Stocks Rip to Record Highs, Leaving War in the Dust

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“Today's number 107, that's how many rounds of golf Trump has played during his second turn.”

He's been an office for 450, six days. And what's the difference between a golf ball and a woman's G-spot? Oh, I don't know. A man will spend 10 minutes looking for a golf ball. Claire's nodding her head.

I've got approval. We were talking about the Pope earlier. All right, how did the boy save the priest's life at? How? We found a lump on his scrotum.

Oh, that's wrong. Now Claire's head is in her hands. I don't really get why it would save his life. Spell it out, Claire. All right, yeah, there we go, I got it.

I literally, let's go on up. I literally, let's go on up. That just salvage the whole thing. You're not understanding. Makes it funny.

My stupidity makes it fun. See you up, Princeton. [MUSIC] Ed, how are you? I'm doing very well.

Yeah, I'm excited about this live tour. Take its flying off the shelves. It's all selling out. It's almost too late, unless you go right now at a property market store.com. Everything's going well.

How are you doing? I'm good, except people keep calling me and asking me for a free ticket. I'm like, it's a hundred bucks, just get on it. You know, they don't give us that many, I mean, I'm sure we could just solve that ourselves. But we haven't given that many friends and family tickets.

“I think we only have like 10 between us and then we've got a whole production team.”

Yeah, but fortunately, you don't have any friends. So what are you doing this weekend at? What are you up to? Not that I care, but I'm like a real banter here.

We can always just skip the banter.

We don't have to do this. We can do whatever we like. It's our show. If you hate talking about people's weekends, we can skip it. I like the banter.

It's my opportunity to fuck with you. What are you doing this weekend? You don't want to like my own, so I'm working all weekend. Except actually I'm having dinner with my mum, who's visiting? So I'll see her.

And so that'll be nice. That's nice, I'm glad to hear it. Yeah, what are you doing? Gosh, I have strikingly few plans this weekend. Yeah, I don't have a lot going on this weekend.

It is well, when I make fun of you. Yeah, the friend and son. Look, and then I'm headed back. I'm going to have dinner with my son Sunday night. Yeah, I don't know.

I don't kind of like going on. I don't like going on. That's nice. Very wholesome, very wholesome vibes from Professor Galaway this weekend. That's very exciting.

Yeah, no, this is this is a laugh right? Should we get on to the headlines? Is this how you talk to other people? I'm curious. A pretty much.

See you, but see you above. I have no plans this weekend. Yeah, it's what a shock, right? I have no plans. Not a ton of people calling and saying,

"Hey, let's get together." Yeah, no, not a lot of plans. All right, let's do it. Let's get right into, we have a lot to discuss. So actually, it may be it's good that we're

rolling past our banter section.

despite everything that's going on in the world, rising backlash against AI. And we will check in on your stock pick of the year. The approaching media stock pick of the year, which is turning out to be kind of a good pick.

We'll see how it goes.

But let's start with our first story.

It was a turbulent week. Can cheer politically and economically. Please talk to the Iran collapsed. The US blockaded the straightiful moors and surging oil and gas prices are feeding into higher inflation.

And also weakening consumer confidence even more. The international monetary fund warned that further disruptions in oil markets could raise the risk of a global recession. They also reduced their forecast for global GDP growth. And yet, despite all of that, the S&P hit null time high.

And the Nasdaq hit null time high.

“And the question for investors now is why are markets so bullish?”

Why do markets continue to go up? Why do stocks continue to go up? I have a lot of thoughts here. This stuff is fascinating. It is kind of the biggest question on every investor's mind right now.

But I will start here, Scott, with your reactions. What do you make of the fact that all of this is happening? All of this conflict, all of this war, gas prices surging, and yet, the stocks continue to go up. People laugh and refer to the economy as the care economy,

meaning some people doing really well. Other people doing not so well. I like the term, or I just made this up, the ketamine economy. And that is ketamine is a disassociative drug. You literally kind of leave your body and see your life for what it is.

And it can be very helpful. That's really bad description of the hexa ketamine does. It's disassociated.

“And I've said for a long time, I think the Nasdaq and the Dow”

are two of the worst metrics are most unhealthy metrics ever invented, because they give the illusion that people are doing well. And really, it's a proxy for earnings and a proxy for the wealth of the top 10%. So what do you have? All right, so I mean, think about it.

If the majority of our markets now are being run by 10 companies that are in the business of AI or online or software, do they care, do they care that the gas prices are up? In addition, there's this phenomenon of buying the dip. And that is, if you look at the last three exogenous events in America,

you would say the Gulf War, the Iraq War, and then 9/11. And maybe COVID, let's go for, I guess, the Iraq War is linked to 9/11.

Basically, there was a dip.

And then the markets rip back the following year. The markets had above market returns the following year. And we did have a drawdown here. We had a 10% decline in the Dow and March at the outset of the war. And it's rip back.

“And I think what's happening is the cycle time between fear and uncertainty around a war.”

And the opportunity to buy is is compressing. And now people are like, let's move to the part of the program where we make money. Also, I think there is a bit of a, in my view, overly optimistic viewpoint that the war is going to settle down. And the streets are going to be unblocked, if you will.

But mostly what I think this is about is that the markets have disassociated from the majority of people's well-being and their prosperity. I mean, just to look at how stocks have performed so far this year. So we are, as we said, we're at record highs for the S&P. I mean, it hasn't been a tremendous increase in the stock market, but it's gone up.

And the stock market was already very high at the beginning of the year. It's gone up to an hour at a record high. And as you think about, okay, what, what has, what are the reasons why that's happened? So year to date, when you look at the sectors that have outperformed, the biggest winners have been industrials up 11% materials up 12%

and energy up 24% and the laggards at least leading up to the war were things like tech, communication services and financials. Since we hit the bottom from the Iran war. So that was March 30th. That was the market bottom thus far.

It's been a very different story. It's actually reversed. Energy has fallen down 9% since the bottom. And the winners have been financials up 11% communication services up 18% and tech up 17%.

So it's really, I mean, the big trouble here is trying to understand.

And this is always an impossible question.

But it's trying to understand like, what are the markets actually thinking here? Like why, I mean, we had this steady steady decline where the markets weren't taking an

We kept on getting this kind of scary news where things weren't really resolved. And then we kept dropping more bombs and then there was more conflict. Mark is went down and down and down and then on March 30th, something happened.

We hit the bottom and then since then we've basically been shooting up.

And a lot of people have been saying, well, the markets must think that the Iran war is over or they're too optimistic that this thing is going to be resolved. And I think that that's possible. But again, we should sort of remind ourselves like, why are they up? It's basically because everyone's piling into tech again.

