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For there to be this much liquidity causing so much leverage, causing so much overconfidence,

causing so much releveraging, at some point there's going to be a decline that will not bounce back anywhere near as aggressively as we've seen, where you do have the margin

cold and that can't be stopped.

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Hello, everyone, and welcome to this Finance You podcast.

I'm your host, Dr. Chris Martins, and here today with Michael Gai Ed. Michael, welcome to the show.

I always appreciate spending time with you, and I'm jealous that you have a farm.

Well, we can talk about maybe why I think there's more people are getting jealous because the vibe is out there, and we are going to talk about that.

And it's, well, how effed are we?

I can't say that on YouTube.

But Michael, let me introduce you real quickly here.

We are talking with Michael Gaiad.

He's, well, this is who he is.

He's got a big following over on Twitter on X, 760,000 followers rounding up very slightly.

He is also the author of the lead lag report

dot substack.com over in substack. And I follow that and it's a very, very good substack. And as well,

the author of intermarket analysis and investing. And Michael, let's start here. Look at you in your t-shirt.

That's last time I interviewed you, you were not looking that ripped.

...