Tristan Phan

Investment Analyst @ Sarmaya Partners

[Tristan Phan @triiistn]

Gold has declined nearly 23% from its January high as the Fed resumes tightening. The prevailing view is that higher rates have ended the bull market. 📉

In our view, rates are driving the near-term story, but they’re not changing the broader secular cycle.

Our case, in charts 🧵👇

[Tristan Phan @triiistn]

@teddyfuse BBG on mac goated

[Tristan Phan @triiistn]

Looks like a return to tangibles kind of day…

[Tristan Phan @triiistn]

@FernandoOil What do you think would happen to Petrobras and Brazil’s energy policy if Flávio wins?

[Tristan Phan @triiistn]

@Rory_Johnston Strategically unwise, yes. But can you even trust that he won’t do it?

[Tristan Phan @triiistn]

@SantiagoAuFund @sarmayakar24

[Tristan Phan @triiistn]

@JackFarley96 😎

[Tristan Phan @triiistn]

@LukeGromen @AsadIshmael

[Tristan Phan @triiistn]

@FernandoOil @markfny Great to have you back!

[Tristan Phan @triiistn]

@OilandGibbs @FernandoOil @markfny Put them on #1!

[Tristan Phan @triiistn]

@AsadIshmael 🫩🫩🫩

[Tristan Phan @triiistn]

@SamKovX You can see the jawbone ;)

[Tristan Phan @triiistn]

@0xTiso @DegenerateNews @joinfrontier the gambling one

[Tristan Phan @triiistn]

@Mark_IKN All roads lead to inflation

[Tristan Phan @triiistn]

@AsadIshmael Wow so this was it 🤯

[Tristan Phan @triiistn]

If you told me that oil would sit near $100 for multiple months, that we started a war in the Middle East that remains unresolved, and that the 10-Year Treasury yields would reach levels not seen since 2007, I would not have believed that the S&P 500 would be <2% away from it’s all time high.

[Tristan Phan @triiistn]

@AsadIshmael

[Tristan Phan @triiistn]

Rates may set the price for a quarter. Central bank demand, fiscal dominance and a multi-polar world set it for the cycle.

This is partly the thesis behind our Return to Tangibles theme. 🧭

Follow @sarmayakar24 and https://t.co/xZKF9aLLnT for more.

For informational purposes only. Not investment advice.

[Tristan Phan @triiistn]

Gold has declined nearly 23% from its January high as the Fed resumes tightening. The prevailing view is that higher rates have ended the bull market. 📉

In our view, rates are driving the near-term story, but they’re not changing the broader secular cycle.

Our case, in charts 🧵👇

[Tristan Phan @triiistn]

8) The long-term record, adjusted for inflation. ⏳

25-year annualized real returns: Gold 9.0%, S&P 500 7.2%, U.S. bonds 0.9%.

As of 8/31/26.
Past performance is not indicative of future results.