He slid the phone between us without a word.

The chart showed what he’d been saying. The semiconductors going one way. Everything else, including crypto, going another. The market had no fear. Liquidity flowed in one direction.

I looked at the rain on the window.

I asked him when. When does the course change?

He picked up the glass. It was empty. He put it down.

He said: when the thing that was always true becomes visible.

I didn’t write that down.

Some things you don’t need to write down.

Note: He’s not betting against the future. He’s betting on which future. The one where the center holds — he loses. The one where it doesn’t — he wins twice.