# Crypto Bear Market: Agentic Future, Liquidity Shifts, and Growth Factors

**Podcast:** The Milk Road Show
**Published:** 2026-06-02

## Transcript

The next sort of 12 months is if you're, I think if you're smart enough, you're going to accumulate in this market and buy the top quality assets that are positioned for the agentic future that we're moving into.
What's up, everybody?
It's LG Ducet here and welcome to the Milk Road Show, the daily crypto show.
They can't afford the nice sunscreen this summer, so it's just going to have to stay inside and pray for a pump.
Today is June 2nd, 2026.
We're recording on June 1st.
All of us crypto people.
have the same question right now is it time to accumulate or is this the final dip and is it better to just finally bite the bullet and jump over to the hotter assets in the current narrative like privacy and stable coins today we'll sit down with jamie coots chief crypto analyst at real vision to see what the on-chain metrics are really saying as we head into an uncertain summer Today's episode is brought to you by Cape, the privacy-first mobile carrier, Nexo, Earn Interest, Borrow and Trade Crypto, and Kalshi, where your takes finally pay out.
Jamie, welcome back to the show, man.
Good to see you.
Nice to see you again, LG.
Okay, let's dive right into it because you always give us a lot of great insight.
You're one of our more popular guests the last time you were on.
February 12th, just a week removed from a dip that seemed unimaginable and definitely wiped a lot of people out that were leveraged and kind of seemed like a lot of despair.
What has changed in the vibe since then?
We're actually not that far off in price.
We've gone kind of up and down since then.
We've chopped a lot, but we're almost right back into that mid-60s range, Jamie.
So what's happened since then?
I mean, I think we're still in a bear market.
And the way I describe...
you know bear market is is very simple and clear we've got a a trend regime indicator at real vision which um all the members have access to you know i look at the weekly chart as really the go-to chart for understanding major trends in crypto and we've been in a downtrend really since january so you know we spoke as you as you mentioned just after the february 6 i think it was february February 7th where you are, February 6th where I am, major capitulation low.
And the research that I wrote at that time talked about all the capitulation markers that flashed in that major sell-off in early February.
My dashboards, which I've been using for a couple of cycles, which helped me sort of understand the Q4 low in 2022.
A lot of them triggered.
The on-chain measures triggered.
The derivatives market metrics that I use, they all triggered.
Now, the interesting was a totally different liquidity environment.
So we can talk about that in a minute.
But like a lot of the capitulation measures on-chain and derivatives were flashing.
But in my understanding of the way the sort of cycles play out, when you have a major derivatives flash like that, there's usually a second leg lower.
um there is some still symmetry left in um crypto markets even though i think the whole four-year cycle thing is evolving and so what i was writing and have been writing at that time is that you've got to look to the weekly chart to turn to get a confirmation that we're out of this current bear market and so we had a nice move up a counter trend rally of like 25 30 these are normal in a normal bear market.
What it needed to do was break through 85,000 or the mid 80,000s on the metrics I'm looking at to confirm that trend reversal.
It hasn't done it.
So we're still in this sort of, you know, this lull in crypto as everything else rips.
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Is that a challenge?
I feel like it is a common theme and I don't want to stick to it too much because I do want to get into a lot of the technical stuff.
But is that invoking a particular disdain in a way for you to see?
Just a totally different sector just go absolutely bonkers in a very crypto way, right?
Like a lot of the bottleneck stocks, AI stuff, they've looked like crypto charts, right, to start this year.
Yeah, well, look, it's interesting how, for me, what this is showing is that, you know, liquidity can grow.
Like, because we're all, you know, if you're following crypto, if you're in Bitcoin, you're, you know, either a liquidity analyst or de facto liquidity analyst, right?
And we understand liquidity is still one of the biggest factors and drivers of asset prices.
And Bitcoin is especially sensitive, hypersensitive to the liquidity environment.
But what this shows is that this particular cycle, you know, the last couple of years is that, you know, even though liquidity can expand, liquidity is still finite and liquidity flows into where it's treated best.
And at the moment.
The liquidity is flowing, the major transmission mechanism for liquidity is through the banks.
They're expanding credit.
That's expanding capex.
That's expanding growth in the real economy.
And that's flowing into everything that's associated with sort of the AI build out.
And that makes total sense.
