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AI Super Cycle or Market Bubble? - How This Market Wizard Is Trading Now — Transcript

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0:00Are we in a bubble or are we in the
0:02biggest thing to ever happen to
0:03humankind? Right. And and you know,
0:05you're not nearly investing aggressive
0:06enough. I think we're still
0:07exceptionally early. I think when we
0:09when we think about AI generally, uh
0:11everything we've been experiencing and
0:13everything we are set to experience the
0:16next couple of years all kind of fall in
0:18the first stages of the AI super cycle.
0:21We're going to see a widening of the
0:23companies who are benefiting from
0:25artificial intelligence over the next
0:27few years. So rather than it be 15 or 20
0:29names, I think we'll actually see
0:31hundreds of companies, maybe thousands
0:33of companies that are publicly listed
0:35that will meaningfully benefit. I think
0:37the most interesting thing right now
0:38happening in AI that no one is talking
0:40about is that we have millions to tens
0:42of millions of humans around the world
0:44that are all working 30% to 200% harder
0:49than they ever have. Biggest story in AI
0:51right now is what are these people
0:53building? What is the world going to
0:55look like in 5 years when these 20
0:58million people that are sleeping 3 hours
1:00a night right now? Because they're
1:01building with frontier models in their
1:04bedroom. They're solving problems. We're
1:06about to democratize the intelligence
1:09layer. So once you democratize the
1:11intelligence layer, all of the other
1:13aspects of life become meaningfully more
1:16valuable. Right? I don't know how you
1:18would be in any part of the investment
1:21sector and not heavily engage with AI to
1:24do nothing other than check yourself and
1:27to aid in your research and to aid in
1:29your thinking and to kind of play
1:31devil's advocate on everything that you
1:32do.
1:33>> Hey everyone, welcome back to another
1:35episode. As always, we bring top
1:36traders, US investing champions, and
1:38market wizards here onto the show to
1:40share their journeys, their methods,
1:42their strategies, and the key principles
1:43that they want to pass on to you guys to
1:45save you time, save you money, and
1:47improve your trading performance. And if
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1:54Down below in description, you'll find
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1:59of today's interview with key quotes,
2:01key takeaways, and key concepts that you
2:03can apply right away to your trading.
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2:43[music]
2:45Okay, welcome back everybody. Uh joining
2:48us next is Chris Millow, individual
2:50investor and market wizard who is known
2:52for social arbitrage strategy. He's the
2:54host of the dumb money contest uh
2:56podcast and has been one of the leading
2:58voices of the AI theme and how investors
3:01can ride the waves. So Chris, first and
3:03foremost, thank you so much for taking
3:04the time. Pleasure to have you here,
3:07>> dude. Happy to be here as always for
3:09retail investors any day.
3:11>> Yeah, awesome. Um we've got a lot to
3:13touch on today. I think we want to focus
3:15a lot on where we are within the AI
3:17waves, uh the skepticism around what's
3:20going on right now, um and kind of what
3:22that next layer of the the AI wave and
3:25that theme can be. So, uh to start
3:28things off, u maybe give us some
3:29context. Where do you think we are
3:31currently within the AI theme in terms
3:34of the waves that you've seen? You've
3:35talked about that a bunch of different
3:37podcasts. Where do you think we are
3:38right now?
3:40>> I think we're still exceptionally early.
3:42I think when we when we think about AI
3:44generally uh everything we've been
3:46experiencing and everything we are set
3:49to experience the next couple of years
3:51all kind of fall in the first stages of
3:54the AI super cycle which is essentially
3:58the discovery of intelligence right uh
4:01which is where we were 3 years ago with
4:04that chat GPT moment and we were all
4:07kind of racing as investors to figure
4:09out the best way to trade and take
4:12advantage of this moment in time. uh we
4:15quickly transitioned into the AI
4:19infrastructure
4:21uh kind of wave which was probably the
4:23biggest thing that we've experienced in
4:26a very long time where we have 15 to 20
4:28names uh across the chip uh and cloud
4:32computing and energy
4:34>> energy y
4:35>> you know I infrastructure
4:38uh that have quite honestly captured the
4:42vast majority of market gains over the
4:44past 18 months, right? So, if you look
4:46over the past 12 to 18 months, there are
4:48very small number of names that have
4:49captured the bulk of that market
4:52movement. And I think that has led us to
4:55a place where investors are confused. Uh
4:59it it feels like we're in a bubble
5:00sometimes. It nothing seems to make
5:03sense. Uh the market moves erratically
5:06on a daily and weekly basis. And I
5:09cannot recall a time in my life where
5:14over a period of months and years
5:17investors have had so much confusion. Uh
5:21and there's been so much conflict in
5:24terms of where we are, where we're
5:26headed, what's real, uh what's not. Are
5:30we in a bubble? Are we not? Are we in a
5:33bubble or are we in the biggest thing to
5:35ever happen to humankind? Right. and and
5:38we're not, you know, you're not nearly
5:40investing aggressive enough.
5:42>> You know, I've spoken about this
5:43recently. I think
5:44>> we are on the precipice in the next few
5:47months, the next couple of years of
5:49entering kind of the third wave of the
5:52AI super cycle, which is still early.
5:54This is all the first piece of it which
5:56is the AI efficiency wave which is where
6:00companies actually start to extract
6:03meaningful value out of artificial
6:05intelligence in terms of lifts in
6:08productivity.
6:10uh you know massive increases in
6:12efficiency
6:14uh the ability to either operate asis at
6:18a much lower cost basis or where I think
6:20we're headed the ability to meaningfully
6:23grow uh without having to add
6:27significant expense and headcount and we
6:31are going to see economies expand but
6:33and expand in such a way where companies
6:36are able to kind of capt capture
6:40uh more meaningful markets without the
6:43traditional capex that they would have
6:46to spend to get there. And my thought is
6:49that we're going to see a widening of
6:51the companies who are benefiting from
6:54artificial intelligence over the next
6:56few years. So rather than it be 15 or 20
6:58names, I think we'll actually see
7:00hundreds of companies that will maybe
7:02thousands of companies that are publicly
7:04listed that will meaningfully benefit.
