short this year at the beginning of the year and be clever and didn't work out. You know, sorting is to... The time is too time sensitive. And right now, considering the dynamic in place, I don't think it's wise to shorten anything. One trade that is interesting is the defense sector for Europe. It's growing a lot. They need basically to ramp up military spending in Europe to catch up. And companies in Europe, in the different sector are quite well positioned, actually. This is an interest. That's something I've been looking at and I'm going to be looking at.”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

2. “Different, but so far, you know, the feedback has been good, got 300 people signups. So Grant Williams has been helping me a lot. It's been great. And yeah, and look, for your podcast, actually today I activated a free trial for you viewers. So I don't do free trials or anything. Now, for a week, I'm going to leave the trials on. People can sign up for free trial, no credit card, no thing. And it's at the MadKing.com. Find the signup flow. But yeah, and see, that's the kind of stuff I'm going to do it for a week. Then I shut it down and then we'll see. Yeah. So I saw that to do that for you as a thank you for your viewers, you know, just like, yeah, it's cool. And regarding trades, I really like we talked about it quickly, about the home builders. Like I said, if they survive and they've been striving through IELT going forward, they can only”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

3. “Basically, the mad king is a newsletter, macro business, tech, a bit of crypto. And what I do is I cover macro trends or macro topics in a very where I simplify everything as much as I can to make it easy to understand, easy to digest more importantly. And yeah, focusing obviously on tech a lot, macro a lot now starting to bring crypto a bit because it's moving and I want my readers to be on top of it. You know, I cover the business cycle. I cover a lot of things. I went from Uranium to India to Bitcoin not long ago to a lot of stuff. And usually I also like to take a contrarian view on things because I think if you can have more edge like that. And so it's different of the other macro newsletters.”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

4. “And call it elemental. Basically, we're branding the name of uranium for energy. Then it's not called nuclear. And then in terms of perception from the people, when you talk about it, they're not scared about it. And I'm like, you know what? That makes sense. If you split the two things, nuclear for a weapon and nuclear for energy, they're two different things. And one people are feeling one and stop the other, basically, for too long. And I think now it's definitely the...”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

5. “When I watch it, I was like, okay, that's what basically nuclear. And I realized that nuclear people have been fighting against that. That, okay, it's cleaner, it's better, it's this and that. The reality is since 2011, since Fukushima, there is no event that happened. Nothing broke, you know, no risk. But it's, you know, when you think nuclear, you think Hiroshima, you think power, you know, you think boom, basically. You don't think about electricity. So if people, what come in their mind is that, you know, the mushroom, the atomic mushroom, if you think nuclear eventually. And I think this is something that Josh Wolf said that a good thing would be to rebrand nuclear power for energy, for example, and call it elementals.”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

6. “But when I grew up in France, I was going to school 20 miles away from a nuclear plant, from one of the biggest in France. No problem, nothing, you know, it's safe. We never had any risk, never training, never warning, never nothing, right? Now, and that was 30 years ago. What we saw is, you know, a lot of people that were anti-nuclear, they were pushing for wind or solar. What happened is basically those, you have those people fighting against each other. And for decade, decade and a half, it was solar, wind, and turbine taking over. And it was like, that's the one you have to look at. And it's funny, you know, when I wrote about it in October, I think, I saw two videos and I saw a video from 2010 with a debate between someone that was proceeding, someone I was pro-nuclear. And when I was...”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

7. “Nice. And as viewers may suspect, you are from France where I believe they are pretty into nuclear power. But your neighbors to the north, Germany, they have been pretty reluctant to embrace it. And even as they're talking to big game when it comes to environmentalism, they're shutting down nuclear power plants. What do you think about the rest of the world's embrace of nuclear power? There's been a pretty strong anti-nuclear power bent in pretty much most countries other than France. And add on to that if all the hedge funders buy it and it goes to $300 a pound, I can imagine some politicians saying this is being manipulated, blah, blah, blah, blah, which, you know, they may be right.”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