So is it frustrating for me as a sort of a crypto market analyst?
Well, it doesn't help my bags, obviously.
So I'm very tilted to crypto.
But I have a long-term view in where all this is going.
And where this is going is a new era of agentic commerce, agentic finance.
We're in that era.
It started in Q4.
The build-out of AI requires real-world capex and development in order to facilitate the expansion of the models into sort of an agentic world.
And that agentic world must run on a financial substrate that can facilitate the transactions, the commerce, the velocity that it needs, and that is blockchain.
So for me, because I've got that longer term view, I can sort of wait through this and see that sort of next phase of the cycle when that starts to really accelerate, be a direct benefit.
You'll see crypto be a direct beneficiary of that.
So it's just a, you know, at the moment, the technicals on the market are negative.
We can also talk about the fundamentals, like the actual on-chain activity is very depressed.
If that was rising and prices were still in a lull or falling, then there's a very clear fundamental catalyst right now.
But we're not seeing that.
So I think the next sort of 12 months is if you're, I think if you're smart enough, you're going to accumulate in this market and buy the top quality assets at a position for the agentic future that we're moving into.
And a lot of that is the blockchain substrate.
What do you mean by substrate?
Well, this is the substrate of the new financial or the new economy, basically.
So, you know, agents will need to move value and the traditional system obviously isn't equipped for it.
Now, you're seeing protocols evolve through some of the traditional or, you know, the large tech companies like Google and Stripe developing agent commerce platforms.
But I still think that most of the transactions will happen on blockchains.
And so...
really that is the substrate for movement of financial value.
And so therefore, I mean, we're going to see huge increases, magnitudes more transactions.
And we've never seen, apart from brief periods of speculative mania on blockchains, actual block space get filled up.
And at the moment we are oversupplied and there's not enough demand.
I think that's going to flip.
legitimately going to flip in the next couple of years even though scaling on the L1s and through the L2s is going to increase dramatically.
So that's all ahead of us but at the moment we're in this sort of, you know, we're in this gap between now and then where I think at the moment capital or liquidity is being directed to where it's been treated best which is anything associated with the AI trade which is legitimate and fair, makes total economic and rational sense.
But that is building the agentic future, which then moves onto blockchain rails to be facilitated.
And I think that's where the opportunity lies if you've got, you know, 12 to 24 months, you know, sort of view.
Is this one of the reasons then, Jamie, that we are seeing, you know, the green shoots on a few alts right now in crypto, right?
And I'm talking about the Nears, the Venice, Zcash.
Like we've talked about this ample on the show, but is this kind of like, is this the market?
or at least the crypto market beginning to price in this future and starting to invest in some of the protocols that are that are either building that or will be major players in that space yeah i'd agree with that but it's also different to the previous instances where you could say that happened also if you go back to the end of 2024 there was the whole ai crypto uh craze at that time the creation of agents that really did nothing and a lot of value sort of float into these uh some of them tweeted jamie some of them would tweet sometimes okay that was very important i can see them in my feet um you know but did they did they deserve the billions of dollar valuation uh clearly not the market's repricing but yeah the the uh emergence of you know some of these newer um some of these newer, I guess, use cases are phenomenally interesting.
You know, I'm about to release a report on the Nier Protocol, which for, you know, I've been fond of the Nier Protocol and I've had it in my portfolio.
Unfortunately, it didn't do very well when I held it.
But the pivot that they've made, which I knew at the time but didn't fully appreciate, is starting to pay off.
And I think, you know, they are positioning for a world that I'm talking about and therefore they are, they sort of deserve reconsideration even though they've run pretty hard.
This is a question of position sizing, which we'll leave for a different discussion, but is Nia positioned for the agentic future?
With Intense really as their primary product, we're already starting to see huge growth in that area without any agents coming online.
if that comes online the way that they've positioned intents with the the partnering and the networks that they've built already i think is going to be massive for them and everything else that near is doing it's kind of like a free option like there are some products like iron claw which is you know an ai harness that is competing with hermes and and open claw right now uh but it's a very very distant third it's new and you know i've looked at it it's it's not that easy to use but it'll evolve But all these other silos are sort of creating a private AI product suite, which I think is going to do very, very well in the future.
But at the moment, if you just look at the growth in Intense, they've solved blockchain's biggest problem, which is interoperability.