7:07And if you're an investor and you're
7:09just trying to figure out generally um
7:12where does the market at large go over
7:14the next 3 to 5 years, I think the
7:16optimistic take would be that the AI
7:19efficiency wave just tends to lift
7:23economies
7:24uh in a macro sense in terms of
7:28companies being able to grow and grow uh
7:31with a lower cost basis. Now that
7:33doesn't necessarily mean that companies
7:36are laying off you know employees at
7:40scale across every industry sector. I
7:43think there will be some industry
7:44sectors where you generally start to see
7:45a tightening uh of labor because they
7:48want to operate more efficiently and
7:50maybe they don't have as clear of a
7:53roadmap for how to apply AI to chase
7:56growth that's sitting in front of them
7:59and that will be damaging uh for some
8:02employees across some sectors. But I
8:04think we will see a lot more of
8:07companies realizing, wow, an employee
8:09can do 3x the work, 5x the work in some
8:12cases,
8:12>> solve more problems, do more work on
8:15projects. Yeah.
8:16>> You know, solving problems that that
8:18weren't really
8:20uh economically feasible to solve
8:23before, right?
8:25>> And I think companies see that and they
8:28think, let's chase those 10 initiatives.
8:31Let's chase those five initiatives that
8:33we didn't think were economically
8:36feasible but today are economically
8:37feasible and let's do that with our
8:40existing employee base or potentially
8:43tweaking our employee base or what I
8:45think is actually more likely although
8:47not a lot of people are talking about
8:48this expanding our employee base
8:52somewhat uh to chase those opportunities
8:54because we we kind of see where we can
8:57hit our our margins and expand our
8:59margins right uh in this new world where
9:01the where the intelligence layer I is
9:05maybe not immediately less expensive but
9:07certainly you have an outlook 3 to 5
9:09years where where it will get
9:10meaningfully less expensive than the
9:12labor count would have cost you
9:14historically. So I think if you're an
9:16optimist and I am that is how I see this
9:20unfolding. Some companies will benefit
9:22more than others. It it's hard to
9:25envision a scenario where where where
9:27that doesn't play out. I think the big
9:29question is how long does it take to
9:32play out and how many bumps in the road
9:35do we have you know between now and when
9:39this kind of massive amount of
9:41productivity and massive amount of high
9:43efficiency growth hits macro markets you
9:46know will there be a multi-year period
9:49where companies just tend to be too
9:52conservative and they pull back and
9:55there's an employment issue or an
9:57unemployment issue
9:59that potentially leads to a recession.
10:01That's certainly in the cards. And I
10:02don't think anybody can predict with
10:04accuracy whether or not we're going to
10:06experience that and and if so, how big
10:08it will be, how long it will last. I
10:11have confidence in where we'll
10:12ultimately end up, right? And and so
10:14what I have less confidence in is the
10:17timeline and exactly how we get there.
10:20And you know, if I'm an investor right
10:22now, and I've been saying this, I'd be
10:24really careful when it comes to leverage
10:26right now. And I'm a big leverage guys,
10:28you know, so I love leverage. Uh but I
10:31would just be careful in how you apply
10:34that leverage over what timelines and
10:37trying to,
10:39you know,
10:41really wrap your head around a timeline
10:44for what's going to happen in the
10:45market. I think a lot of us are fooling
10:48ourselves that we can do that in in this
10:51type of volatile market because it it it
10:53you might be right and it really doesn't
10:56matter. uh because I think perception
10:58rules right now and any crack in the
11:02news flow that is a negative any thesis
11:05that comes out from anyone with any
11:08degree of respect even if they don't
11:10really deserve that respect right uh if
11:13they have attention if they get eyeballs
11:16that's enough to shake the market
11:19temporarily and and we've seen that time
11:21and time again like we almost know we
11:24don't know what's going to take down
11:25this AI trade
11:27the next 90 days. We just know
11:28something's going to take it down. That
11:30that's almost a guarantee at this point,
11:32right? Like I don't know what it is, but
11:34it's going you better be ready for it
11:35because something is going to take down
11:37the AI trade temporarily about every 30
11:40to 90 days.
11:41>> We've had the tariffs Iran all all this
11:44stuff has come in and caused those
11:45corrections. Yeah. along the way.
11:48>> And the reason for that is we're dealing
11:49with subject matter that most investors
11:52just simply do not understand whether
11:55they're institutional investors and
11:57we've seen this is just really
11:58astonishing. I've never seen uh the gap
12:03uh tighten so much between institutional
12:06investors, institutional research and
12:09retail investors with retail research,
12:11right? And in some ways, retail
12:15investors, some some portion of them are
12:18getting meaningfully smarter. I would
12:20say most retail investors because we
12:22just have so many of them in the market
12:24right now are are emotional because
12:27they're new, relatively new. They
12:29haven't seen things like this before.
12:32Uh, and they tend to get shaken out
12:35pretty quick. Uh, because they're
12:37they're generally levered more than they
12:39ever have been. And when you're a retail
12:41investor and you're levered, uh, you're
12:44you're quick to pull the trigger when
12:46when things turn the other way. So
12:49meanwhile, institutional investors are
12:51just simply acting more like retail
12:52investors than I've ever seen them
12:54before. They are chasing attention. They
12:58are chasing hype and perception. They're
13:01trying to get in front of retail
13:03investors of what retail investors are
13:04going to do next. uh as opposed to
13:08having kind of their own independent
13:12uh moreminded
13:13thesis and and they're unwilling to kind
13:17of take the short-term risk to be wrong
13:19in the short term because of market
13:21fluctuations and be right in the long
13:23term and historically that's where your
13:26institutional funds you've really
13:27counted on them to be you know smart in
13:31that way and not get shaken out. I think
13:32with the algo trading uh with hedging
13:36with everything everyone is trying to
13:38make money every day in the market every
13:41week and every month and that is a
13:44dangerous place to be. It it really is a
13:47dangerous place to be where you feel
13:48that you need to be up every week every
13:51month. Um it's a very difficult thing to
13:55pull off. I've never known an investor
13:56to pull that off meaningfully over the
13:59long term. Uh, and it's just it puts you
14:03in a position to make bad decisions, I
14:06think. Right.
14:07>> Hey everyone, just want to jump in here
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15:30And with that, let's get back to the
15:31interview.
15:33I want to call back to something you
15:34said, you know, at the very beginning,
15:36you know, looking at this current wave,
15:38the infrastructure wave. Um, and I know
15:41you've been trading this, you know, with
15:43the semiconductor memory names. uh be I
15:46know has been a huge uh name for you
15:48riding this infrastructure wave. Um how
15:51close is that to cresting or do you
15:53think it has more legs the kind of
15:55infrastructure segment of this AI theme?
15:58I don't know where do you think we are
15:59with still this the second wave here?
16:04>> I think infrastructure has a ways to go.
