The transcript covers various topics, including discussions on market volatility, energy conservation, mortgages, bond volatility index, GDP growth, tax collection, interest rates, Bitcoin, gold, silver, and policy impacts. It mentions observations on declining energy in the system, productivity growth, and the shifting dynamics in the cryptocurrency market. The speaker also touches on GDP figures, inflation, labor market trends, and the implications for various asset classes. Overall, the conversation emphasizes the importance of energy, policy influences, and market dynamics in shaping economic outcomes.
Good morning, and welcome to subscriber-only Palo Alto Radio Spaces, a rebroadcast nowhere, just on X. If you're having any difficulty listening to the replay, make sure that your Safari is updated to 26.2, and reboot, or you can use the cloud link that we have. This is an information-only spaces. Don't make a printout without professional advice, and I'm not your professional advisor. And I'm really excited to spend some time with you this morning. I am not well, and I had to take the dog out in sleep this morning, which is why we're late.
He just didn't want to move, and I didn't have the energy to put up my booties. But that's what that is. I want you all to think about volatility as conserved energy. I want you to think, we talked about force equals mass times acceleration. Liquidity equals market cap times acceleration. Divide both sides by market cap. You have a ratio of force and market cap. E equals energy squared. Energy equals mass times the speed of light squared.
Divide both sides by mass. You have a constant, the speed of light squared, almost 300 million meters per second squared. That's a big number. So that's a constant. There's a ratio of energy and mass, or energy and market cap. If you have less energy, you will have less market cap. What are we seeing in mortgages? And I've been taking a lot of heat from people who don't want to hear out of both sides of their head.
We had a 622 mortgage the day before the rate cut cycle resumed, mid-cycle, or on the day, September 17, 622. We closed 624 yesterday. We have a global bid in duration coming out of Japan posted earlier that was five-plus basis points lower. The 40-year never took out the 377. It's been over a month. It's a loss of energy. It's either consolidation for a breakout or consolidation for a rollover. My base case is a rollover, but I don't care.
It's gone up in price 92 times. Who cares if it goes up another one or two times? Anyway, where is the crypto space? I have up in the nest. They're all weak. They're all in death troughs. The Bitcoin, Bitcoin volatility, and actually you don't have a... Let's see. Let's see if we do have that for a sec. Because we did have a lift in Bitcoin volatility. That's an exit signal. It's not more energy coming in. It's more energy exiting.
That's the tail. New facts could come in. Yes, so we're also in a death trough. Excuse me. We're not in a death trough. We're just below the 200 moving average. Let me add that to this. Okay. So, mortgages are the engine on the one side, the push and pull you. I know the doctors do little animals. Innovation, expansion is the other. I had a study done. Let's see if I can put some of that up in the nest.
I don't even know. Here's some of it. We're going to try to... Oops. I hope that only went to subscribers. Yikes. Let's see. Okay. So, the study is on the MOVE index. It's the bond volatility index, and it's got multiple colors. Red is the episodes. We've got some data coming. Oops. 4.3% GDP. What happened to your recession? Oopsie. Oopsie. What about your tax collected? Oopsie. Where was the recession on the way to the tariff? That's 8.
What was it? 8-point-something nominal. No. 2.9. 2.9? Well, 2.9 would be the one that's 3.3. That's just the first quarter of this year. Now, let's go to 20% non-mainstream, up to the minus 16.8. That is actually very close to expectations. That'll be the weakest rate since October, minus 22. Now, let's go to girlhood. These numbers are October preliminary, minus 2.2%. We're expecting minus 1.5%. That'll be the weakest girlhood outlook since July of this year. And if we look at ex-transportation, well, it's definitely improved.
Close to expectations, up 2.1%. Up 2 cents. Well, we're up 6 cents from last month, which now has upgraded to up 7 cents. To give you an idea, up 2 cents back to the weakest quarter. Going back to unchanged quarter, and that was in April, up 25. April of 25. Let's look at tax areas of capital spending. Let me get up half of 1% compared to expectations. There's a lot of competition in the middle of the year.
So, up 1.1. Up 1.1. Well, it's up 1.9. Up 0.5. Well, up 0.5 would be actually the weakest. Minus 1.5 in April, but still a solid number. And finally, let's go to shipments. Now, on the shipment side, up 7 cents. This is good news. Things are moving again. This is multiples of the up 3 cents you're looking for. And in the rear view mirror, a very healthy revision from up 9 cents to up 1.2. After all of that, what's going on? Well, interest rates are pretty upside a bit, but that may have something to do with the price of the index on the negative news side.
