💬 [E475] Raoul's current print thesis is entirely treasury/bank balance sheet driven, doesn't assume Fed balance sheet growth beyond preventing implosions. If implosion occurs, Fed will have to step in directly which would be uber bullish down the line.

💬 [E122] Raoul's current print thesis is entirely treasury/bank balance sheet driven, not assuming growth in Fed balance sheet beyond what's needed to prevent implosions. If crisis occurs, Fed would step in directly which would be uber bullish down the line.

💬 [E418] Base case for 2026 was few short 10-20% dips at index level but it's been happening under the hood. If you believe in a big dip then portfolio makes sense — rotate into BTC and some of the AI buildout trade which has been too hot but will be more secular than people assume.