‘Biggest Ever' Wealth Boom: This Sector Set To Explode | Lior Gantz
Summary
Market Momentum: The podcast emphasizes the current phase of significant wealth creation in the U.S., driven by reshoring, AI revolution, and economic deregulation.
Economic Outlook: The U.S. is entering a hypergrowth stage, with GDP growth projected to exceed past decades, contrasting with a stagnant European economy and a rebalancing China.
Investment Opportunities: There is a bullish outlook on domestic small-cap American companies, particularly those in the Russell 2000, due to the AI revolution and increased capital expenditure.
Global Power Dynamics: The world is witnessing a shift in power with competing blocks, including the U.S., China, and a rising India, affecting trade routes and geopolitical strategies.
Precious Metals: Gold and silver are expected to rise significantly, with gold potentially reaching $4,500 and silver $80, driven by economic restructuring and a weaker dollar policy.
Cryptocurrency Insights: Bitcoin and stablecoins are seen as strategic assets, with stablecoins offering financial inclusion in unbanked regions and Bitcoin being accumulated by governments.
Dollar Valuation: The U.S. dollar is considered overvalued due to its global reserve currency status, with expectations of a weaker dollar to enhance competitiveness.
Geopolitical Implications: The podcast discusses the strategic importance of regions like Greenland and Canada, highlighting the ongoing geopolitical maneuvers by global powers.
Transcript
Whoever's bearish is is probably going to miss the the biggest ever um wealth creation phase for um for Americans and anyone that invests in America. Even if you think he's serious, uh which a lot of people don't, but I'll get your opinion. I mean, what's his broader rhetoric here? What what what is he trying to accomplish in the grand scheme of things? Well, first of all, uh Trump's game theory is that whatever he says is serious. The theme of our discussion is market momentum. What are the drivers for global markets, equities, gold, and precious metals? We'll be talking about the outlook for economic growth. We'll be talking about the geopolitical forces, moving markets. Lear Gance joins us today. He is a founder of Wealth Research Group, a free financial newsletter. Welcome to the show, Leor. Uh, good to see you. Thanks for being here. Absolutely. Great to be here. S&P 500 currently at 6,500 points. Uh, the NASDAQ above 2100 points. gold just touching that $3,500 ounce uh announce level. So 3476 is the latest uh price per ounce on my screen. Uh Bitcoin $102,000. Now, at at the same time on Thursday, August 28th, uh revisions or advanced GDP uh came out for the BEA uh 3.3% year-over-year uh revised uh upwards. And so, it was actually stronger than expected. So, we've got on the surface strong economic performance mirrored by strong financial performance in pretty much all asset classes, uh at least the major ones that I've listed. it doesn't feel like a bubble uh according to some economists because the underlying economy is still strong. Do you support that statement? Absolutely. I think we are um we are we have entered in November 2024 a new stage in the global economy and uh on April 1st with liberation day you've you basically saw the dismantling of the bread and wood system and effectively what we're entering into is a hyperrowth stage in the United States um where plenty of the dismantling and the dis de-industrialization that happened during the Clinton Bush Obama Biden era is coming back. Um, and it's fueled not just by uh um reshoring of of plants and factories, but it's also fueled by the AI revolution and tariffs. This combination is a lethal combination um not just for the CCP but also for Europe. Europe is a very stagnant uh economic uh block that was built to enjoy the uh the offshoots of the Marshall Plan in 1945 and onwards and their economic model is basically dying and the CCP was based on exports and what Scott Vent has done beautifully along alongside with Howard Lutnik is they have uh effectively uh told the CCP what we're working on is an economic plan which will not weaken China, but we'll rebalance it. And you're already seeing the effects of this. A lot of the manufacturing is moving out to India. There's a corridor of trade that's going to be built between India and Europe. So between that and everything else that we are in an early stage of a hyperrowth uh phase for the United States where GDP can actually go up by five and 6%. not the uh sleepy two 3% that you saw and and uh in the last few decades because that wasn't the real America. You're going back to the the real America, nation of builders. Um and not only nation of builders but the amount of innovation that's coming to the country with deregulation that's a combination that you haven't seen in in more than 100 years since um uh you know the era of the of the Orville uh of the Wright brothers and Edison and all these innovators. We are going through another phase of this. Uh Trump calls it the golden era, but I I'll just I'll just say I think we are entering an era where the United States becomes the best version that it it's ever been. This is a stark contrast to a lot of my guest views. Uh some of whom have have told me the exact opposite. Leor, we're entering a global age of perhaps another economic depression, because of protectionism, because of uncertainty around trade, uh because of uh the loss of trust as America as a leader, uh because of potentially a brain drain from America, because people don't like Trump's policies, because potentially uh the tariffs are going to induce a recession. Just counterpoints to everything you've said so far. How would you respond to these points? Well, I I think the best response would be that any guest that that uh is bearish should invest uh bearishly and see what happens. And uh and every every uh person that is um uh like-minded to to myself should should be invested uh bullishly and see what happens. The as you pointed out, the S&P 500 is trading at an all-time high. I started to invest when my uh basically my father went bankrupt when I was 13 and I started to work and collect babysitting money and uh you know doing odd jobs at the age of 16. I got uh the banker to sign a waiver and allowed me to uh start buying equities as as a minor age 16. And since then I've been hearing about uh bullish and bearish stories and uh anyone that has invested in the growth of America in the last 23 years has done phenomenally well and anyone that has found uh opportunities within the global economy has done absolutely well. So I think uh the the optimism is the only way that you can be an investor at all at all times. There there is no other way. Now, can you be uh cautious or bearish at particular moments? Yes. But you're asking if this is such a moment, and I absolutely do not think so. I think that uh the opposite is true. You now have a very capable government in the United States. Um and the whole structure that was bankrupting uh the West is um uh basically getting dismantled. the west uh effectively was selling and liquidating its assets and enjoying a peace dividend that only helps the elite since Clinton and then Bush certainly with Obama and then with Biden. The West was dismantling itself and basically funding the rise of uh its opponent armies and and militaries. it was uh offshoring its critical industries and it was uh putting on regulation on top of regul on top of regulation to become weaker and more uh politically correct but less competitive and that era which uh was a delusional era is over and I think that you're going to see a lot of growth coming back and you're going to see uh a boom for small cap companies you're going to see a boom in real estate in America and whoever's bearish is is probably going to miss the the biggest ever um wealth creation phase for um for Americans and anyone that invests in America. I I would the best way I can describe it is in in between 1993 and 2024, America was not America. So if you were bearish on that America, I can understand why. But you have entered a new phase. And um when I speak to Americans, they're still bearish because it's almost like they were underwater for 31 years and their eyes were just looking at the abyss. So now they're just coming out, but they're they they go back down. They can't believe that they're breathing air because for 31 years they've been looking at the abyss. And you know, America chose America voted for an anti-onstitutional president, a communist uh uh a person with with dementia. Like they they went through everything. And I think that it's important to understand that they're they are starting to get out of the woods and there's so much so much that is coming in the way of opportunity. So I I I understand your guess, but uh I believe that the