Has Becket of Mania reached a feeder pitch while rising Treasury yields drag high-flying

tech stocks back down to the ground, and how does gold function as a story value in the wake

of Bitcoin's tremendous surge? For all this and more, I'm joined by Jared Dillion, Bloomberg

opinion columnist and editor of the Daily Third app. Jared, welcome back to the Daily Briefing.

How are you doing? Pretty good, thanks. Thanks for having me. Nice. I'm really glad that you

could make it because we're at a time where of immense disarray in the financial markets, rates

are going up incredibly quickly on the long end of the curve, and that's kryptonite to growthy names

that have seen a few nose dives over the past few days. Meanwhile, everyone's going to get into

the cyclicals, you know, your real estate, your airlines. So I'm really glad that you're here to help

make sense of it all. So how about we just start by Jared, laying out your framework on how

you're viewing these markets? We're in a period of intense speculation, and the analog here is the

.com bubble in 2000. And the thing that these two periods have in common is retail participation,

millions of retail investors piling into the market. I have a friend here in Merle Beach, his name

is Dave, and he's a fixing flip guy. He buys houses, fixes them up and flips them. And he does this

with country houses, and he was out in the country in a town called Loris, which nobody's ever heard of.

And he was out there and he saw these teenagers, and they were in camouflage, because this is

World South Carolina. And they're arguing about their stocks. They were trading stocks on Robinhood,

and they're arguing about which stock was better. And this is happening in the middle of nowhere,

South Carolina, and really in one of the poorest areas of the country. So if you want to talk about

the degree to which speculation is taken hold, I mean, I'm really a sentiment guide by training.

So when people are demoralized, that's when I get bullish, and when people are very excited,

that's when I get bearish. And I think the thing that put me over the edge was really the whole

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