about the ideal weight for cattle this and trolley of cows to swiss life was brought into sharp focus by the recent national referendum on horn cutting by a slim margin the nation voted to continue the practice that many argue was cruel and unnatural so the horns are gone let's find out of swiss cows will now be permitted to keep those extra pounds. of cotton mel is the pride and joy of farmer mathias haute and one of his best dairy cows but like the rest of his herd she has an inborn problem a sister call camellia is a special cross breed and i know she's now four and a half and has produced two calves and is one of our biggest cows she's almost one metre sixty tall at least on foster i mean the say schtick all sounds impressive the farmer shows us what the problem is his father built a cow shed thirty years ago back then its inhabitants were considerably smaller. in the one nine hundred sixty s. so is farmers began breeding their cows to enhance their milk output in the process the cows and their utters grew larger and larger. for mathias quote that would mean expanding the shed ins

began with swiss cheese. zoom run in their chairperson of the water pose agricultural cooperative tells visitors to the village museum about a certain german named alexander kaiser. he came here over one hundred years ago and realized that the lush meadows on this plateau provided the ideal conditions for making m. and all cheese well. alexander because it this village owes a great deal to alexander kaiser and to his daughter she diligently carried on her father's legacy they left us a lot of cheese recipes that i had to take the time to learn. and the other women in the cooperative don't just make any one of the milk cheese they specialize in turkish cars grove year with a little imagination rob year sounds like greer a variety of swiss cheese. this culture great grandson of the german pioneer knows how this came to be today he's one of the few men with any real say. but i do know that. my great grandfather came here with us was friend on their way back from the caucasus after the up peoples of russia's october revolution. they had a cheese dairy built here along the swiss model

oblivion but even the swiss national bank remember they were geniuses last year because they were buying stocks they now are down hugely billions and billions of dollars because they live by the sword they die by the sword they have totally lost track of their role as a backstop to the banking system to become this enormous hedge fund and now they're going the way of most hedge funds into irrelevancy and under-performance while the other way you might look at it as well is that for the past ten years markets have continued to go up and up thanks to the fed and the bank of japan and the swiss national bank and others buying up you know basically making sure that these guys never have any losses so the financial markets are as just as gerrymandered as the political markets so ninety seven percent of incumbents win in the politics because it's so gerrymandered to be that way the same with markets is the j.p. morgan chase this is the wall they expect to win all the time because the markets the algorithms are gerrymandered to make them win all the time during the crash of the one nine hundred

globe right it's not going to be the dollar against the yen or the or the pound or or the swiss franc it's going to be all of them but we are going to lose their value against gold like they never had all gone lost their value before hand because because because what is gold love low interest rates and falling fee currencies you're going to have that like you've never seen before right now as a money manager because that's your day job yes that is you know you but i don't know for many years you are a big gold advocate and we are in a period where gold underperformed so how do you as a money manager i'm curious because i worked on wall street too for many years how do you kind of keep nursed opposition along while still having exposure to the stock market even though you don't believe stocks are priced in a way that's sustainable still have to participate as a money manager money that you can nurse so i have a way to use i have to tell you when i run sort of a hedge fund is an r i a but it's like a hedge fund so i have the ability to have a model that i created the twenty point model