16:07Um, I think if you look at how we
16:10believe AI will play out over the next
16:13three to five years,
16:16we are going to continue to thirst for
16:18more. Um, anytime
16:21we achieve more in terms of what the
16:24models can do on the frontier of these
16:27models or what the compute can do, I
16:30think what we'll see is not, oh great,
16:33we could do more with less now. It's
16:35more of like, wow,
16:38what can we possibly do now with this
16:40intelligence? And I think that will
16:42continue to kind of loop back and drive
16:45more thirst for more compute for more
16:49solutions to more problems uh to create
16:52new industries.
16:55Listen, this is a bit of an unknown
16:57right now. Now, I know we have we have
16:59uh Jeb's paradox, which is kind of like
17:00the thesis behind a lot of what I'm
17:02saying, and we've seen that kind of
17:04happen over and over again, but not to
17:07this degree. Um, not happening this
17:10fast. So, I think over the long term, I
17:15sit on the side that says no matter how
17:19much infrastructure we build out,
17:22I think I would place my bet on us being
17:26constrained. uh over the next few years.
17:30Uh I I think there's still going to be a
17:32bottleneck because anytime we're able to
17:35clear that bottleneck in some way,
17:39I think new industries will pop up to
17:42create new bottlenecks because
17:44intelligence uh as an industry is just
17:48too broad. It touches every facet of
17:51life. It touches every problem.
17:55uh as soon as you know I'll challenge
17:58you to think let's just talk about
18:00advertising okay this is something we
18:01all understand
18:03I mean advertising
18:05has obviously evolved over the past 70
18:09years and at the same time it really
18:13hasn't changed all that much right uh
18:16but when we look at advertising and we
18:18look at new technology and how that's
18:21impacted advertising right whether the
18:23it was the birth of radio or television,
18:28the internet, when we actually had
18:30personalization for the first time, uh,
18:33personalization was probably one of the
18:36biggest game changers we've ever seen,
18:38targeting, the whole concept of like
18:40individual targeting for advertising
18:42through digital media. uh when we're
18:44able to take those ads and actually take
18:46them away from you know something like
18:50this that you're in front of for some
18:53part of the day and and put it on this
18:56>> which was that Facebook moment right
18:58remember that back in the 2000s
19:00>> and all of a sudden that advertising
19:03became not only personalized but became
19:06mobile and was essentially with you
19:08every minute of the faking day. That is
19:11what created some of the biggest
19:13companies in the world like Meta. All
19:14right, Google as well obviously, right?
19:17Google and Meta. And now we think about
19:21what could happen with advertising, just
19:24advertising alone, right? Um when AI
19:27actually knows everything about you
19:29because you entrust the AI, it's so
19:31powerful that intelligence layer that
19:33you need its assistance for every facet
19:35of your life. It knows what you're
19:37doing. It knows what you react to. uh it
19:40knows what you're, you know, what you
19:42need help with. Uh when you combine that
19:45with the ability to deliver highly
19:48engaging, personalized, immersive
19:51advertising that could be two-way
19:53engagement advertising. Our brains can't
19:55fully comprehend what the future of ads
19:58look like. And so, you know, I know
19:59there's a lot of meta investors out
20:01there. They're like, "Whoa, God, what's
20:03happening to Meta? It's it's getting
20:04destroyed." And I'm I'm a guy that
20:06historically I have not really been
20:08invested in Meta uh for a while now, but
20:11I think about I think about the um the
20:15long case for Meta and if we kind of
20:19take this next leap fully immersive,
20:22fully customizable advertising like when
20:25imagine going to an ad and having that
20:28video uh render itself in real time for
20:32you with actors or with verbiage that it
20:36knows well you will personally relate to
20:40because you like to see this type of
20:42individual demo a product. You like to
20:45see it demoed in this way and it could
20:47render fully immersive ads just for you.
20:50Now we we're far away from that because
20:52the cost of that compute would be
20:54absolutely insane today. All right, but
20:57imagine a scenario where the cost of
21:00compute comes down dramatically.
21:04That is an area we're going to go to.
21:06So, as soon as the compute gets cheap
21:07enough, there are layers and layers of
21:11problems and opportunities that will
21:13open up to cheaper compute to basically
21:16fill that compute and drive the cost of
21:18that compute to a level to to where it's
21:22balanced again. Right? And so when when
21:24if you have an open mind and you don't
21:27try to frame AI based purely on a
21:32historical mindset of what we experience
21:33in our life because nothing is
21:36accelerating. We've never seen anything
21:37accelerate like we've seen AI
21:39accelerate, right? If you're able to
21:41reframe that in a go go go off do some
21:44meditation for 5 days and now think
21:46about the future with with an
21:48intelligence layer and think about how
21:50it changes the way we live, how we
21:52think, how we produce products, how we
21:55engage with humans and industry,
21:58you get into this infinite loop that is
22:01not going to last for a couple years,
22:04but I think should last for many, many,
22:06many years until we're able to find an
22:09absolute balance.
22:10and and and we're able to kind of like
22:12shake out the supply demand.
22:15It's really exciting if you think about
22:17it. Uh because when you experience that
22:20type of advertising, everyone's going to
22:22want to deliver that to you. Every
22:24bleeding edge product and company in the
22:26world is going to want to engage with
22:28you in a way that converts 2x higher, 4x
22:32higher, 5x higher. And you know, even if
22:36the compute is more expensive, it will
22:39actually kind of hit an ROI, right?
22:43>> So yeah, if you're bullish, that's a
22:45reason to potentially be massively
22:47bullish on a company like Meta. You
22:50know, I'm an Amazon fan, and that also
22:53relates to Amazon, who is the third
22:55largest digital advertising company on
22:58Earth. And if you could just envision
23:00every single ad on Amazon, right, being
23:02immersive, uh, being generated in real
23:05time, you know, they're there to play as
23:09well. But this is just one mod
23:10advertising. You could basically take
23:12that and and and replicate that
23:15narrative across almost every single
23:18industry sector on Earth in a different
23:20way. And you could redefine what an
23:23industry looks like, how that industry
23:26interacts with its customer base. I
23:29mean, mental health for example, we all
23:31so many of us are already using, you
23:33know, LLMs for mental health. Um but I
23:38think when we you know utilize them for
23:40mental health in a fully vertically
23:43integrated way right to where it it's
23:46not so rogue that okay you you might
23:49have a psychologist and but you're also
23:52using chat GPT right and then you're
23:54still you're going to for your
23:57prescriptions and you're going to Amazon
23:59right once you kind of imagine once you
24:01vertically integrate all of that
24:03together and you actually have the
24:06ability to now, you know, this sounds
24:08this sounds like uh a horrible thing to
24:11say, but productize mental health,
24:14right? Like like for for pharmaceutical
24:17companies and for the healthcare
24:19industry and for insurance, right?