I mean, we had this massive drawdown in the tech sector. Everyone was very, very bearish on the sector. And now, we're seeing that actually people are fine again.

“And so I think the question is trying to identify why, what exactly happened here?”

What are investors thinking about this? And I think it's a few things. I think that one investors are recognizing some of your points, which is that, I mean, stock market is not the economy. If gas prices go up, yes, it might have some impact on lowering come consumers.

And we can get to that because it is very interesting.

But ultimately, high earners are completely priced in sensitive.

Doesn't matter to them. They drive consumer spending, same thing with big companies, same thing with tech companies. They're going to be fine. But then the other side of it that I do think is quite interesting. And you mentioned the word dissociative there.

You call this the ketamine market, which I think is interesting. I wonder if there's also been a little bit of what I would call timeline fatigue, where we thought we understood what the story of this war was. And there were all of these different plot points. We strike Iran.

We kill the Supreme Leader. But then the sun is appointed. Then Trump says that we've had productive talks. And we think that maybe the negotiations are going to go somewhere. Then they don't.

Then he says, open the fucking straight, you crazy bastards. Then he says, a whole civilization will die tonight. We think that the climax is going to happen that there's going to be perhaps some event that ties a bow in this whole situation. And then since then, it's just been a mirage of confusion.

I mean, they say there's a ceasefire, then they say there's not a ceasefire. Then there's a blockade, then they blockade the blockade. And I wonder if this is investors basically saying, you know what? We don't really understand this. So let's just go back to the basics here.

Big tech is extremely good at what they do. They are crushing it on the AI front. Unings are ripping. So let's just go back to what we know. And let's just go in and buy tech again.

“And that's the only thing that we know to be true.”

So it's, I mean, I'd like to hear a response because there are so many different reasons that you could give as to why markets are behaving the way they are. But that is the closest thing that I can draw to what I believe is the truth about what investors are really thinking right now. I buy all of that.

But I see it just again as a symptom of income inequality, right? Does it really matter to you? I mean, you may not feel rich, but you are relative to your peer group. You're already in the top two if not one percent in terms of income murder. Do you give a shit to gases at $6 a gallon?

No. The people driving the Dow are unaffected by oil prices. And again, everything gets outsourced in our country.

Basically, we're becoming a country where the bottom 99 percent are.

We optimized the bottom 99 percent and treat the misnutrition for the top 1 percent. And the reason the bottom 99 put up with it is that in America, the bottom 99, all things at some point, they'll be in the top 1 percent. So, but all of this pain is outsourced to lower middle income households. Lower income households spend 22 percent of their income on energy costs.

“So, this really, I mean, this really waxed them, right?”

So, but the people responsible for 50 percent of consumer spending, the top 10 percent, AI, like the fact is AI care, unless they start bombing the data centers in the Gulf, but they have redundant infrastructure. And also, in the US, it's a bit, and I don't want to say it's a wash, but we have we're net exporters. We have a lot of energy companies that I can't imagine what's

happening at the stocks of the companies that build the materials for pipelines. We have Exxon and Chevron. I mean, you know, those companies are making a lot of money. Those companies are actually doing pretty well. So, and then when there's, it's almost, you know, it's unfair, but it's true. When there's type of insecurity, hits the world markets, there's a flight to safety or the least unsafe place, and that's the US and tech stocks in the

After the drawdown, after the kind of SaaS apocalypse, there is, as a multiple on cash flow,

“some of the tech stocks right now look to be decent, you know, when you can invest in Nvidia”

24 times forward earnings or something, it's like, it's just not a bad store of value. When Microsoft is trading and it's lowest multiples, and you're going to talk about this, and a decade, you think, "Well, maybe that's not a bad value." So, it's sort of the sum of all fears of what it means to have a bit of a hegemony, at least from a financial standpoint, and that is the US. And that is, "Okay, let's outsource all the pain to the rest of the world and within the US."

So, it's outsource all of the pain to lower mental income households. But what's interesting is that investors for a brief period in time did away with that notion. I mean, the reason that we hit the bottom is because investors were worried about what this war would do to oil prices, how it would affect gas prices, how those gas prices would trickle into the rest of the economy. And as I said, we went down and down and down and down, and things

did not look very good. And so, I mean, I'm in total agreement with you, and we've talked about it a lot on this podcast before, "What is the economy?" It is increasingly reflective of the spending habits

of the top 10% of earners. It literally, they're spending literally accounts for a third of GDP.

And so, when you think about it logically in your head, like, "What would rising oil prices do to the economy?" The only real systemic impact that it will have is on the consumer spending habits of lower income households, who, as you said, in the lowest income, spend nearly 20% of their total expenditures on gas. But other than that, it's not going to hurt the top, the top quintile very much at all. It's also not really going to hurt tech companies that much. I mean,

there was some concern at the beginning that some of the materials that go through the straight of homoos are used for chips, but eventually people started to be a little bit less worried

about that, perhaps they're not pricing that in enough, but ultimately Nvidia still creating

a ton of chips and Nvidia still just fine. So, it's an interesting dynamic where these are sort of the fundamental truths of this market now that it seemed that most investors were pretty much on the same page about, the things that you're saying right now. And yet, there was a moment of, actually know maybe those things aren't true anymore. Maybe this thing is going to shape things

“up in a really big way. But then, I think, as you say, you look at the multiples, you look at the”

general confusion in the headlines. The fact that you can't pass out, whether you don't know if we're going to stay in Iran or if we're going to leave or if we're going to make any decisions that you can't, you can't figure out anything from this market. But I think that what you see then is then you go, okay, let me just go back to the just the very, very basic fundamentals of investing. Let's look at the earnings. SNP just posted fifth consecutive quarter of double-digit earnings

growth that hasn't happened in almost a decade, earnings grew more than 12 percent, earnings guidance

is extremely strong. multiples have contracted. Microsoft Nvidia, a lot of these companies are trading at some of their lowest multiples on a forward earnings basis in literally years. I mean, there was a point there where Microsoft was where it was post-liberation day. And that feeling, when you suddenly look at all that data and you realize what actually matters most to markets, which is literally just earnings, it seems like basically every investor woke up, basically last week,

and looked at the fundamentals at the same time and decided, you know, what this is fine, I'm buying corporate America's doing just fine. And it's fascinating how quickly that happened, especially considering how long the trek downward was until we hit that bottom, basically just a couple of weeks ago. The only caveat here is, you know, this story isn't over, right? markets don't go straight up or straight down and, you know, all it takes is one incident or one

geopolitical incident or just the markets decide it's time to sell, it can 2022. So yeah, the markets are back, we'll see how the end of 20. So, you know, we'll see what happens in

“the end of 26. Yeah, I mean, that's what I was talking about. Like, what do you think that would”

look like? People seem pretty confident right now, at least just from a purely sentiment basis. Like, people are just like, you know what, this war, I don't, I mean, it's all done even understand what investors think. But what do you think, what would it take to go back down again,

prediction of what's the trigger that sends the market down. It could be a geopolitical event.

