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π King Dollar Is Losing His Crown

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BIG PICTURE
π΅ King Dollar Is Losing His Crown
The US Dollar used to run the world. It still does. Just... less.
The dollar now makes up only 46% of global foreign exchange and gold reserves. That's the lowest level in at least 26 years. Since 2017 alone, it's dropped 15 full percentage points. That chart doesn't lie.
Ray Dalio has been screaming about this for years. When the world's most powerful currency slowly gets replaced, it doesn't happen overnight. It happens exactly like this. Quietly. Then suddenly.
What This Means For You: Countries are diversifying away from dollars. That's bad for dollar-denominated everything. It puts upward pressure on inflation long-term and downward pressure on US purchasing power.
The Hedge Play: When the dollar weakens, hard assets win. Gold. Real estate. And yes, $BTC.
We are bullish on $BTC. Bitcoin was literally built for this moment. 21 million fixed supply. No government. No printer. The dollar keeps getting printed while Bitcoin just sits there being scarce.
The Munch Take: The dollar isn't dying. But it's sharing the throne. Armageddon isnβt on the doorstep, but positioning accordingly is important. Whether itβs Bitcoin, gold, real estate or something else thatβs finite, the only winners in this market are those who own assets. My wife keeps reminding me of the gold necklace she bought three years ago thatβs been outperforming my entire portfolio. She should start writing these emails.
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STOCK OF THE DAY
π The AI Economy Has A Landlord. His Name Is Bezos.
Claude is eating the economy. If you haven't heard of Claude, think ChatGPT but made by a different company. It's one of the most powerful AI tools on the planet right now. And $AMZN owns 15-20% of the company behind it. Oh, and Claude is being trained on Amazon's own chips.
That's not a coincidence. That's a moat with a moat on top of it.
Amazon isn't just a shipping company that got lucky with cloud. It's the infrastructure layer underneath the entire AI boom. AWS. Trainium chips. Bedrock. Alexa getting a brain transplant. If AI scales, $AMZN collects rent from everyone doing the scaling.
π The Bull Case:
AWS is the backbone of the AI buildout. Every startup needs cloud. $AMZN owns the cloud.
Custom silicon (Trainium, Inferentia) cuts costs and locks in customers
Advertising revenue is quietly becoming a monster business
Retail + Prime is a flywheel that hasn't stopped spinning in 20 years
π The Bear Case:
Tariff uncertainty could hammer the retail side of the business fast. AWS growth slowing even slightly would spook the whole thesis.
Microsoft and Google are fighting hard for the same AI infrastructure dollars
A consumer slowdown hurts retail, which still funds everything else

The Munch Take: Amazon trades at roughly 33x trailing earnings. Itβs 10-year historical average P/E is nearly 99x. The current multiple is 67% below that historical average. Itβs currently one of the cheaper valuations in the Mag 7 on a historical basis. That, plus the fact that my wife is incapable of going an entire week without an Amazon package coming to our house, makes a strong case for the stock.
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