He's always making moves, you can look all the way back to 2021, pandemic = insane valuations, so they stopped buying and also started to go to cash. Russian war, energy scarcity, almost everything else looks pricey versus rising macro risk. 2022> Why buy a decent business at 25+ x earnings when Uncle Sam will hand you 5% risk‑free? Sold all his regional bank positions when SVB and co started to wobble, so that was +15B... Fitch knocks America off AAA, refunding schedule gets up over above a trillion dollars.

As he said: “We will always have more good ideas than prices that make sense.”

He bet that Trump wasn't bluffing about the things he said while campaigning and it worked out for him.

Shocking how unusual it is for people to actually believe the shit he was saying.

Politicians don’t usually do what they say they are going to do, especially the more extreme stuff. Trump largely didn’t in the first term, either.

It’s different this time. Term 1 was a surprise, POTUS was surrounded by a Howard Stern whack pack group of weirdos.

This crew is more organized and deliberate.