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Housekeeping: Good afternoon.

Report’s Main Ideas:

* Everything is telling him ROW fiscal spending replaces US spending— which means: USD weaker, Gold higher, Int’l stocks up, Int’l bonds down, US Bonds up

* We Say: ROW is onshoring payment-chains ; and that Supply/Payment Chains are 2 sides of same coin thus—world must domesticate payment chains as US onshores supply chains…

* AI Baby bubble popped.

* He says: Trump plan wants/needs weaker USD, but cannot have inflation spiking.

* We Both Say: As long as Bond yields stay stable, Inflation (Oil) remains steady/dropping, and GOP Mids are in line.. Trump keeps going with tariffs and DOGE..

Key Moments:

3:55- Start Walkthrough

6:20- Why financials matter- Supply Chains and Buffet’s trades

9:40- Trump’s April 2nd not as important as some think

25:17- Average performance of assets last 10 years

**29:10 BIG Thesis restated and expanded