Forget Fundamentals Or Technicals. Asset Prices Are All About Liquidity | Sven Henrich

Sven Henrich 0:00
In markets makes perfect sense through the lens of liquidity. And when liquidity Trumps, it dominates it trumps everything, macro fundamentals, valuations, nothing matters. That’s, that was the message in any of the interventions that we’ve seen since 2009. And I think that’s the phase we’re going through them.

Adam Taggart 0:29
Welcome to Wealthion. I’m Wealthion founder Adam Taggart. Thanks for joining us for part two of our interview with technical experts fan Henrik, if you haven’t yet watched part one of his discussion with spin, in which he explains what his technical analysis says is likely to happen most now that the bulls have won the battle for control that raged in the markets at the beginning of this year, head over to our channel at youtube.com/wealthion. And watch it there first, it sets the context for the investment themes we discuss in this video. Okay, let’s get started watching part two of our interview with Sven Henrik. First is we’ve got regular people who watch this channel, and they are just trying to navigate what’s going on, hopefully not become collateral damage to anything bad. And to try to at least make some money with a relatively acceptable risk return ratio. If things go well. What would sort of be some of your parting advice to those folks? You know, I heard you say like, alright, don’t go super long into tech right now maybe buy on a pullback, wait for a pullback to buy if there’s a pullback if you’re bearish don’t pile in immediately, because that’s likely to get bought in the near term. What other bits of counsel would you give him?

Sven Henrich 1:43
Well, you know, first of all, one of one of the things that was missing, by the way in May, and this had me confounded as well, you know, Tech was already flying high. But some of my technical signal charts were Max oversold, which made absolutely zero sense to me. It was really confounding. So I on the one hand, tech stocks just going brutally overbought. And the overall market, you know, so Well, now I have the answer for that. The markets caught up. And as we approached this week, now, a lot of the check boxes that were missing, are now being ticked off. This market is getting now very much overbought again, which suggests, you know, the opportunity to lighten up a bit, wait for a pullback, make sense, for for sure. In terms of selling, you got to be very careful, because momentum breeds momentum. And we’ve seen that in in the recent weeks. But there’s another chart that may be worth watching. In terms of a trend line. I mentioned the s&p monthly chart, you know, we had the support holding, we got the break above the monthly 20 Ma, there was a trendline that actually broke last year, it was a key resistance trendline all the way up to the four COVID. And then we had this just massive blow off top broke above it held a support a few times. But we broke it to the downside last year, as all the money printing came to an end, we just tagged out again, as resistance. So as as, as bears look like to be non existent, having completely disappeared from the market. Bulls taking over, I find that technically of interest. With the lag effects still coming. I’m I remain open to the bear case, but I’m cognizant of bulls in control. So I think this is going to be now a tactical journey here into the summer. Again, if we get a pullback into the monthly 20 Ma, if it holds support, you got to record it, you got to respect it. And then then you probably clear for the year. On the upside. However, if that breaks in will show on what show then that this rally here was a fake out. So does that there’s always that possibility when you get too much momentum and optimism and again, if that fails, so I use measuring sticks where I know who’s in control. And that, to me remains a key measuring stick. I think generally volatility is way too low for the macro environment that we’re facing. So I do think we’re gonna have another volatility spike this year. And if it breaks below them onto 20 ma on a sustained basis, then you may actually still get a larger bear market in the second half of the year which was originally my script. So I’m also trying to be honest with my my my scripts I was saying okay, well the first half year rally make sense to me. A second year we’ll see what’s what’s really happening with the economy and then earnings and then where we are. And remember back then I said 3200 was kind of a second half of the year possibility, which seems completely insanely impossible right now. Right? No one believes that not even the bankers believe that anymore. Not even Mike Wilson believes that anymore. You know, he’s the most bearish guy and you know, things maybe 3900. Could be happening, right. But that’s, that’s what happens. This is the psychology of the market. Right? It’s

Adam Taggart 5:36
gotta break the bears. Yeah.

Sven Henrich 5:38
And in October, but just one just anecdote, which is so absolutely classic. Okay, Goldman Sachs, the crack team on Wall Street, right? Best paid guys out there. Beginning of 22, they were talking about 50 to 100, right. And then the s&p dropped. And then they resisted reduced a price target to 4900. And the s&p dropped some more, you know, the other 4000 I forget the exact sequence, but they kept dropping their price target. And then in September, it basically right in front of the laws to drop the year and price target to 3600. And then the thing rallied up to a rally. And they raised a price target to 4000. Well, what a week ago or two, they now raise the price target to 4500. Now that we’ve crossed over 43, gone into 4400, thanks. That’s extremely

Adam Taggart 6:40
I’d love to get paid their paychecks to be able to forecast that well.

