Fast money has no loyalty to any asset class and simply chases price appreciation, jumping onto whatever is moving regardless of narratives or fundamentals

0:18gold now to semiconductors. How do you think about this idea of fast money? Do you think this is a new phenomenon or is it just there's more of this going on? How do you think about these momentum plays? How do you try to have fundamental views on this stuff when a lot of it is driven by just flows as opposed to the the numbers? I think one

0:36thing to remember is that the fast money is not loyal to anything or you know they fast money just wants price to go up >> right >> and when liquidity is ample for instance during the meme stock days of 2021 right there that was basically free money and stuff was moving and they'll jump on any train that that's moving a few years ago when when when Bitcoin was mooning and

0:59the ETF story was a big one for Bitcoin there was a lot of fast money just playing along And of course the Bitcoin maxis will say, "Well, this is adoption and this and that and and it was and it is, but part of it is just people want stuff to move and they'll they'll jump on that train." And then Bitcoin peaked uh it had a four-year cycle peak at 126,000

1:21just at the time that gold had really been on the move, right? So 2025, gold was the star player was up over 30% even though it's completely uncorrelated to both stocks and bonds. So that I mean that's what you want in a portfolio, right? You want uncorrelated assets with high sharp ratios. Gold was going up because central banks were buying. But then the the trend became visible and