The Resurgence of Cinema and Horror Movies

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You're running client education sessions, reviewing estate plans ahead of summer travel and starting to have real conversations about how portfolios are tracking so far this year. And the reality is most of the work still lives across spreadsheets, PDF's and disconnected tools. Wh charts pulls all that into one place. You could take a portfolio instantly see how it's tracking compared to its targets. and turn it into something you can actually use in a client conversation Without rebuilding everything from scratch. It's the difference between preparing for hours and being ready in minutes. If you're in the middle of these conversations right now, it's worth trying and click the link and show us to start a free trial. and get twenty percent off your initial Y chs professional subscription newew customers only Welcome to Animal Spirits, a show about markets, life and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ritolzs Weealth mananagement. This podcast is for informational purposes only and should not be relied upon for any investment decisions. Clients of Rid Holzs Wealth Magement may maintain positions in the securities discussed in this podcast Welcome to Animal Spirits, with Michael and Ben We have a Long shirt. Well, we' a long dck Sen has something at ten fifteen, so we're gonna go in hour ten. I suppose we're going to click all the time We've got forty two pages. There is So much to discuss. I feel overwhelmed I am doing four podcasts this week and I still think I have more to say I mean, the amount of newsflow coming out is incredible But I want to take a moment to acknowledge that I feel like I am having a moment Michel Batnick is having a moment. Now, we are having a moment. We share a lot of overlap in our good fortune Things are going pretty well for me right So this is don't get the reference, but this is summer of Michael, like the summer of George and Seinfld I don't get the reference That's part of it All of this happening With the sun coming out, it's been a long cppy winter as they always are Like the fact that it's happening with while the sun is shining makes it even more sweet, but I said this not to brag becausecause Bragging is gross. Nbodyody likes it But more is just a an acknowledgement that Life is hard Life has its ups and downs And you know when you're when you're sick Gsh, I just I got to be I just want to feel better Please make me feel better And then you're healthy and you completely forget about being sick So I'm just trying to acknowledge U and Hey We talked gratitude a couple weeks. Gatitude.'s good thing to grate when things are going well. It's not bragging. it's being grateful. So but it is also weird to be have Carity like this that This moment in time, summer twenty twenty six might be the peak for me. which is a weird thing to think about I'll tell you Ax Mountain. This is my apex mountain I have waited a long time for this Last week I wore a shirt from the from the nineteen ninety nine finals I was fourteen years old My father started taking thegins when I was seven To be able to share this moment with my boys is beyond special. I cried twice this week listening to the podcasts Um once from my brain talking about how special this moment is and once when Legler was talking about how good Jaylen is like literal and actual tears falling down my face U It is you're in some sort of news story showing you shouting Mother next So my friend texted me yesterday. I am apparently the face of people that can't afford tickets Um which is obviously ironic, you know, but u The tickets are out of control, expensive. So my plans, depending on how the series goes Um If it goes a distance, I will be at games three through seven. I'm making the truck So I think Nixon five. I mean, I don't actually think that, but I do think Nixon six. so we'll see Um All right, so there's that Um The giants After a lastost decade. areur finally, I think we bottomed. I don't think it's going to get any worse for us U Movies are having a serious moment in time What happened with obsession and back ws, which we'll talk about later in the show is remarkable It's not just movies, it's your kind of movies. It's my movies The movies that I have subscribed to And I've had season tickets over a long time. Right. Yeah, your deranged type of movies are having a moment Um We at Red Holz, things are Thank God going well for us in the company and our employees and our clients. Th are you know, things are going well We launched Porterhouse the momentum strategy that we've spoken about And this is my regular, semi regular reminder that we need more advisers Um We have a lot of people that are interested in our services And we have a shortage of advisers to serve all of them, which is insane I started my career And I'm using air quotes for people that are not watching Cold calling and getting hung up on So the fact that there are now people that are coming knock on our door. is something that bogers my mind every day. don't I've been saying this while there's a bull market in the need for financial advice for the next twenty years Huge bull market We need All right, what else is is u We launched an ETF We can't really say much more, but we did that Uh and U family and friends, likeike everybody's healthy. And life is hard My uncle, when my mom passed, my uncle said to me, this is extremely corny, but it's also extremely worth digesting. He said, Enjoy life. This is not a dress rehearsal That it's true only we only have one chance on this planet and life has its ups and downs. so If if I you starting with positivity because'm I'm I'm really sick of All the negivity in the world. So I I enjoy Glassf will take on the world. Well, listen, I know that life is hard for a lot of people. Um, and if you're struggling and you're you're vomiting me U you know, expxressing gratite I'm sorry for you and I hope things get better, I just wanted to take a moment and acknowledge publicly that like I amm having a moment and it feels it feels good This is the top right there. That was it. Well down here. All right, let's get into the market because shit is happening every day it feels like something is going nuclear. Is this Is this the worst FOMA we've ever seen in our lifetimes . com is this this It seems like every week it's something It's a country, it's an ETF, it's a sector, it's a stock, right? It's Dell, it's Intel, it's Sandisk, it's Western digital. there's something going just bananas. This is the time when you look at the chs and it's This morning We're getting Jens. we'reking dot com like nineteen ninety nine like returns from some stocks for a year. like four digit returns. It's insane Jensen Wang said this morning that Marville could be the next trillion dollar company and the stock is up The stock is up to sixty percent pre market Um That's a big, big statement But I think it's I think it's accurate. I don't think Because you could say twenty twenty, twenty twenty one, but that was that was stupid. That was like game stop nonsense, right? This is That was like interternet fun times. This is real This is real. And uh It's hard to find it if you if you if you are an investor, and you feel underexposed You're feeling awesome right now. I agree. So this is from Wall Street Journal Chips power, the SMP five hundred of sixteen percent across April and May twow months surge matched only four other times since nineteen fifty The index was higher six months later each time by median of seventeen percent. So we're talking about a handful of times that this is the best two month stretch since one of the best twoth stretches ever since nineteen fifty. That's pretty good This is interesting I've never seen this before Samroow Uh, so this is S andP viaSMo all I've never seen it presented like this and I told CharkcMed it said, Hey we got to recreate this Forom all time high how often did the SP five hundred make another all time high within the next day, week, month and year ninety nine percent of the time within the next year the S andP five hundred made another all time high after making one That's pretty insane 's stuff. All right, I am not I'm not a I'm not a analog chart guy. you compare two lines, right? Like I've said this