Sven Henrich 6:43
But it’s it’s so reflective of when I say the environment is different. I’m not trying to make fun of them. I’m just trying to highlight that the biggest pros on Wall Street, get it horrifically wrong and they get jerked around and no one has any particular inside predictive insight in terms of how this plays out, they’re all chasing price. That’s not to say it’s liquidity has a lot to do with this in terms of how this is all being influenced. But we got to understand all this where we choose individually, how we view risk reward at any particular given time. And so to me, this is an adaptive journey. I mean, I don’t like risk reward to the upside right now at all. You know, shorting is hard and dangerous for most people anyway, right. But you know, I do see short opportunities setting up here because of having that cup and handled target being reached trendline being reached overbought reading sentiment data, and potentially liquidity coming up, so that they’re all possibilities there. And then when that happens, then we need to see again, a new battle for control can bulls to defend the the key measuring sticks or not. And this is where then macroeconomic data comes in. As this journey unfolds. This, you know, no one needs to be stubborn about anything this is remains a complex journey to navigate through and then using signals to be tactically positioned.

Adam Taggart 8:18
All right with Lance Roberts is a financial advisor who’s endorsed by Wealthion. Here, he’s on the channel every week with me. And at the beginning of the year, he declared this as the year of the audible. And I hear that’s what you’re saying a lot, too, which is we just have to be really nimble and be ready to change the plan at any given moment, given the way that things are unfolding on the ground here. Well, this

Sven Henrich 8:41
market has done a fantastic job of making everybody look like an idiot at one particular time period. I guarantee you this is gonna keep surprising us into next year as well. So we just got to be we just got to be humbled in terms of the developments and I haven’t I haven’t even spoken geopolitical and any of that sort, you know, but I give you one example, you talked about recessions and a slowdown not mattering Germany’s officially in a recession. Guess what the DAX is at all time highs. Who cares? Have you looked at the Nikkei lately? Holy cow, I mean, through the roof on the monthly Bollinger band alone cares. I mean, it’s astonishing some of the price action we’re seeing in a context of the suppose the greatest monetary tightening in decades, but I don’t believe it because as I mentioned earlier, we still got all that liquidity flushing through the system. So no, it’s it’s not been cleansed at all.

Adam Taggart 9:44
You keep cracking open doors that I want to keep talking about you it will be here forever if I do. Let me just ask a couple of quick bullets. One is if you could just give a quick note on your your outlook for bonds.

Sven Henrich 9:57
Right now. What does This is where I go back to that tn X chart. I mean, I don’t have it confirmed at all, I just see a big potential weekly bull flag, which I find myself struggling with. Because if the Fed is pausing or has paused already, you know, then this shouldn’t really play out. But why is it showing me that technical pattern? Because that suggests still higher rates to come. Although, you know, if you’re talking about a recession, then you would expect lower rates. So bonds, bonds are a bit of a puzzle to me, and I’m just saying, in general, the bond market is sending a very different message than the stock market. And the stock market has been ignoring the bond market at this time. And is this is wide jaw. And, and both can be right. It’s kind of my my view. And if the bond,

Adam Taggart 10:55
I hear people say, when the stock market and the bond market differ, the bond markets usually proven right, because, quote, unquote, that’s where the smartest guys, you know, on the street operate. Does that still hold true in a world of Washington liquidity?

Sven Henrich 11:11
Well, that’s that’s the journey The Undiscovered Country, right. I mean, some, someone has to reconcile this, why go back to earnings deals? And how you are now in a phase where you got competing forces, you never had that in the last few years, right? Because you had the Tino effect is an alternative for I guess what there is an alternative now are largely risk free alternatives. Yeah. For yield. So why am I paying, you know, 30 times earnings, and a lot of these really expensive stocks, nevermind the video or Tesla or something else. By the way, this was this was kind of funny, I saw some tweet from someone, some random accounting, and they have these historical accounts. And it talks about the Ponzi scheme, the guy that actually didn’t, there was a guy named Ponzi. And he was in the 1920s. And we all you know, the phrase, a Ponzi scheme. Well, there was actually a guy that this is coined after, and he was promising, you know, 50% return in 90 days. And I had to laugh, because this market here has been blowing past all this. I mean, Tesla went up 46%, in like 15 days, you know, Ponzi couldn’t compete with

Adam Taggart 12:30
finding Ponzi.

