I watched this too @Solvetheriddle -- when the guy who has an insane long-term track record of investing and making great macro calls speaks, it pays to listen.

I thought what he said on debts, deficits and inflation was on the money, basically saying that the US is fast approaching a fiscal wall, and the timing wasn't on their side. He highlighted 2025-26 as a potential tipping point, when a major wave of refinancing could lay bare just how shaky their finances are, and drew parallels to the recent gilt crisis in the UK.

At the time of recording he was short treasuries -- which given they tanked after the election, must have paid off well!

@Solvetheriddle finally caught up with this interview. Gold. So infectious listening to someone talking about what they really love doing.

The one thing he said that I do often do is, buy some, then investigate, if I don’t like what I see get out, if I do, buy more. And repeat.

The other thing is, if I sell, don’t anchor on the sale price. Be prepared to buy back higher if it’s justified. Everything in the past is sunk.

But I could never, ever, take the concentrated bets he spoke about. And even less, a leveraged bet. I guess I just don’t have the confidence in my own convictions…. Perhaps, rightly so.

Thanks for sharing. Worth listening to, even if not to learn, but to be entertained.