Assalamu alaikum, folks. A rough day in the market. I know some days are not going to be green. I know that we've kind of been spoiled in the last few years, really, with regards to the rarity of days like today. However, I'm going to tell you why I like our odds moving forward. So in the details of what happened today, the Dow dropped seven hundred points. It's the worst day of twenty twenty five in terms of the market's performance. Now, why did that happen? This is really what you should focus on whenever days like today happen. So we got, well, a couple of. primary pieces of data that caused today's drop. So we had the University of Michigan Consumer Sentiment Index fell to sixty four seven in February, which is a decline of nearly ten percent and a steeper drop than expected as consumers raised concerns about higher inflation ahead of of new possible tariffs. Here's the thing with the University of Michigan consumer sentiment. It's a sentiment. It doesn't reflect anything. It reflects expectations about the future, consumer expectations about the future. And oh, by the way, it's highly politicized. So people will... There's a strong correlation between people's political affiliations and who's in power and their sentiment. So Democrats will be very depressed about the future when a Republican is in power or especially when they are new to power and vice versa. And so I wouldn't really put much weight on this sentiment to report. Consumers are very fickle in the way that they see the future and their mood and who knows what else is impacting them. Maybe the weather is kind of gloomy and that impacts their sentiment as well. The fact of the matter is the earnings that came in recently have been with some exceptions, have been relatively strong. Yeah, we got Walmart yesterday. There was expecting less than our previously anticipated sales moving forward and their stock was punished. But for the majority of earnings, they have been quite solid. We also got existing home sales in the u.s and it fell more than expected now this is actual economic data as opposed to the sentiment data fell more than expected last month through four point zero eight million units the u.s services purchasing managers index also dropped into contraction territory for february according to s p global so yeah we're getting some signs that maybe the economy is slowing down But especially as it relates to housing data, it can't be that surprising considering interest rates haven't really come down a lot. Interest rates have to come down for the housing sector to recover. And while the housing is a big part of the economy, it's not the entire economy. And so I fully expect housing not to recover until interest rates come down. But days like today could potentially speed up the process or the timeline for interest rates coming down. We know the next move in all probability is going to be down. the question is when does it happen and I think days like today will probably serve to pull closer the timeline so that instead of maybe q three maybe we have a cut in q two and that would certainly be bullish for risk assets so looking at the indices The big one here, NASDAQ, was down close to four hundred fifty points. Dow Jones was down seven hundred and fifty points. S&P down one hundred points. Russell was down close to three percent. So across the board, the market was presenting opportunities. And that's why today SPIF members know I was a buyer. I think this is a buy to dip situation. Now, we also got some. news with regards to a hack of Bybit and about one point five billion in Bitcoin or I'm sorry, in Ethereum was stolen. But really, when you consider Ethereum's intrinsic value being close to zero, then, you know, not much was stolen. Bitcoin is at ninety five thousand. We were actually we started the day. Keep in mind, we started the day pretty strong. It seemed like Bitcoin was going to hit one hundred thousand and it seemed like, you know, we were we were recovering, but then we got news of this Bybit hack and things went south. That being said, I don't think it's necessarily going to be long lived, the impact of this hack. These hacks have happened in the past and market has always recovered. And I don't see why now will be any different. Doge is at twenty four cents, Solana is at one sixty nine. So in the details of the uh news item I relate to you north korea's lazarus lazarus lazarus group is responsible for the one point four billion hack of bybit oh yeah and unrelated news uh north korea announced an ethereum strategic reserve so yeah what a coincidence I'm kidding on the second part there uh but yeah just another hack I think it will you know oddly enough this may end up being not bad for ethereum considering that one point four billion of ethereum is now no longer out for sale so that's you know selling pressure that's off the market now and also the hackers that took this one point four billion can't really do anything with it because as soon as they try to sell it it's going to be seized so in terms of ethereum's price if you're just looking at selling pressure it actually should have gone down so yeah paradoxically I think that may be true now what I do like to look at is more um more relevant And I think, you know, impactful, reflective of reality data. One of those pieces of data is true inflation, which measures the rate of inflation every day. And, you know, we're at two point three one, which is close to the target of two percent, I think eventually the CPI will will start reflecting this over time and that will encourage monetary policy to become less restrictive keep in mind there's close to seven trillion dollars of u.s debt that needs to be refinanced by the end of the year and if interest rates don't come down that's going to be a big problem so I do think interest rates are going to come down probably at a nearer timeline than what is currently being reflected in the markets. Now, I started this live by saying that, you know, I kind of liked our odds where we are right now. So we had the worst day in twenty twenty five, our trading day in terms of performance. Now, if we look at the last five years, twenty four, twenty three, twenty two, twenty one, twenty And we look at the worst day, worst trading day for each one of those years. And we look at the next trading day, what the market did. And for the next day's performance, now in the next day's performance or after the worst day, we had an outstanding day with a six percent upside performance. But three out of