many times lines can only go in three directions up down or sideways So when you see two things lining up, you know, one of my first blog posts actually, I compared Altria to like ut trio from whenever I wrote the blog post to the Dow Jones from a different time period And I was like this is very easy It's very easy to find charts that line up But this one I do find u G on Interesting. Remember how many nineteen twenty nine charts there been over years Yeah, Well, that's all that's all yeah, the worst Okay, so Bespoke tweeted The NASDAQ at eight hundred and seventy five trading days after the release of Netscape onn december nineteenth, nineteen ninety four And the NASDAQ at eight hundred and seventy five day trading days after the release of Chat GBT And it's identical Um, now Whatever. you could see the rest of the chart, like the NASAC had only begun to explode. after eight hundred and seventy five trading days. So I guess maybe one of the takeaways is this thing can go a lot longer and a lot harder than anybody thinks. Whatever, be that like that's near the here. is rolling in nineteen ninety right now? Exactly. I just think it's the parallels between The browser versus the Chat GBT should not be lost in anyone. It's obvious All right, this is from the Wall Street Journaltic George Van der Hydn, once a fidelity portfolio manager with one ofall Street's best performance records, shunn tech socks in the late nineteen nineties in a bet that the bubble would soon burst. Loading up my treasuries instead Performance slumped, he retired in february two thousand scribbling a message in his office whiteboard, two of bulbs for sale He said, att the time, you try to manage the portfolio for risk, but the market hasn't rewarded you for it. The market has no fear obviously the market to like a month later. But that's how I would describe this market. This is a market with no fear There's none I know people are trying to like make up Oh, this is going to burst the way the market is acting There is no fear Is that fair to say Um Yes and no I think it is a fair statement. that On Tuesday, june second. There is no fear However U Warren Pes tweeted on may thirty first Despite many expecting a seasonal top retetail traders are still jittery. percent pullback in mid May. Now that was that was May. okay. So on june second, there's no fear And two percent we're talking about. Let me finish in mid May two percent pullback Forced bigig inflows into cash and money market ETF's. What Warren's point was, positive price momentum And defensive flows is not something you typically see at TOs But remember there was a literally a two percent Whatever I't want to say pull backack a two percent Well pullback, I suppose. But there was there was there was a rush into camp like a sneeze. That's like a market sneze So it's just, let's just take take Um the fear the fear could happen fast when it happens. So what am I I'm trying to there's a phrase I'm looking for, takeake stock. That's the phrase Let's take stock of the fact that things change so fast Think about how bearish people were on the AI trade after Sam Altman said that shit on the podcast in the fall Th about how bearish people were in the Mag seven rewind all the way back to the pull back from the war Sentiment changes So fast, But Ben you're right, On june second at nine fifteen in the morning There is no fear. It feels like we're on these train tracks of AI and just we keep going And everyvery once in a while the train gets derailed for something Liberation Day, war whatever fears are And then we just find our way back onto the tracks and people like, oh yeah, it's AI, powering this thing That seems to be where we've been the last three or four years. All right. Kurrt contininu from Goldman US IPO gross proceeds will total a record two hundred twenty five billion in twenty twenty six. Previous forecast was one hundred sixty billion do. These numbers are just like not even close to anything else since the Great fininancial crisis. It dwarfs everything. I think what the number was that The three companies ownone did you have this last week for us Anthropic open AI and SpaceX will together have more proceeds for an IPO than any of the nineteen ninety d. com bubble stocks All of them I think it was nineteen ninety nine and two thousand combin. Now Denise on T, Denise Chrisel made a good point We're going to adjust for the size of the market cap Yeah, obviously, markark is way thereer today. But Yeah, we are we are in a moment. So last week, Anthropic raised a six sixty five billion dollars series H funding att a nine hundred sixty five billion dollars post money valuation And then four days later, they said, and we're gonna to wP out too later this year. We were they filed their ass one yesterday. I ha't time to go through it. I love how the headlines all say Anthropic confidentially filed the S one Not confidential. We're all talking about it I know we keep saying this, but It is the fundamentals driving this. Now it's hard to it's hard to like know how much of the pie is excess speculation and excess Euphoria Obviously, that's a part of it. Investors are rightfully excited last week Dell raised its outlook for the year After sales climbed eighty eight percent . D is still. Dellasil company, like where Gateway missed its moment here. Where's gateway computers not only D a company, it's a gigant company It now expects full year revenue to be one hundred and sixty five to one hundred sixty nine billion upp from a prior range of one hundred and thirty eight to one hundred and forty billion do. So the stock gaped up thirty eight percent We just have to keep reminding ourselves that this is being driven by fundamentals. Heres here's a quote that I want to share ben It's to me the weirdest thing about this is so many of these companies have been around for a long time Intel Dell Micron Wes digital?ike Th are not new companies that are springing up These are companies that have been around forever Correct in technology terms, at least I have B I tweeted this quote in twenty seventeen Um from The pseudymous Adam Smith, he wasn't really pseudymous, but he he penned his Books under Adam Smith. He wrote the Money game whichich in my opinion is the greatest financial book ever written. att least it's my favorite And he wrote a book called Super Money And To me, this perfectly describes how we are all feeling. about the bull market We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air We know by the rules that at some moment The black horseman will come shattering through the Great Terror doors Wreaking vengeance and scattering the survivors Those who leave early are saved. But the ball is so splendid, no one wants to leave. while there is still time so that everyone keeps asking What time is it? What time is it but none of the clocks have any hands Is that chef's kiss or what And I tweeted that in twenty seventeen because at that time there were so many There were so many people Wondering, begging when is this great ride going to end? When is the splendid ball One of the lights got to go off I think you just have to have an open mind about this. and that's where I am is that I know all the historical parallels I do get worried that, oh my gosh, this is the excesses we've been waiting for that could tip us over and like honestly lead to a recession. If the excesses get too big and there has to be a pulledack. So that part does worry me But I think you just have if you don't have an open mind about what technology has done the markets into our lives in the past fifteen years, then you haven't been paying attention I think that's the right posture. The right posture is Um, Obviously not oblivious to the risks How could it be at this point But an open mind that This could go on for a lot longer than you think and that some of the run upps are justified and have the balls not earned the benefit of the doubt I got the bears take later in the D, let's talk about the plls spore Micron This company went nuts. So this is all the All the one trillion dollars, So you made this chart looks like how many charts how many stocks is it now eleven. This is the eleventh which is crazy. So every stock in the top ten of the SP five hundred now has a trillion dollars market cap or more justust Ben think about