Narrative-driven risk assets will face headwinds in the Kevin Warsh Fed era, with the biggest risks being AI and Crypto. The plunge after Microsoft's earnings report shows that smart investors have realized the financial similarities between AI and Crypto. In 2026, equally short gold, silver, Bitcoin, Nvidia, Tesla, post-IPO SpaceX, and other toxic assets that can't generate real healthy cash flow. Buffett is going to win again.