[Music] Hello, Golds family. Alan Hibbert here with another video. And today I thought it would be fun to look and see what Smart Money is doing, particularly the billionaires and big fund managers all over the world. We are now halfway through 2025 and it feels like the world is completely changing in irreversible ways. So, how are you going to protect yourself? How are you going to navigate the volatile financial markets? Well, let's take a look and see what Smart Money is doing, and maybe we can learn a


thing or two for ourselves. Our first smart money investor is none other than the CEO of JP Morgan Chase, Mr. Jamie Diamond himself. Here is a very short clip summarizing his views of the financial markets soon after the peak of the tariff war just a month or two ago. >> My own view is you you know where people feel pretty good because you haven't seen an effect of tariffs. The market came down 10%, it's back up 10%. I think that's an extraordinary amount of complacency. In other words, he thinks


that investors are behaving like nothing happened, like it's business as usual. And he's saying that is an extraordinary amount of complacency. So, we might infer in his view that the stock market is overvalued and he's expecting valuations to go lower in the near future. And he's not the only one who thinks that. We now turn to Warren Buffett, the Oracle of Omaha, the man who made a living buying good companies at a great price and buying great companies at a good price. So presumably


he's seeing a lot of good companies. Now what's he buying? Well, Warren Buffett for Birkshshire Hathaway has net sold stocks for 10 straight quarters. That's 2 and 1/2 years. And now he holds a record 348 billion in cash. So that means Warren Buffett is either not seeing good companies at a great price, not seeing great companies at a good price. So he's probably seeing bad companies or bad prices or some combination of that. and he's been selling stocks on net for two and a half


years. So, it's not just tariffs, it's something bigger that's emerging. H our third smart money investor is Michael Bur of the Big Short fame, played by Christian Bale. I feel like if Christian Bale plays you in a movie, you're doing all right or you're a psycho or you're Batman. So, on the brink of the 2008 financial crisis, Michael Bur shorted the housing market in the United States, particularly the subprime mortgage bubble, and he made hundreds of millions of dollars. So, what is he seeing right


now? Michael Bur has sold every stock in his portfolio except for a new position in Estee Lauder. Well, if nothing else, that sounds like the plot of another great movie. I wonder how it ends. Our next smart money investor is Henry McVey of KKR, the firm that practically invented private equity. They now invest in a range of asset classes all over the world. And in a recent research letter to investors, here's what he had to say. During risk off days, government bonds are no longer fulfilling their role as the shock


absorbers in a traditional portfolio. As such, there is now an ongoing clear and present danger for global allocators who bought into the idea that when stocks sell off, bonds will always rally. Importantly, this significant breakdown in asset allocation theory is occurring not only in the US, but also across most other global developed markets. So, we just saw how stocks might not be a great inclusion in investor portfolios, and now we're seeing that bonds might not be a good inclusion either. Hm. And that's


because of a brutal fiscal situation. Speaking of a brutal fiscal situation, let's hear now from the man who broke the Bank of England back in the early '90s and made over a billion dollars doing it because of their bad fiscal situation. What does he think? In a recent speech, Dereken Miller said, "The fiscal recklessness of the last decade has been like watching a horror movie unfold." He also said, "Honestly, all this focus on the debt ceiling instead of the future fiscal issue is


like sitting on the beach at Santa Monica worrying about whether a 30-foot wave will damage the pier when you know there's a 200 ft tsunami just 10 miles out. In such dire circumstances, there must be somewhere that investors can turn to, right?" We hear now from Jeff Gunlock, the bond king himself, who said this in a recent interview. >> I feel like we're in a riskoff market as on a inter intermediate term basis. And I think what's really interesting is through all the the volatility that you


had in risk assets and some parts of the bond market as well. One thing that hasn't had much volatility is gold. >> So stocks and bonds have been volatile lately, but gold has been smooth and steady. and he went on to explain why that's the case. >> We're in a regime where gold is no longer a specula a speculation for, you know, short-term traders or for survivalists as a long-term hold. I think people are viewing gold as an asset class out of fear of the turmoil that's going on geopolitically with the


tariffs and everything else and just the amount of debt that exists that people wonder how we're going to deal with it. So there's a growing concern about debt and deficits and tariffs and geopolitics. And so Gunlock likes gold. And when asked why and where it might go next, he had this to say. >> Gold is sort of the true monetary asset. So I find it very interesting and I I still think that gold is headed to 4,000. I think I said that back in April. >> Our next smart money investor is Ray


Dalio, the global macro hedge fund giant. He put out a tweet in May that said, "In 1971, the US defaulted on its debts." Now, they didn't say it that way, but by moving away from the gold standard, money as we understood it ended. Now that the debt and deficit problem is much worse, what is Dalio doing about it? Well, he just opened a $318 million long position in gold. And yes, he chose GLD instead of taking physical, but for a position that size, who can forgive him for taking the easy


route? That was the second largest position change in his fund in that quarter, and I wouldn't be surprised if that position grows larger and larger and larger in coming quarters. Our eighth and final Smart Money investor is David Einhorn of Greenlight Capital, who became famous for shorting Allied Capital and Lehman Brothers long before the market smelled trouble. He's made a name for himself, identifying financial discrepancies that others miss and then making tremendous profits off of those


discrepancies. So, is there any financial discrepancy he notices now? >> So, everybody agrees it's a structural problem and is not sustainable and yet there's not even the beginning of a plan to do anything about it until there's an actual crisis. Yes, the US government's debt and deficits. And unsurprisingly, his solution is to take a long position in gold. And when asked how high could gold go, he gave a very interesting answer. The thing with gold, as I've said a lot of times, if gold is, I don't


know, 31 or 3,200 today. I'd be really happy if it went to 3500 or 3,800. I'd be really unhappy if it went to 30,000 or 50,000. >> So, what do we glean from all this? Well, we see a lot of smart money investors who are bearish on stocks, bearish on bonds, bearish on the US government, and therefore bearish on the dollar itself, but they' re bullish on gold. So, if you want to get gold for yourself, golds.com is the place to do it. Thanks for watching. See you all in the next video.


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