It could be quite frankly, it could be a company announces that they're dramatically scaling back their spend on AI because they're not registering the ROI that hoped. It could be private credit starts to throw up. I mean, but anytime, the list of things I list are almost by virtue of me listening to them and then being present on my radar, I mean, that's probably not because of the market sell off because the things that people are

expecting, they adjust for that prepare for and are baked into the market. It's the shit you're not expecting and they get to you. So, you know, the answers I don't know, but what you do is per your advice, you look at fundamentals. Is the market in the US expensive relative to other markets? Should you be diversifying? Do you try and time the market and think I have it, and I feel it in my bones that the market's going to go down? No, you can't time the market.

Warren Buffett says he can't time the market even though he's gone to a third of a trillion dollars

“in cash, which says he believes he can time the market. But anyways, that's what you do is you”

look at valuations. You fought, try and find good companies and try and find, you know, in personally, I'm a 35 companies, you find index, low cost index funds and you invest and quite frankly, unless this is something you do full time, you go back to your life and you focus on how you make money such that you can continue to invest and low cost index funds. But this, I mean, this is a lot of fun. It's like playing, you know, it's sports. It's fun to try and bet on stuff. But, you know,

after spending the majority of my life looking at economics, being fascinated with the markets,

that some conclusion I've come to is nobody has any fucking idea. And what you do is you stick

with trueism. You look at valuations when things look cheap or look relatively speaking at a trading at a low fee, you dabble in them, put some money in them, don't buy anything that you don't want to hold for at least a few years because you are not a trader and then two low cost index funds and figure out a way to consistently save and focus all of that energy on time on two things. Improving your currency in the marketplace such that you have more leverage and money to invest

into your relationships such that you're happy, regardless of whether the market's going to go up or down that day. But God, what could happen to send the markets down? Jesus Christ said,

“you tell me, you know, who knows? Well, I think the thing that we should be focused on is”

will we see an actually large drawback in consumer spending because of the gas prices. I think that's the thing that would trigger it. And I feel like maybe 50 years ago this would have been far more dramatic and had a larger effect on the stock market because you would have had a combination of higher reliance on gas in America which just isn't really the case anymore because we have electrified ourselves a little bit more but still we are still pretty reliant on gas. There's also

the argument that we're more gas independent now but also as you say the K-shape having this weird insulatory effect not on all of America of course not but it does have that insulation effect on the stock market because as you say if the gas prices go up the rich people are not going to be that effected they're going to keep spending and that's going to contribute to the consumer spending. But if or whatever reason that doesn't happen if for some reason it does impact rich people I don't

think it would but if it did or if there were a really really sizable drawback in consumer spending around among the rest of the population of America there's your problem because as we've said consumer spending does matter contrary to what Kevin Hassett has said that we're not worried about gas prices effect and consumer spending is extremely important it's two thirds of GDP. If consumer spending goes down if you see a drawback in that category then you are going to see

a drawback on on the income statements of a lot of these companies earnings will go down it will affect tech companies because tech companies are largely reliant on ad spend and ad spend as largely reliant on consumer sentiment or more specifically consumer spending that is what we saw in 2022 and so that's the question will it actually mean that people spend less and so far they're still spending or the spending is still on aggregate high enough and the earnings do

“continue to grow and so I mean I think a lot of people get frustrated hearing this kind of analysis”

where a lot of people feel strapped and they feel that they are struggling and gas prices have risen 20% 30% and they say well you know how could the stock market not be reacting to this how could

of the dollars put together reflected on the on the income statement of the biggest companies

everything is fine and again it's not fair because the rich people are doing the heavy lifting here but so far that is that is what's happened and until that until that changes and maybe it will change next quarter I don't know but until that changes stocks are going to continue to go up that's just what's going to happen also there is when there was an oil shark in the 70s it hit pretty hard but since then our economies tripled in size but our consumption of oil is about

the same so oil is three times less important to the economy or the impact it's ripple attack you know it it creates ripples a user create waves and so it's it's slowly but surely just becoming and this is a good thing it's becoming less important to the overall health of the economy

“but again I just think it I think it all goes I think all roads lead back to the same thing”

as long as as long as the wealthy are doing fine the Dow and the Nasdaq will do fine but because the Dow and the Nasdaq are doing fine that does not mean America is doing fine exactly which is why it becomes almost increasingly difficult and done to talk about markets in a lot of ways if you're having a big picture perspective it's not like a product property prosperity property anxiety has air anxiety it's not like that is yours

I'm sure you saw I don't know if you saw that clip on CNBC I think it was Sarah Ice and who I mean it went totally viral it was such a great moment at it it reflects the ridiculousness of talking about markets but she says so this this threat of nuclear warfare and destroying a civilization how does an investor process that is it is it a bigger upside risk or downside risk is that a buying opportunity yeah we'll be right back after the break and if you're enjoying the

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US it's public backlash americans are making it increasingly clear they're uncomfortable with where this technology is headed last week there were three AI related acts of violence one targeting an Indiana councilman who supported a local data center project and two targeting Sam Altman escalation underscores how quickly anti-AI sentiment is intensifying and it is starting to shape

“policy main just in Drew's introduced a bill to band data centers all together and it's not an”

outlier 14 states now have active bills proposing restrictions or outright bans so it's got this is something I wrote about and my newsletter about two months ago this idea that the biggest obstacle to AI isn't energy it isn't compute capacity it's its own popularity since I wrote that some crazy things have happened there were the attacks on the councilman's house he supported a data center someone shot at his house 13 times and they left a sign that says no data centers

but to me the big wakeup call that we should all be talking more about was the attack on Sam Altman a guy shows up to his house throws a Molotov cocktail an incendiary device at the house it explodes he's arrested for attempted murder he has a whole manifesto about how AI is going to be detrimental to society two days later some people show up at his door and they shoot at his house again I mean unbelievable how quickly this happened and literally within days of each other what do you make

“of this news and this growing backlash and just general sentiment against AI in America?”