uh whoever is going to miss out on what's coming in the next few years is going to miss out on huge opportunities. Huge. I will get to your investment opportunities that you uh are most bullish on in just a minute. But just dovetailing on what you said about America leading the charge right now. Well, here's an article um about what's uh going to happen in China uh this coming week. So Beijing uh China's Xi Jinping is about to welcome a coalition of uh non-western nations in a summit, a large summit. President Xiinping will gather more than 20 world leaders at a regional security forum in China next week in a powerful show of global south solidarity in the age of Donald Trump while also helping sanctions hit Russia pull off another diplomatic coup. This is an article from uh from Reuters. Now we have here President Vladimir Putin. Leaders from Central Asia, the Middle East, South Asia, Southeast Asia have all been invited to the Shanghai Corporation Organization Summit held in China August 31st to September 1st. So we'll look out for the details of that summit. But this is a big show of force like the first paragraph said, uh, what does this imply for the age of post American hedgemony? We have now basically two competing blocks of power worldwide. Is America still the leader? So we actually have two competing blocks and a third one um which is the global south um which is headed by India. So India what it what India is positioning itself to be as the world's largest uh country in terms of uh demographics and uh a very well-versed in English and they are in a very strategic position between Russia, Europe, the Middle East and China. Their position in the world is is incredible. They have they share a border with China but they are also very close to the Middle East which is uh basically the highway for for the world. So um what's happening is the um the entire map of the world is getting redrawn and uh in 1900 we had 50 countries. Today we have 200 countries. Okay. And the reason that the 20th century was the era of um creation of countries is because of the the two world wars and the agreements and and um uh basically the the treaties that came after them. What's happening right now in the world is you have the rise of superpowers that are asserting their dominance over other countries. In other words, the Woodro Wilson doctrine that every ethnic group deserves a country is uh coming undone. And you will see regional powers devouring and swallowing up neighboring countries. You're you're already seeing a lot of these uh you're seeing Trump's um uh you're seeing Trump looking at uh Greenland, looking at Canada. Sorry. What do you mean by swallowing up uh like military force? Deps on the region. It depends on the region. Okay. Yeah, absolutely. It It just depends on the region. You You're seeing it in Russia, Ukraine. You you just saw it uh in the Middle East with the toppling over of the Assad regime. Yes. Uh Lebanon is basically not a country anymore. Um and you're and you're going to see it a lot more. Their What do you mean it's not a country anymore? uh effectively their government is asking the uh terrorist terrorist organization to dismantle. The terrorist organization does not want to dismantle. So you have within their government uh two governments right now. Um and and they are on the verge of of either civil war or some sort of an unrest. the the treaties that have held up the world like you say during the the American hedgeimonyy phase of the posts Soviet world between 1993 and today with the rise of China becoming the force that ended this uh hedgeimonyy for the United States is the next phase and India and Russia and China and all these other countries are looking at where their new place in the world is. Should they get closer to China and the CCP? should they get closer to America? These uh maps are getting redrawn and here is how they will get redrawn. The entire key to how these shape up is trade routes and choke points. Whoever controls the trade routes and choke points is going to be uh are going to be the important countries. I'll give you a few examples. The Suez Canal, for example, was controlled and is controlled by India. I'm sorry, by Egypt. The koutis in Yemen are disrupting trade and shipment through the Red Sea and through uh the Suez Canal. India's place in the world is disrupted by this because the income from the Suez Canal is $800 million a month that are now being disrupted. So now you have a country that that is in a an entirely new place and China is trying to gain influence in that country. the uh first island chain, which are the 14 countries that surround the South China Sea and the North China Sea, are flooded with American troops right now with Japanese troops with long range missiles all pointing towards China. And China is obviously trying to break that first island chain by um uh by some sort of uh an operation that they may or may not do with Taiwan. That will help them dismantle that first island chain. That ferris island chain is what uh basically stops China from projecting power to the open seas just like Imperial Japan did back in the day and that is what contains China. That's why they need the belt and road initiative uh because they need a land um infrastructure to get to Euro Asia and Europe because they can't do it by open seas. They don't have the luxury that America has. Russia, for example, tried to build a belt and road corridor going north to south headed through the caucuses where Armenia and um and Azerbaijan were and going through Syria that has fallen apart. All of these trade routes are going to shape the future because we are going from a hyper globalization world where every country sources its uh materials and its products and services from other countries according simply to price. And we are moving into a world where price is not the only calculations that countries make. It's reliance. And therefore you see terrorists terrorists being enacted and you're seeing a struggle over these valuable choke points. That's uh the new model and it's important to understand that because that's where China comes in, India comes in, Russia's Russia comes in. That's how the the um the ceasefire lines with Russia and Ukraine are going to be drawn. um they are going to be drawn according to um uh the areas that can serve as trade routes and that's why Trump and Putin met in Alaska for example because that trade route the bearing straight is very important for how the world is going to be shaped up. So I think that it's critical. You brought up just very briefly Trump wanting to absorb green lit in Canada. I mean you don't you don't think he's actually serious is he? And even even if you think he's serious, uh, which a lot of people don't, but I'll get your opinion. I mean, what's his broader rhetoric here? What what what is he trying to accomplish in the grand scheme of things? Well, first of all, uh, Trump's game theory is that whatever he says is serious. So, um, if he says uh that, it's not to to crack a joke or or um, it's not for anything apart from uh, being very serious. the um if you want to talk Greenland first um Greenland is uh has served as as a naval base uh for American troops uh for many many times including in the Second World War. Um there are uh there's uh troops and bases uh in of of America in Greenland right now and there are Russian and uh Chinese ports there as well. Greenland is up for grabs whether it's China, Russia or the United States. So you you choose. That is why uh Trump is talking about Greenland because it's it's a it's a battleground. Okay. It's just that that you don't have media in the west. You have uh something else. The mainstream the establishment media doesn't report anything. Uh it it it it's basically it serves as a almost like a wing of the deep state. So um Greenland is a strategic corridor where underlying um uh cables go under it. It can be disrupted by Russia. It can be disrupted by China. It can disrupt uh uh Canada. It's it's super important and that's it's it's just going to be a battleground. Um originally um the secretary of state in 1859 was already talking about and uh buying Greenland from Denmark. This goes back uh almost 150 years. So um there's certainly a lot of talks about it and it's going to happen in some uh way shape shape or form. The the the Greenland people are going to accept either the Chinese influence, the Russian influence or the American influence on their territory. Um, if you're talking about Canada, um, I think it's, uh, it's because of a different, um, uh, methodology, but um, what's being talked about in in seriousness right now is, uh, the province of Alberta, um, specifically and, uh, because it's it's it has the legal authority to secede and obviously the United States of America has the legal authority to add a state. The