8. “Yes, opening a new mind is like about 15 years. So that's not possible. Ramping up production is complicated. So that's why I said five years. You have a five-year gap here where you have that the physical uranium ETF that's been like sucking up uranium big time. Talking about data centers and stuff, they're going to need powers, all of those centers are going to be delivered. So it's going to have to come from somewhere as well. Eventually, I mean, I think, yeah, it's a good trade. It's a good trade to have. I think it's one to have in your portfolio, definitely. And I really like the correction now to add, to be honest, I might do it actually.”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

9. “Yeah, yeah Long term trades. So, yeah, I mean, I do not have a position you're in, but I have looked into it, and it's very interesting because talk about the supply dynamics. Again, I'm not saying this is a good thing for the world. If uranium is very much needed to meet CO2 reduction targets, it should be cheap. But I think the reality is a bunch of the spot market of uranium is bought by the investment community through through products, ETFs or trust or whatever and power producers, the utilities, they buy mostly in the term market. And the supply comes from mines, which take a really long time to go. So how high do you think the price of uranium is going? It went over 100 pounds, right?”

   2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

10. “Supply chain on uranium is, you know, the supply basically, the demand problem is there. We know it. We know the money is going to grow. We know a lot of countries are committing to develop more nuclear. We know it's the only way they can have a chance to reach their numbers in terms of CO2 emission, CO2 emissions. I think the trade is on for five years, to be honest. Yeah, the decent correction this year. He had not performed too well. But I think, yeah, I think the structural problem in terms of supply demand is there. It does exist. You see too many more and more countries adopting it. So it's, yeah, I think it's going to work well. And it's definitely a trade now on the correction. It's definitely a trade to add if you don't have. It's a long-term trade.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

11. “It so we just talked about Bitcoin. Let's talk about another commodity which has a pretty inelastic supply uranium. You've been long uranium. You've been wrote about that as a long trade. It's gone up a lot. How are you seeing that play out? Tell us your thoughts there.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

12. “And then Drawdown is going to be a bigger problem because they have bigger allocation. And then the fear is going to kick in. For now, because everybody's recommending small positioning versus the portfolio, I think people are going to, it's going to keep going for a bit.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

13. “Okay, so right now people positioning in it, they're allocating small allocation of their portfolio. So that's going to be on the risk part of the portfolio. They're going to be put to 3%, something like that. I think Fidelity recommended to put 3%, right? So if they put 3%, it's basically like you price, it's priced like an option. Like you let me write, and you see, you're willing to take the drawdown, you're fine with it because it's a small position in your portfolio, right? So it's all about positioning at the stage. Now, if he goes down, you don't have too much downside versus your entire portfolio. If he goes up, grid is going to kick in 100%. Human.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

14. “Like now, and I'm surprised, you know, I wasn't expecting such a price move ahead of the Alving, but again, that was me comparing to previous cycles. So this one is, like I said, it's very different.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

15. “Well, yes, you would think so, but now what I'm thinking of is okay, let's say the ETA, let's say the ETF broke people that never bought Bitcoin before. Let's say there's some of that money that's completely new. Those people, they just experienced, what, 20% in a month, something like that. If it keeps going like that, we might see those people are locating more of their portfolio to Bitcoin. Greed is going to kick in. They're going to be like, whoa, it's too easy. And there you kind of having a dynamic of restructuring portfolios for people and taking a bit more risk. We should have that. The bull run is on. When I see those moves like the last two days, I'm like, okay, this is happening now. The flow out of grayscale has definitely declined like almost nothing now irrelevant. If the demand is coming from the other side without the flow out of grayscale, then we're on for some fireworks, right?”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

16. “Yeah, well, it could be, yes. I'm still waiting to see, you know, it's very early to say that. I want to see sustained flow to it. And more importantly, I want to see how the ETFs are going to react to a stock correction or an economic downturn or a really big stock correction, which is something we don't know yet. We know how people would react in the crypto market, but now that flow of money is different. So I'm not going to say that yet.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