Well first off there's just not just final type of violence these these people the councilman

and Sam Altman are all operating with the confines of the law they deserve to live their lives with some reasonable semblance of safety and there's just no excuse or rationalization for this type of violence and those people should be brought to justice I don't even like when people yell at Jady Vance when he's out skiing with his family I think a certain level of civility and safety in a society I think this is more an indication of how

frustrated people are in society and also income inequality because in terms of the vibe and so there's vibe and then there's mentally ill people I think you're going to probably figure out the these people where loners who typically shooters or people who commit this type of violence are typically are young men who believe that a heroic act of violence is going to restore their social capital and these are mentally ill people who find famous figures come up with a reason for

why they think they're justified in this heroic act of violence but this also relates to I mean on a broader level this doesn't justify the violence in any fashion but a lot of towns

are wondering let me get this my electricity bills are going to go 20 to 40 percent such

it in video stock can go up I don't own in video I don't have the money to invest in stocks I'm just trying to figure out a way to pay off my you know pay off my medical debt from when my wife scheme of therapy so there's a ton of resentment here a ton of it is understandable there are few brands that have had a greater decline in the last 18 months than not only AI and you wrote about this but specifically Sam Alman and the hero's journey here or the Greek tragedy plays out in

technology and that is someone comes along and becomes through the idolatry of the dollar this religious like mysticism that is technology and we find someone who's super attractive super compelling great communicator we need to do better oh my gosh he cares about gender politics Jeff Bezos he should run for president Sam Alman look at that nice young gay man with who just who just had a baby and he speaks and hush tones about his concerns about you know Sam Alman was the gay

son we all wanted right he's just as he seemed like this lovely young man and then you figure out they're like everyone else that is a capitalist society the only reason you become the CEO one of these companies and you work all day long and get everyone heckering you from the cheap seeds and

make billions of dollars and that every day in order to win and it is a thunder dome you make

incremental decisions regardless of preventing a tragedy the comments and usually that march to from Anakin Skywalker to Darth Vader takes about seven or ten years with Sam it took 18 months I mean you know you don't remember 18 months ago Sam was the new type of tech CEO he was the tech CEO we all

“needed and now people have just had a with him and so but I think you need to separate the two”

there's vibes and then a mentally ill person will decide okay I need to shoot a trump or I need to assess you know for whatever reason and this is a real problem it's about mental health it's about incendiary online rhetoric that gives people what they feel is licensed to commit these terrible acts of violence it's access to assault weapons and guns at every fucking corner so I don't you got to bifurcate the two there's the decline in a_i_s_ brand which is real in extraordinary what's

happened here as embodied by the decline in sam's personal brand and then there's random acts of violence which are just a larger societal problem across a number of sectors you know remember when that health care executive was executed in New York yeah but this is just to push back sure that makes me think it's not random I mean I but I don't think it's random I mean that happened and then followed by this and then then the guys attacked by a different set of people two days

later at a certain point I'm like no this this this isn't random and sure it's crazy people but there are a lot of crazy people and it's a path in that continually happens and they are directionally feeling similarly to a lot of people and also the response that we saw to the attacks online to this attack on samatman was similar to the Luigi Manjillo response which was people kind of supported it I mean just some some quotes from the Instagram comments we have here quote

is the Molotov cocktail okay where can we support the bail fund what do people say about women oh isn't he just asking for for it with what he's doing like it's reflecting a feeling that a lot of people have and obviously it's terrible and obviously it's crazy and obviously we don't condone it

“whatsoever but I think when we call it random and we say oh he was a crazy person I don't think that”

addresses the problem because I think there is a systemic problem here which we have talked about related to wealth inequality and AI is part of that story because the wealth of the billionaires during the AI era has absolutely exploded Elon Musk is about to become a trillionaire

essentially because of the bet on SpaceX which is basically an AI company at this point you could

argue the same with Tesla I mean all of these things are related and then it's basically just like a crazy guy shows up and does the thing that is directionally what a lot of people are feeling but obviously takes it to an awful and disturbing place which we should not support but also it's something we've seen happen time and time again and throughout history and you've pointed this out before as well you look at the genico efficient for wealth inequality in America today

it's higher than where it was in France during the French Revolution and people cut people's heads off at that point well there's a few things here it took part so one if you have a mental health crisis especially among young men with a lack of male mentorship online to make some fill insufficient poor mental health infrastructure they're going to have psychotic breaks and and when and then the chase or all of this is we don't have a monopoly on young men struggling with mental

health we don't have a monopoly on young men who are like male mentorship but what we have in monopoly on is young men who are failing a mental health crisis and then access to guns but my belief is that these individuals would find another vessel to place their range and mental illness even if AI wasn't in decline or people thought that health care costs were

“hurting America I don't I think you have to bifurcate the two they would find another reason”

to commit acts of violence against others or themselves I don't think what's going on now where you do see a connection as the following when you have people writing love letters Luigi and there's like a free Luigi that's an indication of a real issue where people have had it within criminal quality and that's very very disturbing and then this notion into your point

in criminal quality it was repairs itself the problem is the means of reparation are

war fam in a revolution but revolution takes on different complexions it can be a guillotine it can be you know north versus south I find what we're having here is a series of small revolutions

movements but they weren't targeting the owner of a taco truck they were targeting

“generally speaking rich white people and you're going to see more and more I think legislation”

and anger towards rich people because they've had it and also corporations that they feel are making all of this money at potentially their cost people are looking for reasons to be angry you know there's different levels of that but with AI they've done a terrible and also look at the figureheads of AI you know when Mark Andrews and says that he doesn't ever reflect he's about moving forward it's like Jesus did the whole point of being a human in the whole point of

education and empathy as such you can reflect and decide where you made mistakes and be a better person I mean they just don't have they don't have a lot of positive spokespeople out there you know like making them seem more likable when Sam Altman says wait it's not bitching about the amount of energy this takes you know how much food a kid takes to get to a point

of critical thinking it's like oh fuck three weeks later attempted murder the collective world of

AI went oh fuck you know and then when Mark and Jason makes this head up as ask comments it says they have not managed the brand one else Sam Altman is ship posting Microsoft and they're making so much money and you hear about this war on talent where if you're in the AI economy which most people are not 99% of people are not participating in the AI economy and so you can understand the resentment but there's a difference between resentment and vibes among the general populist and

legislation and media be feeling sorry for people or whatever and what all call a group of people who become violent that is the number of shootings is that an all-time low crime is it an all-time low we actually in terms of violent crime it's gone down now unfortunately really rich people are having to hire their own security because that's what I was going to say I mean if we're looking at that that's not more than 50% I mean literally CEO executive security has gone on more than