last states that were added were Alaska and Hawaii. Um so it's being talked about. uh whether or not it happens um uh is not for me to to say but the the um discussing it yeah shows you that we are moving away from a world where America tries to buy influence by uh with the uh USA ID and with subversive um operations from uh the CIA and onwards and they are moving into a world where they are talking politics and diplomatics uh openly and everything is about business and merit. And if you are a country that doesn't have an army and doesn't have um a viable financial plan, then you may not survive the next 20 25 years as a sovereign state. Okay, so that's all interesting. Um but how does this actually flesh out with your investment thesis? In other words, let's go back to your investment thesis here. you said that this is the most bullish environment uh in American history for the last decade or two. I'm paraphrasing here, you know, um not exact words, but you are very bullish. Which sectors are you most bullish on and why? I am very bullish on uh domestic small cap American companies um mostly listed on uh for example the Russell 2000. those would be a great place to start because what's what's happening in America right now is you have an AI revolution that is putting in trillions of dollars of capex inside of America. All of these areas I have you seen the cabinet meeting that was held two days ago? It was an open meeting. Um if you have or you have it, President Trump was holding um uh a piece of paper that uh Mark Zuckerberg sent to him and it had a layout of the island of Manhattan and on it was slapped the new plant that Meta is building. The plant is the size of the island of Manhattan. Yeah. It's a $50 billion plant. The construction is $50 billion and they'll and they're building multiple ones and they're not the only ones that are building it. To build these and to fuel the AI revolution, you need to triple not double but triple the electrical output in America. That means an insane amount of building. And I I you know people just uh sometimes do not grasp this the the evolution of the United States of America from 13 colonies with a few million people to where it is today. It was an agricultural 13 colonies 250 years ago. Today it is the number one economy in the world with uh uh um a GDP of $25 trillion. Okay. So we have to realize the um the machine that is the United States of America when properly unleashed is the most uh incredible economic force and when you uh when when you look at how it's being uh governed today and and the size of the opportunity with AI, there is no reason not to be bullish on small cap domestic companies because they will be the main beneficiaries of all of this capital expenditures that are happening throughout America. These plants are going to require materials are going to require labor. The entire uh class of uh 20 year olds to 30 year olds will need to be retrained in trades instead of the the the worthless college degrees that uh that they have. the opportunities within various states where deregulation is going to occur and positive demographics, lower income tax, opportunity zones. Opportunity zones are going to be areas in America where they're going to basically dismantle income tax for two or three or four years if you build a house there or or uh give you another incentive to move there. You will see uh a nation of builders coming back. Um you have also uh a huge generation of millennials that have postponed their marriage uh one for economic reasons then because of the pandemic and um and and then because of unaffordability of housing. Once you start to see the the u the Fed cutting rates and deregulation of the banking sector where regional banks are going to be able to uh create their own interest rate policies apart from the Fed funds rate which is uh going to happen then you will see a lot of these states that are basically trapped and beholden to to the Fed unleashed and you will see business loans, commercial loans, uh mortgages the the entire uh country, the entire United States of America is going to be on steroids. And if you don't see it, that's fine. You don't have to see it. You can you can unsee it. But uh it regardless if it if it's going to happen, if it's going to happen, it is the biggest opportunity for small cap domestic companies because they are basically going to be the main beneficiaries of uh the golden era that is coming to America. You're bullish on the small caps, but why has the Russell 2000 underperformed the large caps in the last five years, the last one year, uh year to date? It's just it's just leagered. Yeah. Yeah. That it's exactly the thesis that uh that we're that I'm laying out under the uh the uni party deep state rule, you were dismantling America's gut. you were taking all of the enormous gift that uh is the United States uh industrial economy. You were letting the the CCP basically rip off your IP, your manufacturing capacity, um your trade secrets, you were uh giving away money, your money, your your children's money, your grandchildren's money. You were financing all this debt so other countries can get rich. Um, and effectively this only helped the elites. That's why you have a huge disparity of wealth and income in America between the elites that were basically selling everything, moving it out of the country to arbitrage uh, labor countries with much lower salaries and then selling it back to the United States. and not only selling it back to the United States, but the US was the one the US Navy that your funding was your tax dollars was the one securing all the trade routes throughout the world. So this can happen. The middle class of America was uh the most uh abused class of people in the last 30 years. And that's why the Russell 2000, which is that part of America. That's the the that these are the small cap companies. These are the the middle class companies. These are the companies that would be suffering the most when you liquidate um your country and sell it offshore. And now when everything is coming back, you will see the Russell 2000 uh absolutely outperforming after almost 20 years of underperformance. The the NASDAQ and the the S&P 500. Um these are all coming. So what you showed just proves why I'm so bullish because for so many years it's been underperforming for those very reasons. Are you taking profits on gold, silver, gold in particular, consolidating above new all-time highs for basically since midappril? Is this the is this the time to be taking profits on gold? I'm personally not. No. No. Why not? Um I believe that gold is going um a lot higher in this cycle. We are in a cycle that may end up in the reformation of the Federal Reserve. Perhaps the uh the swallowing up of the Federal Reserve into the Treasury. Perhaps m much more alignment between the Fed and the Treasury. And when you look at how uh the United States um uh uh debt to GDP and um uh gold reserves uh that they have that are uh worth around $700 billion today mark to market if they were revalued um compared to the size of their economy compared to the the the money supply. The price of gold does not deserve to be uh where it is. It it deserves to be a lot higher. And if we're restructuring and moving towards uh a much more balanced global economy, then the dollar is going to go from being 60% of all transactions today, which is artificially high because of its uh role during this hyper globalized era to probably a more proportional size um uh comparative to to the size of the economy. The US is currently a quarter of the world's economy. Let's say it becomes about a third of the global economy. uh in the next decade uh as it grows and takes share from other countries um the the dollar will be uh substantially um uh debased. Now on aggregate because of deregulation, because of tariffs um and because of uh um a lot of um reforms in income tax, the aggregate um um outcome of this would be that Americans will be wealthier, but the dollar is going to go lower. I don't know if you saw the the the most recent appointment that that Trump made to the Fed, Stefan Myron. Stefan Myron is effectively a weak dollar policy advocate. Um, and Trump himself said strong dollar is nice for politics. It's nice to say, "Hey, I have a strong currency." But you really want a weak dollar if you want to be competitive. And I think that the dollar is artificially uh too high. If you want to show uh a graph on screen of the DXY or the Bloomber index, you'll see it's trading at a at near an all-time high, a 25-y year high. The dollar is very strong compared to other fiat currencies. If if uh what do you mean by too high? I mean, yes, you're right. It's it's it's uh uh it's been that you know, it's been hovering around this range basically since uh 2000. Uh but too high implies that it's overvalued. What