But on the positive news side, better GDP is always good. We'll let the experts sift apart the data gathering and all the issues over time. It's just smooth out. So, we have an 8% nominal GDP. Apparently, Trump did not destroy the American economy for all time. The 10-year is unchanged versus yesterday. It's up a tick or two since the overnight. We have a strong GDP. That's going to... I want to emphasize that when Rick reports the inflation numbers and the GDP numbers, the GDP number is after inflation.
So, the way to figure out what nominal growth is, is you add inflation and... I just said that, Stevie. 8%. And you get a very high nominal rate, which is kind of like the economy cooking pretty good here. I'm trying to find where the excess numbers was, where people miscounted. I think, with Naomi Cabrera, which was the consumption numbers were plus 3.5%. But again, that's an inflation-adjusted number. So, we do have higher inflation. That's for sure.
But we seem to be able to compensate for it and still add on top of it our nominal rates. So, I think that's the important conclusion here. I did not see as much of a boost to GDP as I was expecting when it came to investing. We know there's a big AI boom going. I didn't get a chance to look at the... So, now he's saying, oh, we don't really have that much of an AI boom.
We're ending a fixed-business investment. We're going towards fixed-residential investment. 8% nominal GDP, folks, that's a lot higher tax collection. They'll trade 6% GDP, if you add in the... They will trade that, as good as that is. Well, he'll get another... Oh, he's going to get another 10% because it's just because of the hot inflation. What I'm looking at is this very strong nominal growth number. The trouble with that, you know, we don't really want... I mean, it's questionable.
I don't know what they're talking about. I mean, that's the whole line. A brush, there it is. You'll be waiting to 4%, but they're really going to go up. What was it, DC? 3.3. 3 and change, whatever. 3.8. 3.8. They're going to be all over that. I just want to make one point. Realizing now that Rick and I both decided on the red lunch, the red package. I'm sure not that one, the green lunch. Okay, anyway, getting back to getting away from the clown show.
So, the economy is doing very well. They won't talk about the tax collection. They don't understand how GDP flows through the economy. You just vacuum out all that. You know, you get rid of the quarter that Biden was involved. You get rid of the quarter that had the early imports. We have whatever numbers in the fourth quarter, there's no way the first quarter is going to be soft. We're getting all that growth. A lot of growth from the shutdown gets pushed into the first quarter.
The tax refunds, the Social Security, the, okay. But 4.3, I thought he was going to destroy the economy. Okay, anyway. And what happened to rates? They're flat. What happened to mortgage rates? They're going to be flat. Probably right now. The bond is unchanged. You've got a little bit of a flattening. The 10-year is up. Two basis points from the low. Okay, so what we have is decaying energy in the system. Let me retract that. We have decaying policy energy into the system.
And we have... Okay, so they're talking about productivity growth. That's all tax collection. Okay, that's going to destroy the deficit. This is the point. You can have softer labor, but you'll end up cutting your deficit. And then what happens is they cut rates. You cut the deficit more. Mortgage rates come down. And then you go from labor light to labor intensive. We talked about the E2A2O, the everything, everywhere, all at once. Well, Bitcoin was the thing.
Now the thing is gold and silver. We're losing energy, folks. We're losing volatility. What was that volatility? It was the accelerated introduction of policy interference. It's in decay. It's observable. Yes, gold is $30 trillion. Silver is a couple trillion. Bitcoin is just a couple trillion. We're seeing the equity escape the asset class of Bitcoin, the most sensitive to liquidity. And we're not getting the matter-of-fact outperformance over the S&P. It's now 18 months' massive policy support, and you're not getting any expansion of cyclicals versus stables.
Excuse me, folks. So Bitcoin's at $87,500. It's $7,000 above its low. It's $39,000 above its high. It's got to get in eight days to $105,000 to close the year above that, or you have a bearish, engulfing, three-month candle. This is a pressuring dynamic that's but for new energy, but for new intentional dollars. A lot of people have bought in the tightest range of all time, the tightest three-month period of all time. We went up 800 basis points in the three months starting February of 2009.