24:23I just think it's hard to wrap our head
24:25around how far this is going to go. And
24:27again, you could make this case for
24:29every single industry sector. Oh, I
24:33think the most I think the most
24:35interesting thing right now happening in
24:36AI that no one is talking about
24:39is that we have millions to tens of
24:42millions of humans around the world that
24:44are all working 30% to 200% harder than
24:50they ever have. Uh if you dig deep and
24:53you actually start to
24:56uh ingest conversational data of
25:00developers and you see what has been
25:02going on the last 6 to9 months
25:05specifically, you will realize that
25:08developers are actually spending more
25:12time than they ever have building.
25:14Whether they're building for their
25:16company, building for their company and
25:18for themselves on the side, these
25:20developers are not sleeping because they
25:22know the moment we're in. They're able
25:24to do two to 10x more than they ever
25:26have right before. Even people that are
25:29not traditional coders and developers
25:31are able to get in on this game and
25:33actually express what's in their head uh
25:37and actually, you know, build, right?
25:40Build themselves.
25:41>> That prototype cycle is just so much
25:43faster now. Anybody who's got an idea at
25:45a company can see it through throughout
25:48to basically production ready what
25:50whatever that idea is. So it opens the
25:52door for people who had the expertise
25:54the the knowhow uh to actually express
25:58and and publish it. Thanks.
26:00>> The number the
26:02the incidence of of entrepreneurial
26:06minds in the world has not changed. We
26:08have the same number of entrepreneurial
26:11people today that we had five years ago.
26:14Those people didn't go away. And what
26:18nobody understands because listen, the
26:21average person is not a builder and
26:23entrepreneur, right? I don't know what
26:25the percentage is whether it's single
26:27digits or low double digits of humanity.
26:31Uh these people are not going to go
26:34away. So when you give them these tool
26:36sets, they are going to build and build
26:39like you wouldn't even believe. Usually
26:42these people hit so much friction and
26:44they're so frustrated that they go on
26:46with their day jobs and they don't build
26:48because they can't build because there's
26:50too much friction. There's too many
26:52barriers to entry as it relates to
26:54capital raising, as it relates to
26:56building out teams, as it relates to
26:58risk because they have families. They
27:00have commitments. But now every
27:02entrepreneur in the world, every
27:04entrepreneurial mind, every builder in
27:06the world has been given this gift to
27:09build whatever they want to build and
27:11they're just getting started. So the
27:14biggest story in AI right now is what
27:17are these people building? What is the
27:19world going to look like in 5 years when
27:22these 20 million people that are
27:24sleeping three hours a night right now
27:26because they're building with frontier
27:28models in their bedroom? They're solving
27:31problems. They're basically expressing
27:33what's been in their head for three or
27:35four years that they couldn't build. And
27:36now they're actually able to take that
27:38idea to market to change the world. What
27:41will the world look like because of
27:43that? How many new companies will we
27:45have birth over the next 3 to 5 years?
27:49How many new industry sectors will
27:51emerge over the next few years? Because
27:54we have tens of millions of people that
27:57cannot stop building because and they
28:00never will stop. They never will stop.
28:02And all this BS about, hey, we're going
28:05to have this intelligence is free, so
28:07none of us are going to do any work.
28:09That's not how we work as humans.
28:11>> We're wired to
28:12>> Yeah. When you Some of us will some of
28:16us are gonna slack and just chill and
28:19Yeah. are are gonna ride the wave.
28:23of of maybe not having to work as hard
28:26if we enter any type of age of abundance
28:28in the next 25 to 30 years and you're
28:31you know you're able to basically float
28:34that's fine there will those people have
28:36always existed it's just a different
28:38brain chemistry right but the builders
28:40are going to build and god I cannot even
28:42imagine what's coming out in the next
28:44five years six years so yeah when we
28:46talk about where we are in this kind of
28:51a AI cycle
28:53I'm not even sure if we've gotten
28:55started yet. Like I'm not even sure if
28:57we've really seen the start of it yet
28:59because we're looking at existing
29:01companies trying to apply AI to solve
29:04some additional problems to cut cost.
29:07Right? What we're not talking about are
29:10the millions to tens of millions of
29:13entrepreneurial people around the world
29:15that are in the earliest stages of
29:17building the next great thing. That's
29:19happening, guys. That's happening. And
29:21that's the biggest story. That is the
29:23number one story right now in the world
29:26that no one's talking about. How much
29:28compute are they going to need, right?
29:30Like it it's very exciting is all I'm
29:34saying and and no one's talking about
29:35it. Yeah. What do you think are do you
29:39have kind of a profile in your head of
29:42the companies that will benefit most
29:44from the AI efficiency layer? So like um
29:47what what are the characteristics of a
29:49company that you think will be able to
29:52harness AI to grow faster, cut cost,
29:57improve margins, um and hopefully you
30:00improve their stock price over time as
30:02as a result.
30:03>> So there's a few different ways to think
30:05about this. It's not just one way to
30:08take advantage of the AI efficiency
30:10wave. You're going to have incumbent
30:12companies that are really focused on
30:15numbers, right? They haven't really
30:17grown all that much in the last 10 years
30:20and they're really looking about how can
30:22we become more efficient, right? So,
30:25companies that have a very high cost
30:26structure, any company that has a high
30:30employee count of white collar employees
30:34that tend to do a lot of physical,
30:37excuse me, a lot a lot of repetitive
30:38task. So companies that have a
30:41tremendous amount of customer service,
30:44customer, you know, companies that have
30:46just large numbers of repetitive white
30:49collar workers, a lot of those companies
30:52are simply going to try to chase
30:55margins. They're trying to reduce costs
30:58because it's a really easy thing to
31:01chase once you can figure this out. And
31:03I think that happens over the next few
31:04years. But there are other companies
31:06that are going to look at this
31:07differently. they're going to be more
31:09aggressive. They're gonna say, "Hey, we
31:10we can cut cost or we can repurpose
31:14those employees and maybe add to our
31:16employee count to start chasing bigger
31:18initiatives to start chasing maybe even
31:21some a larger number of smaller
31:23initiatives that now make financial
31:25sense for us." I do think that there
31:29will be bumps along the road when the
31:31market sees that and they go, "Wait a
31:33second. You're spending more money now,
31:35not less. you're keeping your employees
31:38and you're spending money on compute,
31:40you're now less profitable. So, we're
31:42going to destroy your stock. And that is
31:46a risky proposition for a CEO to take.
