In this video, I discuss whether stocks are extremely undervalued using Warren Buffett's metric of valuing stocks relative to the yield on the 30-year U.S. Treasury. Since 3Q 2019, the Federal Reserve has been the buyer of last resort for U.S. Treasuries, as foreign and international investors have tapered off their purchases, and large U.S. banks and hedge funds have run out of room on their balance sheets. Because of very large budget deficits, the U.S. Treasury will need to continue to sell massive amounts of Treasuries, and the Federal Reserve will need to continue to print massive amounts of money to buy these Treasuries. If the Fed stops buying, interest rates will spike and tank the stock market, housing market, and economy. There is now a lot of talk in official policy circles about "yield curve control" (YCC) as a policy tool. What this suggests is that the Fed will continue to buy Treasuries to keep interest rates low in the face of ever-rising budget deficits. The COVID crisis, as well as the imminent retirement of the Baby Boomer generation and associated entitlement spending, suggest that this policy of quantitative easing will continue for many many years. This suggests that long-term interest rates will stay low for a very long period of time, which means that the U.S. stock market can tolerate much higher P/E's than historical levels. This suggests that we could see massive rallies in stocks, real estate, gold, and Bitcoin in the coming years. Anyone who is waiting for lower P/E's or pursuing a traditional value investing strategy will be sorely disappointed over the coming decade. As I've suggested in previous videos, stocks will rally a lot in nominal terms, but will probably be flat to down in real terms (after inflation, or loss of purchasing power, due to the continued devaluation of the US dollar). Not investment advice! Consult a financial adviser. Warren Buffett on stocks being "ridiculously cheap": https://www.cnbc.com/2019/05/06/warren-buffett-says-stocks-are-ridiculously-cheap-if-interest-rates-stay-at-these-levels.html Historical chart of 30-year Treasury yields: https://fred.stlouisfed.org/series/DGS30 Historical chart of Fed Funds: https://fred.stlouisfed.org/series/FEDFUNDS US debt clock: https://www.usdebtclock.org/ Federal debt held by foreign and international investors: https://fred.stlouisfed.org/series/FDHBFIN 2019 repo market crisis: https://fortune.com/2019/09/26/the-feds-repo-market-bailout-is-a-sign-of-deeper-problems-that-are-getting-worse-over-time/ https://www.cnbc.com/2019/12/30/the-fed-seems-to-have-halted-a-potential-crisis-in-the-repo-market.html Yield curve control: https://www.brookings.edu/blog/up-front/2020/06/05/what-is-yield-curve-control/#:~:text=Under%20yield%20curve%20control%20 ... https://www.youtube.com/watch?v=0x3STUCfWPI

Join Bitcoin University Premium: https://www.bitcoinuniversity.com In this video, I discuss "The Digital Asset Anti-Money Laundering Act of 2023" and Elizabeth Warren's attack on basic freedoms and privacy. This Act is a direct and disgusting attack on freedom and privacy in America and must be opposed at all costs. This Act will NOT stop terrorists from using US dollars (their preferred currency of choice), but it WILL infringe on the rights of millions of honest Americans who want to be able to use an amazing modern technology like Bitcoin. Among other things, this Act seeks to impose KYC ("know your customer") requirements on: Bitcoin hot wallets Bitcoin hardware wallets Bitcoin nodes Bitcoin miners How in the world is one supposed to KYC Bitcoin network users who send transactions across the Bitcoin network that one's node relays? It's absurd. It impossible to do it, even if one wanted to. This Act would be impossible to enforce at scale, which is a good thing, because if taken to its logical conclusion this Act would constitute a de facto ban on Bitcoin in the US: P2P transactions would be illegal. Self-custody would be illegal. Fortunately, this bill will almost certainly not pass, but it does give us a good idea of the struggle ahead. Not investment advice! Consult a financial advisor. The Digital Asset Anti-Money Laundering Act of 2023: https://www.warren.senate.gov/imo/media/doc/Crypto%20AML%20One-Pager_7.26.23.pdf Elizabeth Warren's net worth: https://www.caclubindia.com/wealth/elizabeth-warren-net-worth-forbes/ Warren's husband: https://en.wikipedia.org/wiki/Bruce_H._Mann Warren used to be against the big banks: https://www.wsj.com/articles/elizabeth-warren-maintains-a-hard-line-on-big-banks-1527861600 Now Warren is in bed with Jamie Dimon: https://www.benzinga.com/markets/cryptocurrency/23/12/36151068/elizabeth-warren-aligns-with-jamie-dimon-on-crypto-concerns-we-have-a-serious-problem-in-t Warren's legislative record is fortunately quite pathetic: https://twitter.com/dunleavy89/status/1734283111259652218 Warren and other politicians relying on incorrect WSJ article: https://twitter.com/samcallah/status/1715854073461604555 U.S. Treasury Seeks Massive Expansion of Warrantless Surveillance & Powers to Sanction Open-Source Software: https://www.nobsbitcoin.com/u-s-treasury-recommends-massive-expansion-of-warrantless-surveillance-power-to-sanction-open-source-software/ Leaked footage of Elizabeth Warren flying on her Private Jet: https://twitter.com/BTC_Alejandro/status/1648127149818228736 Contact your US Senator and ask them to vote against this Act: https://www.senate.gov/senators/senators-contact.htm I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals. #Bitcoin #crypto Disclaimer Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky. ... https://www.youtube.com/watch?v=ViNKJFgWNGY