I mean, starting from one wallet and not bridging assets and removing that, you know, that system of, I guess, bridging assets, which has been...
diabolical from a security standpoint since the get-go is huge.
And so there's going to be competitors come out that's going to compete with them, but they've got that first mover advantage.
And because the team is very AI-centric, I think they understand how to evolve the product better than anyone else in the space.
So it's really, really interesting.
So, yeah, I think that...
The value has been rotating in crypto away from the majors where volumes and activity are down to where activity and fundamentals are actually improving.
And you can see that in Venice's growth numbers.
You can see that in intense volumes.
You can see that in Zcash, slightly different situation, more privacy, less AI.
But it is, I wrote a piece on this as well, LG, back in early April.
and put it in the RV portfolio.
It's done really well.
But it is a de facto AI play because as AI scales, the security of the chain itself becomes paramount.
I think Zcash is at the forefront there.
So these are all assets that are seeing huge growth in activity.
which obviously correlates to price.
I've also published another report on LG, which I'm happy to share with you guys, which is I've done crypto factor research.
So what pays you in crypto?
Is it momentum?
Is it the size, like traditional equity factors?
Because I came from an equity background.
You know, a lot of investors in the traditional world invest in equity factors.
They invest in growth names.
They invest in quality names.
Momentum's a big one.
Size, like sizing small caps over large caps.
all these different factors that have proven to be statistically significant in building portfolios and done that and applied that in a crypto setting.
And it's clear that growth is the predominant factor and momentum, but like growth is a predominant factor.
You have to pay attention to the growth in on-chain activity.
Maybe it hasn't been sexy or important up to this stage, but, and, you know, it's very volatile, but like consistent growth.
correlates to higher prices.
And so that's where these protocols are shining because there is actually growth in their numbers.
Whereas in most of the other chains, it's been, you know, they've been bleeding out now for, you know, nine to 12 months.
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I have a follow-up question on everything you just said, but I do want to say, Jamie.
You know what I really appreciate about you is you always bring a unique vocabulary when it comes to crypto.
I've never, I don't think in my years of doing this, I've ever heard anybody refer to the infrastructure as diabolical, which is how you put bridging assets, but it absolutely is diabolical.
It feels like it's been designed by Lucifer himself to enrage you.
Honestly, I've never thought about it that way, about using, you know, wallets.
And look how much it flows in terms of bridge volumes.
It's insane.
There's so much volume that is being, you know, that is being transmitted across chains using bridges.
So, you know, obviously the demand is there.
It's just the actual product or the solution has been, as I said, diabolical up to this point.
And there's no greater recurring.
tragedy that I hear from our community and other communities I'm in as somebody who sent the asset to the didn't convert it before sending it to the right chain or something like that.
Like they sent it, it was on this chain and they sent it to Coinbase, but Coinbase doesn't see USDC on that chain or something like that.
Like just this absolute disaster of trying to use, you know, custodian, non-custodial infrastructure.
So it's funny you point out that way.
Is this, and I get to kind of relay this back to everything that you're saying.
And, you know, we've definitely seen in the last few years, and this is even related to Hyperlinked, we're seeing fundamentals really matter.
in terms of business right because what you're describing is growth it's like that's what that's how businesses grow as well that's how equities go up is that you need to show growth you need to show earnings you need to show new users right and now you're you know kind of the picture you're painting for me and that the market is painting is that it's like that's actually what what the market is going to seek out do you see that being a trend that continues even once things get more bullish again jamie or do you see it still devolving eventually into hyper speculative assets like another meme coins or another NFTs?
Or do you think that it's like, hey, next time around, the market is not really going to pay attention to these kind of sillier things and it's just going to go for the protocols that are actually making money and actually growing in users?
Well, it's definitely going to be the latter.
The maturation of the space will demand a much more sort of rigid and first principles approach to investing in these assets, right?
Clarity Act needs to pass and that provides a better framework for disclosures and protocols.
So a lot of the ambiguity and quite frankly, for lack of a better word, the fuckery that actually frustrates me for being in this space when transparency is sort of supposed to be paramount, but you don't get it.
Blockworks, I'll give a shout out to Blockworks.
I love the guys over there and what they've done with their token transparency sort of framework.
It's something that I was actually, trying to build initially in the very early days at Bloomberg Intelligence.
They've done amazing.
They've got this standard now in place.