Sven Henrich 12:32
And again, we’re talking almost trillion dollar company. I mean, it’s, it’s incredible. Yeah. But by the way, just going back to this, I talked about liquidity equation in markets, I actually posted a chart of Tesla visa vie bank reserves. And it’s absolutely stunning. Because when when Tesla bottoms bank reserves have bottom, when Tesla peak bank reserves had taught the same relationship that I mentioned, in markets, we can see in some of these high flying tech stocks, so don’t anyone tell me there is not a very clear relationship that’s very dominating in these markets. So this is the part of the flying blind part, because I cannot tell you aware, this is exactly going it should go lower on the liquidity front, but it hasn’t. And the reason it hasn’t in the recent months is because of these bank interventions. So this is where I go back to the illusion part, maybe maybe we’re all being on some level completely deceived, because when looking through it through the wrong lens, and and you cannot square it with fundamentals just lose liquidity. And I thought I would just finish that point. Yeah. What we’re seeing in markets makes perfect sense through the lens of liquidity. And when liquidity Trumps, it dominates, it trumps everything, macro fundamentals, valuations, nothing matters. That’s, that was the message in any of the interventions that we’ve seen since 2009. And I think that’s the phase we’re going through. Okay.

Adam Taggart 14:17
So I hate to shoehorn one other additional question in here, but the Fed has been very particular to tell us, okay, this, this bank interventions are not QE, right. And you could say, it’s a loan, it’s gotta get paid back and all that stuff, and therefore, it’s not going to enter the real economy. How I mean, clearly, we’re seeing the markets react as if it’s QE. How is this money making its way into the financial markets here?

Sven Henrich 14:52
But by the way, they also said it wasn’t QE in 2019. When they said, literally, not QE, right. Yeah. The markets didn’t didn’t care what was its ex excess money in the system? You know, the it always finds its way into into market somehow. I mean, if you have excess cash, you can deploy it. You know, the we can argue about the precise mechanisms. And there’s been a lot of online discussions about, you know, is Q even stimulative and people disagree with it? Well, whether it is or isn’t in terms of money going into the real economy, and for us, it hasn’t gotten in the real economy, right, because the velocity of m two was just not there. But it makes its way into financial assets, assets. And as you alluded to earlier on the part, well, that’s just keeps widening the wealth inequality equation, which no one seems to ever care about. So maybe its mission accomplished. And that’s, that’s the plan. I think we talked about this a little bit last time, as well impeded, the social disintegration that’s taking place in front of our eyes every month. I mean, just look at political situation just keeps getting worse and worse and worse. And there’s real anger out there. And yes, the concern is that if you have a tightening cycle that doesn’t fix housing affordability, for example, what do you guess, what do you think is going to happen? You know, if rates are higher for longer, and you don’t get the cleansing of the excess, you know, the whole issue with inflation is you, I guess, declared victory when the rate of change is back down to 2%. But you have absolutely no reprieve from the prices that got race. None. You know, maybe you get lucky on gas prices. But if you don’t see it in your rental prices, and your wages haven’t kept up, you’re behind, you’re behind that. If you’re not an asset class owner, which most people are not, I hate to say it, then you’re left behind again. So I Was that helpful.

Adam Taggart 17:12
And you’re looking sort of with a snapshot of where we are right now. But then you take things like, AI, right, which, of course, everyone’s cheering right now, right. But that’s going to dramatically disintermediate, the labor force, right. And so, you know, if you are a younger member of the younger generation, you’re just looking at a series of current blows, or blows you see coming in the future that are just diminishing your prospects. And when you get to a point where you really lose faith in the promise, and as you said, you know, there’s there’s definitely sort of a simmering anger here, particularly on the lower end of the socio economic spectrum, but also on the lower end of the demographic spectrum, where people are just increasingly feeling like this is just not fair.