what's what's not a trillion dollar company belelow Micron Uh You know what? I don't see on this chart? I don't see JP Morgan I don't see Walmart. No Netflix Well, forget about Netflix. I don't know. I'm just thinking of hararshold names. But Walmart and JP Morgan or smaller than Micron? Okay It's kind of cool to seeither Lily on here tooube. So Bloomer had some charts here Trading days between five hundred billion and one trillion dollars market cap. Micron is the fastest in history. And guess what? the next two are also happening now. Samsung and SK HX which is which and like Microsoft and Birchad took a lot longer.. look at alphabet. That wasn't like that long ago. It It took alphabet over a thousand trading days So blred allars Bloomberg has Micron's earnings are expected to explode higher This chart doesn't look real. So it shows they theirre trailing twelve months earnings per share going back to twenty seventeen and then the average analyst ibits for the next three quarters And it's tenfold increase five foold increase. It looks like a totally different chart To your point about like the fundamentals The crazy thing to me is just that It wasn't like T years even a year ago people were saying, this is going to happen These memies that semiconductors are going to take off like this. This wasn't something people were foreseing in this whole thing Right? This is a this is a new thing that no one was like pounding the table saying, theseese are the stocks It this to your point not happening fast, this happens so fast And the rerating and the earnings reratings and the stock reatings of these, it's just It's nuts. I want to give a shout to Round Hill ore. The greatest ETF launch of all time So they launched DRAM and Early April The ETF is up one hundred and twenty seven percent Ive had this later in the life. I send an email today So listen to this, this is from Round Hill. Round Hill memoryTF k a dram surpassed ten billion dollars in assets under management in only thirty five days, faster than any ETF in history Wow, holy Rrap ten billion dollars inende. So this is all those stocks that we just talked about. Micron, Sandisk, SsK Heinx isn' it's only like six stocks essentially. I don't know about that I have idea I don't know what the whole things are. I make the majority of it. Okay. I would assume it's a biger bessest than that. But there's fourteen billion dollars in assets as of yesterday. This is credit to them Um, Th these guys are good, but better to be lucky than good. unbelievable Love to see it. goodood for them Okay right. sorry yeah yeah, the top But Man. So We shared a chart on TCf. The distance between SMH and its two hundred moving average. And there's nothing in history like this. At least, well I'm sorry. it goes back to two thousand one. So maybe maybe it's crazer in ninety nine For goodness ses, like if you are putting Um, newew money and here I'm I'm have some sort of an exit plan. Like you got got to fight, you gott to fight the fear, fight the fight the Foma. Well, this is the kind of thing where you said like People have such big profits here that there's going to be a time when these stocks somethingomething happens And people, okay my gosh, I need to I need to lock these Provin in now And there's going to be huge cascade of selling evenven if it's like a one day or one week thing. I keep saying this When Micron reported its blur numbers last quarter Bow out numbers The stock fell thirty percent in about two weeks. Three weeks. And that was guys that was like in March So I'm not'm, I don't w want to be like that guy It' super lame, but just be careful Yes, there's going to be those stats that say, o my gosh, these stocks are down thirty percent but still up for four percent for the or whatever And by the way, we own a lot of these games in Porter House Like we own a lot of these names. And if and when they break our whatever our rules are, they'll they'll get sold That's the point of momentum strategy Uh The I trade is global. This is one of the things that I've kind of been talking about for a while wondering or predicting whatever you want to say So Michael Sembplas looked at a basket of Chinese AI stocks and a basket of US AI stocks And this is going back to the start of twenty twenty four. And they're essentially following each other beat for beat. Chinese stocks are actually outperforming a little bit Going back to the same thing, the emerging markarkets ETF versus an NSAC one hundred has kind of tracked pretty similarly and are up about the same as each other since the start of twenty twenty four So this is the kind of thing where this is not just on our shores anymore. This is a global phenomenon. And I've been thinking, AI, the interternet really didn't level the playing field as much as people thought, I think, in terms of like U. S domination of the world I think AI might be the thing that does it sort of brings the rest of the world up to us. I think it's possible I want to give the AI bear case and talk about my favorite new macro podcast Allright. So TS Lombard has a podcast Dario Perkins is a guy follow on Twitter. They have three macro people that're all British and They make macro calls and then if they get it wrong, they all rip on each other on the next bodot call. I love that of call. So that so I really, I really enjoy it. So they said, let us lay out the bare case here because everyone has the bull case So Darian Perkin says, I did the numbers eighty percent of the revenue right now is circular. Meaning it's going from Google to Oracall that like it's the Capx from one company going to these other companies. So a lot of it is he's saying, it hasn't quite broken out yet to the wider world of businesses yet. A lot of it is still circular. So all this CapEx we're seeing is them Suffling the chairs around, so to speak And he's saying, if we don't see the leap then that's that's a worry. If it's just these companies spending with each other It's interesting Ben Thompson on his podcast last week said that Nvidia is now starting to break out their quarterly numbers by hyperscalers versus non hypercalers. because I'm sure they're getting crap about this. likeike hey, Is this just a big ccle jerk Are we what are we doing here So Um Anyway. It's worth a listen So it's called Global Data is the name of the podcast. I think it's worth a listen for the bearears's take because I think we are now in the camp that I feel like the bearearish takes before an AI we're kind of getting the most oxygen And now I feel like the only thing herear bu. So again, trying to keep an open mind. I want to I want to think about both of these things still And like what I should be looking for like mile markers and goal posts to be like, all right, fine That bears trope, that one was knocked down Anyway, you know what you know what I found you know what I found really helpful for me early in my journey as a as a as a young investor I used to write down everything When I bought or sold something, I would write down what I was doing. and Ben and I have joked about this in the past In twenty eleven, I think I short at Amazon And Um I would I would like frequently reread what I wrote like with the passage of time. And I don' mean like years later, mean Like three months later, I would look back Believe me, it didn't take very long before I discovered that I was not in fact the next Stany Druckenmiller And if you do that especially in a time like right now because Whatever happens you will It will have appeared obvious in Hezer for the most part. And I would say, listen if the bull market goes another year, if we're up thirty percent I don'tm I don't think anybody's going to be like, not anybody I't think a lot of narrative is like well, of course we're up another the thirty spent,,,,. Like there will be more disbelief, in my opinion But if we're down thirty percent Everybody will have seen it coming Everybody will have said it was so obvious. Oh yeah. okay If you think it's so obvious that we're in a bubble then sell. or short or whatever But write down Write down really it's a really helpful exercise. Write down how you're thinking before you buy or sell something and do that for a couple of months and see if it doesn't sober you up about your own abilities to predict the future Yes, I agree. That's