That's without regulatory, any sort of regulations being implemented yet, although clarity will eventually get passed and we'll get that.
But like in the meantime, if you're a protocol, you know, make sure that you're following first principles on disclosures and you're aligned with the token and not with equity holders in the background.
So all of that stuff is helping.
shape the market more like a traditional market, which will invite sophisticated, mature capital to move in.
And they are going to look at these protocols in a way that they look at equity businesses.
Are they robust?
Are they growing through organic growth and not through incentives?
And how are they converting that growth into value accrual for the token?
And so the world of on-chain analysis...
which has grown up leaps and bounds over the last couple of years, is going to accelerate even more so.
And there will always be narratives, especially in a high liquidity environment like 2020, 2021 was crazy.
Excess liquidity.
AI wasn't on the scene.
It all flowed into crypto.
It chased all sorts of silly narratives.
This cycle, it was very clear that on-chain metrics drove performance.
If you look at the L1s that outperformed Bitcoin, you know, BNB and Tron, which no one likes to talk about, and like, quite frankly, they have their issues.
But in terms of just the ability to actually grow revenues, grow fees, and convert that into token accrual, help their token.
It's very simple.
So going forward, that has to be the way in which all tokens look at things.
And if you look at the success that's coming through now in the, you know, take Zcash out of the equation because it's proof of work chain, but in the L1s and protocols.
L1s and apps, then that mechanism is differentiating the performance.
Hyperliquid, obviously, and now NIO has basically cut its inflation, turned on a fee switch.
All of these things build confidence in investing in a token and not in vaporware, right?
That's a good way to put it.
I do want to save a bit of time today, Jamie, to talk about the majors, which we've briefly discussed.
But, you know, looking at your last few reports and you put these out every month, the Alpha Crypto Pulse report, which is honestly a really fantastic piece.
I've looked at your last two from end of April and end of May.
You've kind of painted a bit of a different picture where I believe that most recently in your May 27th, which is just a few days ago, you have recently become a little bit more bearish on some of those.
And let's talk mainly just Bitcoin, Ethereum, and Solana.
But it seems like the rejection from that.
late of that low 80s number uh has made you kind of bearish and obviously we're seeing a lot of that play out of the market now i would actually reframe that so the case is that we've been in a bear market and really what we've seen is a counter trend rally and what i was looking for was a break higher through resistance if for bitcoin specifically in the mid 80s and the reason why that's important is not only is that typically the level of normal counter trend bear market rallies where they fail but also if you just look at the on-chain data and you look at all the exchange traded volumes that is where a lot of distribution and a lot of volume trade it's a naturally that is a huge ceiling for the price that it needed to break through and so i was prepared to flip and my trend chameleon indicator which is um yeah some of the tools that we use at real vision um would have indicated that as well so it's it's based on a framework that we apply.
Bearish in a sense that like we've been in this bear market and we're still waiting for confirmation or reversal that just has not arrived yet.
Then you look at below Bitcoin and look at the majors, you know, most of the activity on these chains has been declining in the, I now sort of delineate activity on an L1 between what I call so like the structural.
stablecoin flow and then the speculative flow.
Speculative flow, you know, obviously ramps up into a bull market when there's excess liquidity and we see that from time to time.
That definitely drives token price.
The problem with that is it's very cyclical and tends to be very short term, whereas you've got this structural bid now coming in through stablecoin use.
And so even though stablecoin transfers and stablecoin assets up on the year, but has slowed dramatically, everything else has basically gone down.
So it's in negative growth.
and that is sort of that's the fundamental rationale for why the price is going down as well and so yeah the majors have basically been um been doing this for a while um and then there's been a few bright spots in the market which have actually seen um you know activity improve and that's reflected in their prices hyperliquid and and neobing examples where's the bottom jamie How do we know?
How do we know we get back to a bottom here?
Given the volatility of the asset, we've already seen a 50% decline, which in volatility adjusted terms is probably on par with previous bear markets.
We might get one more flush lower in my estimation, but looking ahead too, so I think that is basically the, it's front running the liquidity that's going to have to come.
in 2027 and I'll tell you why.
The IPO's calendar is obviously grabbing all the headlines.
$250 billion, we've got these mega IPOs in terms of nominal value.
These are the biggest we've ever seen.
