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Money manager Michael Pento returns for Part 2 of our interview with him to share how his portfolio is currently positioned as well as how he will change that positioning once the market correction he expects is underway. He’s confident one will happen in the coming 12 months as stocks remain 30% overvalued by his calculations.

When the correction occurs, Michael recommends positioning in cash, the US dollar, US Treasurys & shorts.


Michael Pento 0:00
I have not been net short the market otherwise I’d be getting destroyed. I will wait for the time because there’s still a tremendous opportunity to meet on the on the short side here. Towards my calculations, the market could still drop 35% from here before it reached something close to fair value

Adam Taggart 0:20
Welcome to Wealthion. I’m Wealthion founder Adam Taggart. Thanks for joining us for part two of our interview with money manager and macro analyst Michael Pento. If you haven’t yet watched part one of our discussion with Michael, in which he predicts that today’s market optimism will soon devolve into a major downdraft in price. Once recession arrives, head over to our channel at 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 Michael pento. All right, but now main event, Michael, we’ve talked about all the challenges here, your your primary thesis, you’ve laid it on the table, the recession has been delayed, but it hasn’t been repealed, it is coming, it’s highly likely to come for all the reasons you’ve you’ve highlighted here, you have got your proprietary model, if you wouldn’t mind giving just 30 seconds refresher for folks on kind of how it’s constructed. And then talk about how your position now free, the breakage happening and the policy reversal, all that stuff, and then how you plan to react to the breakage.

Michael Pento 1:38
Okay, so I have created something called the inflation deflation economic cycle model is a 20 point model. It’s a diffusion index. And it’s based on the second derivative with the rate of change of the rate of change of inflation and growth 20 components. So I thank God for this model took me decades to develop, I launched I launched it officially in 2016. But I really started honing, honing it in the collapse of the global financial crisis. So as of right now, I think the last time he was on your program, I think was May so it was sort of like, you know, mid spring. And I said to you and to your audience, I said in Flint, the recession is nigh, it’s coming. It’s just not here yet. And I gave some examples as to why the high frequency components in my model kept me from becoming net short. I have not had one day in 2023, where I was net short in the portfolio. And it wasn’t because the NFIB wasn’t contracting, if NFIB, the National Federation of Independent Businesses clearly says a recession is coming. Yield curve tells me inflation, a recession is coming. leading economic indicators. Recession is coming, I can go on and on and give you the model is on my website. Most of the components are they’re just not how I analyze it. So. So the recession is coming. But what has not happened yet. I have yet to see. And I continue as of September 11. Of the recording of this interview, I have yet to see financial conditions. And I have two index indexes that I look at there, they are actually still easing. I want to see financial conditions tightened before I become more cautious and more hedged in the portfolio. haven’t seen that yet. I have seen yield spreads between junk bonds, and treasuries contract, which is also part of that construct that I just mentioned financial conditions. Those are two critical hyper critical components of what I look at in my model. I’ve seen the labor market instead of you know, initial claims starting to tick up. They’ve stayed one to 250 to 60. And now they’re back down to 232 40. These are the high frequency components, the daily and weekly stochastically stochastic components of the model that will let me know when I see the trend and I guess, proprietary measurement of this trend, when I will start to get net short in the portfolio right now, as of today, I have two hedges in the portfolio. I have a small position about a 2% position in short, junk bonds, short junk bonds, high yield. And that’s kind of flat and not really making any money there. In fact, I’m underperforming the s&p 500 This year, I outperformed it by a lot last year, but not this year. Not even close. Just just to be cool. in all candor. How many how many? How many advisors would would brag about that?

Adam Taggart 4:42
Oh, and how many people but in reality, how many people went all in on Nvidia? You know, in January, almost nobody.

