I'd love to understand that new dynamic.

Well, some of this could be just a matter of supply.

I will say like this dynamic not always makes a lot of economic sense to me, because, for example, if you look at the war, yes, oil prices went up and this will lift headline inflation.

But it's unlikely to create a lasting inflationary shock unless the war is so bad that it will really destabilize global economy.

But then there will be a big headwind as well.

Oil going up, say, to $100 and going back to $70 net-net.

It really is not an inflationary shock.

But that's everybody's point of view.

Why this?

Well, I am a very positive on platinum-palladium complex.

My favorite metal is actually platinum right now.

Precious metals were kind of the rage of 2025, and they started to get really volatile over the last couple of months and not a one-way street like they were for a few months.

I think with precious metals, it's actually very hard to pinpoint the reason.

exact catalysts for their rallies and it's also rather hard to pinpoint price on any fundamental basis like i can't really tell you what should gold cost per ounce five thousand or five hundred or fifty thousand it could be any of those things like for example if you look at gold as a main precious metal because you can you cannot really make more gold at a price anywhere close to five thousand thousand ounces you can extract it but you cannot like use fusion whatever that will be much more expensive to make gold out of lead through through nuclear process right so it really it's like certain limited supply with certain amount you can extract there is them especially with metal like gold there is much more supply than actual industrial need So it's a very kind of a psychological value of the store of value.

And it's gold accumulated its credentials over thousands of years.

Tell us about your broader base case on how you see AI and maybe the data center build out and other consequences within markets that you are expecting and betting

How do you square the circle with the fact that equities are performing so well and credit markets in general are behaving fairly well also? So financial conditions seem to be very loose.

Well, we're in a very different world now than we were pre-2020, because in the past economic growth jobs inflation and stock market well linked and roughly in sync they're no longer in sync at all i think stock market i'm not particularly bullish on stock market here because i think there is a good chance that we'll be able to buy cheaper in the next few years one reason or another as history suggests unless again for the first time in the history there will be a runaway bull market with no pullbacks Which could be, by the way, because we're at a historical juncture with AI transcendence.

So it could mean that we could have a runaway AI stock market rally and triple digit growth, civilizational growth or whatever it is.

But historical patterns suggest that we're not quite there yet and there will still be corrections.

But when this weird time, then if you think about stock market may do extremely well because of You can think of it as productivity, AI displacement, people actually shedding workers.

All areas of economic activity are disappearing.

People don't need to spend money on various things.

okay and so we've talked about some really big themes that you're looking at so the japan related one this uh rates are zero in the us are there any other big themes that you're focusing on at the moment

need to see the most investment in? Where are the investment plays?

Well, first of all, I will say that, like, the actual structure of energy market, it's very hard to predict it as a macro trader.

You almost have to be a scientist, right? Or a futurist.

Because there is a political factor.

For example, certain things like small thorium reactors, right? They might be...

They're probably fe-- we probably all know that they're feasible, but the adoption of them, there is various political aspects and problems of adoption of various types of energy could be an issue.

However, there is a lot of, like, scientific questions we don't know.

Why now for a sequel to your first book, and what's it about?