Sven Henrich 17:55
But if AI leads to erode word creates a bunch of new jobs, new category of jobs that didn’t exist before. That’s just the vast pool of opportunity. But if it leads down to a path where, you know, a lot of other jobs just disappear. And folks that are not well versed in that arena, just losing their jobs done. Yeah. It’s just going to exacerbate everything. I mean, I guess. You know, when you look at the internet, when it first came online, and now as presented as the new internet, basically, right. We had a lot of optimism with that. And the internet proved to be a game changer for everything. But it also didn’t prevent 90% drawdown and the recession in the real world drawdown and all the later winners in the internet, ie the apples, Amazon’s eating, you name it, Google, they all got hammered hard, because the view that the internet was gonna solve everything. Yeah, it did solve and it didn’t solve everything. But it was a massive game changer that led to immense opportunities, while a lot of stuff got completely obliterated along the way. And if you look at a lot of the companies that were the initial promised land of that time, they all disappeared and or gotten haircuts that lasted for for decades. You know, everybody wants to presume to know who the winners will be. And you can make the case yes, you know, the, the monopolies that we have, right now, they’re unbeatable, because they have so many resources at their disposal. But you know, we said that a number of times as well. You know, look at look at the mobile space, right? It was the Nokia as the blackberries or even computing Cisco, whatever, completely new players came along the way so that, that that will take time, sort out. On on a personal note, and I I’m freely admitted, I’m not an AI expert. And I just dabbled like everybody else on the various offering stuff out. I mean, on Twitter, you know, every every day now you get some write about who does 1000 new AI tools. And if you don’t use them, you know, you’re Stone Age, dinosaur, whatever. But, you know, what I find missing? I’ve done a few experiments on that in in things that I actually think I know things about, ie, central banking, monetary policy and markets. And what I found interesting is, when I asked some basic questions, or put up some basic prompts, these API’s give you a ton of interesting information. And they present them in in a very authoritative tariff, a authoritarian way. Meaning, yeah, that sounds pretty, pretty solid. But being a subject matter expert, I realized that this a lot of the information is completely incorrect. And so I actually went back to challenge it on him. And I said, Well, this is wrong. Because of this. Here’s the link, this is wrong because of that. In AR came back, and you can you can put that into plus side sentence. It, it apologized and corrected itself and then an agreed with me. What? Okay, how’s that helpful, because if you’re not a subject matter expert in something, you’re running the risk of taking information that’s fit to you by it by AI, and you end up being completely misinformed. Now you can say, well, the AI is learning, and therefore it took my information and updated its information. Well, I’m just one guy. What if 1000 guys keep feeding different information? You know, what, what is truth? What is actual reality? And so I can see one key element missing and all this AI stuffs at this point. And that’s judgment, human judgment. That’s that’s currently lacking. Now we’re early in the process. And things can change I freely there and exponential and ultimately can be great. But I also suspect at the stage, it could be a great source of misinformation, which is terrible, because we got an avalanche of misinformation already. So it’s going to be increasingly difficult jungle to navigate through I suspect, in general. But no matter my, my initial concerns here, you know, investors at this point, even though Can you call them investors if they one day, zero day options chases? Are pricing in perfection for years to come?

Adam Taggart 22:58
Yeah, I think that that is something that is clear, right? When you look at like invidious price to sales ratio, right? I mean, that company needs to deliver perfection for a ridiculously long period of time to merit its current multiple sales.

Sven Henrich 23:11
Well, they have to sell a lot of chips, right? I mean, I mean, that’s great. And I’m sure they will, but someone has to pay for all these. Right? Is there a counter ledger to this where,

Adam Taggart 23:25
and where there’ll be competitors coming in? And you know, there’ll be some bidding and all that stuff, right? You know,

Sven Henrich 23:31
people talk about, you know, Elon Musk talking about regulation, and this that, to hold things down. And this could all get scary. Well, the Chinese, I’m not going to regulate the Russians, I’m not going to regulate the who knows who’s all out there. We don’t know who the other players are going to be. But they’re all going to be players out there. And yes, not that’ll lead to competition. And competition has a way of changing things on a dime. So these wild valuations we’re seeing right now. Okay. I don’t know how long the momentum will last. But at some point, it is going to be a reality. I hope for the best I hope for the best. But I I again, it’s all about risk reward at any given moment in time. And right now, to me, it’s shifting. And we’re gonna have some testing ahead of us.