We went up eight basis points, not 800, in the three months of the third quarter of 2024. 25, excuse me. That's a deceleration of energy of 100 times. And coincidental, the value of Bitcoin in that initial 800 basis points was $21 million up to $168 million. And now we're $2.2 trillion. And then you have other crypto, so that's $3 trillion. Where's the energy, folks? Where's the energy? We've got 4.3% GDP. 3.8% or 3.7% nominal. If GDP prices is 3.7%, according to this screen, Centeli just said it was 3.8%.
I don't have a chance to look while I'm talking with you. The computer's recording. It's 8% to 8.1% nominal GDP. Folks, that's a lot of deficit reduction, growth, tax collection. And then without the labor tightness yet and the wage gains associated with that yet, we're going to have further downward pressure on inflation. We have... We're running out of energy. I have to talk in terms of energy, conservation of energy. We have to nominalize all behavior to something we can understand.
Bitcoin volatility conserves the information. Energy is information. It conserves the information of price. You're not able to get people to say, I'm going to hold off on my sales of Bitcoin. I'm going to hold off on my purchases of Bitcoin at wider and wider ranges because it's got more energy. It's got lower amplitude, folks. It's got lower energy. And so, as we have that decay, it's a signal. It's not important about Bitcoin. It's about everything. At what point does more money leave this asset or that asset and unwind the levers that everyone's put on? My Japanese 40-year...
My Japanese 40-year never went to a new high from the Friday after their close that I felt it was good. And I don't care if it goes up. It's up 92 percent. No, 92 times. Not 92 percent. 4 to 377. We're back at 370. We had a 5 basis point draw yesterday. 370. We had a 5 basis point draw yesterday. Anyway, we have a shot of... Geez, I forgot what I was going to say. I'm trying to listen to Rick.
Um... Oh. So, the money flowing out of this stuff into mortgages... Oh, this guy Anthony Pompliano. What a... I'm not a fan of his. Just try to... Folks, if you take Bitcoin, you adjust it for inflation, it's up money market. It's up 1 percent. Money markets don't need inflation. Over time. Typically. Uh... If you get $70... Excuse me, I'm sober. Gold's up for $4,520. And everyone's all hyped up. Gold... Bitcoin divided by gold. Bitcoin divided by silver.
Everyone's excited over there. People are funding Bitcoin. It's horrible. Huh. But we have to look at the powerful forces. We cannot let us get distracted by $2 penny stocks that trade by appointments. We have to look at mortgages. We have to look at volatility. So I put up in the next a study that we did showing that if you take... Look to the left. You can see the move index. That's the final post that I put up.
Yeah, that's a subscription only. Okay. So... If you look all the way to the left, starting from the later stages of the dot-com deflation... This starts in September 2002. We have all the equity deflation, all the equity loss of energy. And what's happening? We're... We're... Move index is deflating. Rates are going lower. We have the best year of housing of all time. $4.2 trillion. 50% more than the pre-COVID or the COVID era. And 50% more than the GFC, the pre-GFC event.
And we just take this ball down. Treasury ball down. Mortgage ball down. Excuse me. Treasury volatility down. Move index down. And then what happens? I think it was July of 2007. It explodes. Look at that spike. That's the GFC. What that is, is that is the... This is what we call a deformation above a trend. This is everyone funding in treasuries to buy everything else. This is... Long-term capital management of a sort. People funding risky assets with risk-free assets.
And what happens after we get this where bond yields get chopped in half? And volatility spikes to almost $300, $260, $265. We get deflation. You can see the bottom line. It shows inflation. So the spike, we have a 5.6% inflation rate in the month of June of 2008. The 10 Minutes talked about hiking. These people are dangerous. I don't like them. They don't like us. And what happens? They want to hike. Bing, bang, boom. Boom. Inflation goes 5.6 to minus 2.1.
Okay. 7.7%. Okay. So we're listening to Anthony Pobliano. I'm so not impressed with him. You also are starting to see now the traditional exchanges and the traditional financial players. Larry King recently said that artificial intelligence and tokenization are the two big themes of finance going forward. So what's going to happen is everyone is going to need to know. They're all coming from different areas. But ultimately, they are all fighting for who is going to live at the center of artificial intelligence, crypto, and ultimately need everything in exchanges where people can trade.
Whatever they want, whenever they want, 24-7. Okay. Okay. I can't listen to him anymore. Okay. So we go below. The left side is the red. The middle is the green, that interface. And you can see from GFC, essentially, until Biden, we were essentially on average below trends of inflation. Okay. Biden shows up. He drives inflation up to Notsoville. With the spending. With the elevated move index. All that spending energy. All that kinesis. And Trump is trying to create potential.