Michael Pento 4:51
I get an equal weight s&p 500 is up 4% this year. So before people get ecstatic about seven companies, you take those seven companies out of the index, I think the index is flat or down a little bit. So it’s the average stock is nope, gone nowhere in 2023. So I have a a anti beta ETF that I own and the rest. So that’s my those are my hedges. If you want to consider gold to hedge, I really don’t. But I have a 10% position in physical gold. No minors I sold those months ago, I have no position in long duration treasuries, I’m 100%. All of my position in treasuries, which is about 67% of the portfolio is in the shortest duration, so zero to three months, or two or three years. So I’m on the short end of the yield curve, that’s where the higher yield is, that’s where the less danger is, because the Fed is almost done hiking rates. Maybe they have one more, one more move to go. And then I’m going to wait for those highly stochastic indicators that I just talked about, will let me know when I need to sell some of the other positions. I’m long healthcare, long aerospace and defense. I mentioned that I was long gold. I am long utilities, and in a small, very small position. So basically dividends, safe dividends, low beta dividends and short duration treasuries, nothing long. I’m going to stay that way and continue to underperform and get flack from certain people like you know, I, I’ve been in this business, I’ve been a licensed professional for 32 years in this business. So I come at it from someone who has been around a while. Don’t say I look older than that, Adam, I don’t

Adam Taggart 6:33
know, Michael, you do not look old at all, you were extremely.

Michael Pento 6:37
So 60 years old, in a couple of days. 32 years in the business. And I know when it’s time to chase the market. And for all the reasons we spent over an hour on this interview going through each one independently analyzed. Without an agenda, we have to remain cautious rather than getting over our skis and chasing a bunch of AI stocks. At this point, I would like to buy them in fact, I have a small position in Cisco. in all candor, too. You can put that don’t consider that a pure AI play. And it certainly doesn’t have the valuation of invidious so I have, I have safety, low volatility, stocks, a lot of treasuries, and I will wait patiently again, you can ask any one of my clients, I have not been net short the market, otherwise, we’ll be getting destroyed, I will wait for the time, because there’s still a tremendous opportunity to meet on the on the short side here. Towards my calculations, the market could still drop 35%. From here, before it reached something close to fair value. That’s a huge, I bet you everybody you’ve interviewed Adam, no one has told you that. Maybe I’m wrong. But I don’t know, unfortunately, I’ll get a chance to listen to all your interviews,

Adam Taggart 7:49
we’ve we’ve had a few that are equally skeptical on the delta between fair value and where we are today.

Michael Pento 7:56
So don’t be surprised if you see a drop of a third or more from the stock market from this point, based upon metrics of total market cap to GDP should be closer to 100. Now it’s 165%. So about a third of that value can get wiped out and still be on par of what historically should dictate where the where the where the where the total market cap of equities to GDP should be. Now a lot of this depends on on what Powell does. And remember, we talked about that March decision he’s gonna have to make I don’t have enough to make it in March, you can make it beforehand. But he’s gonna have a big decision, do I permanently monetize all that debt? Or do I say, Here’s your here’s your bonds back, here’s your mortgage backed securities, give me my give me my credit back. That’s a that you know that that’ll cause a depression almost overnight, usually bank sees up. So I doubt that’s gonna happen. But we’ll wait. I’m gonna sit here every day, monitor the situation, and make the best decisions without an agenda without bias.

Adam Taggart 8:59
Okay, so thank you. First off for sharing the specificity of how you’re allocated right now. That’s always the most valuable thing that our guests can do, and not everybody’s willing to do it. So thank you for that. And you’re gonna have to forgive me because you gave a really in depth description of your model, when you were on last time, which you said was back in the spring. And I’m not remembering the labels of each of your stages. But you have, okay. You have these different stages that the model says we’re in, right and you have the I guess the deflation stage, right, which is kind of your Hey, this is the market correction phase. This is when you’re battening down the hatches, you’re playing for safety. That’s where your four horsemen of the apocalypse come on in. We’re not there. Are we in the stage prior to that? And you’re more