17. “Point, like you said, if Bitcoin is 100k, that's going to be in all the news, then you're going to start with the retail cycle. And that's all of that is a possibility as well. I think it's going to be, yeah, it's going to something like on those lines is going to play out.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

18. “Not necessarily so the last cycle, all of that was new. You had new chains coming with new meme coins, with new products, all of that. Now this time, we have all the chains already existing. We have new ones coming. You have new stuff coming on top of Ethereum. You have last, you have the laser coming as well. I mean, you have a lot of new things, but not as much as last time. I think that it's done all that craziness. Look, we have the ICOs in 2018. We had the craziness in DeFi in four years ago. Now this time, it's possible that the market is more mature as well and is not going to do that kind of product. It's a possibility. We don't see those this time. And it's not going to stop it to go up. Now, the flow of money is going to be different, but it's still going to grow, you know. It's going to be very institutional driven. Eventually,”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

19. “When you come out, we're going to see it now with Portal, with Wormall, you know, those talk, and basically the price discovery is going to be really short. It's going to be very short. Yeah, before they will launch their token and you'll find out this time because of the way they're doing it. The token is not coming at 10 cents, it's coming already at $3, for example. We have all the tools that exist for that now. You have Newmarket maker, you have all of that. It's very different than what we had before. Well, we might have less token that's going to make 40x, for example. They're not going to make 40x, but you're going to have, let's say, less gross, but safer. And I think, yeah, I think that's the way it's starting to play out.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

20. “I don't think we're going to see as much leverage than last time. We don't have Luna in the end, Luna UST was a big tool in providing leverage. We don't have Ethan this time. We don't have that. We don't have any algorithm, basically any big one, any algorithm stablecoin. So there is no leverage is not going to be the same. So it doesn't mean we don't have a big cycle. We have a different one. Obviously, we'll be LCR because the last one, you know, was in the end, it was an LC. All those farming tokens where you could get, I don't know, I mean, thousands of API and stuff doesn't make sense. Didn't make much sense. So this time is much, I think it's much more responsible. But what's going to happen also is now you're going to have project, you know, project are going to come to market worth billions already. When before they will come to market worth 10, 20, 50 millions and go up. Now this time it's going to be priced in already. I think we saw it with Jupiter on.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

21. “Interesting. What do you think were the key learnings for you from the last cycle of 2020, 2021? And then the bust in 2022? And do you think that most of the crypto market has learned the same lessons you did? Because if they have maybe in the next cycle will be different. But if they haven't learned those lessons, maybe the past could repeat.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

22. “Formula One, let's say, for example, you will get more return on doing stuff like that. The gaming is playing this way at the moment. Not only, to be honest, Wormwall is the same. I saw the same with them. And some others. And I think there's like a big airdrop season coming this way now and really rewarding NFT's community that been like through hell in the last cycle because no liquidity and price collapse and stuff. So I think this is the emerging thing I've been seeing this year.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

23. “Project are utilizing NFT communities. So before you're familiar with airdrops, right? You have airdrops and stuff. So before, for example, in the last cycle, big air drop was Uniswap. So if you use Uniswap, they give you, I don't remember how many tokens. And then I'd say this time they're giving tokens to people that are beta tester. So they say common beta test it. We're going to give you tokens. So they make the product better. Then they're going to give token to people that use the product. And then what they do, they give token to NFT holders to specific communities. If you think of marketing, I think that's a great move what they're doing. Those communities are usually very intense and giving them, they're going to become very vocal, very loud on social, and it's much, much better than any other product placement you could buy, for example, even on.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

24. “I said that token portal is going to be a currency in 200 games. If you think Axi Infinity, that was one game, they're going to provide 200 games in currencies. So that could be very, very big. You know, the supply is like 1 billion. I think there have been looking into it in the last couple of days. And I think it can really be the big surprise of this cycle, a surprise, half surprise, I would say. What I think is great is what I see already in this cycle is”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