one of the reasons that I like having a blog because it keeps me honest with that stuff And it's one of the reasons that we have policy statements for our clients. wrriting stuff down reminding you of your goals and why you're investing Duality research had a good one. showing that this is really a tale of two bubbles or not bubles. two bull markets. sorry, I got bubbles on the brain. Also the other thing is No one can time a bubble. No one can do it. It is impossible Isaac Newton was probably the smartest person to ever walk the Earth. One maybe one of the top three And he got caught up in a bubble in the South Sea One of my favorite stories? It's impossible No one can time it. One of my favorite stories about humility in the stock market is Stanley Docen Miller who I think everybody has on there like Mount Rush moreore of Mount whatever your style is's on the Mount Rush More if not the goat Drucken Miller was in the business for Almost twenty years Prior to the top in two thousand, he had been killing it He already was a legend for shorting the pound. like he was A guy And he fought the bubble He fought, he fought, he fought. He was under invvested Um he hired a couple of young kids because he was like, all right, clearly I'm out of sync with the market I need some young blood. Maybe they have a better idea of what's going on than I did because well, whatever everyone' you to do is his backstory but Um, and he went all in. in his words within hours of the actual top into text stocks He lost three billion dollars in twenty four hours, something like that And as he reflected on what he learned His answer was nothing I knew I shouldn't have done it I did it anyway, I couldn't help it and help That was for your book, right That was my book All right so so back to back to this chart, what are we looking at here So You talk about analogues between the eighties and nineties and today. I think this is another one that it was that period, however want to whenever everyone want to start it, eighty two to ninety nine eighty to two thousand, whatever it is. It was really two different bull markets that were just kind of mashed into one over time And so T how the research looked at in the so twenty thirteen to twenty twenty New highs in the S and P five hundred came that Lvix prrince, right? It was like the stair step up But now in the twenty twenties Since the pandemic, new highs have come with higher Vix prints. So there's more volatility when it happens. And this is showing that since the pandemic, this is a totally different market Bull market is acting differently. So here's how the market is still grinding higher, but without the same complacency we saw in the twenty thousand ten s. In other words Investors are still paying up for protection even during rallies pointing to a more hedged, more cautious backdrop, which is interesting. Yeah, so that's why I push back a little bit because you're right, there's no fear today Fear comes back so fast It comes back so fast. U All right. so We let's we'll do a little bit about SpaceX here. I'm doing a full episode because it deserves a full episode Tomorrow on Talking Wellalth with Aaron Dylan about addvisors need to know about SpaceX because clients are asking a lot. This is the hest We've got a ton of questions. This is the hottest IPO of our lifetimes. What what does it mean for index inclusion? What does it mean for buying? So we'll get into that a little bit today My dad texted me yesterday Should I buy the SpaceX IPO My dad never Ever asks me about individual stocks ever So this is on the brain What did you tell him I said no He said, okay I said the price might go up in the first few sessions, who knows, but it's a closer All right, so let me elaborate. I can't I know you're going to get into this on talalking Wealth. I can't force myself to get up in arms about basasex being an anthropic eventially, being included in index funds. I can't make myself get mad about it Okay. so there' a lot of people want to be mad about it. I can't There'ss nothing mad about it. There's no one there Yes. These companies should be in a cab weighted index If they are top ten stock in a cap weighted index, how could they not be included? It would be bizarre Exactly. That's my feeling. People are upset because the NASAC is changed and the index providers are changing the rules Guess what These rules were not handed down on a tablet by Moses. What do you mean? We're allowed to change the rules. The market looks so much different today than it did back then The rules are allowed to change Okay Qestion is A the rule chang is protecting investors and everybody has their opinion I think to include An IPL of this size in the index after fifteen days is kindind of nuts There are all sort of chicanary that can be played I don't think there's enough time for price discovery. I believe that they should be included in the index, butteen fifteen days or even five seems nuts Now the part that I think the part that people are upset with is exxit liquidity, are they are coming out with a veryort short float so that the index has to buy all of it and it's manipulating and it's so that part I sort of understand the nuances of it matter. So here's Matt Lein So the schematic maximally cynical approach for sppaceX would be something like this. Do an IPO sell like one share of stock to the most ardent possible Elon Musk fan asset manager at a two trillion dollars valuation sell perhaps tens of billions of dollars of stock to ardent Elon Musk fan retail investors Whoever's willing to buy at that two trillion dollars valuation loock up all the rest of the stock so that no one can sell Get in all the indexes because you are huge Something like twenty four percent of the stock of the average member of the SAP five hundred index is held by index funds att a two trillion dollar valuation That's like five hundred billion dollars of stock sell five hundred billion dollars of stock to index funds at that two trillion dollars valuation, they can't say no That is the maximally cynical approach is to sell as little stock as possible. to price sensitive investors in order to keep the supply low and the price high and then sell as much stock as possible to index funds who can't negotiate on price actually T't negotiating on price understates the issue If index funds need to buy twenty four percent of your stock and only twenty percent of your stock is available to buy then the index funds are forced to chase it, driving up the stock to whatever price you like. You have effectively created a short squeeze for the index funds They have to buy stock at any price And there isn't enough stock for them to buy. Just keep bidding U tell Vanguard. O Okay. so that's Matt Levine The reality is U a little bit more nuananceced. Here's Lu Wang and her colleagues also at Bloomberg. They say Fast track timelines vary by index. SMP follows its competitors The result in passive demand for SpaceX from funds tracking indexes. would be nearly twenty billion dollars according Bbering intelligence analyst Jeiffe and Robb Bob Dubo' estimates with a seventy five billion dollars raise So there is a seventy five billion dollars. That would be roughly a quarter of SpaceX's offerings. So to be clear, SpaceX will not be in the index at a one point eight trillion dollars valuation We had we had a bunch of listeners email us. Like, hey, is this Is this total horseshit? likeike should I seell my index funds Um So here's where it is going to fall inside of the index. This is this so Kali Calie Cox calculated this for us based on, you know, putting a few pieces together of the new float adjusted rules The float is what's actually being available, okay Um she Kally said it's going to be right around AmGen. and Gilead and Shopify and Honeywell. So if you look at this graphic that chart you created It's going to be like one hundred and ninety fifth. company in the SMP It's not automatically going be a three percent position right away or something. But that's assuming that they weighive the profitability requirements, which we're probably going to sounds like they're going to And we don't know when it's going to get included. I think the bigger idea is what do future unlocks look like and how much supplies is ultimately could be dumped on index funds. And