Michael Pento 9:56
we weren’t, we weren’t so this so thank you for remembering so I have to Only component model but that model spits out a diffusion index which tells me where to invest along that spectrum between deflation and hyperinflation or stagflation. So there’s deflation, disinflation stasis, inflation and hyperinflation. And if you understand where you are on that model, you’ll understand well, you know, in deflation I want to over own treasuries in stagflation and hyperinflation, I want to short treasuries just to give an example of how thinking works. So you want to own tech, maybe in Sector four, which is a healthy, healthy, kind of sort of moderate inflation. You want to own utilities when you’re, you know, in sectors one and two so disinflation deflation, we were in sector two, I thought we’re headed for sector one. That was when I was on your program, that was wild, Powell was bailing out the entire US financial system. So I changed from that I’ve been adding risk to the portfolio as I can, amazing myself, but not amazing the model saying hey, there’s not there’s really not much to get panicking about right now, you’re cautious, but you’re not in panic mode, you’re on high alert. But you’re you didn’t release the safety on the gun, if I can use that analogy. shot it. Okay. So

Adam Taggart 11:11
your terminology, then we were in sector to go into sector when it looked like it back in time. Now we’ve kind of gone back to Sector 333, and three and four. Okay. But it sounds like you’re still eyes wide open, that we could quickly shift back the other direction.

Michael Pento 11:28
So we have some base. So because of bass effects, and the rise of the oil price, it seems very clear to me that we’re we’ve at least stopped the disinflation for now. We’re gonna stay at sector three and sector four. That’s why I added Cisco, I said to myself, you know, you want to have a little more exposure, a little more risk in the portfolio. I think we only stay there for a couple of months, too. Because I think by October, November, December, sometime in q4, we’re gonna see the resumption of disinflation to deflation. And I think we could have a credit event sometime in 24. So I’m trying to give you the timing that I see best, right. Now, of course, that’s all subject to change. Like I said, I don’t, I don’t, I don’t, thank goodness, I don’t have to sit here and make my decisions, make this, you know, preset portfolio, put it on autopilot, and then come back and check it in a month or two. It’s not what my clients pay me for. And that would be irresponsible for me to do. So I’m going to check these components on the ones that update daily, daily, weekly, monthly, some of them are even quarterly. And I’ll make my decision based on that. But right now, if you’re asking me if it’s now the time to short the market, no, it’s not. It could be in the next couple of months. We’ll have to wait and see. But But either way, 2000, again, and I will say it for maybe the 15th time, you could edit some of it out. And I want to go out on the limb, as I always do. It’s recession held in advance. It’s not recession canceled, the soft landing scenario is BS, it’s not going to happen.

Adam Taggart 13:05
Okay. So first off, Michael, thank you again, and you have open invitation to come back on this program. Anytime your model is telling you, hey, we’re seeing a material shift here. So I will just note that this, this platform is available to you anytime you want to get your message out about that. So let’s let’s assume for a moment that it plays out the way you think it’s most likely to play out. Okay, so let’s say we’re going into, you know, end of the year beginning of 2024. And we’ll start coming off, right. Would you then, and I know your your exact decision obviously is going to be made based upon what the conditions are on the ground at that point in time. We don’t know what those are going to be yet, but just play with me here for a second. If they’re the way you imagine they’re most likely to going to be. Would would that scenario be kind of a four horsemen type scenario?

Michael Pento 14:05
Yes, that’s the four horsemen of the economic Apocalypse which is cash US dollar treasury bonds and shorts. Now the intraplate in that I do occasionally will own physical gold never miners, never will I own a minor in Sector four because sector sector one excuse me, because sector one is deflation is a liquidity event. So sometimes gold is vulnerable. So I’ll I’ll look at the charts and I’ll see what you know what’s happening at that time, but I could enter I could Interplay gold into that mix, but be on alert that if you don’t own gold in that timeframe, and it’s an it’s a liquidity event where the shadow banks, we’ve just been going through them. You see some of these hedge funds have intention funds having to dump gold, maybe some sovereign banks dumping gold. That’s what happened in a way it happens but it’s it’s Extremely, it’s a truncated event. Because what happens on the other end of that is because these governments come in with their helicopter money, and they will re liquefy the banking system, and then you’re gonna see gold go to all time record highs, in my opinion. And sometime in 2024, I’ll go out on a limb on that toe. So if you want to get cute, if you want to call it cute, I don’t like losses. And so I will either help hold a very small position gold or no position and gold. If I see a liquidity event, a liquidity event occur, it might not happen because don’t forget, we stopped the BT fps or that facilities already in place. And I don’t want to get I don’t have time to get into the major differences between but I just wanted to one major difference, because people might say, Well, Michael, if the BTF D is already in place, why would we have this recession? Why would we have this liquidity event, we might not have liquidity event, but we would have a recession, Adam, because it’s different. A liquidity event could be the result of BTF p because again, Huey and the bank term funding program are completely different animals. One is, and I’ll get I’ll make this quick, I promise. One is the central bank comes to a primary dealer. And it tells them give me your assets, I will permanently monetize them, they are no longer yours. Your mortgage backed security, your commercial mortgage backed security, your junk bond as part of the BTP your treasury, they are mine until they’re no longer a problem until you’re willing and want to take them back if ever, the BTF is Oh, one more point, sorry. And the QE and the QE program says I just bought $85 billion of these types of bonds. Now you have fed credit go out and buy them because they’re going to be put in a massive bull market races up yields down. That is not what’s happening with the BT FB that is your you’re a bank, you’re in trouble. I will bail you out for one year, you’re gonna have to take these assets back after that year and payment interest. So the bank still has a huge problem. Those assets are still theirs. That is a major difference between the bank term funding program, the discount window and QE.