31:49It's totally different, but similar to
31:52what you've seen with mega cap tech
31:55going
31:56>> all in on capex, spending 120 billion,
31:59200 billion on capex,
32:00>> raising money even. Yeah. to borrowing
32:03debt to simply build out infrastructure
32:06for what they see is right in front of
32:07their face as an opportunity. Right? So
32:10that think about this that opportunity
32:13is right in front of the face of Meta,
32:16of Google, of Amazon, of Microsoft. And
32:20these companies are the biggest
32:22companies in the world that historically
32:25have done a relatively good job. Not all
32:27of them, not all the time. Meta's made
32:29some mistakes with capex, some big ones.
32:31but but generally have made responsible
32:34decisions on capex over time
32:38and the market's like we don't care, we
32:41don't like it, it's too risky, we're
32:43going to punish you. So what happens
32:45when you have hundreds of thousands of
32:47smaller companies that are doing more
32:50speculative things right with capex in
32:54terms of not laying off employees and
32:57spending a lot of money on compute
32:59temporarily their margins get hit but
33:01they're like wait a second in our
33:03industry sector we're all chasing these
33:05things and if we can get there first
33:09this is the g the biggest game changer
33:11ever for our company so I think we'll
33:13see a lot of volatility. I don't think
33:16this is going to be like an up and to
33:18the right curve in terms of valuations
33:21and market appreciation. I I think it'll
33:24be a roller coaster. I think a lot of
33:25investors are going to freak out over
33:28this the same way they freaked out over
33:30capex with big tech. And now is the time
33:34to really gain a sense of where your
33:35conviction lies. How convicted are you
33:39in AI? And how convicted are you in the
33:43team of the companies you follow to
33:46actually make the correct decisions and
33:48not simply spend on compute because
33:51everyone else is, but actually make
33:53these investments because they clearly
33:55see opportunity that AI can solve for
33:58them. So, this is a great time to be a
34:02great investor that actually does their
34:05homework and is not just chasing the
34:07next hot thing, but actually has a high
34:10degree of conviction in the various
34:13narratives of these sectors and these
34:15companies because there will be amazing
34:17opportunities
34:19to load up in these companies at prices
34:22that are already low for some of these
34:25companies and maybe getting a lot lower,
34:27right? But the only people with the
34:31balls to do that are those that did
34:33their homework and really have
34:34conviction. Okay? So like
34:38this is why it's such a cool time to be
34:39an investor because there's like
34:41literally investors sitting on both
34:43sides of every trade. You could look at
34:45every SAS company and you half the
34:48investor base is like this is getting
34:50destroyed by frontier models. this is
34:53going to become a feature of a frontier
34:56model as opposed to its own company. And
34:59then you have other investors that are
35:00like theoretically in time maybe, but
35:05not in the next 10 to 15 years. This
35:07company is going to cash flow. They have
35:11a sticky customer base. They might not
35:14be able to grow as quickly, right, as
35:16they did before, but they're still going
35:18to grow. uh they're also going to
35:21simultaneously cut their cost over time
35:24and they're going to cash flow and at
35:26these stock values this is an incredible
35:29investment. What which side of that do
35:31you sit on? I mean it it's an it's a
35:33it's a good argument to have and it's an
35:36argument that probably you know the
35:39winner is different for every company
35:41and every sector. So I don't I'm not one
35:43of these guys where I'm like uniformly
35:44SAS is undervalued
35:46>> or uniformly SAS is getting destroyed.
35:50>> I think there will be companies that do
35:51better and companies that do worse and
35:54like I haven't put the homework in on
35:57service now. I haven't put the homework
35:59in on Salesforce and a lot of these
36:02other companies to have tremendous
36:04conviction in which ones will ultimately
36:06be the relative winners and the relative
36:10losers. So, I think as an investor, you
36:12need to be really careful before you
36:14just take an opinion on something
36:16without doing the homework because I
36:18don't see a lot of investors doing a lot
36:20of homework these days. They're so
36:23distracted, caught up by noise. They
36:25want to have a position. They want to
36:27believe in some thesis. They do a tiny
36:30bit of work. They maybe watch someone
36:32else talking about it, read a couple
36:33articles, and then they act as if they
36:35have a lot of conviction in something,
36:36which is just themselves fooling
36:39themselves, quite honestly. What what
36:41does homework look like for you when you
36:43really get serious about learning about
36:44a company and you know you could use
36:46something that you're interested in in
36:48now or Amazon I know you've done quite a
36:50bit of work on and and uh you really are
36:53are focused on that in terms of exposure
36:55to AI in many different domains but what
36:58what should what homework do uh
37:00investors need to do to make sure they
37:02understand a company its prospects and
37:05how it might be impacted by AI? Well,
37:08before I can get to a point where I have
37:10high conviction in a trade, I do all the
37:13work. And what I mean by all the work is
37:15I read all the stuff. I read everything
37:18that's been written about that company
37:19in the past 6 months, every analyst
37:22report I can get my hands on, every
37:24media story. I read every retail
37:27investor opinion. Uh I try to read every
37:31meaningful,
37:32you know, expost.
37:35uh I get into investor chat rooms and I
37:38want to get the perspective of everyone.
37:41I want to see what the short position
37:42is. I want to see what the long position
37:44is. I want to know exactly what
37:46investors think on both sides of that
37:49story, right? I then I then want to go
37:52in and do deep deep research on every
37:55aspect of the business to assess what
37:58people are missing. Right? Like I I want
38:01to understand what the drivers are of
38:02this business and I want to understand
38:05is there anything happening
38:08within each of those drivers that people
38:10are just misunderstanding or
38:12misperceiving where people are just not
38:15seeing clearly. Right? It takes between
38:1840 and 70 hours for me to do this on a
38:21single company. And towards the end, it
38:24gets pretty brutal because I find myself
38:26late night, you know, barely keeping my
38:30eyes open, desperate to find new
38:32information. And that's when I know I'm
38:34coming to a close on my research when I
38:36actually cannot find one piece of
38:41conversational data of research anywhere
38:45in the world. And by the way, I look at
38:46all the alternative data. I pull data.
38:48I, you know, every piece of data I can
38:51pull, whether it's web traffic, whether
38:53it's transactional credit card data,
38:55whether it's search data, uh social
38:59data, uh people speaking about their
39:02products. I I interview store clerks. If
39:05it's a company that sells their products
39:07at retail, um there's numerous types of
39:11data that you can, you know, aggregate
39:14that all potentially touch a company.
