Describes Texas as a vibrant, growing area with strong demographics and development in energy, data centers, and other industries attracting people from Wall Street and California.

Generally a buyer, but finds big hyperscaler debt unattractive as they can finance cheaply. Prefers equity-side financing for AI to capture upside, but likes debt with equity-like features (converts, loans with warrants). Investing heavily in AI infrastructure and related 'picks and shovels' like energy.

Calls AI the most exciting technology he's seen in four decades due to its pace of change.

Has taken risk down, being more conservative on interest rates, equity, and credit risk during the current shock period.

People underestimate rates. Does not think the Fed will hike; thinks they will cut. ECB/BoE may raise. Looking for opportunity to buy interest rates, especially front-end, after this period.

Super excited about this prospect.

Equity market has a lot of sidelined cash, explaining why markets grind up on bad news days. Has built cash and is looking to get through the stressed period to buy on the other side.

Notes markets have been composed and credit spreads haven't backed up much.

Fed needs to cut rates NOW. Equilibrium rate is closer to 3%. High rates hurt small businesses, young people, low-income groups, and the US government (due to high debt), but are less influential on big tech capex.

Argues current inflation is from a supply shock (energy), not demand, so raising mortgage rates is counterproductive.

The most important thing is to stabilize long-term interest rates. Would stabilize the back end of the yield curve using or threatening to use the Fed's balance sheet, as borrowing happens out the curve, not at the overnight rate.

This is key to getting mortgage rates down.

Current premium in yields reflects a view the Fed must fight inflation first. That premium (from uncertainty) should come out and rates should be lowered.

Maybe wait a bit, but the premium is warranted for now.

Can't discuss specifics, but priority is creating stable, diversified income above inflation (e.g., 6-6.5% vs. ~3% inflation) through fixed income securitization and emerging markets.

Contrasts with equity concentration, noting fixed income offers millions of securities vs. equities driven by few stocks.