As-salamu alaykum, everyone. I hope you are doing well. Today is Friday, January third, and we got the instant reversal in Tesla today. Congratulations to everyone who followed along with my buys yesterday. And not only that, generally speaking in the market, it was generally a very green day. So the markets are doing well across the board. Really good way to start. January and start the year, which oftentimes can be a good signal for what's to come for the rest of the year. Now, what you can be sure of, I think, this year is that there's going to be a lot of volatility. We have a new administration, a lot of new policies, tariffs, perhaps. So there's going to be volatility. But so long as this chart remains what it is, and this is a chart of the global liquidity, so long as global liquidity is improving, Now you can see that's global M two day over day. That's in the blue. You can see it peaked in late twenty twenty, early twenty twenty one. And then it has been on a downward trajectory up until twenty twenty three and since has been improving since twenty twenty three. And so long as the trajectory for global liquidity is upwards, which I expect it to be at least for the first half of twenty twenty five, we're still in buy the dip territory for the market. So whenever there's a dip, this is a good opportunity to buy. So this is the most important chart of the markets. Now, this is what I like to keep front and center when I'm making investment decisions and trying to ascertain whether a dip is viable or not. my projection for global liquidity is what's going to determine my answer to that question. So long as we're on the right path and we're We're going upwards in global liquidity. As I mentioned, it is by the dip for me. And as I mentioned, we got a quick reversal of the dip that was associated with a very small miss in expected deliveries for Tesla. and the outperformance on their most profitable line of business, which is their energy business. And as I mentioned yesterday, I do think yesterday's numbers suggest that we should get a record quarter for profitability for Tesla, and Tesla reports its quarter at the end of January. So we have that to look forward to, and perhaps the immediate reversal that we got today was in anticipation of a strong earnings report, anticipation by the market, that is. So looking at the index indices, rather, the Dow Jones was up point eight percent. The Nasdaq was up one point six percent. S&P up one point two percent. A very strong day for small caps. The Russell was up one point five percent. The dollar fell slightly and the VIX fell ten percent. So whenever the dollar is falling, that's good for the markets. We did see a very strong showing from Bitdeer. Irish Energy had a strong showing up eight percent. Piedmont Lithium had a strong showing up seven percent. And Bitcoin is back at ninety eight thousand. Dogecoin is at thirty eight cents and Solana back solidly in two hundred territory, now at two hundred and seventeen dollars per token. Now, this is a chart that I like to sometimes look at, which compares Tesla to BTC and the relative evaluations of them. And currently, we're at sort of a trough in the cycle between Tesla and BTC, suggesting that maybe at this point, there may be more upside for Tesla versus BTC. We can see September, like September, that's when things peaked for Tesla in relation to BTC. And we were substantially higher than where we are right now. I think it's important though, to keep things in context. If we look at the five year the five-year chart here for Tesla versus BTC, Tesla is up versus BTC on a five-year period. If we look at the one-year period, Tesla is down close to twenty-five percent. So I do think that for longer term durations, Tesla will end up eking out an advantage versus BTC, even if we have smaller periods of time, shorter periods of time where BTC outperforms. Speaking of Tesla, there is rumors, word on the street, as they say, we will be getting a new Model Y, Model Y refresh, I should say, with slight changes. So new headlights, taillights, reworked interior, and we can expect as well range and efficiency improvements as well. So good news for people who are in the market or maybe considering buying a Tesla. They're not only going to have a new Model Y to choose from, but also we should be having a new hatchback from Tesla. And that's going to be entirely new to the consumer. Very interested in seeing how that looks. And to round this live out, I would like to share a video from Ed Yardini, who is someone who I respect their market acumen and listen in on his take on the markets. What about you, Becky? Join us now, Ed Yardeni. I don't hide anything. Ed Yardeni, I'm right, right? It's the desserts. It's the... Absolutely. It's the dessert. It's the entree. It's the salad. It's the everything. Is the market going to lose weight this year or are you still like it? No, I still think the market's in good shape. I'm very optimistic on the earnings outlook because I'm optimistic on the outlook for the economy. I think we're going to continue to see better than expected productivity growth. And I'm actually using two hundred and eighty five dollars a share for the S&P five hundred. Better than expected productivity growth is, I think, a given in light of the speed that we're seeing in AI advancement. And you need only look at the speed and developments in your business. favorite LLM as an anecdote to what's going on more broadly with regards to AI, what that means for productivity improvements, which reflects on profitability for companies, which in turn reflects on the valuation of these companies. How much? Well, it's more than the other strategists. And as a result, I'm looking for the S and P five hundred to go up along with earnings rather than valuation. And I think it can get to seven thousand by the end of the year, but it's not going to be a straight line. And I would think that in the next few weeks things are going to be somewhat bumpy. The fact that it's not going to be in a straight line is an opportunity for investors who understand the general trend and where we are in the cycle for markets, because that means when we have dips, there's discounted periods where investors can pick up more of their strongest conviction plays. You like the economy because it's been going well? Do you like anything Trump's supposedly gonna do? Are you worried about anything Trump's gonna do? Well, maybe I've been sticking with a bullish view