Sentiment moving quickly with momentum stocks; should have more volatility due to valuations, lack of data, Fed speak, and October year-end portfolio adjustments

Current period is digestion with low volumes; has been putting new money to work in gold, precious metals, and AI hyperscalers for last five days

Using barbell strategy with commodities (5-10% in gold, palladium, silver) due to recession concerns, political erraticism, and waning dollar

Bitcoin facing same short-term headwinds as other risk assets but sees long-term diversification value given government shutdown, erratic policy, geopolitical tensions

Left Delivering Alpha conference more bullish, distinguishing between bubble and technological supercycle for AI

AI represents technological supercycle not bubble due to fewer public companies, reasonable valuations (30-32x vs 80x in internet boom), and massive private wealth seeking fewer investment opportunities