Adam Taggart 24:26
Alright, we’ll spend look, I have a lot of questions we didn’t get to. It’s always a sign of a great interview, or you just kept throwing diamond after diamond here into the discussion. My last question for you for now, of course, we’ll have you back on and actually, if we get to the point where your TA shows you I think you said you know, we could get to a point where you know, if the bull run really does begin to encounter real resistance, and, you know, we begin to see a potential door opening for a real river John, love to have you come back on the channel and kind of just update us on what your T is saying at that point. So whenever that happens, please let me know. We’ll bring you back on. But back to kind of all the you know, there’s a lot of dislocations right now. Right? There’s dislocations from key moving averages, there’s dislocations from the fundamentals. There’s dislocations from what the Fed is telling us versus what the markets believing. I mean, it’s just dislocations everywhere. A lot of it’s being driven by, you know, policy, and whatnot. So, if you were in charge, if I made you in person, what, are there any reforms that would be like at the top of your list that you’d want to do to start trying to bring things a little bit more into fundamental balance here?

Sven Henrich 25:52
Ah, thank God, I’m not in charge.

Adam Taggart 25:57
I wouldn’t get the job. I agree with you.

Sven Henrich 26:00
And talking about the Fed specifically, or

Adam Taggart 26:02
really anything? I mean, it could be how the market is structured, whatever. But I imagined central bank policies, probably somewhere in your mix there.

Sven Henrich 26:09
Well, one thing is, you know, I’m not in charge, I would just urge them to stop with the nonstop speeches that they’ve been given. The I mean, this week, this coming week, I guess we have 15. Speakers again. Are you kidding me in one week? Oh, yeah, we’ve had that before as well. And let’s say they’re all the best intentions people in the world. I think they’re shooting themselves in the foot. As a central bank, you want to have credibility with the market. And these constant proclamations that we’ve seen over the last few years have greatly undermined the federal credibility of the Federal Reserve. Everybody gets things wrong, I get that I get things wrong. But they’re not learning from that. When when you give speeches at a rate 4550 a month, you will get things often more wrong than otherwise, you’re opening yourself up to losing credibility at fed certainly has done that, with the entire inflation fight. Remember that there are people now in the Fed says no rate hikes or no rate cuts in 23, and 24, whatever. As Powell the other day, not for a couple of years. You don’t know that? Right? That you have no idea what policy should be or could be based on any type of events that are coming our way. That’s the same mistake that they made in 2001. When they said and let the market through hundreds of speeches that kept repeating this. There won’t be any rate hikes until 2023. Or Kashkari, for example, until the end of 2023. In people believe that, I keep going back to this example, December 21, they put out a fit file dot fit dot plot, forecast for the Fed funds rate of less than 1% for 2022. And people believe that. And where are we now? We’re at 5% by the end of the year, what 4.8% Instead of less than 1%? Well, let me throw one last year, you know, everybody’s now blaming the bank CEOs for having mismanaged their positions. And that’s why they blew up. And yes, you can blame bank CEOs.

Adam Taggart 28:59
But they just fed was guiding them. Yeah. Who was

Sven Henrich 29:03
telling them? That’s not going to happen? Yeah. If you bank CEO, I actually believe the Fed and you manage your risk accordingly. No wonder things blowing up. So then I’m looking at this and say, Well, are you by misguiding the market? Because you’re so insistent on doing that? Are you actually becoming a source of instability? Because now they had to come in and intervene everything again. And now maybe this is actually prolonging the inflation fight, which then ultimately may make things worse, much worse down the road. You know, and now, Powell goes out not for a couple of years. When he doesn’t know when his own team, his own Fed is already putting in penciling rate cuts for for next year. I just I just think that the overall process is is not extremely is not helpful. I think the Fed act of this is still resulting in ever widening wealth inequality has never been in acknowledgment on this on the side of the Fed. They they are risking ultimately a society breaking apart, I don’t want to see that. It’s it’s incredibly challenging. And there’s no accountability ever for, for any of that. As I said, you know, housing prices, they added what trillion and a half into mortgage backed securities during COVID, which interests supply constrained housing market, which blue housing prices through the roof, and they have barely corrected at all the pricing people out of the housing market. Yeah,

Adam Taggart 30:45
I’m doing a terrible job of trying to wrap this thing up as I am, but you keep opening these great doors. So housing market, you know, head scratcher, in the sense that it’s, it’s, I mean, it’s housing prices move more slowly than financial asset prices, like stocks and whatnot, we all get that. But you know, mortgage rates have now been very high for a good long time, we’ve kind of trapped people in their homes, right where now they almost can’t afford to move, right, because they they’re sitting on a really low mortgage, they’re gonna have a big fat mortgage on the next place, they go to our fat mortgage rate. But here in the US, you know, we have a ton of people that are sitting on these, these low mortgage rates for the next 30 years. In your country. If I understand correctly, mortgages, they’re roughly have to be taken out every five years. So theoretically, every year you have about 20% of the housing stock that’s rewriting. So you would expect to see home prices correcting faster in countries like yours. Is that indeed happening here?