Suppression. Restraint. This guy is sick. Okay. Oh, he's now talking about Bitcoin volatility. How about talking about a month ago, before the blow-up talk? Okay. Okay. So he doesn't understand anything about volatility. He just said he doesn't expect to be able to see a 78% draw under low vol. Do you not understand anything, buddy? These are dangerous people. He's got very nice-looking eyes. Oh, my gosh. Well, you know, the one good thing we'll experience, folks, is we're going to see the catastrophic failure of the reputation of all these hucksters, in my opinion.
Oh, my God, this guy is so... Oopsie. I don't know. Okay. Oh, my God, these hucksters. We are seeing a deflation of crypto. There is an earning. There's all-story. We're losing volatility. It was the game to play, and now they're playing other games. Silver is 70. Silver volatility is doing fine. Bitcoin volatility is going down. He doesn't know what a block volatility trader would be doing. A block volatility trader would be funding silver volatility with Bitcoin volatility because one vol is going down, one vol is going up, and that's what you do.
He's just a bear trader who thinks he's sophisticated. He's so offensive. He just... He also... Oh, these companies are really going to start. Why don't you show me what's going on now? Not what's going on later. Okay, so we've got a one to one and a quarter basis point lift in the yield. So, we may not get the mortgage rate down, but we may because mortgages will tighten into treasuries. The decline of volatility isn't going to be only mortgage vol collapsing and treasuries all staying elevated.
That's not the way it's going to work. They're going to have a tandem relationship because they're used as offsetting hedges by many participants in the mortgage field. So, I understand it's frustrating for a lot of people hearing about, well, is it going up? Is it going down? What you have is all this volatility support that's never happened before, and with all of that, they've got no innovation expansion in almost... well, for more than 17 months. 17 months.
And it's all deflated. And now they're kind of localizing, they're concentrating. They're adding entropy in gold and silver at the expense of crypto and innovation. And they're doing a dollar suppression. Dollars have been rising since 2008. 70. 97. It's in a powerful uptrend in your policy suppression. We're going to have a three-month intersection. We're going to get a golden cross three months. That's going to be very powerful, folks. It's going to be extremely powerful. It's great.
Folks, when you see 621, when you fail the mortgage rate at the beginning of three rate cuts, as well as elimination of QT and $40 billion of quantitative easing, do you feel that there's something wrong, folks, when you have about a 3.5% two-year... Let's check the rates now. We have a 3.53, two, and a 3.58, five. 5.3C. Okay. Do you feel there's a problem when nominal GDP is more than double? We have nominal GDP more than double the rates.
What is that telling you where inflation's going in the market's opinion? Well... Okay. Okay. So, in this study that we did, you see the cluster of GFC in red, the cluster on COVID. Now, what happens when we get back lower? Okay. What happens when we go lower? What happens when we smother volatility? What happens when we force mortgage rates down? That's what the system is doing. It's driving mortgage rates down. It's going to... It's like a garrison.
We have a 30.9 support level. I have no evidence that will hold. Where would mortgages be? You know, 58.7, 43.2, 30.9. Folks, there's a lot of energy deflation in treasury volatility. Well... So, when I say you can't go into recession, there's no math, it helps for you to validate that by a 4.3% reported GDP. And they'll say, oh, it's not real. Okay. It's very exciting because that is tax collections. That's going to mean lower supply. And they're going to say, oh, less rate cuts, less rate...
Who cares? So, the current area of the deformation of the treasury volatility curve is 139 times... 1.39 times the GFC period. And that gave us a... 10... They gave us a 12-year... A 12-year inflation anemia. We are already, my friends, already almost 40% more. And every day that goes since we're not going straight down. If we would just plot that out... Actually, we're going to try to do that. We'll plot that out. We're going to see, what are we looking at? 150, 160? I would expect another decade of deflation.
Or more. I would expect a massive inversion of the curve. I would expect a housing bubble, expansion, a housing inflation, siphoning the energy out of tech and crypto. ... Okay. So, what's our main thing? We're at 4.188 on the 10-year. They're shorting the 10-year. Uh... And the 5-year is less than half the yield of GDP. Um... Anyway, so... I expect our fix to be down at a new low today. Um... I'm not sure we'll get any lift or decline in mortgage rates today on this very strong news.
