Or, more accurately, TR’s “mystery client” is a deflationist and TR is (unwittingly) talking his client’s book. To his credit, sounds like TR doesn’t have an opinion on the matter other than the fact that his mystery client is concerned about deflation and has done well in the markets historically. I only watched a couple of minutes of the video but if his client thinks stocks are real estate are going lower from here, I’d be inclined to agree.