AI Bubble Burst? Bitcoin to Zero? Hedge Funds Wrecked? Sounds Like a Bottom is Near

this week. I think it's a record for slides. That means I'm going to go fast. I will, for the subscribers, I will put the slide deck, all slides on the site. So, if I go too fast and you guys want to look cuz there's a lot of different things. There's a lot of history. I think we're

at an important time just because we've seen, in my opinion, one of the largest deleveraging events of my career. And believe it or not, that is the way I see it, especially when you do it relative to the market. So, let's go through what's happening. You guys have seen the disclosure thing. You read it for yourself. So,

here is the >> [sighs] >> Goldman Sachs VIP hedge, the crowded long side relative to the S&P. And this is a 75-day rate of change. And the reason I did this at 75 days, it's not a random number. I did try to pick the point with the largest drawdown, but it also happens to coincide with

the record performance for the first half of the year. So, this is really about since June 30th. And the reason this is important, hedge funds had a huge head start to the year. It's very important for where we are because there's a big difference between deleveraging happening when hedge funds are down than when they were playing

with house money and wanting to protect it. And I believe that is where we are right now. I also think, based on everything I'm going to fly through here, that from my perspective, the deleveraging is either done or in the seventh or eighth inning, which is a big statement considering we closed on the lows of the

week. But, this has been about hedge fund deleveraging. And as I've said repeatedly, AI is inevitable. It does not matter to me what's going on because this will continue to happen. This is not a bubble. For the subscribers, you saw that this week in terms of a lot of videos I did. So, first of all,