But in terms of market cap, the percentage of market cap, they're actually a lot lower than the IPO boom of 1999 and 2000, which sort of topped the market.
And I would argue that from a sentiment perspective.
it's fair to say that when you see large ipos hit the market all at once after a long bull market it can be it can be a a topping signal but i wouldn't rest everything on that where i'm seeing the biggest concern for um a liquidity is not only that like the the amount of debt that's being raised through the um hyperscalers but because they're using free cash flow now to to build out the for the ai build build out They are 30% of all buybacks in the S&P 500.
They effectively, as a group, go to zero next year in terms of growth.
Now, you take that marginal bid out of buybacks, that alone is not something to be super bearish on.
But if you add the IPO stuff and you add the buybacks to the third factor, which is the most important factor, which is a huge amount of treasury issuance ramping up through this year into next year, which is going to stress the channels that can absorb it.
That's when I start to get a little bit worried.
Now, how would I position for that in terms of like, you know, a liquidity cycle top?
You know, I can't help but think that the US government being as acutely aware of this as they are with Besson in the Treasury, already trying to manage liquidity through, you know, changes to the bank regulations, to the ELSR changes and whatnot.
And, you know, we'll...
Well, they'll have to add liquidity through some measure, which they're currently not talking about.
And I can't see how they continue to neuter or for lack of a better word, but like kneecap or constrain the Fed from doing more because it's only through the Fed that they can basically get the liquidity that is going to be needed to absorb all the supply that hits next year because they can't afford.
They're running budget deficits.
that are at wartime levels, right, in terms of the percentage of GDP deficit that they're running.
If tax receipts go down because of a massive market decline of 30%, that deficit blows out to extraordinary levels and yields blow out.
Yields are already back in terms of like the interest costs to GDP are back at...
the all-time highs of around 3.2%, I think, from last year, which was from 1990.
So they have to manage the long bond yield.
They have to manage yields across the curve, in my view.
They're already doing that through issuing a lot of bills.
So there is a lot of liquidity coming in next year due to, I think, a major oversupply.
in debt issuance and also changes to the composition of the equity market through IPOs and the hyperscalers not buying back as much stock.
I think we're potentially going to go for maybe another leg low, I don't know, but this is, from my mind, and I said this back in February, anything in the 60,000s for Bitcoin is an amazing accumulation zone on a long-term horizon.
So basically, is this why, and just to kind of go back to the stock market for a second, is this one of the reasons why you have three giant companies rushing to IPO?
Well, you'd have to question their motives as to why they all want to go at the same time, right?
So there is definitely, that's a bit of a red flag.
But these are unbelievable companies that have got huge revenue.
Now, everyone can sort of debate whether...
ARR is like the number you want to rest your hat on and, you know, what is the underlying profitability and cash flows.
But I think, you know, over the long term, these companies are going to be extraordinary wealth creation factories.
I just, you know, question like whether they're going to be the best buyers from the get-go or whether you want to wait a little bit.
But, yeah, you do have to question the motives to go at once.
Now, I think they're probably going to spread it out.
there was, I think they were like OpenAI and Anthropic were aiming for the second half this year.
I think maybe AI is pushed out a little bit further or maybe vice versa to try and spread it out a little bit.
So we'll have to wait and see.
But yeah, anecdotally, we've seen in the past that when you see a lot of IPOs, that it has coincided with market tops.
But I don't think in this case, the percentage The representation of this IPO supply, the percentage of market cap is the issue.
The issue is treasury debt issuance, which is ramping up massively in 2027.
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Got it.
Okay.
Okay.
That's a unique take.
We haven't really, I don't think we've heard specifically that perspective.
Maybe on our macro podcast with John Gillen, we've heard that, but that's a really good take.
Jamie, the last thing I want to ask you, and we're bouncing a little bit all over the place here, but I think you're a fantastic analyst and I think we always want to get a bit of everything from you.
You also mentioned to me before when we were preparing the podcast that you did have a few trade ideas.
And I think that that is definitely what people are looking for right now.
What are the few assets you actually like, given that the majors may be looking for another leg down or in very uncertain times?