do you mean by that? Exactly that it is uh overvalued compared to um where it would be uh if and when um conferences and summits like the one that you're seeing with India and Russia and China um create their own economic framework where they trade either in their own currency or in a blockchain based uh common currency that that they create the dollar amount that is held with these countries is disproportionately high too high because of the uh economy that was built uh through trade deficits with tariffs and with the reshoring of uh manufacturing to the United States, this global trade will uh normalize and subside and become much uh more healthy. But in that process, the dollar will be weaker. It will not lose its reserve currency role because no country wants that burden and and responsibility. It carries so much um uh um uh so many things that that have to go right and only the United States have has those uh characteristics to their economy and politics and um constitution etc. Other countries just do not want that. In fact, the the the Chinese uh uh currency has never been free trading. Effectively, you don't even know what it's worth. Um so when you look float Yeah. it it doesn't it doesn't trade freely. If it trades freely, you you don't even know what it's worth right now. So, the US dollar is the world's best currency, but is it is drastically overvalued because uh of of its responsibilities as the global reserve currency. Stefan Myron and other um uh uh policy makers like him that are entering the Fed right now and are in the Treasury and uh Sheriff Lutnik's and Basense and Trump's economic thesis all say the same thing. They want a competitive dollar and that is a different way of saying that they want a weaker dollar. I think that uh um gold is eventually going to go uh during this term over 4,000 and probably towards the 4500s before uh Trump uh uh exits office. And I think that uh silver is definitely going to hit a new all-time high between now and 2020 2028. And effect I believe that it's going to go towards 80. So effectively doubling from here by the end of his term. How did you come up with 80? the the maturity of the gold uh and silver bull market is um is such that it is uh it it is very early. If you look at the 1970s when you uh went off the gold standard, gold went up uh from 35 to 850 24 times. Silver went from $1.92 to 50. That's 25 times. Okay. In the 2000s, gold went from 250 to 1900. That's uh nearly eight eight uh uh 8x. Silver went from about 4 to 49. That's 12x. In this current cycle that we're in, where they both bottomed in the April mess of co um you're not even seeing a 3x right now in gold and you're just seeing over a 3x in silver. These are not um uh the type of moves that you see in late stage gold silver uh markets. The gold silver ratio does not reflect a mature gold silver market. So when I'm saying that uh uh gold is going to to around 45 to 5,000 that implies a mature gold silver market and that implies a gold silver ratio of less than 60. And that's how you come up with about 80 for silver because 80 on a 60 to1 ratio uh makes sense to to for gold to be between 45 and 5,000. I'm curious how you think Bitcoin is going to fit into this narrative. Um I have a I have quite a few interesting um uh thoughts regarding Bitcoin and and its role in the world. effectively uh Bitcoin um is part of a of the most important uh facet of the new financial system which is blockchain and decentralization and I think a lot of governments are going to decide to uh begin to to accumulate into their treasury um Bitcoin. you see it with the strategic stockpile that um that the US government has and I think a lot of other countries are going to do the same thing and therefore the price of Bitcoin is going to continue to go higher. Um it is becoming a very important and strategic part of uh the global economy. But I think that where the the real opportunity with uh um um with cryptocurrencies is with the stable coins because what you're going to start to see happening is you're going to see so most of the world David is unbanked. Most of the world is unbanked. You have 54 African countries. If you go there, you don't see a Starbucks in every corner with a with a Chase or with a Wells Fargo or with a Bank of America. They will not have that infrastructure. they will never have banks at every uh street corner. Uh Latin America is the same thing. Um India uh same thing, China, these are not countries that are built like uh the American banking system. Now if you have uh and you will have the the major US banks starting to issue their stable coins, their stable coins are going to be backed by the dollar. If you are now living in one of the 54 corrupt African countries and you have a cell phone, a smartphone and and the penetration of smartphone is about 60% right now or 65%. And I can tell you that you can have your savings in a stable coin issued by a major US bank pegged 100% to the dollar instead of to your own currency that you've seen inflate three times over the course of your life. Your parents have told you that they lost everything uh three or four times during your lives. what do you think is going to happen? So the the real um uh magnet is going to be with uh countries that are going to be able to offer their or not countries but uh economies that are going to be exposed for the first time to um uh financial instruments that are 100% pegged to the US dollar and that is a huge opportunity both for uh the stability of the dollar as the reserve currency in the 21st century and also for American businesses but it also unlocks huge economies. the the um the uh estimated value that is trapped right now in Africa alone is another 10 trillion to the global economy. Um we're talking about young demographics, very young demographics, working in in the in the productive class. So uh the opportunities are huge and and Bitcoin plays a huge role in that. I I I understand the stable coin story. Uh it's a good story. It makes sense. But what is the investment case around stable coins? We can't get rich off of a stable coin. By definition, it's stable. So what are some surrounding ecosystems that could benefit from this? Terra Luna collapsed. So people who invested in the Terara story believing in stable coins around that lost a lot of money. So now people are hesitant around the stable coin story. So what do we do? So you're you're right and and what I'm saying is what I was talking about is the uh the growth of the blockchain industry and of stable coins in general. Um uh specifically inside of the uh uh the crypto or defy uh world, you have to uh to to learn and study the different uh opportunities uh for yourself. There is nothing uh that I said specifically about stable coins that is a is a singular personalized uh investment opportunity. The the size of this industry, the market for it, the the growth opportunities that uh pertain to it will come from companies servicing it um and and and uh you can invest in those or uh by working in this industry. This industry is the next phase of banking. Um, a lot of industries are are getting literally rewritten, rewritten. And so, uh, when you look at at at stages of opportunity in the last 30 years, give me one amazing, uh, uh, industry that was on hyperrowth in America and that you can easily get into. Uh, getting into uh, working for one of the top uh, tech companies is not is not easy. It's not something that is accessible for the average person, but groundf flooror opportunities that start literally now. Um uh that is something that is uh incredibly appealing. uh and we have literally a new industry that is at the bedrock of everything AI and it it that is the mother lode in terms of where you should think about uh person you know uh your profession and and where you should uh be looking to um for investment opportunities. Perfect. Thank you very much. This is a good first introduction and um plenty more to discuss another time I'm sure. So uh where can we learn more from you and read your work in the meantime? We publish wealth research group every Sunday, Tuesday and Thursday. Um you can uh easily subscribe on our homepage to the free financial newsletter. It's effectively uh like listening to one of these interviews but in in uh five uh minute uh reads three times a week. So we we cover we cover the economy, we cover politics in terms of geop politics um so um um more from the standpoint of China and Russia and the United States and where all the pieces are moving and we cover specific opportunities like my own um uh uh portfolio that is accessible at wealthresarch.com/portfolio. You can literally download it right now. Yeah. Okay. Good. Thank you very much, Lear. Appreciate your time. Thank you. We'll talk next time and thank you for watching. Don't forget to like and subscribe.