Sven Henrich 31:54
Well, the housing market is slowed down for sure. On the upper echelon, but you know, house prices keep going up.

Adam Taggart 32:04
Okay, so you’re still seeing the same dynamic we are.

Sven Henrich 32:07
But but the the issue is, as you mentioned, as there’s a lot of variable refinancing, and Bank of England is expected to raise again this week. It’s, it’s gonna squeeze people out hard. So there’s that that’s the concern that they’re gonna break something hard down on that front. Any any UK structurally is is the sickly child of Europe now, because there are effects from Brexit. And inflation is higher than anywhere else in the Eurozone. So there’s there’s definitely issues here also with labor, right, because as as you broke out of the Euro zone, a lot of the labor supply that was here is no longer here. Oh, it’s been reduced dramatically.

Adam Taggart 32:55
And it was more affordable later labor too, right? Yeah,

Sven Henrich 32:59
absolutely. And so I see a lot of high street shops having closed and not coming back, I don’t see any demand for all this yet. But that still tells me that the hammer is still the drop in a lot of these, these economies. Just closing out on the Fed. So you know, they they need to be very careful. In terms of the credibility I think once you do face where the Fed has no credibility with the market, bad things can happen, because no one listens to them anymore. And so then, then they’re gonna have to follow through harder. And I think we’re kind of approaching this period right now. So be interesting to see what the reaction is this week to 15 had speakers appearing visa vie, what the statement was last week, and what maybe they intended to have happen. Recently, what actually did happen?

Adam Taggart 33:49
All right, well, look, it’s been I could work coming up on two hours here. I could go another two with you. But this has been wonderful. Thanks for giving so much of your time and your expertise to us here. For folks that have really enjoyed this. And for the very few who may not have been familiar with you before. Where can they go to follow you and your work from here?

Sven Henrich 34:09
Well, my daily musings, you can find me on my Twitter handle at northmen trader, while I try to post charts, sometimes some sarcastic notes as I’m known to do you. I can just observe the absurdity of the world but I’m trying to keep it real at the same time. Website is northmen trader also have a YouTube channel I post North casts when I try to do a few technical macro observations in video format as well.

Adam Taggart 34:40
All right, so then, as usual, when we edit this video, we’ll put up the links there on the screen and in our description to all those assets there, folks. If you don’t already follow us, then you absolutely should and I don’t need to explain why. You’ve just seen it in this almost two hour bonanza of insight He’s given us all right spend, it’s just been wonderful Look, you’ve done a phenomenal job of really underscoring what a tough market this is for a seasoned long term professional like you. So you can only imagine, you know, a regular viewer of this channel who’s trying to navigate on this on their own, how overwhelmed a lot of folks can feel. So just want to thank you for really underscoring why we on this channel, encourage people to work under the guidance of a professional financial advisor and just trying to navigate this stuff. I think very few people are, have the expertise, the time really, but also the skill set to successfully navigate this ever changing environment that we’ve just been talking about here. Folks, if you have a good one who is creating a personalized financial plan for you, and then executing it for you why while keeping you well informed, you should absolutely stick with them. They’re rare, they’re worth their weight in gold. If you don’t, or you’d like a second opinion from when he does, consider scheduling a free consultation with one of the financial advisors that Wealthion endorses. To do that just go to wealthion.com Fill out the short form there only takes a couple of seconds these consultations are totally free. There’s no commitment to work with these guys. It’s just a free public service they offer to help people like you. You know, hopefully position prudently given all the issues that Spence does such a great job talking about here. And if you’d like to see Sven come back on this program again, particularly when his ta starts telling us we need to start paying attention because there might be a directional shift. Please cast your vote for that by hitting the like button, then clicking on the red subscribe button below. As well as that little bell icon right next to it. Spend again, I just want to say it’s always an honor having you on the channel. Thanks for giving us so much your time.

Sven Henrich 36:42
It’s been great. Thanks, Adam for having me. Look forward to our next discussion as well. All right, thanks

Adam Taggart 36:47
so much everyone else thanks so much for watching.

Transcribed by https://otter.ai