50% in two years a third of CEO today have private security which makes me think they're all

worried maybe they're overestimating it because it's newsworthy but that that's what we're saying

“from them my dad said something that I was struck me he said the key to happiness in america”

anymore mere those a few years ago when I started getting a footprint he said I said I'm worried about you know so I said well what's up and by the way dad the time to worry about me was not I was eight fucking years old and you'll have the house but anyways little late yeah thanks quite frankly I'm not sure I need you to worry about me now dad I'm worried about paying the quarter million dollars here at cost you to keep you on that ocean view senior's home that's my

worry right now dad the cats in the cradle it's where were we he said to me something my dad occasionally had some insight and he said to me I'm worried about you because the key to happiness in america is to be rich and anonymous in you're losing one of those things he goes a lack of

ant in in in america when you're rich always leads to bad things he's like you become a target

people resent you it's just not a good idea you want to be rich but anonymous and it kind of it kind of chilled me because I have I've always said I've just the right amount of fame people come up to me in the really nice but I still feel like I can be somewhat anonymous and lately I feel like I've started to lose out quite frankly anyways what if you look at what's happened with these guys because taxi John Lenin was shot he was famous the number of people actually murdered

murderates have gone down dramatically but the differences CEOs are now famous no one used to have any fucking idea who CEOs were when I was a kid when I was your age and you said name the CEO of a company I would have been like Jack Welch I could name one or two and I was in business they're just weren't that many CEOs but now our CEOs are the new figure heads for the U.S. and our economy and so if people want to heroic act of violence they used to go after the

private one and three presidents has been shot out because they're the most famous person in america and someone who's struggling with mental illness conjures up some notion that if they kill the president they're going to restore some sort of social capital so when all of a sudden

“these people are famous that I think they become targets and you're probably right some of this is”

is is anger around technology and inequality but for the most part it's it's it's at their famous there's dangerous people out there that target famous people but this isn't because I just don't like connecting with the downside of AI with these acts of violence I think it's something more systemic in our culture it seems to almost be like a justification or something

and feel safe he shouldn't have totally I'm not a huge fan of this guy but I like to think

he can live his life I can't stand JD Vance it bumps me out when I see clips of JD Vance scheme with his family and Vermont and people yelling at him I just don't think you do that I don't want to be that nation all right then go go vote for whoever you know go vote for vote for whoever runs against them and we we need to take the temperature down but if you look at the actual data a lot of this also is these moments are so cinematic they

get so much recirculation online but if you actually look at safety in New York's New York has had the lowest number of shooting deaths last year then I think it's had in its history yeah but

we got a distinguished between general crime and crime targeted at powerful corporate leaders

“has that gone up I would be interested to know that's well that's that's what we should find out I mean”

anecdotally Luigi Mangione shooting the CEO of United Health that seemed like a big deal I mean we should find out I guess and that's our homework the next episode well do you remember a guy named Ted Kizinski I mean this is this is an adult story this freaking Harvard graduate a genius a little genius started sending very intricate manually made bombs to to executives through the mail and his manifesto was technology's bad for the world and if you read his manifesto it's

chilling the guys so brilliant and makes these crazy and by the way do you know who turned him in

do you know they found him they didn't find him for a long time his brother turned him in as

rather rather met read the manifesto and said my brother wrote this I can tell by his writing but the notion that people are angry about what they see as a digression or devolution in society specifically oftentimes at the hand of tech and a famous person in the violence against

“those people I'd be curious to know if it's gotten worse now what I will say is I think harassment”

of famous people when I was at Coachella and I would see celebrities they had security because people now feel emboldened to just walk up to them and start taking pictures of them and even though I'm not they're not physically confronting them it's like they're used to be a bit more decorum around let them have their space now there is no respect for personal space there is just rush them get a picture with them I mean it's just there is sort of a I don't know what's the

term or presumptiveness among the general public towards famous people that we own you we made you famous you I can come up to you and take pictures with you or kiss you or whatever it might be right but I don't I don't know I'd be very curious to know if violence against famous people is actually

“increased we should look into that and and that's what we'll do what I can tell you is that at least”

from the CEOs perspective from executives and perspective it is as reflected by the dramatic increase in security guards where we now have more private security guards in America than public high school teachers or than cops did you read that one that's even more disturbing so from there from the perspective of these people they believe it's going up the question is it really but then I also think there's another piece to this which is maybe we shouldn't be focusing on the

fact that it happened and focusing more on the reaction to the fact that it happened I think that's right that's where you start to get an understanding of of the actual temperament is there is empathy for this people were sending love letters to Luigi Manjerney people are were kind of excited and happy about this and yes it's a it's a big story and it gets a lot of clicks and eyeballs but that matters when it comes to the sentiment of the American people especially when it comes to this wealth

inequality problem and I do think that it is that's real you know the the guy might be crazy but the sentiment is real and the sentiment is also not unwarranted because we have seen this explosion in inequality because the top 19 households do own 2% of all the wealth in America up from 0.1% literally just 30 years ago I mean the fact that the top 12 billionaires in the world have the amount of wealth of half of the rest of the population on earth like the sentiment

of being angry at rich people and being angry at tech leaders and tech executives is not an unwarranted feeling and it isn't crazy you know communist bull crap like it's it's a fair sentiment and then I think when moments like this happens it doesn't mean like you deserve it like

it's just a reminder like let's remind ourselves of how America really feels about this situation and let's remind ourselves of where things are headed and we should be clear like it's in the tech leaders best interests for all of America to not hate them that's that would be a good thing

“for tech and we're especially seeing it now for AI whereas I've said I think this is the biggest”

obstacle in AI's way and we're beginning to see it with the politics we're beginning to see it because main literally just introduced this this this statewide data center ban which would be the first ever we're seeing burning an ARC a teaming up and they want to do a data center moratorium we've got several other states working on this and then the latest data we're seeing is it in

2025 at least $156 billion worth of data center projects were blocked or stalled by local communities

because people hate the data centers so much so at a certain point you do have to draw the line on like this matters and I drew that line a long time ago you did too we'd been we've thought that this had as mattered for a long time but I think one reason why it should matter to an open AI to an anthropic to a meta or a Google is like this might actually harm the trajectory of your business here this might actually be your downfall how much people hate it and how much people hate you

and we saw a very disturbing manifestation of that feeling that was carried out by an insane person who will now be spending the rest of the life probably in jail and as they should to your point

though the the total amount of new data center capacity and our construction decrease for the first time

since 2020 in the second half of 2025 and 14 states have active moratoriums or restriction bills