But we're going to get our money, our fixed income, we're going to get our money from the different equity participants. Um... I think that's what we're going to do. Uh, what else? Does anybody want to come up and add something? Just everything, everywhere, all at once. We're losing energy in the big stuff, in the mortgages. It's rising home entropy. Tomorrow, we're going to get some decent numbers from the Mortgage Bankers Association. Uh, yeah. Yeah. Anyway, um...
I don't know what else to say. Uh... We're losing energy, folks. The policy support, the money creation, it's a... it's a... it's a double-headed monster. When you're driving up the money supply, it's all fun and exciting and wonderful. And we like to be long, but stuff's going up the faster. What will happen on the other direction? What will happen when we don't have acceleration of money supply, but that money wants to earn? And that money, if it doesn't get yield, dividend, capital, appreciation, it will eat your theta.
It will short your volatility. We have someone who's 12 hours older than us. 14. What's going on, Ducks? What's going on, Ducks? What is today? It's now... It's just past midnight, so I am officially Wednesday. Oh, boy. My day, right? It's a... Merry Christmas. It's a bit like that. I'm actually surprised I'm still awake. Um... I do have a quick question about the options, the Bitcoin options that are expiring on Friday. Do you think... What do you think that's going to do? Anything or nothing? Well, I know they will expire.
Yeah, it's the biggest demand ever. Don't you... A lot of people tell, this is the problem when options are less than three weeks old. They really burn the premium. And that's why you have, like, BITK. Um... BITK. It's the Bitcoin with the short volatility. I mean, I wouldn't be wrong. I wouldn't be riding anything Bitcoin. That's really lottery picking. Yeah, that's... I'm a roller. I'm a roller. You know, and I don't smoke marijuana, so I'm not referring to rolling a marijuana cigarette.
Well, apparently there's more on... I don't know. I'd like to look at the numbers again. Because I was doing some research today, and I'm trying to figure out... On marijuana? No, no. That's the only option. Oh. No, I mean, you know, I'm a natural seller of volatility. I come out of my shell like a cicada 5% of the time. And I think we're going to get there. Oh, let me put up in the list. I have it.
This will help visualize what I'm talking about. It's got to be updated. There's a lot of mishandling. Where are you? Oh, my gosh. Where did he go? Oh, there he is. This is a... Oops. Oh. ServiceNet was buying Aramis for $7.75. And they're trying to get... Oops. Okay. Is it up in the list? Oh, here it is. Okay. Okay. This guy's just showing his own company. I feel badly. This is the wrong one, isn't it? No, they put the wrong symbol up there on CNBC.
I think so. Or did they... Let's see. Oh. Oh, they must have done a split. They must have done a split. Yeah, three to one, I guess. Because the shares are 156. Down from... Yeah, they must have done a split. Maybe five for one. Four for one. Okay, anyway. So, I put up in the list what I want you to look at. Can you see that? The information code. So, the way I'm looking at it is NASDAQ was funded with the S&P for 23 years, going into October 9th.
Okay. And then you would expect that as it starts underperforming after outperforming by such a massive amount, wouldn't you expect it's in decay? So, what you literally have is people shorting the S&P and buying the NASDAQ. And they just moved it up from 800 to 25,000, and the other one from 800 to 7,000. A little less, but approximately. Approximately. A lot of that was done in derivatives. And so, effectively, they made the cyclical NASDAQ behave like a growth stock.
And so, I would expect NASDAQ volatility to explode with respect to the S&P volatility. So, I would look at NASDAQ already at that minimum. In August, we were at that minimum when NASDAQ and S&P volatility were the same. Do I have these charts up? Let me see if I can... Let me put one of them up. Because this is really what's going on. There's a lot of noise. A lot of people are... Okay. Let me put it on a bigger time frame.
Let's do monthly. Okay. Okay. Okay. Oh, watching a great program. It just gets me so... Okay. Okay. So, I'm putting this up. Oh, I got to make sure not to... Yeah. Okay. This is going to subscribe us a little. It's too much information for everybody else. Okay. So, I just put up on the NASDAQ. The VIX and divided by the VIX, multiplied by 100 so that you can get some detail, and then subtracting par so you can see zero basis.
And you can see what was happening. We were blowing up in July. You know, you had everyone needing to get into tech. They took the volatility up. And that's in 2023. That's the coming out of the low in October 28, 2022. And we searched, and then it started to normalize. And then the Fed starts to go to an easing pivot. You can see that the Fed went from hikes to pivots. Okay. And then you can see NASDAQ volatility coming down all the way until it basically gets to zero in the middle of the year, this year.
