Hello for the rebel capitals, hope you're well. I'm here with my good buddy,

Patrick Sorezna, Derivatives, Options, Expert, and you text me yesterday and you said

George, I'm officially bearish.

I am.

I am.

I am. Bishish on the S&P 500, and it's not just all about the Yen Carry Trade.

So I wanted to get you on here and have you explained your kind of global macro view or US domestic economic view and then go into how you're playing this in the options market.

And then I've got some personal questions of my own as to how I'm setting up my own portfolio and hopefully you can help me do that in a way that's much more strategic.

So Patrick, why are you bearish buddy? I'm bearish. Well listen, you know, it's been a crazy couple of years, right? And the first thing that happened was we had one of the most extraordinary bond bear markets ever.

You know in 2022, you know over over a two years span long long bonds wiped out 40% of their value was just an extraordinary

explosion in yields and it caused a massive re-pricing in the stock market so we

went through an equity bear market but it was not a it was a

bond bear market that caused interest rates to have to be discounted into equities

caused everything like the the water level just could recede it and everything had to kind of be repriced based

on high rates.

And then came, everyone was very concerned about the markets and then came something that was quite scary.

It was scary for you and me as well, everyone, but the regional bank started to fail.

Yeah, we started and we saw a huge spike in the two's tens we saw the yield curve starting to

steepen all sorts of different things but there was but Stephen is due to a

bull steeper I want to point that out.

Yeah.

There's a big difference there.

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