You can't predict. You don't know what tomorrow's going to look like. And to that effect, you and I have talked about this before, the system, the dollar-based international financial system, within the rules of that system, the risk-free collateral has been US treasuries. Yes. But if you agree, as you and I do, that the system itself is unsustainable in its current manifestation, then in order to find the equivalent of a US Treasury security or the closest thing to it, you can't do it based on the rules of the system. You have to look outside of the system. So to that effect, I'm curious how you approach. First of all, is your concern finding a safe haven asset? How do you think about it? Do you think about, in terms of portfolio construction, some amount that you want to have in safety? What do you consider to be a safe asset? What do you look for? What attributes? And then to what degree do diversify into some kind of yield-generating asset? I'm curious how you think about it (74/96)
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