39:18So, I I turn over every rock because I
39:21don't want to miss anything. I might be
39:24wrong in my thesis, but I don't want to
39:26be wrong because I missed some
39:30information. And when I'm putting five
39:33to 30 plus% of my entire portfolio at
39:36risk in a single position, sometimes
39:39levered uh where if I'm wrong, I will
39:41lose the entirety of that position. So I
39:44might lose, you know, double digits,
39:47you know, percentage of my entire
39:49portfolio if I'm wrong. I need to know
39:52everything and that and that's what I
39:54do. So it's like it sounds dumb, but I
39:56just read everything like I don't I
39:58don't leave anything unread. It takes
40:00weeks and weeks to do that.
40:03>> Are are you leveraging AI in any way
40:06while you're doing this? I understand
40:07like um that that can be both good and
40:10bad. You can you can not like you've
40:12trained your brain to look for what
40:15you're looking for, but are you
40:16leveraging agents to kind of culminate
40:19uh resources data for you? Anything like
40:21that? Or it's all just manual you doing
40:24uh you know searching and and stuff like
40:26that?
40:27uh recently, the past few months, it's
40:29it's heavy-handed on the AI side. I use
40:32mostly codecs
40:34>> and I use agents to essentially help me
40:39overturn every rock, right? Like
40:42>> I I I share with codeex everything that
40:45I'm learning, my thesis,
40:48and it is doing the work alongside me,
40:51and it it's trying to poke holes in
40:54things that I'm not seeing or that I'm
40:55missing. So, it's been a wonderful like
40:59partner as a social arb investor,
41:02>> you know, it's like having an entire
41:05team who were just working with you on
41:07your timeline, which has just been
41:09absolutely amazing. So, yeah, I mean, I
41:12don't know how you don't use it quite
41:13honestly. Like, it's wild to me. I don't
41:15know how you would be in any part of the
41:19investment sector and not heavily engage
41:22with AI to do nothing other than check
41:25yourself and to aid in your research and
41:28to aid in your thinking and to kind of
41:30play devil's advocate on everything that
41:32you do.
41:33>> Yeah. I uh Chris, I wanted to pick your
41:35brain on robotics and where that kind of
41:38fits into uh the larger waves and
41:42thesis. Is that part of the AI
41:44efficiency where that's kind of taking
41:46over a lot of the labor aspect and where
41:49do you see kind of where robotics is
41:51now? Uh the timelines of what it could
41:53be in in 3 years, 5 years, 10 years. Is
41:56it kind of on schedule? Because I know
41:58uh you know you you you've talked quite
41:59a bit about it in the past.
42:01>> Yeah. I I don't think robotics is going
42:03to meaningfully impact any of these
42:06sectors in the near-term future. I think
42:09timelines are way off. As you know, I'm
42:11probably one of the biggest robotics
42:12bulls in the world. Uh, I think it'll be
42:15the biggest addressable market in human
42:18history when it actually starts to take
42:20shape and we start to scale out
42:23deployment of generalized robotics
42:25across warehousing and industry and
42:28quite honestly every facet of life.
42:30>> I just don't think that's happening
42:31anytime soon. My timelines have always
42:34been a little bit further off than
42:36anyone else's and I'm even pushing my
42:39timelines back some now. So I think
42:44robotics are I mean listen if you're
42:46tracking any of the generalized robotics
42:48companies it's
42:50if you're if you're being truthful with
42:52yourself to realize that everyone's
42:54delayed meaningfully delayed like we
42:56haven't seen Optimus right like Optimus
42:58in forever there's a reason for that uh
43:00we've seen some videos that have been
43:02pretty spectacular but a lot of these
43:04videos that are coming out are you know
43:08leveraging a highly synthesized ed uh
43:12models to have the robots do things over
43:16a short time period uh that look
43:18spectacular, but they're doing it kind
43:20of in the same way over and over again.
43:22It's not fully generalized, and this is
43:25something I think a lot of investors
43:26don't fully comprehend. That said, the
43:29the long-term thesis hasn't changed. I
43:32think if we start to move into 2030s, we
43:35start to see the signs of what robotics
43:38will do. probably before 2030s. I think
43:40we get into 2028, 2029,
43:43investors will start to see enough to
43:46where we will repric certain companies
43:49and industries based on what we know is
43:53coming over the next 5 to 8 years with
43:55automation, generalized robotics, uh the
43:59ability to scale out physical labor, uh
44:03without being reliant on an unstable
44:05human labor force, right? That doesn't
44:08necessarily mean we're going to do away
44:10with the human labor as much as it says
44:13that the human labor will be in such
44:14high demand uh for more sophisticated
44:18use cases that the concept of thinking
44:21about human labor to do a repetitive
44:23task like this 12 hours a day, 8 hours a
44:26day, whatever it is for 30 years is
44:29going away as it should because humans
44:31shouldn't be doing that type of work in
44:34the 2030s and beyond. we should think
44:37more of ourselves, right? Like it's easy
44:39for us to say we don't want to people,
44:41you know, like you don't want to take
44:42away those jobs. No, we want to replace
44:44those jobs with better jobs for humans.
44:47Uh where people get to use their minds
44:49more. They get to be a bit more
44:51creative. They get to live a bit more of
44:53a diverse and safe lifestyle and spend a
44:57bit more time engaging with other
44:59humans, right? So, I'm really excited
45:02about it, but it's not part of the early
45:06uh kind of AI efficiency wave that I'm
45:09referring to. Got
45:10>> what I'm referring to is
45:12>> mostly just digital, right? It's it's
45:16just in the intelligence layer, but we
45:19will see this kicking in in the 2030s,
45:21and I think we'll start to price it in
45:23before the 2030s
45:25as well. to flip the script a little
45:28bit. I I want to pick your brain as well
45:30on kind of the opposite of AI and
45:33digital and like
45:34>> kind of get to the root of like human
45:36connection. Is there Yeah, because there
45:38almost seems like uh uh you know people
45:41uh you want to get off their phones a
45:42little bit. They're kind of seeking
45:43communities more and more. Um you know,
45:46one one thing I'm thinking about is um
45:49SPHR sphere, the Las Vegas experience,
45:52like that in-person experience that is
45:54unique to that point in time. um outside
45:57of AI and all that, are you interested
45:59at all in these kind of industries where
46:01it's more about human con connection,
46:04in-person experiences,
46:06uh that side of things? I'd love to hear
46:07kind of your thoughts on on that. Yeah,
46:10this is like my biggest thesis in 2020
46:13actually, which is why I helped launch a
46:16traveling Pokemon show called
46:18Collecticon that became the largest
46:20Pokemon show in the world that we, you
46:22know, recently sold to Ari Emanuel and
46:26his group and now they're, you know,
46:27getting even bigger. It's very exciting.