“on data centers and 12 states have legislation under committee review which by the way I think is”

a mistake I think they should just price it to their externality I think they should just be forced to pay what they're costing and it's a very good argument that if I get a data center my electricity bills shouldn't go up but they do create some economic growth not a lot of employment but there's you know they they're expensive and they they create a lot of jobs to build but like I hate the Bernie AOC legislation I think it's using you know an elephant gun to kill a

canary I think it's really in elegant legislation but the defining the defining issue of our time is income inequality and what's so sad about it is the incumbents who benefit from income inequality will weaponize this bullshit notion of complexity and talk about technology and network effects and at the end of the day it's just about redistribution of income and that is stop transferring wealth to corporations and the wealth the corporations are paying the lowest

taxes since 1929 what would it take to get people get this through people's heads like I do

“think it's happening I think the next administration attacks is definitely going up I don't know”

if you saw mom Donnie is proposing I found out this about this morning appear to tear attacks he realizes he can't get attacks increase to the New York state legislature he actually has pretty strong authority over housing and property taxes and he's going to tax second homes with a lot of people don't like it a lot of people think it's communist a lot of people think are you

gonna drive ever not a new year coming here there's always that taxes look if you were to summarize

my kind of economic trajectory over the last being born when I was born it would be unprecedented prosperity but low taxes and my generation I no longer think of myself as gen X or baby boom I'm right on the edge we're the vampire generation we never were drafted we had the lowest taxes in history and we had unprecedented market prosperity in exchange for that we've decided that's not fucking enough and we keep voting to lower our taxes but lower our taxes not yours and it's

you literally have a generation of the people who are in power now who are insider traders of stocks find a way to get the best tax treatment for the assets they have find a way to spend more money on ice than on children find a way to decrease public you know spend $10,000 a year on public school kids versus the 72,000 that are spent a year on private private schools and they're like oh okay we can go to war but cut my taxes at the same time and rack up I mean if you think about the

people in charge from George Washington to George Bush and an older generation the silent generation they rack up seven trillion in deficits we've racked up 33 trillion once my generation got in charge and that's nothing but a tax on you anyways my generation has literally what's the term fucked America and younger people we've decided it's almost nihilistic like oh you know this is all

guy that says all right I'm dying I'm gonna max out everyone's credit cards fuck everybody and then

piece out anyway I'm really I used to be very kind of blanched this gratitude burger whatever younger people criticizing older generation but I think you know what they have a point yeah some

“of it's misguided I mean I think you need to be you need to be outraged about the right things”

and what you're describing here is 100% the right thing and it's backed up by the data and it makes all the sense in the world and yeah as I said I'm waiting for people for that to get through to people and waiting for that to really resonate I think it it's beginning to but I'm shocked every time I see I mean this big beautiful bill I was I was just shocked by I was shocked by

how anti young people it was how the whole thing it seemed as if this whole campaign was all about

kind of targeted to young people in a lot of ways let me forward to what it's like to live in America the last 20 years so I can just get you to the emotional stay you will be in you will be constantly shocked but not surprised I was shocked there was an insurrection and that none of those people were held accountable and then by the time they were pardoned I was no longer surprised I was shocked that the president of the United States could be convicted of sexual abuse

in win reelection but I wasn't surprised I mean everything is shocking now but not surprising and I don't understand the underlying cultural phenomena and Democrats have a tendency to try and

“feel Republicans paying I'm beyond fucking that I think we need renewal and a reckoning we need a renewal”

of investments in young people renewal of the alliances with Europe or renewal between the

greatest alliance in history between men and women but we also need a reckoning here and that is there are a number of people after getting positions of power have traded stocks increase their wealth created distrust in the market have created crimes traded off national security for the wealth of their children have prosecuted people for political reasons have engaged in manslaughter to federal level in my view and there needs to be in my view and we're getting way off scripture there

needs to be a reckoning there needs to be a healing but it's gone way too far we'll be right back and for even more markets content sign up for our newsletter at profgmailkits.com support for the show comes from vcx the public ticker for private tech for generations american

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from the moment I entered that upperclass cabin I have to tell you I felt like a VIP anything I needed

“a drink snack assistance with the seat flat seats flat seats exactly had the four course meal got”

my champagne very delicious enjoy the food and the journey home the journey home is great I went to the version Atlantic LHR clubhouse that's the Heathrow clubhouse he's our clubhouse was awesome got myself a coffee headed over to the meditation pod that they called the soma dome kind of felt like a sort of spaceship where you relax and think nice thoughts so I did that for a little bit then we went over to the wing which of these acoustically sealed boots where you could do some work you could

even record a podcast I didn't do that but maybe I should have it was a very enjoyable experience so add the cool real question here is what do you plan to get me from my birthday see the world differently with virgin Atlantic flying should be more than just transport it is part of the adventure there's version Atlantic dot com to learn more tickets and lounge access provided by virgin Atlantic we're back with property markets a big tech stock pick for twenty twenty six was amazon and it's

off to a strong start the stock is up nine percent year today and is the best performer the magnificent seven so far come on he also just made a major strategic move acquiring star links compared to global star and he bid to strengthen his position in satellite race the deal gives the company access to satellite spectrum and direct to device technology so Scott we are approaching the halfway point not quite we got a little ways to go but so far that pick was pretty great just to

tell you what the mag seven returns were last year so you had alphabet was up 65 percent that was

our pig last year big big win in video is up 35 percent test up 19 percent the S&P was up 17 percent Amazon was a lagged it only rose five percent it was one of the worst performing it was the worst performing of the of the mag seven year today so far test this down 11 percent Microsoft's down 12 percent apples down 3 percent matters up 4 percent alphabet sub 7 percent and videos up 6 percent Amazon is up more than nine percent it is the winner so far this year let's not call it victory yet

this is a year long prediction but it is notable at least that investors are kind of turning their opinion on on on Amazon and they're deciding actually we kind of like the stock and they're piling in here what do you make of it you know I don't want to say this is it but we picked we picked in 24 we picked off back as I just thought on evaluation basis it was growing faster than almost every S&P company in trading at 17 times versus the S&P at the 24 that just felt like

easy 50 percent miss pricing I picked Amazon for a different reason one I liked it's earnings

it was trading into slow SP multiple in a while it had underperformed other text stocks for two or three years but there were a few reasons I really love Amazon one I'm fascinated by industrialized robots they were