‘Biggest Ever' Wealth Boom: This Sector Set To Explode | Lior Gantz
Summary
Transcript
Whoever's bearish is is probably going to miss the the biggest ever um wealth creation phase for um for Americans and anyone that invests in America. Even if you think he's serious, uh which a lot of people don't, but I'll get your opinion. I mean, what's his broader rhetoric here? What what what is he trying to accomplish in the grand scheme of things? Well, first of all, uh Trump's game theory is that whatever he says is serious. The theme of our discussion is market momentum. What are the drivers for global markets, equities, gold, and precious metals? We'll be talking about the outlook for economic growth. We'll be talking about the geopolitical forces, moving markets. Lear Gance joins us today. He is a founder of Wealth Research Group, a free financial newsletter. Welcome to the show, Leor. Uh, good to see you. Thanks for being here. Absolutely. Great to be here. S&P 500 currently at 6,500 points. Uh, the NASDAQ above 2100 points. gold just touching that $3,500 ounce uh announce level. So 3476 is the latest uh price per ounce on my screen. Uh Bitcoin $102,000. Now, at at the same time on Thursday, August 28th, uh revisions or advanced GDP uh came out for the BEA uh 3.3% year-over-year uh revised uh upwards. And so, it was actually stronger than expected. So, we've got on the surface strong economic performance mirrored by strong financial performance in pretty much all asset classes, uh at least the major ones that I've listed. it doesn't feel like a bubble uh according to some economists because the underlying economy is still strong. Do you support that statement? Absolutely. I think we are um we are we have entered in November 2024 a new stage in the global economy and uh on April 1st with liberation day you've you basically saw the dismantling of the bread and wood system and effectively what we're entering into is a hyperrowth stage in the United States um where plenty of the dismantling and the dis de-industrialization that happened during the Clinton Bush Obama Biden era is coming back. Um, and it's fueled not just by uh um reshoring of of plants and factories, but it's also fueled by the AI revolution and tariffs. This combination is a lethal combination um not just for the CCP but also for Europe. Europe is a very stagnant uh economic uh block that was built to enjoy the uh the offshoots of the Marshall Plan in 1945 and onwards and their economic model is basically dying and the CCP was based on exports and what Scott Vent has done beautifully along alongside with Howard Lutnik is they have uh effectively uh told the CCP what we're working on is an economic plan which will not weaken China, but we'll rebalance it. And you're already seeing the effects of this. A lot of the manufacturing is moving out to India. There's a corridor of trade that's going to be built between India and Europe. So between that and everything else that we are in an early stage of a hyperrowth uh phase for the United States where GDP can actually go up by five and 6%. not the uh sleepy two 3% that you saw and and uh in the last few decades because that wasn't the real America. You're going back to the the real America, nation of builders. Um and not only nation of builders but the amount of innovation that's coming to the country with deregulation that's a combination that you haven't seen in in more than 100 years since um uh you know the era of the of the Orville uh of the Wright brothers and Edison and all these innovators. We are going through another phase of this. Uh Trump calls it the golden era, but I I'll just I'll just say I think we are entering an era where the United States becomes the best version that it it's ever been. This is a stark contrast to a lot of my guest views. Uh some of whom have have told me the exact opposite. Leor, we're entering a global age of perhaps another economic depression, because of protectionism, because of uncertainty around trade, uh because of uh the loss of trust as America as a leader, uh because of potentially a brain drain from America, because people don't like Trump's policies, because potentially uh the tariffs are going to induce a recession. Just counterpoints to everything you've said so far. How would you respond to these points? Well, I I think the best response would be that any guest that that uh is bearish should invest uh bearishly and see what happens. And uh and every every uh person that is um uh like-minded to to myself should should be invested uh bullishly and see what happens. The as you pointed out, the S&P 500 is trading at an all-time high. I started to invest when my uh basically my father went bankrupt when I was 13 and I started to work and collect babysitting money and uh you know doing odd jobs at the age of 16. I got uh the banker to sign a waiver and allowed me to uh start buying equities as as a minor age 16. And since then I've been hearing about uh bullish and bearish stories and uh anyone that has invested in the growth of America in the last 23 years has done phenomenally well and anyone that has found uh opportunities within the global economy has done absolutely well. So I think uh the the optimism is the only way that you can be an investor at all at all times. There there is no other way. Now, can you be uh cautious or bearish at particular moments? Yes. But you're asking if this is such a moment, and I absolutely do not think so. I think that uh the opposite is true. You now have a very capable government in the United States. Um and the whole structure that was bankrupting uh the West is um uh basically getting dismantled. the west uh effectively was selling and liquidating its assets and enjoying a peace dividend that only helps the elite since Clinton and then Bush certainly with Obama and then with Biden. The West was dismantling itself and basically funding the rise of uh its opponent armies and and militaries. it was uh offshoring its critical industries and it was uh putting on regulation on top of regul on top of regulation to become weaker and more uh politically correct but less competitive and that era which uh was a delusional era is over and I think that you're going to see a lot of growth coming back and you're going to see uh a boom for small cap companies you're going to see a boom in real estate in America and whoever's bearish is is probably going to miss the the biggest ever um wealth creation phase for um for Americans and anyone that invests in America. I I would the best way I can describe it is in in between 1993 and 2024, America was not America. So if you were bearish on that America, I can understand why. But you have entered a new phase. And um when I speak to Americans, they're still bearish because it's almost like they were underwater for 31 years and their eyes were just looking at the abyss. So now they're just coming out, but they're they they go back down. They can't believe that they're breathing air because for 31 years they've been looking at the abyss. And you know, America chose America voted for an anti-onstitutional president, a communist uh uh a person with with dementia. Like they they went through everything. And I think that it's important to understand that they're they are starting to get out of the woods and there's so much so much that is coming in the way of opportunity. So I I I understand your guess, but uh I believe that the uh whoever is going to miss out on what's coming in the next few years is going to miss out on huge opportunities. Huge. I will get to your investment opportunities that you uh are most bullish on in just a minute. But just dovetailing on what you said about America leading the charge right now. Well, here's an article um about what's uh going to happen in China uh this coming week. So Beijing uh China's Xi Jinping is about to welcome a coalition of uh non-western nations in a summit, a large summit. President Xiinping will gather more than 20 world leaders at a regional security forum in China next week in a powerful show of global south solidarity in the age of Donald Trump while also helping sanctions hit Russia pull off another diplomatic coup. This is an article from uh from Reuters. Now we have here President Vladimir Putin. Leaders from Central Asia, the Middle East, South Asia, Southeast Asia have all been invited to the Shanghai Corporation Organization Summit held in China August 31st to September 1st. So we'll look out for the details of that summit. But