25. “In this crypto cycle. Where do you think the big utility is going to be in terms of people using crypto? They buy crypto for a specific purpose to use it rather than just buying it to sell it at a higher valuation. You said you mentioned gaming. Tell me about”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

26. “To that. The other thing we can, I was thinking about this morning is we could see a rotation from tech to ETFs as well now. We could see that. I think that that's a possibility. So much gain has been done in tech in the last year. We could see a bit of rotation from that.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

27. “They just put it on Binance now to farm it a bit before launch. I think the pool has 8 billion in it. So that tells you how the domain is going to be basically. And that's going to be a token within 200 games from the moment they launch. That's going to be the big, big things now. I think gaming, I've seen a few projects popping up in gaming. And I'm like, okay, now there's something interesting happening there. There are a few big, big launch as well besides gaming. You have the Wormall token coming as well, you know, the bridging eyes. Bitcoin now is on for, you know, you could give any number where it's going to be next year, really. Anyone can just throw a number. It's going up and it's going to go up out. Now, the part we don't know is if there is economic uncertainty coming, how people buying ETF are going to react.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

28. “With Bethlehem, everyone, you know, not, I mean, you see it here today is literally beating everyone now so far. I also think like in terms of dynamic is going to change a bit if the liquidity is flowing to ETFs. The previous cycle was very defy heavy and people were using the Bitcoin, wiping them up, boring against them. All that is not going to happen. So maybe the altcoin altcoin is not going to be, Rally is going to be as big as what we've seen before. And obviously now the big play now seems to be happening in gaming this year anyway. I saw some very interesting stuff in gaming, there's a big launch coming in big launch coming in two days. I don't know if you know the portal token.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

29. “I don't know if you followed a bit what happened when Luna collapsed and stuff. So I got a bit basically hit by crypto badly two years ago. So at the Mad Kinga kind of avoid writing too much about crypto. But obviously the big ones now, you know, you have to focus on the big ones and that's it. I'm surprised by the big jump in the last two days to be honest. Even post-TTF, I was expecting, you know, I was expecting to see 33. We saw 38.5. So I was not too far. And I think now we have a cycle that's going to be very different than everything we saw before. And everybody comparing this cycle with the previous one is like it's pointless. I think it's pointless, you know, the fractals comparing the previous cycle with this one. This one is going to be very much more powerful in terms of liquidity. I think it's possible that Bitcoin”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

30. “It's not because let's send him fest in 10 businesses. You have nine are going to fail, but one is going to become a unicorn on long term that's going to pay off. It's going to pay off your revenue and then he boosts your top line, you know, your bottom line revenue on top of it. So it's like win-win for them, really. If you think of it this way, of the VC strategy, what they're doing, long term, you actually could pay off dramatically for them.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

31. “It's a good product capture. Clearly, if everything, all of your revenue growth is that that might be unstable. But I think of McDonald's, their business model is they get a franchisee to build McDonald's and they have to rent land from McDonald's corporation. It's not a bad business model.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

32. “Failed to look at the CapEx spending of all the big tech corps. I focused on the small company LacoV, which I realized that basically what they're doing is like investing in all the small ones. One is going to stick. And the upside for them is, you know, when you think about it, it's quite smart because a small company is going to raise money for a data center. NVDAG is going to kick in. Obviously, if NVIDIA is in, people are going to want to join in. And what they're doing, they're going to suck up liquidity from those people investing in that company. The money is going to NVIDIA anyway because they're going to buy the GPUs from them. It's like, yeah, it's because I guess that must be the deal when they invest in those companies, they have to buy the NVIDIA GPUs.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

33. “No, and Vidya, you know, you're gonna have, I mean, it's gonna keep going up, maybe touch a thousand, I think, unless unless there is like really bad thing happening. And eventually they're going to do a stop split, which is going to boost it up a bit further anyway, you know, because it's going to become too expensive to throw retails and Robin Woods and people and all that stuff. So I think then we have that coming and then we'll see after. My oversight on NVIDIA last year was.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