There are some narrative pieces that have already...
run as well and that's up to the listeners to the audience if you guys want to get into those a lot of great compelling cases even even made by jamie today uh for some of those protocols but um i think you had a few others uh that you mentioned that maybe are not so much under the spotlight we already talked about zcash but perhaps you mentioned circle and even derive as as interesting ideas here yeah so the first thing i'll say is that look if we're if we're going for another leg lower and like that's at this point um you know there's enough weakness there i think we'll see bitcoin trade sort of down to the mid 60s that could be the low but like i think that the um i think that the assets that have run hard like hyperliquid zcash and near venice if the rest of the market is selling off then they will they will naturally start to see some profit taking but In terms of like sizing in, I think that they are going to, they deserve sort of a place in the portfolio.
And I'll be writing about this for Real Vision in terms of what that actually means in terms of my portfolio.
I took some profits in Zcash just recently.
Congrats.
And some of the DeMarc indicators that I look at are starting to show exhaustion in those names as well.
But in terms of like, Ben, and the problem is it's a lot of rotation.
Like there's not new capital coming in, right?
lifts all boats it's sort of rotation out of names that are unperforming into the names that are performing and that becomes a momentum trade and so if the underlying market is a little bit weaker for the next couple of weeks and they'll probably sell off in my view um but they are very interesting they're interesting names that i think um you know deserve a place in the in the portfolio derive is an interesting one just because i think the on-chain options vertical is very underappreciated and that's because like the legacy legacy options protocols um have been you know, there've been disasters.
The infrastructure behind them just didn't work.
AMM structures.
Drivers got the central limit order book engine running like similar to hyperliquid and they're all ex-option traders working at large option houses like Susquehanna and whatnot.
And so I think they've cracked the code on how to build options on chain.
So they've been doing some pretty strong volume numbers in the last, really since end of last year.
And, you know, it's a small cap name.
So, you know, it's definitely something that you would want to size appropriately given the volatility.
But if on-chain options grows into a legitimate vertical, they are 70% of all the volumes right now.
And they're taking...
They're starting to take a little bit of market share away from the traditional crypto options market of Deribit.
So it's definitely worth having a look at, but it's highly speculative.
Do they have an aggressive buyback similar to Hyperliquid or anything like that for their token?
Yeah.
So I wouldn't say an aggressive one.
I think they're buying back 35% of the fees.
65% is going to the treasury for an insurance fund, which I think is...
critical for an options platform to have so that seems that seems right to me they just issued a ton of new coins um for to pay out sort of partners so there is a supply overhang but that doesn't kick in until um the price rises to a certain um level so it's you know about you know 100 from here has to go up 100 before a lot of that liquidity starts hitting the market so there's you know definitely check it out and look into it so it's it's not straightforward but um it's just it's really more so applied like are there other token incentives aligned i would argue yes are they as aggressive as hyper liquid no because they're so early stage they have to build up the the insurance fund which makes sense but can you see with real world options and tokenization that traditional players coming into the market will need an on-chain options facility aligned with perps and aligned with spot yeah i'd say that's kind of like just makes sense That's awesome.
Okay, I like that.
I like that's a good take.
And if anybody wants to learn a little bit more, we actually did a I had Nick Foster, who's the founder, or one of the co founders on the show a few months back.
So you can check that out.
Just search it in the milk road, YouTube or anywhere else, wherever you get your shows.
It was a very good it was an excellent show.
And I really liked the platform.
And from what I understand as well, you know, learning a lot about stocks in the last couple years is a lot of people are options traders, a lot of people prefer that over perpetual.
So definitely something to watch as almost not, I wouldn't call it like a beta play to hyper liquid, but I like, I like this kind of little gem here that you've got, uh, Jamie.
So appreciate the, I won't, I'm not going to call it alpha, but the idea, the idea is a good way to put it.
Uh, Jamie, it's been a pleasure, man.
What let's say we don't see you for another three months.
Where do you think we'll be in three months time?
So on the other side of the, uh, of the Northern hemisphere summer, it's hard to say.
I look, I wouldn't rule out that the equity market tears even further from here and that could actually lift crypto.
So look, three months out, I'm not really, I don't have a sort of short-term prediction.
I'm accumulating in this market in the assets that I think are going to be well positioned for the future that is rapidly coming towards us.
So any dips will be hopefully taken advantage of with any, Any money that's lying underneath the sofa or the couch.
Excellent.
Okay, well, Jamie, thank you as usual for your insight, man.
We'll keep an eye on the research and always good to talk to you, man.
Always good to see you too.
Thanks, LG.
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