Mr. Arnold. Here you are. Again, another Monday morning. How was your weekend? Terrific. Great Easter.

Hope everyone else said a great Easter as well. Got to Mass. Jam packed as we were talking about before we started. So very bullish in a world with not always a ton to be bullish about that was bullish.

Yeah. There is one number going up and that is Catholic converts in recent years. But we're not here to discuss Catholicism. We're here to talk Bitcoin markets and what's going on in the world. You titled this week's 1031 timestamp, Schrodinger's regime change and basically highlighted that it's very hard to discern what's going on if you're simply looking

at the headlines coming out of the Trump administration, particularly and the IRGC, for that

matter. Obviously, we have two sides of a war that have very specific motives to try to get

what they want in terms of leverage, and that is leading to a lot of

chaos and uncertainty in markets and a lot of your focus this week is what should we be focusing

on to actually discern some signal from all the noise out there. Yeah, absolutely. In putting this

newsletter the other week to week, it's just gotten to the point where you know, you try to stay on top

all the headlines and all the data points that could be pointing

one way or another. And it's just gotten to the point where it almost all feels kind of

pointless to really follow it all that closely. If you pull up the first slide for today, I just

kind of screen capped the piece of the newsletter with the bullet points showing

all the all the different ways that Trump and the administration more broadly seem to have

flip-flopped intentionally or not often within like the same hour on like key things like whether

the Iranian regime has has changed or not, whether he's now working with people he can

who want to, you know, make a sensible deal or whether they're doubling down, whether we're going to force the straightforward moves to be reopened or take all the oil or make other people do it. Or we're just going to leave without dealing with it. You know, you can see kind of all these things every single, basically every single hour. There's, there's a version of this. And it feels very, you know, for the, the under 50 crowd, maybe under 40

crowd, there's an image you can hear on the left side of the screen here. And the over 50s probably will not even be able to relate to it even if they look it up. But for anyone who's aware of Leroy Jenkins, that's what it all feels like, right? Whether intentionally or not, whether you're a plan truster or a panic in, whether you think that there's a bunch of strategic logic under the hood or whether, you know, Trump is in the early stages of dementia and is, you know, flushing the country down the drain as a result, it feels from the outside like a lot of Leroy Jenkins with everything that's going on. And so it just got to the point where I was like, okay, well, what, what can we actually, what are the concrete data points that we can actually, you know, that we should be focusing on? What can we attach to to to figure out what might be actionable or happening under the hood as a derivative result of all this, you know, regardless of what happens from here, regardless of what kind of logic might exist or not in the plan such as it is.

So that was kind of my focus for this week.

And I definitely think there are a few big things that we can dive into that are worth thinking about that are going to be relevant, you know, regardless of what happens with hormones, regardless of what happens with Trump and Israel and the IRGC.

Yeah, I think maybe starting with barrels of oil and how much are actually not only being produced,

but actually being delivered from that part of the world. And you touched on this,

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