By most measures of sentiment and value the stock market is in an AI blowoff of irrational exuberance that will not be different this time in how it ends. Inevitably, it ends with exhaustion and a precipitous fall back to reality. Reality could be a brutal awakening. Warren Buffett is not the only investment icon that is moving to cash. Carl Ichan, Scott Galloway, Ray Dalio, and others have reportedly moved from equities to cash or gold. “Big Short” famed Micheal Burrey is reportedly active shorting AI with put options. Even the “whales” in Bitcoin are reportedly now selling to cash out their tulip bulbs before they wither. A founding owner of Bitcoin reportedly became a real billionaire as he liquidated his holdings near the high-water mark. The crypto mania is cracking (first break). “Rat-shit on poison” is how the late Charlie Munger defined the crypto market. President Trump, initially skeptical of crypto, took his family all in when he discovered what being on the money side of the scam could do for him to evade any constraint of conflict of interest. Confidants can enrich him by investing in his coins. His stablecoin may be his best investment ever. Central…
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