A debt spiral where debt-to-GDP ratios continue to rise is a permanent feature of modern democratic societies.

“we are in a debt spiral that is a feature not a bug of how Democratic societies work”

The United States is currently in a recession that will likely be a rough year or two before the economy recovers due to its resilient nature.

“We think I think we're in a recession. I mean, I don't I don't know if someone's already said this, but we're in a recession. We're in a recession and this will be like my, I don't know, 100th cycle or something.”

The underlying fundamentals of the US economy, including GDP growth and corporate earnings, remain solid.

“I mean, US GDP according to the Fed is tracking kind of mid four mid-4% range. Our economic surprise index is kind of off the chart. Earnings were solid. You're expecting some good tax refunds coming up. So, the sort of fundamental underpinnings of the market look pretty good.”