Adam Taggart 17:17
Okay, so two questions for two based on two things you said there. First is that the way the BTF P is set up right now, first off if someone borrows today from it, because they can do you then have a year to pay that back? Or is that?

Michael Pento 17:38
I believe it’s I believe it’s correct? Yes. It’s a one year so yeah. So it’s one year from the date of your assets. So

Adam Taggart 17:43
so so in March, it’s not like 100% of it has to be paid back. It’s whoever borrowed a year ago,

Michael Pento 17:48
90% 90% of it, because that’s where most of the borrowing occurred was in that first few weeks and months. So yeah. Big, big, big chunk. Yeah, it’s a big chunk of it. Okay, I know it’s not, it’s a high, that’s a high number.

Adam Taggart 18:01
Okay, and what do you think is more likely? How’s our heart asks and says, times up, pay me back? Or he says, you know, everybody gets another year? Or he may be fully monetized. Is it? I personally think that’d be what I guess it depends on how bad the crisis gets.

Michael Pento 18:19
So So you answered you answered your own question perfectly? I would answer it. It depends on the conditions extent at the time. So if we are if we have non farm payrolls that are heading towards zero or a negative territory, and you see credit spreads, widening and a lot of stress in the banking system, which is very possible, he might just say, you know, what, the bcfe is really just QE, we’re going back into QE. That could be a possibility. And then again, that’s a whole different dynamic for which I’m gonna have to invest more. But if things are okay, he might be stupid enough to or smart enough? I don’t know. I don’t really know the adjective to put there. I think he was, I think it was beyond the pale to even go down this road so quickly to bail out for banks. I think, you know, it’s unAmerican, but he did it. So I’m not going to tell him what to do. He’s like, listen to me anyway. I’m not even sure he listens to this program. So I will wait, I will wait to make that decision at the time. But I most likely dependent, of course, on the conditions at the time. If he didn’t make that decision today. I think he would say here’s your assets back and watch what happens then. It’d be a short term decision.

Adam Taggart 19:27
It’s so interesting. So you know, a lot of Fed watchers think okay, Powell is playing for legacy here. He doesn’t want to be another Arthur burns. That’s why he’s, you know, being more hard nosed than previous fed chairs have been or even Powell was earlier in his tenure. And so we’re all just trying to guess you know, what, what Powell is going to do next which is no way to run a financial markets where everyone’s just trying to speculate on what one person or one smart we’re doing, right? But it’s what drives markets, right? Yep. Given given how bastardize the markets are But what’s interesting is Biden didn’t appoint Powell and Powell serves at the pleasure of the President. Trump has said, hey, if I get reelected, that guy’s out, even though Trump put them in place. Yeah. So it’s just interesting that we are really trying to solve the puzzle of what Jay Powell is going to do. He might not be around for all that much longer. Right. I mean, they might put somebody else in there who’s got a totally different constitution. Well, first,

