Lyn Alden: How to Survive The Gradual Print Era — Fed Chair Warsh, Gold & Bitcoin

Bullish:

• $GLD - Gold benefiting from central bank diversification away from treasuries, sovereign debt crisis dynamics, and loss of Fed independence - structural revaluation from undervalued to fair value.

  • “we see precious metals soaring and kind of central bank accumulation”

    Lyn·43:05

  • “China over time is holding less treasuries... more countries saying, well, maybe I want to hold some gold more than I have been, or maybe I want to diversify my reserves a little bit”

    Lyn·44:03

  • “I don't think precious metals is structurally are in a bubble. I think that this has mostly been a revaluation from undervalued more toward fairly valued”

    Lyn·47:47

  • “Gold being the incumbent neutral reserve assets, the obvious first choice is the one that central banks already hold”

    Lyn·1:00:49
• $BTC - Bitcoin undervalued after recent selloff, decentralized ledger remains valuable for permissionless payments and portable savings, though adoption slower than expected.

  • “With the Bitcoin sell off, I I like that, you know, quite a bit”

    Lyn·1:34:01

  • “a decentralized ledger is still very valuable. It's the only way to do, you know, that we know of to do permissionless payments and portable secure savings”

    Lyn·1:07:23

  • “Bitcoin being rather decentralized tends to upgrade slowly and take a lot of consensus... I do think that Bitcoin has plenty of kind of, there are people in place already trying to figure this out”

    Lyn·1:17:41
• $ENERGY - Energy infrastructure like natural gas pipelines trading cheaply with steady cash flows, necessary component for AI compute demand.

  • “I do like the energy infrastructure quite a bit. So, like, boring things like natural gas pipelines, you know, there's things that are just trading pretty cheaply, and that often just pay cash flows”

    Lyn·1:34:06

  • “the energy, I think, obviously, it's a necessary component of compute”

    Lyn·1:29:51

  • “I'm bullish on things that are real world assets, but then have the balance sheet to withstand volatility”

    Lyn·1:29:56
• $STABLES - Stablecoins have strong bottom-up demand globally as people want dollars, though regulatory pushback and ceiling on non-interest bearing dollar demand are constraints.

  • “I've been bullish on stablecoins for many years”

    Lyn·1:03:40

  • “on the streets of Cairo, the in black market currency markets, it's the dollar that people want... there's that bottom up demand, that technology can potentially let us meet”

    Lyn·1:03:17
• $INDIA - India likely to outperform other emerging markets after rough 2025, good investment opportunities available.

  • “India had a rougher year in 2025 relative to other emerging markets. I could be wrong, but my base case is that India probably does better than the average emerging market in 2026”

    Lyn·1:32:55

  • “I do think that there are pretty good investment opportunities in India”

    Lyn·1:12:25

Bearish:

• $BONDS - Structural bear on bonds due to fiscal dominance and debasement, though less bearish after five years of carnage - now just lukewarm bearish.

  • “I've been structurally bearish on currency and bonds”

    Lyn·1:34:20

  • “I still don't think they're a good investment”

    Lyn·1:34:31

  • “I used to be a super bear on bonds, and now I'm just kind of a neutral, lukewarm bear”

    Lyn·1:34:38
• $ALTCOINS - Structurally bearish on altcoins outside of stablecoins - unlikely to accrue multi-trillion dollar market caps, cycles happen but don't sustain.

  • “outside of just the usefulness of stablecoins, that basically all this kind of broader altcoin stuff, I've been kind of structurally bearish on it”

    Lyn·1:23:46

  • “these cycles happen, but that they're unlikely to accrue kind of multi trillion dollar market caps”

    Lyn·1:23:54

  • “the broader space outside of stable coins, outside of some degree of tokenization, and things like that, I tend to be pretty structurally bearish across the board for the most part”

    Lyn·1:24:33
• $GOOGL - Moved from bullish to neutral/bearish as valuation got expensive and CapEx requirements increased - AI competition forcing heavy investment with thinner value capture.

  • “as they've gotten pretty expensive, and then as they've increasingly had to invest in CapEx, I I've been more concerned. I I I've kind of divested part of my position to some degree”

    Lyn·1:26:43

  • “It's not that I'm bearish on it, but I'm more, like, neutral on it compared to previously having that kind of bullish view”

    Lyn·1:26:57

  • “they are in so much competition with each other that they have to plow back into CapEx... the value capture at the corporate level is going to be thinner than the whole capital light social media era”

    Lyn·1:27:45