$BTC - Paul identifies Bitcoin as the best inflation hedge due to its finite supply, superior to gold which increases supply annually.
$JPY - Paul sees dollar-yen as a major opportunity with the yen grossly undervalued and Japan's new prime minister as a catalytic moment similar to Reagan/Thatcher.
Bearish:
$EQUITIES - Paul warns of extreme overvaluation with stock market cap at 252% of GDP, expecting significant mean reversion and negative forward returns.
$TECH - Paul expects tech stocks to underperform due to massive IPO supply coming (6% of market cap) and reduced buybacks as hyperscalers commit capital to CapEx.