what does that do to the price? And we will cover all of that if you want more on talk about, but I'm sure this is going to cause the index providers to change more rules in the future if they try to manipulate them. All right, idea that will never happen What if there's a new rule? for private companies where Um Once you cross a certain threshold and market cap You can't be private anym You can't, you can't come public at a trillion dollar valuation. What if there's a limit? Like if you want to be a publicly traded company There's just a limit You can't come public at a four trillion dollar market cap. only release four percent of the float to investors pushing stocks higher. push it like I don't know. it's probably not to happen. I'm sure that's you know, probably not a great idea for various reasons It's an interesting experiment we'll see what's going to happen. And that brings us to One of the big questions is how much supply can the market handle Because the money's got to come from somewhere. And if opening eyes com in public And SpaceX is coming public, and Anthropic is coming public. they're raising two hundred a billion. What was the number that Goldman It was a two hundred fifty If there's two hundred fifty billion dollars. in new shares Coming to market, you have to sell something and how does what does that do? Okay, well Funny, you should ask. because Google Apparently needs to raise money or they are choosing to raise money So Google is doing an eighty billion dollars equity offering It is the first time since two thousand five So, this is a narrative buster to me. This whole story is so bizarre to me In what sense The fact that U People been talking about buuffett sitting in a cash pile and the timing of Berkshire Hathaway getting into this is bizarre to me So they bought Google last year They're buying more. they're buying ten billion dollars, which is I mean, what's their cash pile? Is it three hundred billion dollars? U They're only so it was done by via private placement. I'd only like a four percent discount to current prices And the whole story is fascinating. It's very interesting. Yeahill a company's biggest Goole maturess Google. Raising equity is so we I looked it up. It just I'm like, when has this ever happened before? It's this is basically a One one of one that this has happened I the size produces this much. Yeah, this size, this mature. I mean, Tesla did a bunch of equity raises. I guess like I was I was scouring All the LLMs like when has this happen before? they' like, never, this is new So here's here's like this has never happened before. Here's their press release During its Q one twenty twenty six earnest call Alphabet announced that it's twenty twenty six CapEx are expected to be one hundred and eighty to one hundred ninety billion dollars And that it expects twenty twenty seven CapEx to significantly increase compared to twenty twenty six The equity offering is part of Alphabet's plan to fund its investments in a balanced way while retaining a healthy balance sheet. Their other sources of fund that include strong operating cash flow over the last twelve months. They generated one hundred seventy billion dollars of cash flow. debt asssances over last year, they raised eighty five billion dollars of debt So people are rightfully saying like, hey, wait a minute, what in the world is going on one hundred seventy five billion dollars of operating cash flow issued eighty five billion dollars worth debt, which is over the last twve months and you still need more money. To me, the clearest my reading from this is I should buy more NVidDia. I own Nvidia, I should buy more. that one of the narratives I was thinking about this is obviously this means there's so much demand Yeah. so they need they needed money this bad that they had to raise equity, which is to your point crazy with how much Kapx they already produce. The other one is These are way more capital intensive businesses now And if they can't fund everything with cash cash flows, like that that potentially changes the business model And those are the two things that I came away with here. So I forget the exact details. They did ten billion dollars in a private place with Berkshire They're doing a forty million dollars at the market, equity offering sometime in the third quarter U and there were some preverbs in there. Now This is like nuanance that really who cares. Part of this is to pay the tax bill So they issue a lot of stock to their employees That is treated like cash comp, they have to pay income tax for that They're doing that I saw somebody make a good points like, cash is fungible. they don't want They could just use it from operating, right? But they did say that's part of the use for this So the stock is doing what in the pre markarket. This morning was down to and a fivef percent The stock is down The stock, oh, the market is open. Theock is down four and half percent So to me, this is going to be very interesting. How the market digests. So there go there goes the discount right away, hu You say they bought it at four percent of'co So Google's at three hundred fifty five. So we'll see how the market digests over the next couple of days and sessions, but it will be interesting to think about this in conjunction with all of the new supply that's coming to the market feel like we just need to start putting a file together for the thing that signaled the top Becauseuse one of these things has to be it Remember when Google raised money, that was it. that was Not easy Let's talk about South Korea real quick So someone from South Korea sent me a picture of my book at a b store there was kind cool. peopleople sent me pictures from India in South Korea, and New York, I seeing the book out W wild, which was kind of cool And so I wrote back to the guy and I said, Hey, how crazy is are things in South Korea as far as investors go? And he he said, it's crazier than you think.s the speculation is nuts. So got a few charts Wait hold on this on this the speculation thing like Are you hearing from friends I'm really not You right, that part of it seemed like I was hearing from more people in the twenty twenty one meme stock thing than I am with this So I guess is it possible that this is obviously retail is involved But it's possible that so much of this is really just professional investors in these and not not individuals. I don't So over the past ten years The South Korea TTF EWY is now outperforming the S and P five hundred. All of that outperformance for the past ten years has come in the past year because it was wildly underperforming. two twenty twenty four This is from Bloomberg We talked about how South Korea passed the UK before, passed Canada, now, South Korea has a bigger market cap than India which has actually kind of stagnated a little bit South Korea is just going up to Eric Bel Chunus. The two times SK Heink' ETF in Hong Kong has grown AUM ten times this year. It is now the third biggest ETF in that market accounting for eight point five percent of all assets. A leverage ETF, a single ETF is almost ten percent says that's insane it to be like an ETF in the US having one point three trillion dollars, which doesn't exist. makes us also It trades over a billion dollars a day which is a US equivalent of one hundred and fifty billion, which is never happened before. Holy crap. And now everyone of course says, it's two stacks idiots We know that. Well yeah, duh. By the way, just just getting back to my point, we made a second about retail investors. I think retail investors that are trading all the way are all the way in Like if you've been involved in they, you are all the way in. I guess my question was like is it pulling in new people into the market the way that twenty twenty one did. I don't think so That's true. I think we pulled forward a lot of demand This is Eng was an interesting dyamic Kein Gordy tw quite the gap The SAP five hundred continues to look stretch relative to its two hundred moving average Like how far stretch we are above Yet the percentage of members of tradeing above the two and day moving average continues to struggle to move higher I'm Whatever, notot really surprising dyam. We know it's going back to working about concentration again. Yeah. it's a lot of the A lot of the makey