34. “Right. Yeah, I hear what you're saying about David going up 12% after earnings. It's not healthy. It is kind of a topping market action. And I think of the phenomenon where when the fundamentals look bad, it is actually frequently a good buying opportunity. But when it makes sense to buy, when NVIDIA's revenues go up 120%, that often is not the best time to buy when it looks good to buy. Similarly like oil stocks looked horrible to buy in 2020 when the price of oil was negative for a day or two. But then they looked like, oh, I have a great margin of safety buying this shitty oil company when the price of oil is $120. But the reality is the price of oil is not going to be $120 for long. And maybe what you're saying is the price of chips is not going to be so elevated for long.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

35. “Yeah, yeah. I mean, well, you look at Nvidia, you know, the trend is up, yes. But, you know, eventually what NVDI is, NVDI is a super leveraged play on technology, on the other big tech. That's what it is. The only thing that make me sing twice though is the move we had before the earnings, that big fall and It's a bit much, you know, and then you get a 2 billion beat, and he goes crazy. I think people are being carried away with AI narratives. And yeah, like I said, all the data centers business is a structural thing. It's not going to be ongoing for decades. At some point, you reach the limit. Then what happens is you have a rotation to upgrade the data, the hardware eventually.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

36. “So your trade right now is long stocks, long Nasdaq, whatever you told me until the Fed first interest rate cut and you think the Fed's first interest rate cut will be longer than the market thinks. So, you know, summer of this year or longer. And so your concerns about AI are more of a mid-1 year to three year concern. Short term, the trend is up.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

37. “Yeah, could be. The other thing is, you know, if you look at the stock market and the cutting cycles for the last, again, from 75, I think we had eight. Every time a cut happened, like shortly after, the stock market collapsed. Now, those cut, it's not the cut provoking it. They're cutting because of whatever is happening somewhere else. So then the wheel is in motion, right? And the market end up correcting. It's something I wrote about in December or November. And I said, look, we can. Basically until the first gut belong the market. Just belong simply based on that, just wait for it. And even sometime you come on the second, the third cut anyway. So belong on to the first cut and then you'll adjust when based on dynamic and economic data when that happens.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

38. “There is no weakness in economic data, no. one cup you know we could be in a new the thing is if you look at the um if you look at the 10 year chart since 75 so you have that big downtrend for 40 years And it's possible that we have a new uptrend now IL works, the economy can take it now. And Real Yed is becoming more relevant than Fuel Yelt. There's a possibility that we can live like that as well.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

39. “There's some people who say, oh, the Federal Reserve will start its interest rate cutting cycle much later than the market thinks it will. And that view has worked out beautifully over the past one to two months. The market thought the Fed could hike in March and then in May. And now I think the market thinks it will start in June, maybe even later. Are you saying that, oh, the Fed will start in November? Or you think the Fed won't cut interest rate at all”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

40. “If the stock ran to hot, There's a possibility on more hike if it's gentle now, you know, the growth is not like the first two months because that was quite crazy. Can keep it flat. I don't see them cutting personally. I don't think it makes sense because what I said, they need to keep those tools for when they're going to really need it. The only concern here for them not to cut is obviously the US debt. The US debt, I think there is a lot of rollover coming in the next six, seven months. So it's going to become expensive. The only thing I would say, it's like, yeah, I'm not sure what can they do here. Because people think they have to cut that is too expensive. They have to cut because whatever. And I don't think from a logical point of view, I don't think it makes sense personally.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

41. “They've been outperforming the SMP big time since last year. All the yields are high. Because housing is so expensive, people are moving to building because it's cheaper. And if you look at the chart, it's astonishing. E-formula has been doing well in a high-level environment, you can expect them to go even better if it's safe. Well, as long as they don't like it, I think we're good, really. I don't think hiking, but keep it flat, keep it flat.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