“they invested early in often in robotics and then if you want to look at a place where AI is really”

going to create shareholder value I think it's in one the targeting of ads see above meta to autonomous I see above alphabet and then also the ability to make industrialized robots that much more fast-style and productive and there are one million total industrialized robots under Amazon in an Amazon warehouse or somewhere in Amazon infrastructure the rest of the nation private companies has a total of 400,000 and AI was the thing that took is going to help

industrialize robotics meet its potential too they're talking about using AI industrialized robots to not increase their personnel by one person in their biggest business that is Amazon retail and they're talking about doubling the top line revenue Amazon retail by 2032 so while AWS and Amazon media group have provided margin expansion you're about to see just enormous gross margin addition at the hands of their biggest top line growth which will be retail

at what will likely be greater margins given they won't need more people and then the chaser to all of this the cherry on top the champagne and cocaine the nitrogen meets glycerin

“is space or simply put I think the project lia which used to be known as cipher which I think is a”

cooler name is now they just made an acquisition of global star for $12 billion and I think what

you're going to have here is one there's a huge opening for even a distant number two to space

think the mission here what I would be talking about if I were in strategy to Amazon is we're going to offer a competent phone it won't be as good as the iPhone but it'll be as good as an Android phone and with Amazon Prime plus you're going to get Wi-Fi you're going to get blazing fast broadband into your home and on your phone will also offer an enterprise level wireless product and network to serve warehouses delivery hubs robots drones not only for us but for other

enterprise company and we're going to continue to become the most impressive extensive robust

“infrastructure and logistics company in the world and I think the market's going to get very”

excited about this when they see not only a viable number two but a service that can immediately

be dropped into 115 million households so and then when I look at the valuation trading at the

lowest valuation in a long time I just love I just absolutely love Amazon and so so far it looks like so far we're look you know it looks like we're right but I think the rest of the year is going to be even more exciting for Amazon so far so good just one point I mean you bring up the potential in Amazon phone you've said before that people who have Samsung phones have no chance of getting laid I just I pray for the people who are going to get their hands on Amazon phone have the

Amazon Prime plus phone that's a different that's a different talk track the Nick Fuentes phone they call it the Fuentes phone yeah exactly the the in cell phone there we go but to your point

“I think the biggest I mean there are a lot of narratives here that that are making Amazon look”

more exciting one was it it had already gotten beaten up 2025 two that one thing you didn't mention or maybe did but I hear it is they're getting into semiconductors they have this training

chip the chip business is growing it's at a run rate of roughly 50 billion dollars at this point

so that's exciting the revenues in that segment is growing in triple digits it's very new but still that's very impressive there's the potential for space there's also just cloud providing in general but I think the biggest thing is this halo effect and this is what we talked about with Josh Brown last week but Josh Brown coined this term halo and it's an acronym for heavy assets low-ups lessons and describes this investment trend where people are going to pay a higher premium for companies

that are really strong in the assets department in the physical assets department because the modes to have a really strong physical asset network are a lot larger than in something like software and that has been the whole story of the beginning of 2026 which is that AI is kind of killing software and it's destroying the modes in software and there's truth and also a little bit of hype that trade might have been overdone a lot of ways but that's been the big trade and Amazon

is kind of like the perfect halo stock in a lot of ways like you mentioned the the capacity in airplanes they have vehicles they have all of these fulfillment centers three quarters of Americans live within an hour of an Amazon fulfillment center like they have all of this physical stuff plus the robots that they're investing in so if you're bullish on physical AI versus software AI

“Amazon is basically your pick and that I think has been playing out I agree with you I think it”

will probably continue to play out and the question will always be as it always is when is it

going to become to play that I don't think with that yet I think that there's definitely a lot of room to run for Amazon right now we could also talk about I mean if we're doing about stock picks and in big tech I can tell you I bought Microsoft this week yeah you love Microsoft some more well I just think that it's gotten absolutely destroyed on a valuation basis and I actually bought it in SaaS Parklets one I built up a decent position there I bought it around $400 it got battered

continue to get battered and then last week I was looking at it it was 380 and I just doubled my position I was I fuck it as we record this we're up to $420 per share so it's risen 10% in literally a matter of days so that's a big win for me and we can get to predictions my prediction is that Microsoft I mean I would have loved to have made the prediction when I bought the stock at 380 and I would have said then this will be the best performance stock of the year and we're already up

10% so it kind of takes some juice away from my prediction but I will continue with that prediction based on where we're at right now I think Microsoft is the best pick I think it's still under value trading 21 times forward earnings I mean this this stock has gotten massively punished I don't

again if you look at it as a multiple of cash flow it's trading it you know recent lows or maybe

even all-time lows next week what are we looking at we'll see retail sales for March we'll see consumer sentiment for April we'll see earnings from the United Health Capital One United Airlines Boeing Service now Intel American Express Lockheed Martin Proctor and Gamble and Tesla big big earnings week and this is going to be really interesting again we talked about consumer spending what are we going to see I'm excited to see what we see in the Capital One earnings and also the American Express earnings

is there going to be a divergence there are we going to see a reflection of the K shape but my prediction I've said it already Microsoft is my pick I'd like to have locked it in at 380 but I'll just say whatever and lock it in at 420 now there you go so the the non interesting prediction

“anthropic IPOs before open AI I believe they'll go public before there's few companies with”

more momentum than anthropic and few companies with less momentum than open AI I mean get this essentially anthropic has gone from a run rate of 7 billion at the end of the year to a

annual recurring revenue run rate of 30 billion that's got to be the most important start of the year

like that that is unbelievable no one's probably no one's ever done that ever in 80% of enterprise 1000 customers are paying 1 million plus year 70 cents on the new incremental spend from AI from the enterprise are coming from are going to anthropic and also what people miss is the competitive dynamic here and that is people say well B2B is better than B2C most valuable company in the world Apple or the second most is B2C it's not that it's just that in the B2C

AI market there are a lot of substitutes for free whereas if you're a chlorox and looking to implement a global site license for AI there's no there's nothing for free or it's very difficult there's some open-weight Chinese platforms but what I found having started both B2C and B2B companies when you have something that feels differentiated you have greater margin power and B2B because they're

“more about getting it right than shopping around a few will so I think anthropic gets to the”

IPO starting line faster and that open AI also opening AI has a lot of noise around it right now plus the CFO is saying she doesn't think they're ready I mean she's literally telling sound like I don't think we're ready I meant she's being kicked out of the meetings they literally stopped including her I have a good friend who's the most successful one of the most successful people I've ever met great friend just so thoughtful and he's a fucking mess when it comes to his relationships

and I said to him I said literally ask him like don't you have me friends I don't you have anyone you can talk to who can tell you being an idiot and I feel like doesn't Sam Almond have a board or friends he puts out a memo and communications shit posting Microsoft say wait wait why would you do that why would you you're supposed to have this great partnership that's additive have those have those fights behind the scenes keep it to yourself yeah also you signed the

