Macro

While the tech, tech adjacent, oil and gas, commodities, food (real / hard assets and real production) etc kind of industries and surrounding industries plus the govt will continue to boom, the tech infrastructure will continue to reign supreme worldwide.

four things you need to invest appropriately in 2020+

• the dollar is being devalued aggressively

• all parabolas on any asset eventually go -60/70%

• narrative & story around long theses drive just as much of returns as revenue generation if not more

• compound winners

In our view, Trump 2.0 wants a strong US dollar because it helps on-going tariff negotiations and the President’s demand that more firms produce in the US homeland. The Fed/ Treasury may be party to these ploys, and this may explain both the Fed’s reticence about future QE and the Treasury’s reluctance to use the TGA, which in the past has been... See more

The dollar is different. It’s the main currency that entities around the world do hold for long periods of time. Since the dollar is used for those four previously-described purposes internationally, it means there is excess demand for the dollar by entities around the world above and beyond simply interacting with the American economy or financial... See more

Conversely, Bittensor is a digital economy that is decentrally planned. Every TAO holder acts as a market participant by choosing which subnets to stake their TAO in. These staking decisions serve as "votes" pushing new TAO emissions to the most valuable projects. By harnessing market forces rather than top-down directives, Bittensor creates a... See more

At the end of the day, continued fiscal deficits will increase US public debts, which requires more liquidity, more monetization and more currency debasement.

Which is good news for holders of scarce assets (equities, RE, gold, BTC, crypto).

The Trump admin has a choice in 2026 - stimulate Main Street to win the election or keep a lid on bond yields. The former will take priority and the latter will be chased like a dog on a leash.

Other than the US, the largest global exporters in order of size are China (currency: yuan), the EU (currency: euro), the United Kingdom (currency: pound), and Japan (currency: yen). The dollar must decline against all these currencies to encourage a company on the margin to relocate production inside America.

Consider the contrast with centrally planned economies. USSR’s economic model, for instance, relied on predetermined outputs and strategic decisions made by a select committee of party officials. It's a system that wins praise for its ability to mobilize massive resources toward national priorities but is widely faulted for its inflexibility.... See more