46:29But I spent five years deeply engaged
46:32with in-person experiences. And there's
46:36no doubt in my mind that that will be a
46:39massive growth industry. Not
46:41specifically Pokemon or just Pokemon,
46:43but in-person experiences. I have
46:46restaurants and for the first time in
46:48the last 6 months, I'm seeing more and
46:50more people bringing card games to my
46:52restaurants and just sitting with each
46:54other. Uh, you know, they tend not to
46:57drink so much anymore. So economically
46:59it's not great for my restaurant, but
47:01they hang out and they they're playing
47:03cards. You know, they're hanging out
47:04with each other face to face. We're
47:06seeing more of that. I think we embrace
47:09both. I think we fully embrace where AI
47:13is leading us because it will be very
47:15difficult for our brains to say no to
47:17that. the immersiveness of
47:22being able to do anything in the digital
47:25world, especially with gaming. I think
47:27we'll see gaming evolve. Obviously,
47:28we'll see what happens with the new GTA
47:30coming out later this year, but I I
47:32think gaming will become more and more
47:34addictive. I think, you know, just
47:37engaging uh in the digital world will
47:40become more unfortunately or
47:42fortunately, it will become more and
47:43more addictive. But we'll see an equal
47:45amount of thirst
47:48>> for
47:49to get unglued, right? And so I think
47:53we'll do both. I think I think we'll
47:55probably see a healthy market for both
47:58inperson and, you know, bleeding edge
48:01technology
48:03as well. I think both will be really
48:04healthy. I've had this thesis now, which
48:06is my big one around podcasters, right?
48:08I I think I think podcasting I think
48:11creators I think
48:13>> anyone that is
48:15>> meaningfully human, the most human of
48:18humans, right? Those of us that are the
48:20boldest, the most outspoken,
48:23uh the most fearless
48:26and interesting and creative human
48:28voices are going to flourish the next 10
48:33years. We will thirst for that. In an
48:35age of AI where we can barely tell the
48:38difference between what is human and
48:40what is AI, we are going to truly learn
48:44to appreciate
48:45those humans that are most special. The
48:48humans that can make us laugh, right?
48:50The humans that you know we kind of
48:54connect to and relate to uh in a very
48:58human way. Uh I think these people will
49:02become the rock stars and athletes of
49:05the next 20 years. Uh especially when we
49:08look at what's happening to traditional
49:10media, that world has already blown up.
49:13It for the most part doesn't exist. It's
49:14just in the early stages of an extremely
49:17slow death. So if you fast forward 10 to
49:2015 years, I think there are hundreds and
49:23hundreds of individual
49:26creators uh worth on hundreds of
49:31millions of dollars through their uh
49:33media enterprises that they're going to
49:35be building over the next decade because
49:38we will thirst for that. Um I'm really
49:41excited about actually I'm building out
49:42a podcast studio in Austin. Uh we're
49:45launching our first show this fall. I'm
49:48launching a new show for me and the Dumb
49:49Money crew. We haven't talked about that
49:51yet, but it'll be like an instudio show
49:53that I'm like wildly excited about. Um,
49:56but also, you know, we'll be launching
49:59some really interesting shows down in
50:01Austin because I just believe that the
50:05most prolific voices out there in the
50:08world are not yet being heard because of
50:11the friction that currently exists
50:13between being a solo creator and, you
50:16know, doing Tik Toks in your bedroom and
50:19actually creating a durable medium to
50:22where you could regularly engage with
50:24the world. uh in a way that you're able
50:27to actually build uh you know like a
50:31routine voice, right? That people can
50:33depend on and count on and and build on
50:36over many years. And my goal is to help
50:38find those human voices and help bring
50:41them to the world in a much bigger
50:42scalable way. I'm doing it for the fun
50:45of it because man, when you spent the I
50:47spent the last four years of my life
50:48kneede in robotics and AI, right? So,
50:51like I myself thirst for more of the
50:55human experience, right?
50:58>> And like I every I had a dinner last
51:00night uh and it was just spectacular. It
51:02was like a 4hour dinner with a couple
51:05guys. One of them I haven't seen in
51:07years. And we didn't even drink. Like
51:10we're at dinner just talking for four
51:13hours. And this is, you know, I spend
51:17dozens and dozens of hours a week alone
51:20as a lone wolf researching data,
51:24conversational data and investment
51:26opportunities and
51:28and and to get in front of actual humans
51:30on a regular basis and just have those
51:32shared experiences. It just feels more
51:34special today, I don't know, than it did
51:37>> seven or eight years ago. Now, maybe we
51:40don't do it as much, but when we do it,
51:42man, is it great and special. And I
51:45>> I love nothing more than listening to my
51:47favorite podcasters. I love nothing like
51:50And it's in your pocket, right? It's
51:52everywhere you go. It's in the car.
51:54You're doing you're walking your dog,
51:56right? Like you're I'm in my closet
51:59getting dressed and like it's so
52:02portable.
52:03>> Media
52:04>> uh has become so portable. It's really
52:09And by the way, I think that's a healthy
52:10media, too. That's not like you on
52:12social media flipping. It's like you
52:14actually listening to other humans
52:17expressing their thoughts and their
52:19feelings. And I just love it so much.
52:22And I think we're in the earliest stages
52:24of it. So if if you are a creative human
52:28that feels like you haven't been valued
52:31in your life because we've only had one
52:33really narrow path to success. You know
52:37if you wanted to be perceived as being
52:39valuable in this world or successful in
52:41this world, you had to kind of follow
52:43this one path to success. And if you
52:46were a creative or you were just an
52:48interesting person that likes to make
52:50people people laugh, right? I if all of
52:53those skill sets I think are going to
52:55become meaningfully more valuable over
52:57the next decade, decade and a half
52:59because we're about to democratize the
53:01intelligence layer. So once you
53:03democratize the intelligence layer, all
53:06of the other aspects of life become
53:09meaningfully more valuable, right? So
53:13you know I love that. I love that so
53:16many people that have been ignored for
53:18so long are about to become unbelievably
53:21valuable and respected and precious in
53:25the new world. Uh because they they
53:28always should have been quite honestly.
53:30But our our economic model didn't allow
53:32them to be because there was really no
53:34way for them to monetize themselves.
53:37there was no way for them to like
53:39actually
53:41uh validate
53:44their specialness in the world, right?