for a while. For the past three years, we've had the most widely anticipated recession of all times that didn't happen. And it made sense to a lot of people that if interest rates are gonna go up, you get a recession. We argued that that wouldn't be the case. So the economy has proven to be remarkably resilient. And now the Fed's not raising interest rates. They're talking about how much they're going to lower interest rates. And the consumers are in great shape. I'm still working for a living, but a lot of my baby boom friends are retiring. And they're sitting on like seventy five trillion dollars of net worth is what the baby boomers have. So they're going to have a negative savings rate and they're going to spend it no matter what. Actually, they love higher interest rates because they get better returns on their liquid assets. AI factors into everything you're saying, I guess. Well, I've been talking about the roaring twenty twenty since twenty nineteen. And of course, I didn't know that I was going to be the kind of hit that it's been so far. But I does factor in, as does robotics automation. And the whole idea is that like the nineteen twenties, we're seeing a productivity led economic boom that increases standards of living. Inflation? Slowing economy? Neither? What is this, Goldilocks? Everything's just right? Well, Goldilocks has kind of been there, done it. So I prefer roaring twenty twenties. And the idea is productivity. And productivity is like fairy dust. It makes everything better. You get better than expected growth. Where's it coming from, Ed? The productivity is, I think, a couple of things. One is there's a shortage of skilled labor, and there's no shortage of new technologies, software, hardware, that can augment the productivity of workers. And I think we're already seeing that. I mean, it's really not a forecast so much as just an extrapolation of what's been going on since productivity growth has increased from zero point five percent of an annual rate to two percent. So it's quadrupled already. But two percent is kind of the historical average. We've been kind of doing lower than that. And I think we're going to do three percent over the next couple of years. Why do you think we're going to have issues in the first few weeks of the year? Well, I will say that, you know, going from two to three percent and productivity growth will have a massive impact on standards of living and profitability of companies. We're talking about small single digits here, but talking about a fifty percent difference in the actual growth rate. So this is something that I think will accelerate over time. What's interesting for me and what I'm waiting for is to actually notice people starting to work less. Because it does seem like productivity is increasing, but it doesn't seem like people are working less. It seems like people are just as stressed out and overworked as they've always been. Perhaps that's a perception issue, but that's how I see things now. I think it would be interesting to see when productivity growth actually leads people to not have to work as much. I think we always focus on the macro on monetary and fiscal policies. And with monetary policy, you kind of need a neck brace to deal with what they're signaling us. By the way, regarding monetary policy, oftentimes January tends to be a weird month where you get higher than expected inflation readings. during January that are not necessarily indicative of a trend, but tend to throw markets off. So that may be a source of volatility for us. Maybe they should just stop talking and just do what you're going to do and leave it at that. But right now they've kind of semi-pivoted from very dovish, we're going to lower interest rates several times to, well, you know, maybe we need a pause here. So I think there's a pause in monetary policy. So we're not going to feed the market at more rate cuts right right away and then of course fiscal policy is very confusing we've got uh issues of immigration deportation we've got issues of tariffs which could be inflationary could hurt the economy and whenever I talk about the roaring twenty twenties people remind me yeah but the nineteen twenties ended really badly and we're about this to see what impact tariffs are going to have in the economy so I'm not dismissing the possibility that things could go wrong But I don't think this is going to be like the the end of the nineteen twenties. I think we'll get through this tariff mess and some some form. But I think it's going to take a few weeks here, maybe several months to get a clear view of fiscal policy. And we also have to get a clear view of, you know, whether this thin margin that the administration has in Congress is going to be enough to get their policies through. There is no better market, in my view, than a market that is volatile but generally trending upward. And it does seem like things are pointing in that direction. That is, things are trending upwards for the market, but there's volatility, which enables us to often take profits and buy back at discounts. So with that being said, we can go to questions very quickly. Wa alaikum salam to everyone. Roshad, Sheikh Adnan, Meowing Per, good name. What do you think about China's economy? Well, I think they're going to need to do some sort of stimulus there, which should be good, especially for global assets like Bitcoin. I think Trump's, do you think Trump is going to try to strengthen or weaken the dollar? I think Trump is, his understanding of economics is so basic that I think he thinks that, you know, a strong dollar is necessarily a good thing. So he may just, you know, shoot for that. But luckily, I don't think that he has you know, control over monetary policy and fiscal policy. Obviously, there will be, you know, he will have a big impact on that. It's unclear, you know, in what way things will go, though. A dividend portfolio is meant to be boring. It's meant to be held on and not see much activity in it so long as it's producing the dividends that we want and has reasonable growth. Let's see who's here. For twenty twenty five Irish Energy, check out our watch list. We have the latest buy below and sell above prices. If you aren't a PIF member and you'd like to follow our trades, make sure to become a PIF member. Link to do so is in the description. Leave a like if you enjoyed this live. Enjoy your weekend. Until next time, make sure to take care of yourself. Assalamualaikum and peace be upon you all.