I want to share some broad macroeconomic statistics that are important to just about everybody.

First, 30-year yield breaks 5%.

Bond market's not happy.

Bond market is selling off and rates are going up.

Number two, 6.5% of borrowers are at least 60 days late on their car payments, the highest level ever recorded. Why? I guess that's interesting. U.S. home price history, 1890 to 2025. Right now, we are at the highest

inflation-adjusted home prices ever in America. Number four, Japan's 40-year bond yield

just hit its highest level in over 20 years.

Japan's prime minister says the situation is worse than Greece.

That sounds bad.

Bond sell-offs in April?

Like the highest in 20 years?

You want to get a mortgage today?

That's like the highest since the Great Recession.

On top of that, we also know that the American government has been keeping millions of homes off the market.

Using taxpayer dollars, of course, to hide this inventory. And we also know that the government has not been forcing tens of millions of students to pay their loans.

So around the world, we've got rates going up. We've got equities at all time highs, Bitcoin at all time highs.

We've got governments that play monkey business with assets and prices. It's hard as hell to know what's going to happen.

That's why I've always been a huge fan of trend following.

But especially at a time like right now where rates are signaling shit times ahead.

You can only raise rates so much before asset prices take a shit,

and asset prices go the other direction.

I can't predict when that's going to happen.

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