42. “Okay. So if they cut rates or in jet liquidity because inflation is down, what's going to happen? We're going to have an equity rally even further, like risk assets is going to rise up. And then inflation is going to follow like inevitably. And that could come even harder after that. So it's not a straight, I don't think it's so easy to like, okay, inflation is down and like now we can cut. If you cut too early, you bring inflation back with a vengeance. If you cut too late and there is economic problems, you have bigger risks. So I think considering the dynamic in markets now, if markets are growing without it, you can keep it flat, basically. Don't cut it. Don't like it. Just if the market is digesting 5% yield or 4.6%, just keep it this way for the time being.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

43. “Because inflation has fallen sharply, I think what the Fed cares the most about, at least what they say that we care the most about is the labor market and inflation. So inflation has fallen from 9% to 3%, but by some measures as low as under 2%, although those are not measures that. Our official, if inflation has fallen so much as inflation falls, the real rate of interest is risen. So policy, you know, five and three eighths was not super restrictive when inflation was at 9%. Now it's a lot more restrictive. That would make good. I don't know. What do you think about that?”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

44. “Can do QE, but before doing so QE is the last, well, depending what you call QE. First, the cut rate and eventually at some point they inject liquidity. That comes later, much later. Why would you do it now?”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

45. “Boss, both. I mean, the Fed, the Fed, you know, they still need to diminish the balance fit. Okay, let's say something bad economically wise. If they do it too early, then they're not going to have tools to deal with it. You know, those tools, those are their tools that we all know they're using. We all know how they're using it. And if they use it early, they're not going to have it when they really need it. So I think it's going to be a very fine line for all of them now to work on.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

46. “If they don't cut, it's going to become very expensive. If the debt is going to pile up and basically compounding with interest and stuff now. So if they don't do anything now, the government is at risk. But if they do, I don't think it makes much sense with the dynamic we see in the market now to do anything. Like if the market is taking IIL, they should keep it. They don't need to inject liquidity, although they injecting liquidity. I know you have Michael Hall, which is the king of liquidity and stuff. We know the liquidity in different ways now, you know, that are not so obvious. I think there is still a lot of access to clear. You know, on top of that, we have an election year, so they have to be careful what they do. Maybe I'm wrong, but I don't see a new cycle, like a full cycle starting now.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

47. “All the credit, you know, all that stuff, all the basically money created in the system, excess liquidity and stuff. You see it, if you look at the charts and you put the trend line on all of them, you can see that we still like three, four trillion above trend, something like that. And that's taking the train from 2008. And basically, which is the excess of the COVID post-COVID, all of that. So it's interesting. Now, they are in a very complicated position now because obviously the IAL is a problem for.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

48. “And when we start cutting, they shouldn't do it before there is some flag coming from somewhere in economic data or whatever. Normally it's the employment. We know the employment is not great. I mean, everyone knows it's going to get worse. It's not like, it's not a secret anymore. We know it's the last Domino to fall, basically. You know, I'm not sure where we're going to go now, basically. Not convinced.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

49. “The business cycle is a boom and bust, right? So you need to clear excess to be able to bounce and keep growing. Now, we haven't cleared that excess. If you look at all the charts, you are starting to go down. You have a big spike and then bounce higher, right? We didn't clear the, we didn't clear the excess liquidity. We didn't clear the excess from the Fed balance sheet. We haven't. What we've done is keep adding on top of that. In terms of cycle, I don't think it's right to think it's a new cycle if anything you basically have like still a lot of access to clear in the system. You know, everybody is thinking a pivot is going to come. The Fed is going to cut rate. And now when I see the state of the market and economy, I'm like, first, if the market is driving so hard right now, why would a Fed stop QT?”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT

50. “I don't know, six, seven trillions in stimulus and the Fed and all that stuff. I do think that we haven't really digested what we should have on the previous cycle yet. And I think that make me a bit uneasy about everything. And I'm very cautious about it. You know, when you look at inventories, they all are in nominal terms. They're like, everything is all-time high, basically. I'm not, you know, I'm a bit cautious about all that.”

    2024-03-03 · Forward Guidance · Remi Tetot on AI, Crypto, and Uranium · IDENTIFIED FROM THE TRANSCRIPT