caps doing the heavyifting And yeah, people are all in on tack Cumulative flows into tech year to date Or actually since the March low, my bad is this is from Todd Sillan, It's like thirty billion And the cumulative flows X tech is negative four billion D didid thisisten to Dan Lobe on Patrick's podcast I' wasen y He was basically like Yeah this is by far our biggest exposure is tech And u You know, I mean, makes sense This is this is where the market is If you want to if you want to get out of X tech now, you're you're getting rid of like half the market. It's an enormous bet We haven't spok about money market funds in a while on the other side of the spectrum There's now eight point two eight trillion dollars in money market funds I don't necessarily want to say that this is going to like In fact, you know what? I was one hundred percent right here I was hundred per You called this I'll give your credit Yeah, I was hundred percent., this money's not leaving. This money's not leaving. it's Yeah God It helps that people thought the Federal was going to be K keeping lowering rates and that would do it, but the rates have stayed pretty steady, and we're still getting three and half four percent from money markets. It's not bad So I don't think this impacts the stock market at all There's probably personal finance ramifications here. I credit to you call this one U okay He the long Let's look at the other side of things. This is stunning. She says, personersonal savings rate in april twenty twenty five was five point five percent. Personal savings rate april twenty twenty six is two point six percent. That's a sharp plunge It underscores how squeezed Americans are right now with high prices and incomees not keeping up. Maybe you can explain a away but some of it by baby boomers's retirement but not all of it. Now a lot of people saw these numbers and said, oh my gosh How is an economy like this with a booming stock market and all this stuff and people can't afford to save money. This is that's the intuitive way you read that. The counterintuitive way you read this and how it actually works in reality is no, no, no, no. The wealth is so much higher, people think they don't need to save as much. And this happens all the time. This happened in the nineties. This happens in every boom. The savings rate decreases. when asset prices boom becausecause people's wealth is up and they don't need to save as much anymore Nailed it. I mean, right My sa was is way down probably because exactly what you just described Mike Zakardi posted a chart from Bank of America that shows just that The savings rate tend to be negatively correlated with household wealth When wealth goes up, you in Of course it is, off course it is, you're afraid to spend in bad times, duh. Yes All right. This is from Pon's Lock. He says H H a chart showing the US ADP weekly employment He said it is Javon's paradox play out in real time. Cheaper technology is creating more demand and more jobs. and This would be Amazing. This would be an incredible outcome We will say I don't think that I think it is way too early to draw any conclusions like ridiculously early to draw any conclusions But I hope it happens I hope that all the fears And fears that I shared. I was the Satrina report bummed me out. I'm not going to pretend like I wasn't bummed out I would love, I mean, we would all love for nothing more than for this to not be the case This is this is certain segments that are going to be disrupted, obviously. I think part is the people who are in technology are the ones who are seeing the biggest disruption right now. And there's the people in technology are like running around their hair on fire because they see what's happening to software developers And there's space. And they're going, no, you people don't get it. You have no idea what's coming. And I I think I know I think I think they don't get it I don't think they understand human beings I think that's over timeing. I think I'm a over generalizing No I definitely agree with that. I think the emotional intelligence, the EQ of tech in general is a lot lower than other industries That's not a slight So Kevin Rooce. No, their IQ is higher, their EQ is lower. That's's the That's the computer brain. Like we all know people like that Kevin Rw is tweeted oververheard in an AI Lab, How are you spending less three in days of work Bco Capital retweeted and said, increasingly think the only options for AI labs are to end up in prison or as government employe. I think's h, I'm guess he' being hyrily. He said rhetoric and outcomes they're pushing for are completely incompatible with current society They're either wrong enemies consumed Right. The point is if if everyone A is right that whatever fififty million jobs are going away. Somet's going to happen Yeah So we're not just going to let that happen A friend of mine shared with me a Youube video on someomebody walking through Google's Gemini spark, which is like the eentic stuff like here's how it here's how it helps you throughout the day, right So this is coming. I mean, it's here So I haven't messed around with it yet and engaged. but here's an example A few micro examples of something that I would love to have and I't want to be onwit Bumus me out It's a cess pool Um However That is where we get Amazing content for the show Yeah, If you have the right filter in place, Twitter is still great. There's's there's tons of gold and there's great aspects of Twitter, but I don't want to be, I don't want to be engaged because I get drawn into the negative aspects of it. okay? So but I need it. So like I basically want like a I want my agent to go through all of our transcripts our podcast transcripts Find out the people that we pull charts from all time like M acardi and Carlinony and Baljunus and blah blah blah, blah and just deliver them to me like Daily Charpook does, right? I'm sure I can build that. I'm sure that exists. so I will look to do something like that. So that's what Gavin Baker was on Patrick's show. and he said, What do you use it for? He said, I I have I take all the podcasts about AI and I have I have it summarize it for Here's another example That's going to exist. If I wanted to know The price every day for what a Chipotle Bolcaost in New York City And I wanted the AI to track that over time, it could do that very easily. It could go into Chipotle Create an order. And then just not hit submit and find out what the order is, right? And just do it every day So I could see the trends like you could do that Okay whyy would you need that? You don't, but just as like we're covering Chipotlete, right? We talk about it. Now, of course, you don't need. It's a silly micro example But my point is the possibilities are endless. Okay, like for so U I am going to the NBA final. This this is why AI is going to lead to more work for people. I listened to a big tech person on a podcast a few weeks ago And he was talking about how awesome it is and how it's going toestroy all the jobs and he's I just I don't see how it doesn' destroy every job. And the host asked him What is like the coolest thing that you've used AI for? And he said, you know what? I had all these pictures on my phone and I had AI go through the pictures and like sort them in different buckets. and it's like Amazing. What good what No, but what good does that do you for as a human being? It's just something that's kind of cool to have. It doesn't actually do anything for you. It's just cool to have. It's very close You're giving yourself more work with AI. That's the thing that's going to happen I love more work As a as a hyper attention sort of personerson, I love more work People Pe think that it's going to save them time. It's just going to be doing more tasks that you weren't doing before Yeah, sure, of course, of course. Here's another thing Like I want to monitor the ticket situation for the MA fininals I have to check it all the time. It's annoying If that could be automated, If you have an agent do that, and of course you can Fantastic U All right, so so it's all happening and And news that's not happening. That was God, what terrible segway that was. That was super lame. Michael Saylor ear earlier last year in F february twenty twenty five, tweeted, seell a kidney if you must But keep