this is a big show of force like the first paragraph said, uh, what does this imply for the age of post American hedgemony? We have now basically two competing blocks of power worldwide. Is America still the leader? So we actually have two competing blocks and a third one um which is the global south um which is headed by India. So India what it what India is positioning itself to be as the world's largest uh country in terms of uh demographics and uh a very well-versed in English and they are in a very strategic position between Russia, Europe, the Middle East and China. Their position in the world is is incredible. They have they share a border with China but they are also very close to the Middle East which is uh basically the highway for for the world. So um what's happening is the um the entire map of the world is getting redrawn and uh in 1900 we had 50 countries. Today we have 200 countries. Okay. And the reason that the 20th century was the era of um creation of countries is because of the the two world wars and the agreements and and um uh basically the the treaties that came after them. What's happening right now in the world is you have the rise of superpowers that are asserting their dominance over other countries. In other words, the Woodro Wilson doctrine that every ethnic group deserves a country is uh coming undone. And you will see regional powers devouring and swallowing up neighboring countries. You're you're already seeing a lot of these uh you're seeing Trump's um uh you're seeing Trump looking at uh Greenland, looking at Canada. Sorry. What do you mean by swallowing up uh like military force? Deps on the region. It depends on the region. Okay. Yeah, absolutely. It It just depends on the region. You You're seeing it in Russia, Ukraine. You you just saw it uh in the Middle East with the toppling over of the Assad regime. Yes. Uh Lebanon is basically not a country anymore. Um and you're and you're going to see it a lot more. Their What do you mean it's not a country anymore? uh effectively their government is asking the uh terrorist terrorist organization to dismantle. The terrorist organization does not want to dismantle. So you have within their government uh two governments right now. Um and and they are on the verge of of either civil war or some sort of an unrest. the the treaties that have held up the world like you say during the the American hedgeimonyy phase of the posts Soviet world between 1993 and today with the rise of China becoming the force that ended this uh hedgeimonyy for the United States is the next phase and India and Russia and China and all these other countries are looking at where their new place in the world is. Should they get closer to China and the CCP? should they get closer to America? These uh maps are getting redrawn and here is how they will get redrawn. The entire key to how these shape up is trade routes and choke points. Whoever controls the trade routes and choke points is going to be uh are going to be the important countries. I'll give you a few examples. The Suez Canal, for example, was controlled and is controlled by India. I'm sorry, by Egypt. The koutis in Yemen are disrupting trade and shipment through the Red Sea and through uh the Suez Canal. India's place in the world is disrupted by this because the income from the Suez Canal is $800 million a month that are now being disrupted. So now you have a country that that is in a an entirely new place and China is trying to gain influence in that country. the uh first island chain, which are the 14 countries that surround the South China Sea and the North China Sea, are flooded with American troops right now with Japanese troops with long range missiles all pointing towards China. And China is obviously trying to break that first island chain by um uh by some sort of uh an operation that they may or may not do with Taiwan. That will help them dismantle that first island chain. That ferris island chain is what uh basically stops China from projecting power to the open seas just like Imperial Japan did back in the day and that is what contains China. That's why they need the belt and road initiative uh because they need a land um infrastructure to get to Euro Asia and Europe because they can't do it by open seas. They don't have the luxury that America has. Russia, for example, tried to build a belt and road corridor going north to south headed through the caucuses where Armenia and um and Azerbaijan were and going through Syria that has fallen apart. All of these trade routes are going to shape the future because we are going from a hyper globalization world where every country sources its uh materials and its products and services from other countries according simply to price. And we are moving into a world where price is not the only calculations that countries make. It's reliance. And therefore you see terrorists terrorists being enacted and you're seeing a struggle over these valuable choke points. That's uh the new model and it's important to understand that because that's where China comes in, India comes in, Russia's Russia comes in. That's how the the um the ceasefire lines with Russia and Ukraine are going to be drawn. um they are going to be drawn according to um uh the areas that can serve as trade routes and that's why Trump and Putin met in Alaska for example because that trade route the bearing straight is very important for how the world is going to be shaped up. So I think that it's critical. You brought up just very briefly Trump wanting to absorb green lit in Canada. I mean you don't you don't think he's actually serious is he? And even even if you think he's serious, uh, which a lot of people don't, but I'll get your opinion. I mean, what's his broader rhetoric here? What what what is he trying to accomplish in the grand scheme of things? Well, first of all, uh, Trump's game theory is that whatever he says is serious. So, um, if he says uh that, it's not to to crack a joke or or um, it's not for anything apart from uh, being very serious. the um if you want to talk Greenland first um Greenland is uh has served as as a naval base uh for American troops uh for many many times including in the Second World War. Um there are uh there's uh troops and bases uh in of of America in Greenland right now and there are Russian and uh Chinese ports there as well. Greenland is up for grabs whether it's China, Russia or the United States. So you you choose. That is why uh Trump is talking about Greenland because it's it's a it's a battleground. Okay. It's just that that you don't have media in the west. You have uh something else. The mainstream the establishment media doesn't report anything. Uh it it it it's basically it serves as a almost like a wing of the deep state. So um Greenland is a strategic corridor where underlying um uh cables go under it. It can be disrupted by Russia. It can be disrupted by China. It can disrupt uh uh Canada. It's it's super important and that's it's it's just going to be a battleground. Um originally um the secretary of state in 1859 was already talking about and uh buying Greenland from Denmark. This goes back uh almost 150 years. So um there's certainly a lot of talks about it and it's going to happen in some uh way shape shape or form. The the the Greenland people are going to accept either the Chinese influence, the Russian influence or the American influence on their territory. Um, if you're talking about Canada, um, I think it's, uh, it's because of a different, um, uh, methodology, but um, what's being talked about in in seriousness right now is, uh, the province of Alberta, um, specifically and, uh, because it's it's it has the legal authority to secede and obviously the United States of America has the legal authority to add a state. The last states that were added were Alaska and Hawaii. Um so it's being talked about. uh whether or not it happens um uh is not for me to to say but the the um discussing it yeah shows you that we are moving away from a world where America tries to buy influence by uh with the uh USA ID and with subversive um operations from uh the CIA and onwards and they are moving into a world where they are talking politics and diplomatics uh openly and everything is about business and merit. And if you are a country that doesn't have an army and doesn't have um a viable financial plan, then you may not survive the next 20 25 years as a sovereign state. Okay, so that's all interesting. Um but how does this actually flesh out