Published: Wednesday, October 8, 2025 · 6:50 PM | Updated: Wednesday, October 8, 2025 · 6:50 PM
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00:00 Speaker A
Yeah, and Cindy, it’s interesting that you bring up that point about the dollar because right now we’re seeing things like Bitcoin taking a pause today, but still trajectory has been up, gold has been up on part about this narrative about the lower dollar, but the dollar to your point has stabilized. But I’m I’m curious, do you want to allocate in those directions also?
00:18 Cindy
You know, those are also interesting areas. We we have some questions about the long-term validity of Bitcoin. You know, we are primarily fixed income investors here and so we look at assets and whether or not things like crypto are truly an asset that belongs in where we manage a lot of insurance portfolios. So we have a little bit of a different take there. Gold is certainly interesting. You know, typically that is an inflation hedge. In this environment when you look at it alongside crypto, you have to wonder is that not just generally a Fiat currency hedge? Is it just more about the concerns more broadly globally of Fiat currencies and the path for them going forward for some of the challenges I just mentioned. So gold is certainly on an interesting path, but let’s not forget also, the US we think has an inflation problem still and that is why we are concerned about the direction the Fed may be going here. If they lower rates too quickly or too aggressively, we do think that that really can stoke inflation. There is still demand in this economy as we have seen by the consumption of consumers, business fixed investment coming back. So if you think about that demand and a lower rate trajectory from the Fed, that combination can be pretty detrimental for the path for for inflation. And that is really where our focus is and perhaps gold is catching some of that as a bid, for a bid as well.
01:52 Speaker A
Jim, what do you think about the inflation issue? Especially given that we might not get the CPI report next week that we were supposed to get if the government remains shut.
02:05 Jim
Uh agree with uh with what Cindy just said. We are definitely continue to be concerned about inflation which is sticky. The last inflation print to your point, you know, 2.9% core inflation remaining sticky, they haven’t been able to get it lower and now the Fed has decided to pivot more towards the labor market uh as we’ve seen softening there and begin to lower rates. So, you know, a key point and and the my favorite word came up uh a few minutes ago which was diversification and that’s what we’re telling all of our investors as well. Especially in this environment, we need to be diversified. The Fed with its dual mandate is going to have to decide whether the labor market or inflation is the thing that they want to focus on. Usually it’s one or the other, uh or one is more, you know, say red at any particular time. Right now they’re both flashing definitely yellow to red and they’re going to have to decide. So investors need to be prepared for everything and the easiest way to do that is to have a fully diversified portfolio.
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