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

over the globe 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 old 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 you still have to participate as a party manager money that you can nurse so i have a way that is i have a 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 to twenty poin