The Protection Portfolio: September 2025

Or: Why I'm 125% Net Long and Sleeping Fine

KEY HOLDINGS:

• Long 78% Silver

• Long 46% Gold

• Long 5% Miners/Royalties

• Long 23% Tech/AI (18% hardware, 7% software after shorts)

• Short -40% High Yield Credit

• Short -8% delta via SPX Puts

• Net: 124% Long

The Thesis

We're at an inflection point. The old economy is dying, AI is eating white-collar work, China's banks are technically insolvent, and the Fed is trapped…