That's with all the easing. Okay. So, when we go to 45, have a pullback, and then take that out, it's going to be because of the collapse of NASDAQ, in my opinion. But the Fed keeps on trying to scream and shove NASDAQ volatility back towards the current market tradition, back towards the observer status, back towards the compression point of the volatility, where volatility, compression, and expansion meet. And as you get that, as NASDAQ volatility expands, it's going to suck the life out of credit volatility.
It's going to suck the life out of mortgage. There's only a certain amount of volatility out there. People say, oh, diversification. You cannot diversify away risk. You can diversify away diversifiable risk, but there is some minimum level of volatility out there. You can see it. The vol that was in Bitcoin is going elsewhere. It's going into gold and silver. They're going to stay there. That's going to flow into NASDAQ as NASDAQ rolls over and melts down.
And then what's going to happen that's going to make it worse is it's going to, the NASDAQ vol expansion, is going to drag mortgage and treasury vol through that compressor or that convergence or that observer condition. And then the VIX is not going to go anywhere because lower treasury vol is going to mean people need to buy duration. The mortgages are going to tighten, and they're going to have to buy the low beta stocks. And they're going to make low beta high beta.
But Bitcoin was the leader. Okay. Bitcoin had a little spike. It went from 32 up to 64. Okay, but that's an exit volatility. That's a tendency volatility. That's an exit, it's a tail volatility. They try to get out. And then you stabilize because it went down too much. But people are going to lose interest. And then what do you got? You got all these levels. Microstrategy, the 74K, the 75K, the stocks. It's probably at 75K now.
Did they buy something else? Let's see. MSTO. Okay, let's see. Let's see. What? Assets? I can never... Purchases? Nope. He hasn't bought since the 15th. It's a week later. It's a week later. The 22nd, he didn't buy anything this week. You notice that? Did you notice that he didn't buy anything this week? Who told Boyker Sedge not to buy anything this week? So, I'm looking at Bitcoin volatility giving way to other volatilities. And then we're losing energy in general.
So, we would see all volatilities come down, and you'll see some of the lower market cap volatilities go up. So, we lost the Bitcoin vol, we're getting the silver vol, we're getting some gold vol, but it's really de minimis in their rises. But ultimately, you're going to get lower and lower volatility in all these things. You'll have a more easily viewable direction. There'll be cross volatility trading by algos and institutions putting on all kinds of swaps, saying, do this for me.
You don't think people are saying, buy me a silver vol against a Bitcoin vol, funded in Bitcoin vol. Of course they're doing that. It's going up. We've done that, we've done that. Let's do that quickly. Let's do that quickly. Do we have it up there now? I switched accounts. So, VXSLD divided by DVOL times 100. Why not get some growth? Why not spend the money? Absolutely. This is an area that I think everybody has to win.
I think gold conservation in this year, gold conservation now, is a very, very interesting asset. People have said, well, I'm going to put the stock down 22%, maybe that doesn't make sense. Gold conservation is like a bomb. Thank you, Jim. Thank you, Carl. Good news on gold conservation now. Probably the last really big day of data of the year. Let's give a big round of applause for some industrial production. Yes, industrial production. Gas utilization is a November number.
It's breaking up one-tenth of a percent per production. Comes in twice that expectation, up two-tenths of a percent. This will be the best industrial production since June of this year. Gas utilization, 75.9 is what we're looking for. 76.0 is what arrived. That's the best industrial production of this year. So, even though manufacturing doesn't seem to be running on all cylinders, these numbers do. And each year, we see interest rates falling out ever since this morning. One of the big investments, Chrysler next month, is a $3 million budgetary growth on GDP.
Right now, at $4.9 billion, we're up $2 on a 10-year. At $4.54 billion, we're up $3 on a 3-year. And there's a slashing bias going on in the treasury stock price. The treasury stock price is expected to close under 90-914. Excuse me, under 90-814. I don't want to have this, David. We need you. I don't plan on dying. I've got to get this through. I'm believing. I've got a lot more problems than you if I die.
I hate this phone. It will not stop doing voice and text. I've got to send this. It might be AI using our data. Yeah, it's not. But we have the data. We've got our files. We've got our data center. And that's the problem. It's all over the place. I can't do this. But it's right there. Yes. I've got to. I'm sorry, folks. I've got to do. I am a victim here. What is that address? Okay. Oh, okay.
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