the five on the next day performance were positive. And the two that were negative after the worst day were negative by less than half a percentage point. So negative by only a smidge. Now, if you look at the next week of trading, so next five trading days, in twenty twenty, the market was up seventeen point five seven percent after its worst day in twenty twenty one. It was up point eight one percent in twenty twenty two. It was down point four. It was down four point six five percent. In twenty twenty three, it was up two point four seven percent. In twenty twenty four, it was up four point zero two percent. So it was only twenty twenty two when we were in the part of the cycle where. Things were tightening, so interest rates were going up and were expected to go up. It's only in that year where the next five trading days were negative. Four out of the five. weeks following the worst trading day in the last five years were positive. And when you take the part of the cycle we're in, you could say, you know, a hundred percent of the time they were positive. And so that's why I like our odds. So I actually expect next week not to be necessarily bad week for the market. And I see dips like we got today, dips like we got, by the way, when the deep seek revelation was made a few weeks ago. I see these as buying opportunities because like I said, we are in the part of the cycle where monetary policy is set to ease not tighten there is differences with regards to okay when it's going to happen but that's the part of the cycle we are in right now and therefore so long as we remain in that part of the cycle and so long as I believe the next move for the fed is going to be a cut and not a hike dips are buying opportunities so with that being said let's take some questions and then I'll let you enjoy your weekend salam alaikum nice to see you salam salim what is your opinion on selling physical gold now to reallocate to the stock market now uh well the answer to that question is it depends on you know what you're investing specifically in the stock market Generally speaking, the stock market outperforms gold in terms of return. Now, if you're investing in PIF portfolio, I think we should do way better than gold. So. Yeah, so I would much rather allocate to our picks in the PIF portfolios than I would to gold at this particular point, especially considering the valuations, the deals that are on the market right now. Bruce Wayne, nice to see that you've taken a break from crime fighting to tune into the live. Do you see Bitwise as an alternative? to buying BTC. Both, and it seems like a duplicate investment. Yeah, so I hold BTC in an ETF and just makes me feel better about not having to worry about self-custody and the risks associated with that. So that's at least what I did. So do with that what you will. Hey, As-salamu alaykum. Mr. Basha, nice of you to tune in. My long-term take on Doge is that we should be getting a number of strong catalysts this year. So we got news that There should be the announcements of additional partnerships with Doge in the near future. And we also have obviously the elephant in the room, which is the Dogecoin ETF that should be approved, I think, by at latest October of this year. I think these catalysts will be strong for the token. And I think in the next leg up in the crypto market that Doge will perform very well as it has in previous legs up. Salam alaikum, Dr. Boss. Nice to see you as always. Do you still see a one million plus long-term price target even with quantum computing chip potential threat? Yeah, so I spoke about this before, Dr. Boss, in terms of the adaptability of the Bitcoin network and the fact that The security of the Bitcoin network is not necessarily static. There are already Bitcoin improvement proposals to address the quantum computing threat. And considering that there are still years away from quantum computing actually being a threat to Bitcoin network security, I expect the Bitcoin network to adapt in time to respond to any potential threats. So yes, I do see one million still on the table. Yeah, it's my pleasure, Ahsan. It was a long day today, but obviously I had to go live considering the markets did what they did today. Hey, nice to see you, Rashad. salam brother do you think the market will care about russia ukraine conflict I actually think it will care a lot I think that any cessation of hostilities will be a a bullish event for markets I think that the price of oil especially futures will likely go down With this cessation of hostilities and the prospects of Russian oil perhaps being more freely traded on global markets. And that's good for inflation. And stocks will react positively to that. Do you think the stigma with Chinese companies can be transferred erroneously to Bitdeer since it's headquartered in Singapore? You mentioned potential bias in the past. Will Trump's admin increase this? It's a good question. That being said, I don't really think the product of... Well, first of all, Bitdeer is very diverse in its locations. They have many locations in the United States. And... And so that's one point. The other point I would make is, you know, a lot of it's, you know, as a Bitcoin miner, it's not necessarily subject to tariffs. And so I think it'll do just fine. And, you know, the categorization of a company, especially a global company like Bitdeer with so many different diverse geographical locations as belonging to a particular country becomes extremely tenuous and And not really rooted in the reality of their operations. So, so I really wouldn't think of it as a Singaporean or otherwise a company. It's really a company with a very global presence and probably quite deliberately. So Renegade says, Assalamu alaikum. Any idea about the hack where one point four billion worth of Ethereum was stolen? I did talk about that. Does this affect the market? I think it already affected the market. But I think the recovery will be. Will be quick, absent any additional adverse headlines because. We've been through this before many, many times. And if you're a veteran in the market, you know that market typically recovers in short order. And the people who bought the dip are the ones that laughed the most. If you enjoyed this live, make sure to leave a like and become a PIF member if you aren't already. Make sure to enjoy your weekend, PIF members. I will see you guys Sunday with our monthly meeting, inshallah. Until next time, make sure to take care of yourself. Assalamualaikum and peace be upon you all.