the Bitcoin. Well, well, well, look how the tables have turned This is Washingt journal strategy the Bitcoin holding firm found him by Michaelaylor said Mond that it sold thirty two bititcoin. it's thirty two bititcoin. It's not a ofcoin but nevertheless. He sold thirty two bititcoin last week for roughly two point five million dollars markets itss first salle since the depths of the crypto wter in late twenty two U Why? Because they need to make payments on, I don't know if it's their preferred stock, whatever it is. h He he told the Wallt Journal If you sold one Bitcoin to buy ten more bititcoin technically, you sold the Bitcoin, but economically You bought nine more Bitcoin. That's like Kenny Akson language. analytically, they they won't give me break. C on dude I think that this is short term negative for crypto long term positive. If If they're a force seller of Bitcoin, I think that's actually good. that I don't think him being the face of Bitcoin is good for crypto Yeah I think actually if they're forced as a seller, I think this is a good thing long term for crypto. It depends how much crypto they're forced to sell But I agree with your general statement. So Bitcoin is at sixty eight thousand. going lower how strge. It actually wasn't even that that right. Oh no, it's more of it today. That's outside. Don't you think that a lot of that that a lot of it was kind of priced in People knew this was coming Uh, what do you mean I don't know the stocks are in a sev percent drawdown or something. I know it's more today. But I think I mean, it's not some percent today. I dont don't know, I don't know what's priced. I think that probably a result of crypto. I wonder how people who went all into this stock are doing. becausecause there's a lot of people who talked about We we heard from a lot, right Yeah. I, uh It's it's its s, I don't Let's talk real estate. And I read this real estate story about real estate agents are quitting this slow housing market. whichich is like there's no activ there's not a lot of activity Right? So of course People here's here's a line from the Kim Taylor better career in the housing market, mid twenty three. launched own brokerage account with her brokage firm her husb All right? She started a team of seven agents and quickly bought six more aboard on board By twenty twenty four, high mortgage rates and prices were weighing on demand home sat of the market, most for agents had to find other part time work or full time jobs stay aflat. Her husband took a job last year' working for a school district She said we became a bleeding artery the lastle months would be the hardest of my career And so This is happening to realts all over the country, of course. and the thing that But the hard part about this is this is nothing that these people did personally They didn't create this. they had no control over this The fact that the housing market boomed Rates went lower Th then rates went higher and the housousemger slowed. These people had nothing to do. this is just bad luck And I think it's important to recognize that you talked about like all this stuff going well at the beginning of the podcast for us Some of this is just great timing Great obbviously, hard work. yes But like right place, right time to And sometimes you're just in the wrong place at the wrong time Absolutely. I I think that We have earned a lot of our success But I freaking met Josh at the train station by an absolute miracle And had I not met Josh, and I've said this a million times. The reason why I am so appreciative is because I was eating shit. L my life was going really poorly I was twenty five and I was my only friend that was unemployed and I was unemployable Uh, I was in a dark, dark spot And and it was my fault. It absolutely was my fault I was staring at the consequences of my own actions as a stupid young idiot These people Did nothing wrong. They were in a booming industry that They were rug pulled And I mentioned like I mentioned the strategy investors had said they lost their money I mean, there's degrees of sad. that was like a choice that they made and whatever. This is sad This is truly sting people's actual livelihood is being torpedoed and it is interesting that so much of the conversation during the boom time were These people don't deserve five percent what are they even doing The typical agent with two year experience arrested three transactions in twenty twenty four and earned eight thousand one hundred dollars in gross income tyypical agent with that complepleted ten transactions earned fifty eight thousand one hundred dollars in gross income. So it's not like these people are rolling in it there really sad. It And So so obviously there's people who are leaving And it said about seventy one percent of agents served the NAR in twenty twenty five said real estate was their only profession the lowest proportion of a record, meaning they have to have other jobs to stay aflow All right, Ben. so movie or having a moment AC Entertertainment records highest May attendance is twenty nineteen. Man, I nailed the movie trade and I bought the wrong stock. So I bought IiMaxX. I've held IiMX for a long time, It's doing fine. Well IMX did okay. No. No, IiMacX is doing fine. AMC is up Well, I mean, I might buy an a. It's' it was, you know, it was under a box. I'm sort of half joking. But it was up, it went from it was up like, I don't know forty percent of the lastter is Yeah, but that's just because it's like maybe not going out of business anymore. This is still a sl. just said like ninety nine percent. No, I know. it was it was dollars. I wasing. But u What we down ninety nine point four percent from the highs in twenty twenty one What's especially interesting By the, that was so weird that AMC was and Gameestop were the two faces of that period. just what a AMC what? That's at least the boom right now is like a real thing. You're right. That was that was that was not a real thing back then what makes this current moment in cinema. so Very interesting and exciting is that the two gigantic hits over this and last week U juxtaposed with what happened with the Mandalorian. is exactly what you want to say. So Stal Wars earned justust six point five million dollars out of second Friday. sixix and a half million dollars, dud That's a seventy percent drop, a seventy percent drop So the fact that backrooms open to eighty one million dollars by far, by far, by far Its biggest opening weekend An obsession, which is going to cost a hundred million dollars both of those movies are going to smash Star Wars is unbelievable. So I listen to I listen to picture I did a podcast with u this guy Kim Parsons. who was the director of Backrooms. He was eighteen when they greenlit this movie Jeez. He's twenty years old. It was the story he was a YouTube He was making mov on YouTube, That's what he was doing So I came home and the next morning Ashley, C was a daddy, you saw backrooms And I'm like I ne of backrooms. He go, it's on robox So Backrooms was a YouTube series Theyve There's been over two hundred and twenty four million views across twenty two videos. So I rawdogged it. I had no idea I didn't see the trailer. I didn't even know that this was a YouTube thing until I heard about this kid So I went to see the theater And u I saw an eight hundred and fifty on Friday night And there was at least at least two other earlier showings. So it was on at least three screens When I left at eleven o'clock There was a ton of young kids pouring into The theater So Arts, Bill Arts, who is a huge movie fan Um, slacked me, okay. I don't I don't know what to make in backrooms And I'm going to quote myself because I don't want to freelance this is how I felt I said, so I love that this is all happening And that is also my reaction. Did I love it? No Was there some aspects of it that I did love? Yes moreore weird shit and risk taking Yes, exclamation mark Um So I saw it in a pack theater. And there were a lot of bright pieces. So like it wasn't just a dark movie. so you could see the audience, right Every time I looked around me audience was Ehralled. Just a dead stare at the screen No phones And It was a young crowd dude It was a young crowd and nobody was on their phone Art said that's exactly right I don't think I'll watch it again, but it