53:47And now there is I I this is almost like
53:50a Tik Tok moment where you had for the
53:52first time we were democratizing people
53:54that were good at like dancing or good
53:57at like
53:58>> these five things on Tik Tok right now
54:02like truly anyone that's delivering any
54:06value to any human uh outside of just
54:10intelligence which we don't even we
54:11won't even appreciate much longer,
54:13right? Like that's all we've cared about
54:15for like all of our life. All we cared
54:17about is intelligence, right? Like what
54:18are you able doing? Now, anything you're
54:21capable of doing to improve life uh for
54:25any other human will become increasingly
54:27valuable. I I just absolutely love that.
54:31>> Perfect. Well, Chris, this has been so
54:33much fun. I love hearing your
54:34perspective. Uh any last thoughts uh for
54:37investors and traders out there on uh
54:41you know key principles that you've want
54:42them to walk away with today or just uh
54:45things to think about as they continue
54:46to invest over the next year, two years,
54:49three year time horizon.
54:51>> Yeah, absolutely. If you're an investor
54:53right now, leave your screen, leave the
54:55market. Start with one day. Put your
54:59stock app down for one day. Call one
55:02friend and say, "Hey, if we have a
55:04market crash and the market's crashing
55:05over 3%, call me." Okay? I don't want
55:09you to look at CNBC. I don't want you to
55:11look at your stocks for 24 hours, an
55:14entire business day, okay? Just don't
55:17think about it. I think you should do
55:19that probably minimum once a month. And
55:23you have to get out of this habit of
55:26living and dying by the success of your
55:29portfolio every day. Because if you do
55:31that, you will start to doubt yourself.
55:33You will see this volatility and you
55:36will think that other people see things
55:37that you don't see. You'll think that
55:39there's something that you're missing
55:41and you'll start making ridiculous
55:42trades because of that. There's just no
55:45reason to do that. Like I spend the
55:47majority of my life researching trades,
55:49but I'm not looking at the market hardly
55:51ever. Like I do look at the market
55:53generally every day, couple times a day.
55:56I don't let it concern me. Like I just
55:58don't care because it's like it I I I
56:01know now over the course of my career
56:02that the market goes up and down for
56:05insane reasons on a daily basis. If you
56:07really want to be part of that world and
56:09that's going to be your profession and
56:11you want to have an early death because
56:13that's what it's going to do to you,
56:14okay? Like like if you want to really
56:17have your head in this game because it
56:19never ends. The markets really never
56:21ends now, right? It's like 24 hours with
56:22all the things you can trade. It's
56:24weekends. If you really want that to be
56:27your life, fine. You You're probably
56:29young and you want to do it for a few
56:31years. I did it. At some point, you have
56:33to stop, guys. Okay? You just have to
56:36stop. Um you focus your time on
56:39research. live your life and stop paying
56:43so much attention to every freaking
56:46move, every article, every rumor, every
56:50bit of market gossip. Like, it's just it
56:53will destroy you. It will destroy your
56:55portfolio. It will destroy your ability
56:58to think independently because you'll be
57:01spending way too much time listening to
57:03others as opposed to like developing an
57:07independent mindset on what you believe
57:09is real and important, right? I'd rather
57:12have you spend that time
57:15in community forums where developers are
57:18chatting all day about what they're
57:19building in AI. That's valuable. Or if
57:22you want to be on the consumer side,
57:25which I am most of the time, read
57:27comments on whatever the trending videos
57:29are across Tik Tok of what people are
57:31buying, what they're wearing, what
57:32they're doing, what their time, what
57:33their interest level is, uh where
57:35they're traveling, what they're like.
57:37That's how you garner real
57:39differentiated intelligence that you
57:41could then connect dots back to sectors
57:44and companies in the market. And you're
57:46competing with 99 out of 100 investors
57:49are doing none of that. They're just
57:51literally getting on X every day and
57:54thinking about whatever they're told to
57:56think about that day. How are you going
57:59to develop an independent thought if you
58:01live inside of that world? You can't
58:03live inside that world. You must
58:05disconnect from the market. So, call a
58:08friend, say, "Hey, if the market moves
58:09more 3 or 4%, call me." Because you
58:12might want to know what the hell's going
58:13on, right? Uh and and that gives you the
58:16peace of mind, by the way. It gives you
58:18the peace of mind. Then do not look at
58:22any business news that day. Do not look
58:24at anything in the market. Do not look
58:25at your portfolio. Don't check anything.
58:29Just do anything other than that. I
58:32promise you, your mental health is going
58:34to go through the roof. You are going to
58:36be such a If you can do this once a
58:38week, that's gold, right? That that's
58:41lifechanging for an investor. And I say
58:44that because this is like a new thing
58:46the last few years where every investor
58:49is like glued to this 24 hours a day. I
58:52can't even imagine. Are you guys like at
58:54family dinner just talking to your kids
58:56and wife if you have one just about this
58:59because that's it seems like that's all
59:00you think about is this crap and like it
59:02never ends. So you just it's not
59:05healthy. It's not balanced. It's not
59:08helping your portfolio. And if I can
59:10give investors one piece of advice, I
59:12promise you, you will be a better
59:15investor if you can figure out how to
59:17regularly disconnect from the market
59:20minutia and noise. It's not helping you.
59:23>> Awesome. Well, Chris, uh, thank you so
59:25much for your time, for sharing your
59:27ideas and thoughts. Really appreciate
59:29it. Uh, where can people reach out to
59:31you or or Dor for you if if they want to
59:34connect?
59:34>> Yeah, man. I'm I'm on every channel. I'm
59:36I'm on X Chris Camilillo. I have a daily
59:38clips channel now on Instagram, Tik Tok,
59:41YouTube. It's daily Chris Camilillo.
59:44Obviously, we have the Dumb Money Live
59:45YouTube show that we do every try to do
59:47every week, but we don't always get one
59:49out every week. Um, I'm really active on
59:52X, right at Chris Camilillo. But
59:54anywhere, guys, like I'm I'm all over
59:56the place. So, you know, love love to
59:59continue uh the journey and I love that
1:00:03there's so many retail investors, but
1:00:04just chill out guys. Everything's going
1:00:06to be fine. Okay.
1:00:07>> [laughter]
1:00:08>> Everything's going to be fine. Uh, don't
1:00:10get caught up in the market on a daily
1:00:12basis. I promise you, you will live a
1:00:14happier life and your portfolio will
1:00:15probably do way way better.
1:00:17>> There we go. A great a great thought to
1:00:19end on. Chris, thanks again so much for
1:00:20your time. Uh, to everybody watching, I
1:00:22hope you guys enjoyed. Uh, leave a like
1:00:23down below if you did. Subscribe if
1:00:25you're new to the channel and we'll be
1:00:26right back. Cheers.
1:00:29[music]

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