with your investment thesis? In other words, let's go back to your investment thesis here. you said that this is the most bullish environment uh in American history for the last decade or two. I'm paraphrasing here, you know, um not exact words, but you are very bullish. Which sectors are you most bullish on and why? I am very bullish on uh domestic small cap American companies um mostly listed on uh for example the Russell 2000. those would be a great place to start because what's what's happening in America right now is you have an AI revolution that is putting in trillions of dollars of capex inside of America. All of these areas I have you seen the cabinet meeting that was held two days ago? It was an open meeting. Um if you have or you have it, President Trump was holding um uh a piece of paper that uh Mark Zuckerberg sent to him and it had a layout of the island of Manhattan and on it was slapped the new plant that Meta is building. The plant is the size of the island of Manhattan. Yeah. It's a $50 billion plant. The construction is $50 billion and they'll and they're building multiple ones and they're not the only ones that are building it. To build these and to fuel the AI revolution, you need to triple not double but triple the electrical output in America. That means an insane amount of building. And I I you know people just uh sometimes do not grasp this the the evolution of the United States of America from 13 colonies with a few million people to where it is today. It was an agricultural 13 colonies 250 years ago. Today it is the number one economy in the world with uh uh um a GDP of $25 trillion. Okay. So we have to realize the um the machine that is the United States of America when properly unleashed is the most uh incredible economic force and when you uh when when you look at how it's being uh governed today and and the size of the opportunity with AI, there is no reason not to be bullish on small cap domestic companies because they will be the main beneficiaries of all of this capital expenditures that are happening throughout America. These plants are going to require materials are going to require labor. The entire uh class of uh 20 year olds to 30 year olds will need to be retrained in trades instead of the the the worthless college degrees that uh that they have. the opportunities within various states where deregulation is going to occur and positive demographics, lower income tax, opportunity zones. Opportunity zones are going to be areas in America where they're going to basically dismantle income tax for two or three or four years if you build a house there or or uh give you another incentive to move there. You will see uh a nation of builders coming back. Um you have also uh a huge generation of millennials that have postponed their marriage uh one for economic reasons then because of the pandemic and um and and then because of unaffordability of housing. Once you start to see the the u the Fed cutting rates and deregulation of the banking sector where regional banks are going to be able to uh create their own interest rate policies apart from the Fed funds rate which is uh going to happen then you will see a lot of these states that are basically trapped and beholden to to the Fed unleashed and you will see business loans, commercial loans, uh mortgages the the entire uh country, the entire United States of America is going to be on steroids. And if you don't see it, that's fine. You don't have to see it. You can you can unsee it. But uh it regardless if it if it's going to happen, if it's going to happen, it is the biggest opportunity for small cap domestic companies because they are basically going to be the main beneficiaries of uh the golden era that is coming to America. You're bullish on the small caps, but why has the Russell 2000 underperformed the large caps in the last five years, the last one year, uh year to date? It's just it's just leagered. Yeah. Yeah. That it's exactly the thesis that uh that we're that I'm laying out under the uh the uni party deep state rule, you were dismantling America's gut. you were taking all of the enormous gift that uh is the United States uh industrial economy. You were letting the the CCP basically rip off your IP, your manufacturing capacity, um your trade secrets, you were uh giving away money, your money, your your children's money, your grandchildren's money. You were financing all this debt so other countries can get rich. Um, and effectively this only helped the elites. That's why you have a huge disparity of wealth and income in America between the elites that were basically selling everything, moving it out of the country to arbitrage uh, labor countries with much lower salaries and then selling it back to the United States. and not only selling it back to the United States, but the US was the one the US Navy that your funding was your tax dollars was the one securing all the trade routes throughout the world. So this can happen. The middle class of America was uh the most uh abused class of people in the last 30 years. And that's why the Russell 2000, which is that part of America. That's the the that these are the small cap companies. These are the the middle class companies. These are the companies that would be suffering the most when you liquidate um your country and sell it offshore. And now when everything is coming back, you will see the Russell 2000 uh absolutely outperforming after almost 20 years of underperformance. The the NASDAQ and the the S&P 500. Um these are all coming. So what you showed just proves why I'm so bullish because for so many years it's been underperforming for those very reasons. Are you taking profits on gold, silver, gold in particular, consolidating above new all-time highs for basically since midappril? Is this the is this the time to be taking profits on gold? I'm personally not. No. No. Why not? Um I believe that gold is going um a lot higher in this cycle. We are in a cycle that may end up in the reformation of the Federal Reserve. Perhaps the uh the swallowing up of the Federal Reserve into the Treasury. Perhaps m much more alignment between the Fed and the Treasury. And when you look at how uh the United States um uh uh debt to GDP and um uh gold reserves uh that they have that are uh worth around $700 billion today mark to market if they were revalued um compared to the size of their economy compared to the the the money supply. The price of gold does not deserve to be uh where it is. It it deserves to be a lot higher. And if we're restructuring and moving towards uh a much more balanced global economy, then the dollar is going to go from being 60% of all transactions today, which is artificially high because of its uh role during this hyper globalized era to probably a more proportional size um uh comparative to to the size of the economy. The US is currently a quarter of the world's economy. Let's say it becomes about a third of the global economy. uh in the next decade uh as it grows and takes share from other countries um the the dollar will be uh substantially um uh debased. Now on aggregate because of deregulation, because of tariffs um and because of uh um a lot of um reforms in income tax, the aggregate um um outcome of this would be that Americans will be wealthier, but the dollar is going to go lower. I don't know if you saw the the the most recent appointment that that Trump made to the Fed, Stefan Myron. Stefan Myron is effectively a weak dollar policy advocate. Um, and Trump himself said strong dollar is nice for politics. It's nice to say, "Hey, I have a strong currency." But you really want a weak dollar if you want to be competitive. And I think that the dollar is artificially uh too high. If you want to show uh a graph on screen of the DXY or the Bloomber index, you'll see it's trading at a at near an all-time high, a 25-y year high. The dollar is very strong compared to other fiat currencies. If if uh what do you mean by too high? I mean, yes, you're right. It's it's it's uh uh it's been that you know, it's been hovering around this range basically since uh 2000. Uh but too high implies that it's overvalued. What do you mean by that? Exactly that it is uh overvalued compared to um where it would be uh if and when um conferences and summits like the one that you're seeing with India and Russia and China um create their own economic framework where they trade either in their own currency or in a blockchain based uh common currency that that they create the dollar