“contract like but yeah exactly I think them buying the podcast was sort of a little bit strange”

I don't know we'll see how that works out I think it's incredibly stupid I'm happy for them I'm happy for TBPN I think they have crushed it I'm blown away by their strategy I think they've gotten so much right in so many ways it talks about this in my newsletter the leaning into the clips the advertising with the clips it's great but that was one of the dumbest acquisitions I've ever seen they're not even making money off of the thing because they got rid of all of the

advertisers so I don't know what they're doing with them with the money they paid $200 million

for this thing at a time where they said that they needed to end side projects and they needed to get more focus and then what they do they go buy $200 million a $200 million podcast that's sad I'm probably kind of slightly enjoys that's the rationale that's not even a felt ball if they get one that went wrong the one that the one that got that's going to cost them 30 times more to write off is IO I want to excuse to hang out with Johnny I've so I'm going to spend six billion

dollars to create a hardware and AI hardware product and by the way Sam is smart my guess is you got a very smart board they're focusing which is exactly what they should be and they just shut down Sora barely they said they were focusing and then they go and do this like what is it are we focused or are we not okay so my more long tail prediction the Albert's pivot to AI is going to inspire much of copycat so I don't have you saw this but Albert's which is just a stupid

fucking company that a few VCs wore which is like the worst influence or move in history they sold

itself as new bird AI and they bought $50 million in GPUs and said that they'll lease them to

customers and the shares spike 900 percent oh god you know that was a few years ago there was an IST company that that was going down the two was and they rebranded to blockchain some of the thing happened stock went up then I went back down well that's exactly right they you're talking about long island IST core rebranded is long blockchain in 2017 it made me I saw a TikTok of a like fifty teenagers waiting at an in and out for them to call six seven and then they all went just

“crazy you know like oh my god we are so fucked we are so fucked that's how I felt when I saw”

this thing spike 900 percent because it bought 50 million so if if Proft G buy 50 million GPUs and says we're gonna run them out is that anyways okay fine but this crazy is bad shit crazy as it is it's gonna inspire a half in the next 30 days you're gonna see six legacy brands you know a gem co or Kmart AI you're gonna see just some crazy shit how about us maybe we should do a Proft G AI what do we think did I tell you this a kid approached me this really

time to kid approached me about six seven years ago and said we're gonna start the Proft G token

we're gonna do a coin it costs you put in five million we put in five million it'll get a valuation

of two to three hundred million you can probably get I remember this I think I remember telling you that we should absolutely not fucking do anything you said you'll get 40 to 60 million out but for the thing crashes and I'm like wait so you know what's gonna crash I'm like so isn't that fraud is I know it's legal and I'm like I love money as much as the next guy but

“even I won't go there and that's why we're not billionaires we don't love it enough I have”

done so many embarrassing things for money some day we'll sit down and talk about them I've pretended to be friends with people I didn't like I've gone on the worst golf vacation ever I've hung out I mean I've just done so much those are okay that's what we're all doing that I blew my first marriage I've lost all my hair just so drunk lying to get to rich but I couldn't do the Proft G coin I just couldn't do it anyways we're gonna see a bunch

of all birds AI copycats in the next 60 days they will probably spike the insiders will have the shares when they make the announcement they will they will as you put it dump the bag or drop the bag and no one will go to jail because we no longer have an SEC and we no longer have an IRS and we no longer have a DOJ because this is built into the system so they will make a lot of money

and they will never be punished for it that's the other part of the prediction that's what I

didn't get in your conversation with Josh Brown I love Josh Brown he was like kind of comfortable with a certain amount of it I'm like Josh or listen it it only makes your returns lower because when there's a small number of people grafting the system the person buying or selling a stock in Nancy Pelosi because she has insider information their returns are markedly lower because they didn't have access to insider information so the more insider information that's out there the

lower the returns to everybody else he just doesn't want to be political but I'm just I'm sick of that position at this point like I'm sorry we live in a world where there are politics and there is a lot of stuff happening in politics that affects things and there's right in wrong and fair markets and trying to get people confident we got to have a position on this stuff it reminds me of the Lauren the Lauren Sanchez interview and they try to bring up what do you think of Trump and she

says to the interview no no no we're not going to go there I'm not touching politics it's like

“what are we doing here you need to have an opinion on things stop being a fucking worse and just”

have a position because it's like this it's getting ridiculous the whole stick of oh I'm neutral I think both sides are bad I think both sides are good it just doesn't make sense anymore and I'm just I'm sick about the both sides is it's this in New York Times article where they she talked about the mugs they have in the morning they wake up and they're spiritual all they practice to say it sounded kind of nice it sounded kind of nice six AM yeah I'm sure it's a beer

that I'm sure it's great to be them and another great line what did that when William heard great actor children of a lesser god by the way watch it be their girlfriend and she'll take you're much more interesting than you are go home to nine and say we've got to watch children of a lesser god it's my favorite movie that should be like oh my god you're so nice let's meet my princess we can ain't proposed to me anyways the William heard one of the great a great

actor he is in this wonderful movie called broadcast news another great have you seen broadcast news no oh god you gotta see it anyways there's this wonderful line and William heard places kind of Dan rather like or I don't know Peter Jennings like newscaster and he says to Albert Brooks is producer he says what happens or what do you do when your life your real-world life exceeds

and that's how I felt reading that article everyone I know that knows Lauren Sanchez

“and I know quite a few people that know her and Jeff say they're really nice people I don't”

encourage them anything but you're amazing life just keep it to your fucking self well you're

your famous for keeping your amazing life to yourself right oh you're mocking me you're mocking me you're mocking me I'm mocking you you just made me very self-conscious I don't have a mug that

“says beauty queen on it or you don't you don't that's true I'm alone in New York would know”

fans that will hang out with me this weekend I wouldn't rule it out I wouldn't rule it up maybe

in fact I'd give it five years maybe you're down for the mug and the New York times in of you give her this she's hot I don't know if I told you I was at the vanity for your Oscar

party oh there I go again and I met her I didn't meet her I saw her Jesus she's pretty anyways

“I don't know how to wrap this up Ed help me out of this no no no I think that was great”

keep it to yourself and so that's on that's all I know for 2026 let's see how long it lasts this episode was produced by Claire Miller and Alison Weiss and the engineer by Benjamin Spencer our video editor is Jorge Cartier our research team is Dan Schlon is about a pencil Chris no Don Hugh and Mia Silverio Jake McPherson is our social producer Drew Burris is our technical director and Catherine Dylan is our executive producer thank you for listening to

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