Are record highs real, or is liquidity hiding the danger? In this episode, ClemChambers argues that markets are being buffered by government money, notpricing risk the old-fashioned way. We get into Fed balance sheet expansion,why oil is barely reacting to Middle East stress, why inflation may be headedhigher for longer, and why the AI buildout could trigger an energy andindustrial boom. Clem also explains why he stepped out of equities, why hestill thinks like a contrarian value investor, and why gold may be worth slowlystacking again.