amount that is held with these countries is disproportionately high too high because of the uh economy that was built uh through trade deficits with tariffs and with the reshoring of uh manufacturing to the United States, this global trade will uh normalize and subside and become much uh more healthy. But in that process, the dollar will be weaker. It will not lose its reserve currency role because no country wants that burden and and responsibility. It carries so much um uh um uh so many things that that have to go right and only the United States have has those uh characteristics to their economy and politics and um constitution etc. Other countries just do not want that. In fact, the the the Chinese uh uh currency has never been free trading. Effectively, you don't even know what it's worth. Um so when you look float Yeah. it it doesn't it doesn't trade freely. If it trades freely, you you don't even know what it's worth right now. So, the US dollar is the world's best currency, but is it is drastically overvalued because uh of of its responsibilities as the global reserve currency. Stefan Myron and other um uh uh policy makers like him that are entering the Fed right now and are in the Treasury and uh Sheriff Lutnik's and Basense and Trump's economic thesis all say the same thing. They want a competitive dollar and that is a different way of saying that they want a weaker dollar. I think that uh um gold is eventually going to go uh during this term over 4,000 and probably towards the 4500s before uh Trump uh uh exits office. And I think that uh silver is definitely going to hit a new all-time high between now and 2020 2028. And effect I believe that it's going to go towards 80. So effectively doubling from here by the end of his term. How did you come up with 80? the the maturity of the gold uh and silver bull market is um is such that it is uh it it is very early. If you look at the 1970s when you uh went off the gold standard, gold went up uh from 35 to 850 24 times. Silver went from $1.92 to 50. That's 25 times. Okay. In the 2000s, gold went from 250 to 1900. That's uh nearly eight eight uh uh 8x. Silver went from about 4 to 49. That's 12x. In this current cycle that we're in, where they both bottomed in the April mess of co um you're not even seeing a 3x right now in gold and you're just seeing over a 3x in silver. These are not um uh the type of moves that you see in late stage gold silver uh markets. The gold silver ratio does not reflect a mature gold silver market. So when I'm saying that uh uh gold is going to to around 45 to 5,000 that implies a mature gold silver market and that implies a gold silver ratio of less than 60. And that's how you come up with about 80 for silver because 80 on a 60 to1 ratio uh makes sense to to for gold to be between 45 and 5,000. I'm curious how you think Bitcoin is going to fit into this narrative. Um I have a I have quite a few interesting um uh thoughts regarding Bitcoin and and its role in the world. effectively uh Bitcoin um is part of a of the most important uh facet of the new financial system which is blockchain and decentralization and I think a lot of governments are going to decide to uh begin to to accumulate into their treasury um Bitcoin. you see it with the strategic stockpile that um that the US government has and I think a lot of other countries are going to do the same thing and therefore the price of Bitcoin is going to continue to go higher. Um it is becoming a very important and strategic part of uh the global economy. But I think that where the the real opportunity with uh um um with cryptocurrencies is with the stable coins because what you're going to start to see happening is you're going to see so most of the world David is unbanked. Most of the world is unbanked. You have 54 African countries. If you go there, you don't see a Starbucks in every corner with a with a Chase or with a Wells Fargo or with a Bank of America. They will not have that infrastructure. they will never have banks at every uh street corner. Uh Latin America is the same thing. Um India uh same thing, China, these are not countries that are built like uh the American banking system. Now if you have uh and you will have the the major US banks starting to issue their stable coins, their stable coins are going to be backed by the dollar. If you are now living in one of the 54 corrupt African countries and you have a cell phone, a smartphone and and the penetration of smartphone is about 60% right now or 65%. And I can tell you that you can have your savings in a stable coin issued by a major US bank pegged 100% to the dollar instead of to your own currency that you've seen inflate three times over the course of your life. Your parents have told you that they lost everything uh three or four times during your lives. what do you think is going to happen? So the the real um uh magnet is going to be with uh countries that are going to be able to offer their or not countries but uh economies that are going to be exposed for the first time to um uh financial instruments that are 100% pegged to the US dollar and that is a huge opportunity both for uh the stability of the dollar as the reserve currency in the 21st century and also for American businesses but it also unlocks huge economies. the the um the uh estimated value that is trapped right now in Africa alone is another 10 trillion to the global economy. Um we're talking about young demographics, very young demographics, working in in the in the productive class. So uh the opportunities are huge and and Bitcoin plays a huge role in that. I I I understand the stable coin story. Uh it's a good story. It makes sense. But what is the investment case around stable coins? We can't get rich off of a stable coin. By definition, it's stable. So what are some surrounding ecosystems that could benefit from this? Terra Luna collapsed. So people who invested in the Terara story believing in stable coins around that lost a lot of money. So now people are hesitant around the stable coin story. So what do we do? So you're you're right and and what I'm saying is what I was talking about is the uh the growth of the blockchain industry and of stable coins in general. Um uh specifically inside of the uh uh the crypto or defy uh world, you have to uh to to learn and study the different uh opportunities uh for yourself. There is nothing uh that I said specifically about stable coins that is a is a singular personalized uh investment opportunity. The the size of this industry, the market for it, the the growth opportunities that uh pertain to it will come from companies servicing it um and and and uh you can invest in those or uh by working in this industry. This industry is the next phase of banking. Um, a lot of industries are are getting literally rewritten, rewritten. And so, uh, when you look at at at stages of opportunity in the last 30 years, give me one amazing, uh, uh, industry that was on hyperrowth in America and that you can easily get into. Uh, getting into uh, working for one of the top uh, tech companies is not is not easy. It's not something that is accessible for the average person, but groundf flooror opportunities that start literally now. Um uh that is something that is uh incredibly appealing. uh and we have literally a new industry that is at the bedrock of everything AI and it it that is the mother lode in terms of where you should think about uh person you know uh your profession and and where you should uh be looking to um for investment opportunities. Perfect. Thank you very much. This is a good first introduction and um plenty more to discuss another time I'm sure. So uh where can we learn more from you and read your work in the meantime? We publish wealth research group every Sunday, Tuesday and Thursday. Um you can uh easily subscribe on our homepage to the free financial newsletter. It's effectively uh like listening to one of these interviews but in in uh five uh minute uh reads three times a week. So we we cover we cover the economy, we cover politics in terms of geop politics um so um um more from the standpoint of China and Russia and the United States and where all the pieces are moving and we cover specific opportunities like my own um uh uh portfolio that is accessible at wealthresarch.com/portfolio. You can literally download it right now. Yeah. Okay. Good. Thank you very much, Lear. Appreciate your time. Thank you. We'll talk next time and thank you for watching. Don't forget to like and subscribe.