You know, we're in new territory and much different levels.

Like I said before, if you're of Mandelbrot school, it's this particular thing that's

happening to the deficit, cutting it instead of building it to the mother of all bubbles,

you know, at this particular point in cycle time that matters the most. And I think people should be,

at least for me, I have to have the humility to understand that I don't know what the hell's going to

happen, you know, other than what's already happening. Like I said, the dollar signal to me is the

most explicit signal out there. Unless you can tell, show me where the rate of change of their deficit decisions are going

to change, then I'm not going to change my position on.

Imagine spending an hour with the world's greatest traders.

Imagine learning from their experiences, their successes, and their failures.

Imagine no more.

Welcome to Top Traders Unplugged,

the place where you can learn from the best hedge fund managers in the world so you can take your manager due diligence or investment career to the next level.

Before we begin today's conversation,

remember to keep two things in mind.

All the discussion we'll have about investment performance is about the past, and past performance does not guarantee or even infer anything about future performance. Also understand that there's a significant risk of financial loss with all investment strategies, and you need to request and understand the specific risks from the investment manager about their product before

you make investment decisions.

Here's your host, veteran hedge fund manager, Niels Kostrup Larson.

Welcome and welcome back to another conversation in our series of episodes that focuses on markets and investing from a global macro perspective.

This is a series that I not only find incredibly interesting as well as intellectually challenging, but also very important given where we are in the global economy and the geopolitical cycle.

We want to dig deep into the minds of some of the most prominent experts

to help us better understand what this new global macro-driven world may look like.

...