What's up guys? Today I sat down with Colin Roche. He is the founder of Discipline Funds and one of the

most followed macro commentators on the internet. He's done a great job on inflation, disinflation,

AI, the Fed, financial plumbing in this market, and much more. We get into all of that and why

he thinks that disinflation is a much bigger potential risk than inflation

in the coming decade. This is a fantastic conversation. I think you're going to love it.

Colin, you do a lot of work on economic data and you have a lot of very differentiated views.

So I want to start with how you're thinking about the worsening consumer sentiment and rising

standards of living and, you know, frankly, improving technological economy. Yeah. It's a really

strange time for the macro economy in general because, you know, my general view is that in the long

run, the living standards of Americans have improved

gigantically.

But it's living standards is a super subjective concept to talk about because the, from a purely economic perspective, you know, the, the concept of trying to quantify living standards, I think a lot of people would look at it and through the scope of like inequality and they would say that, okay, well, and especially

in the social media age where you can see how well off everybody else is, I think the

inequality thing becomes a problem because even subjectively looking at it, you feel like

you're worse off than you could be because you see

how well everybody else is doing. And even if it's a bunch of BS on social media, it still looks

and gets amplified in a way where you feel like you're worse off. And there's elements of this,

too, that are very sort of, I think, centric to the specific environment we're in,

where there's things that are super important to people,

like housing, that have really been a whole different ballgame

in the last, especially the last five years during COVID,

where with the housing market especially,

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