was a singular experience that I won't forget It's just really cool that we're getting stuff like this rather than IP slop. And I couldn't agree more. I'll just say the opening scene was was in my opinion, pretty terrifying But it wasn't like it wasn't like a scary movie that like,, you know, you can't that a normal person would be too scared to watch U It was something else And it's exciting And then Obsessions, another indie movie I think broke a hundred million dollars. I mean, and that was another kid. So both these kids were on Fantasy's podcast and the maturity. So that other guy u who did obsession I watched one of his YouTube shorts called The Chair which was excellent What's this kid's name? U So these are these are horror movies because I have no idea what these movies are about. It's just interesting to me that The horror movie has subsumed the superhero movie But so again the for the fifties and sixties, all the movies were Westerns. and now they never make Westerns anymore. That's gonna to be horror movies someday. They're making so many horror movies. Horror movies is the genre. It is. This is the Western of then. Because it's so cheap So this kid his his name is Cry Curry Barker They gave him a million do bucks to make this movie. I'm impressed. I'm never going to see these movies.'m impress It's it's fucking so cool man. I'm so, so, so excited that we are over the hump Now. There's still a ton of se you guys ex you and Bill Art didn't exactly se it to me Will I ever watch this movie again No, I don't know that sells the movie to me. Well that, I want to come back to this for a second Dooom three is still going to be one the biggest moves of the year Like ese sequels and their franchise movies like Mario are like Th those are still dominating the box of us, but the fact that we're getting this as well and hopefully there's more of that less of Yeah, young filmmakers that that's cool to see. I agree. All right, so maybe we didn't sell the movie that well. Listen, don't watch it on your couch. I mean, you might as well skip it at that point Going to the movies to see this was an absolute experience and a hundred percent and one hundred percent worth it If you were like now, if you're not a movie person, don't watch it because you're gonna to go b' like, what was that bullshit? Like fine, don't watch Now, if you're not a horror movie person, I'm movie person,' not a horror moie person. It does nothing for me Horror movies don't move my heartate rate at all. They don't do anything for me. so I just can't watch them. That's so crazy I know that I know that you're not alone there, but I was terrified at least in the opening scene. So I love it. I'm jacked to the tees, as Mr. Gossing said in the big short Um All right, did so Did you finish halfan We're about one episode away. So that is Honestly, it's one of the most stressful shows I've ever watched. And I almost after the first episode, I told my wife, I'm like, I don't know if I can finish this show. It's too much, but then somehow it like draws you back in It goes crazy, then it draws you back in and it's I can't even explain what kind of show that that is It is uncut gems. The anxiety that you get from watching uncut gems, it's that on HGH It is but it's something that is really well done though. It is so dark. and so deented, depraved and twisted. All right, so It is It was so well done. It's one of my favorite shows. like it's one of the it's one of the best minis series I've ever seen. I thought it was It also kind of pulls you in and has emotions to it too. It's dark But it also has emotions. It's very bizarre. I can't even ex compared it to another other show before. I'm so excited for you to see the finale U'm Finally Its friend of the show My friend was an executive at Amazon Studios And two years ago, he called me and told me that I might be in Spider Man toar The Nicholas Cage show And he told me he was writing me into the show I was like, oh my Godd, that's so cool. And it was like, I think it was two years ago. So as it's getting closer to release, I'm getting like, you know, a little bit anxious.ike, I'm like you know, this could be fun for me. I want to show my kids. So I'm in episode three Nicholas Cage plays Spiderm Man Noir And he goes into a hospital with an alias And his his alias is offfficer Batnick So he's outs the hospital and he's going through some fake like ID cs. He's like a he was batnick, bat n, bat nick, that's one So he goes to the hospital Who are you? I'm Officer Batnk He goes into a bedom we goes I'm offer B, blah Um My kids had like no reaction. They were like, Oh That isn't spite of bad. I was like What Nothing Hey what? like I thought their head was going to melt. No reaction. Un. I think it's like the coolest ever. I'm so thank you, Mat. Hey, kids, keep grounded, right? sure to Anything for you, Ben Um, Yes. you had the I was listening to the were W watchables with Steven Spielberg and I' never seen we have never seen I've never seen space Odyssey before we got to play this clip So This gave me Nakis, which is a Jewish or Yiddish word for just Joy This made me so happy. So The rewatchables is my favorite podcast Not of it like I love it' my foriteack of all time. There's not even number close number two Um and to see Sean Fenassey haveave this moment of joy. It brought itar to my. was I thought it was it was so cool to see him get to experience this. so I wantan to play this for the audience For you guys So he's 's he's talking to Steven Spielberg which is that in Dr. Strange Love, Major Kong says fire the explosive bolts And in two thousand one, the entry hatch line reads, caution, colon explosive bolts Wow, which is his own way. I never saw that. You know something Look at Seun, teaching you about movies. Hey guys, I'm just saying that I'm having such a good time talking to both of you about this movie One inssight makes this day. That's great. That's. I never in the history of the cademy. Criteria orgasm right there Is that the coolest freaking thing ever That's pretty cool I told you. I told you I watched the Martin Short documentary on Netflix and he enters purses in the documentary a lot of home movies and he has a cabin on a lake in Canada that they would go to every summer. And the people who hung out the most because their kids were all the same age, it was Marty Short and his family Tom Hanks in his family, and Steven Spielberg in his family And they said, listen, all our kids were the same age, so it just kind of made sense to do. And all and they showed all these home videos of these guys And it was Marty Shorton, Tom Hanks acting out scenes for Steven Spielberg or something It's just nuts. anyway, really worth a watch I just ass say that those those kind of guys were So all right. what a time to be alive, What a time to be an investor And If you like me are u Enjoying a good time in your life Be thankful That's Jerry Sring. That's J jry spring impression. Take care of yourself. Not everyone is, obviously. Not everyone is. So Um All right. You right, this this is an exciting time. in the market For the stuff that we do, this is a very exciting time This is a time. Yeahah, we we will look back on these times. hopefully with fine memories hopefully this doesn't turn into a bubble at that burst, but For now, it's really something I just know there's going to be pain at the end of the rainbow at some point. There is, there just is. This is how markets work. Everything is cyclical Is that cycle five to seven years from now Or is it one year from hour or three years from? I don't know. There's going to be pain at some point prepare yourself for it. It's going to happen So next week, I will take the other side of that barely I will just offer a because we spoke a lot about keeping an open mind I will have the other the other take next week that this doesn't have to end badly. I'm not saying it even has to come from AI Now he's gonna dump D dad. D't don't hedge You said what you said Everything is cyclical. This cycle will come to an end at some point But it could last a lot longer than people think in the meantime All right, animal spirits at thecompoundneews. com Thank you very much, everybody for listening, for the emails. Hope everybody is enjoying their early summer. Go next. We'll see you next time