Michael Pento 20:29
just for today was I thought it was ironic that first Trump wanted to get rid of Powell, because he was wasn’t easy enough. And now he says he wants to get rid of power, because he’s too easy. That’s his, that’s his train of thought. So yeah, yeah, he might be his tenure might be just about over, I don’t know why he took the job again, in the first place, because you don’t want to be around when this next recession hits, because the chances of it being a very steep recession, you just look at that yield curve, and the steepness of it, that was the even in 2008, there was nothing any, any close to the the intensity of the duration, or the intensity of the inversion, or the duration of the inversion, nothing compared to what we saw today. So based upon that critical metric, and that, that that barometer of the economy, we’re in deep, doo doo. And it’s that’s just and that’s not standing in isolation, that yield inverted yield curve. Its intensity and duration is supported by many other metrics that I look at. I mentioned a lot of them today.

Adam Taggart 21:30
Okay. All right. Well, look, as we as we start to kind of begin to land the plane here, Michael, always so great having you on this this channel, you’re such a wonderful guest. You’re so incredibly generous in sharing, not just your thinking and your expertise, but the specifics of how you deploy your, your portfolio in which situations you make, what allocation decisions and again, that’s, that’s like, you know, pure gold to the viewers of this channel, because they’re all just regular people who are just trying to figure out okay, how do I, at a minimum not become collateral damage? If Michaels, right, right, if we go into this recession, and commensurate, you know, potentially 30 plus percent market correction, how do I not get destroyed? And then obviously, they’re trying to think about how do I grow my wealth over time, so that I can, you know, achieve my life goals and things like that. So thank you for doing all that. A couple closing questions. I guess the first one, is there anything we haven’t talked about yet? that you think is germane to today’s viewers who have that constitution?

Michael Pento 22:39
Well, we’ve never had a situation where asset bubbles were this out of sync with the historical norms. If you look at home price to income ratios, not home price, home prices are through the roof, we all know that but home, even in relation to incomes, they have never been higher home price to income ratios are higher today than they were even in the previous peak of 2006. We saw what happened in that unsustainable environment. When home prices dropped 33% nationally, it could happen again. in that timeframe, the total market cap of equities as a percentage of the underlying economy was around 103%. Say it’s 165%. Again, we have these asset bubbles, they’re they’re breaking the junk bond market has yet to implode, it will real estate market yet to impose implode, it probably will. And the stock market is going to go down the same rabbit hole as well. That’s that’s the big fear. And I don’t see other than other than the artificial fed money printing, which is which is over artificially low interest rates suppressed way below inflation and massive QE. Unlimited QE is the only thing that I know of that can keep that historical difference that trenchant gap between asset prices and with the historical free market forces would keep them How do you keep that gap that wide by artificial means and they are over so watch out for the grand reconciliation of asset prices?

Adam Taggart 24:20
Okay. And I I sort of take from that you know, your your counsel then to people is when it comes to their money at least is this is a time for conservatism This is a time to prioritize defense don’t get caught up in the narrative of AI has changed everything and you know, we’ve got a productivity miracle, you know, dawning right now and there’s going to be a no landing. So don’t worry about recessions. This is not whatever you’re saying is this is the time to really stretch for speculation here. This is the time where really to be saying, hey, if a hurricane arrives, am I? Am I going to be okay?

Michael Pento 25:05
You know, Adam, if you look at price to sales ratios, their old time record highs, risk premium at our all time record lows, there’s just this there are times when you want to take risk. And there are times when you really want to load the boat up on equities, you know, when no one wants to own them, when there’s no margin when there’s low household ownership of stocks, when the risk premium is very high, when the price to sales ratio is closer to one, not, you know where it is today, close to three, two and a half three, up. History is very accurate. It clearly states, this is not the time that you want to get over your skis to try to chase a few stocks in the NASDAQ.

Adam Taggart 25:50
Okay, and it sounds like and correct me if this was wrong, but hearing you talk about what you think is going to happen, it sounds like you think there are going to be some great opportunities for prudent and patient investors to make great returns here, one of which may actually come in the breakage with the four horsemen, which is if you are out the long duration US Treasury curve, you can make a lot of money on that appreciation while sitting in relative safety, which those opportunities don’t come along all that much. And then you’re nodding as I’m saying that, and then after that, the vibe I get from you. But please clarify is once the washout has happened, there may be a great opportunity for people who are sitting on liquid capital that they’ve been able to preserve through the wash out and deploy that at a truly attractive valuations to set themselves up for good long term growth potential. Do you agree with

Michael Pento 26:48
everything you just said, I mean, I look I’m thinking about the long duration bonds like the TLT and the ZR Rosie, that could be part of the palette that I use to invest with, that has to be actively managed, because you’re gonna go into TLT wood to overcome all the things I mentioned, like high inflation and 6% GDP and Japan yield curve control and China and defending their currency, blah, blah, you know, all those things that I mentioned before and the US supply issuance to overcome all that you’re gonna need a recession and a panic out of equities people should be panicking out of equities. The market starts as the economy starts to tank, people flood into the security of long duration treasuries, they can make a lot of money going out on the yield curve. But then you understand what’s going to happen on the other end of that, right? We we’ve been inculcated this, this playbook is going to be you know, it’s old and wrinkled and, and ripped. He’s going to come back with XP and QE. And at that point, if that occurs, I think you mentioned Fleckenstein also was talking about this, if that occurs in the environment, where we just exited 9%, not too many quarters ago. And inflation is still well above their target of 2%. Well, it’s not going to stop at nine. I mean, you’ve inculcated them to the market, you’ve taught by repetition over and over again, that you can never fight asset bubbles, and you can never provide investors with a real positive interest rate, interest rate that is positive, after you subtract inflation, then you’re gonna have a problem with inflation like we’ve never had before in this country. So I would not want to be I’d be sure at my place to go long TLT or zeros for a while and then short it when the time is right, because I think those long raise, you’re gonna soar.

Adam Taggart 28:37
Okay. All right. Well, look, as we begin to wrap up here and Michael, in just a second, I’m going to give you the opportunity to tell people where they can go to learn more about you and your work and talk to you potentially, if they want to learn more about you as a potential money manager for them. But a question that didn’t get to ask you last time that I think I’ve got a few minutes to get your thoughts on here is, you know, we talk off air when we can, it’s always wonderful, I know you to be a very thoughtful man, very conscientious person, I think that comes across to any viewer here. But you know, you your business is helping people, you know, create their financial futures, right, great financial resilience, create the returns, they need to do the things they want to do in their life. So money very important to a happy self fulfilled life. But it is not the only thing. Right? And you know, we’re entering a period where hopefully people that are working with a financial advisor like you can sort of serve the the uncertainty that’s out there and hopefully do well for that. But we’re going to be entering a period of time highly likely if what you think is going to happen where are, you know that money might not materialize the way that that most people are hoping it’s going to? Right? And that doesn’t mean that life is over. Right? And so my question for you is just in terms of like, your definition of like, you know, what matters in life? What makes a rich life? Yes, money is a part of it. But it’s not all of it, like as you counsel people, both clients of yours, but just regular people, like viewers of this channel, like, you know, what are some of the other things that people should be keeping their eyes on, you know, in their daily lives, above and beyond just the money like, for example, you’ve given me great counsel, when my mother was going through hospice, and coming out of this world about leaving this world, about just the importance of family and good relationships, right, and making sure that those are the things that sustain us. Probably, in fact, more than than the money does in the long run, in terms of really nourishing us as humans and bringing color and joy to our lives. Just curious if you have any, any bits of counsel to share with the average viewer here about again, like what makes her rich life and your book?

Michael Pento 31:09
Well, thanks. Thank you for the question, Adam. I didn’t expect that question. But I’m glad I’m, I’ll answer it with alacrity. You know, it doesn’t matter, that you have a Maserati, or how many houses you have, or how much millions you have in the bank, it’s your deathbed. It’s going to be your relationship with your, what are your children gonna think of you? And most importantly, what is your God gonna think of you? And have you lived up to your potential? I have, I have two children, and I’ve coached many kids athletes, I always say I always ask this question right off, I don’t care if it’s soccer, if it’s baseball, or if it’s wrestling, or if it’s take one though, I don’t care what it is. You have a responsibility on this earth to be the best person that God intended you to be. And that means you have to take life seriously, and give it your all, and give back the talents and make the most of them in this life. And it’s love and respect that you give other people. That means more than anything in this world. So I’m glad you asked that question.

Adam Taggart 32:13
All right. Well, that’s a great answer. All right. Well, as I promised, for people that have really enjoyed this conversation with you, and Michael, thank you for giving us so much time. We’re coming up on the two hour mark here. Thank you. You’re really do leave it all on the field. Where can people go to follow you and your work?

Michael Pento 32:31
The website is I have the email addresses and Pinto at Pinto The office number is 732772 9500. There’s a podcast there called a midweek reality check. It’s 50 hours a year, but there’s a five week free trial. So you get a lot of my thoughts on the the most salient economic data in my analysis, some some portfolio analysis, but most of it is held for the clients. And if you have $100,000 $100,000, to invest, and you’re a US citizen, please give us a call. And I want to thank you not only for a great interview for a great channel, you’re you’re doing a great job, Adam, and I appreciate being a small part of what you’re doing. And I thank you very much for the opportunity to come on again.

Adam Taggart 33:19
Michael, you are a big part of this channel and a hugely popular guest. Just can’t thank you enough for all your participation, my friend and look real quickly in wrapping up. As you mentioned earlier, Wealthion is having its fall conference, it’s fall online conference. It’s not that far away anymore. It’s a little bit over a month away. It’s going to be Saturday, October 21. And the faculty this year just It looks to be our best ever. We’ve got Lacey hunt, kicking it off, talking about his overall macro outlook on the economy and what he expects the Fed to do from here. We’ve got the godfather of interest rates, Jim Grant talking about where he sees interest rates going in the future. We’ve got Michael Kantrowitz, who will be presenting on his hope framework with a big laser focus on the employment IE, and whether or not that is going to remain a bulwark against recession. I know you’ve got lots of thoughts about that, Michael, we’re going to have Kyle bass talking about the major geopolitical risks that are most likely to impact the markets next year. We then have Stephanie Pombo a she’s going to be talking about the battle between the forces of inflation and deflation and how that’s likely to unfold in 2024. We’ll have IV Zelman, their highly respected real estate analyst. She’ll be giving us her thoughts on where she sees the real estate market going. Well then have live reaction to Ivy’s presentation from Nick Gerli, who you mentioned earlier, Michael, as well as housing analyst, Amy Nixon. We will have Michael Liebowitz from real investment advisors their talk Thinking about bonds specifically where he sees those headed over the next year and how he thinks they might be played. That’ll build off of what you talked about us earlier talked to us about earlier there, Michael will have Rick Rule in hit, Rick will be sharing his top picks. For the natural resources, stocks that have his attention most right now will then hear from Bloomberg about the global energy situation, he’ll then be joined by Justin Houston. And together they will do a deep dive into the really interesting and emerging opportunities to invest in uranium and nuclear energy. And of course, we’re gonna have our financial advisors, they’re the ones you see with me every week on this channel, we’ll have the guys from new harbor, we’ll have Lance Roberts, and we’ll have Jonathan welcome there from rock link up in Canada, one or two other faculty members still to be announced for this event. But as you can see, it’s an amazing lineup, and it’s only getting better. To learn more about the conference as well as to register for it, just go to A reminder that if you do so, quickly, you’ll still be able to lock in the low early bird discount price that’s almost 30% off the full price of tickets. And if you are an alumnus of one of our conferences in the past, check your email inbox because you’ll have a discount code for me, that will give you an additional 15% off of that 30% that I mentioned earlier. And Michael, look, I can’t thank you enough for coming on this channel. Folks would love to have Michael come back on as soon as his model is telling us that something really important is underway. To help encourage Michael to do that. Please do me a favor and let him know by hitting the like button, then clicking on the red subscribe button below. As well as that little bell icon right next to it. Michael can’t thank you enough. It is just always such a massive pleasure to have you on this channel. You leave everything on the field. You’re really one of the best experts that we have the privilege of talking to here at Wealthion. Thank you


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