The AI Super-Cycle Has Begun — You Have 1 Year To Get UNFATHOMABLY RICH! | Chris Camillo

No, not at all. I'm so sorry. You're so sorry. You're all right? Yes, exactly. I'm so sorry that I'm just a part of the studio. I'm just a part of the studio or a part of the studio. I'm sorry. I'm not as sorry.

- You're a part of the studio? - I'm sorry. With what? I'm sorry. Has generated roughly $80 million of returns over the past 17, 18 years.

If you're not willing to take real risk, you're simply never going to get rich quick.

What do you know that others don't about AI? So many people misunderstand what AI actually is. But I've never felt more confident about the AI trade than I do today.

“I think the next billion-dollar company can be built by a single person without any employees.”

This is the first time where the future is not necessarily owned by those with the most money or the best education. It's owned by anyone that's willing to adopt quickly and create. I'm calling it like the great reset. So then what advice would you give our viewers so they can capitalize on the information? This is a very different goal of rush for this generation.

The window is very small. So if you're young and you've been complaining because you did not have any opportunity, you just got it. Chris Camillo, thank you so much for coming on the Ice Coffee Hour. - Yeah, happy to be back, guys. - In mid-November, we had you on the podcast. And that specific day, one of your all-time favorite stocks was tanking.

And you walked in and you coolly said, "I just bought another million bucks today."

“Well, I was absolutely panicking because I was losing a lot of money.”

And then that exact stock plummeted even further. It went down from $100 that day to $70, where you took a levered position in the stock. And everyone was calling you insane like they usually do. And then of course, like you usually are, you were absolutely right because now it's at an all-time high of around $150 a share. So you basically doubled your money. Had you guys watched that episode three months ago, you would be up 50% on that one stock that we discussed that episode.

They would also be up over 200% on your initial call of Robinhood when it was $38 a share. And you said your one regret was not having more money to invest in more Robinhood. - Yeah, that's all true. I'm fully margined. So there's no more money left to invest at this point. Well, the reason why we wanted to bring you on is because you were absolutely correct with all of these predictions. And also the market is at a very scary place right now.

It does not seem like a confident market. Like every day it's a coin toss up or down and it's usually by quite a big amount. There doesn't seem to be any consistency in the market either. It also seems like the fear index is at a very strong fear level, even though we're only like 1% from all-time highs.

So the market hates unknowns. We know that, right? Like more than anything else, the market does not know how to handle unknowns.

And there's never been a larger unknown in the history of the market.

In our lifetime, then artificial intelligence. It really doesn't matter how pedigree you are, how much money you manage. I don't care if you're at the top of the food chain in Silicon Valley and technology. Everybody has differing opinions on how this is going to play out. And that's a scary place to be.

So it does make sense that we're having this volatility.

“However, I think there's an opportunity for investors to get to the ground truth.”

Maybe not in terms of what's going to happen in 10 years. But in terms of what's happening right now, because there's so much noise in the market.

And so much confusion that people are just panicking and the reality is,

there's a fairly good amount of transparency as to what's happening right now with artificial intelligence. If you know where to look and you're willing to actually spend the time cutting through the noise. And finding that ground truth. So while everyone is absolutely panicking, you're digging your heels in. And I'm curious, what do you know that others don't about AI?

Yeah, I've never felt more confident about the AI trade than I do today. And most of that is based on what I've seen surface over the last. I would say, you know, two weeks. You guys are probably familiar with what's been happening with the Gentic AI.

I'm seeing things today that I didn't think I would see for at least another year.

And AI has started to accelerate rapidly in terms of its actual integrated adoption. And it's used cases and it's productive value inside of enterprise and small business and for personal use.

“So a lot of the question marks that I think existed just a couple months ago are gone now as a late stay.”

What was the biggest question that you think people had and what is the answer to that question? I think the two biggest misunderstandings about AI, one is that we're in this bubble and everybody likes to relate it to the dot com bubble, which I was intimately involved with. I was young. I was living in LA working at a dot com and I remember it like it was yesterday, but there's a very big difference between what unravel in 1999 and 2000 and what's happening today in AI. Back then Wall Street and the world saw the future of what the internet could be and likely would be and all the dollars flowed very quickly into enterprise to fund that.

However, it didn't evolve quickly enough, right? So it took the internet like 15 years for us to start to see the type of productivity and the type of efficiencies and the type of acceleration that we knew would be possible. The money was invested many years earlier and it just took too long to play out so we weren't able to see the productivity increases. We weren't able to see the step ups in revenue generation from internet companies quickly enough and that I think is a large part of what led to the dot com boom busting.

“Does it worry that right now that the top 10% of households are responsible for 50% of the spending?”

No, not at all. I think that's a totally separate issue. I think the main difference that I'm discussing is AI has the opposite problem of what happened during the dot com boom in that the acceleration of enterprise adoption of artificial intelligence is moving too quickly. That presents other issues like potentially, you know, the systematic destruction of humanity, which is a possibility. That's bad if it happens. But because it's moving so quickly, we're starting to see rapid adoption of massive amounts of productivity and efficiency in the business world.

I've never seen anything like this in my life. I didn't think it was possible. Okay, so all of the things that led to the dot com bubble busting are actually happening, but in the opposite way right now. How could that be shared equally and how do you ensure that the top 1% don't get 99% of the productivity gains?

I can't, but that will always take care of itself. So the issue that you're surfacing is potentially very real.

But that always, I think that has a way of taking care of itself through politics, through regulation, through taxation. There are an infinite number of policies that we can adopt if if this plays out in that way. And my assumption is that we will figure it out because if we don't figure it out, yes, there will be people wanting to overthrow the government and nobody wins in that scenario.

“I just have to assume that we'll figure it out, but I think you're jumping way too far ahead. The big issue that everyone has with AI that's causing the instability we're seeing right now is, is it a bubble?”

Or is it not a bubble? Well, I don't think it's a bubble because we are actually seeing the things that we need to see in terms of productivity and revenue generation to ensure that there's value in the money that's being spent.

Now, we're always going to have a degree of creative destructionism, right?

In the dot com bubble, it was pet.com. We're going to have lots of pet.coms of the artificial intelligence revolution, right? There will be a lot of creative destructionism, a lot of wrappers that will go bust a ton of overspending on the wrong companies. That's natural. That's to be expected.

But the other big issue, and I think this is very real and very important.

“And I think this is part of the reason why we might ultimately have an issue with a very small concentration of companies and people getting the bulk of value out of this”

is because so many people misunderstand what AI actually is. They just think it's an auto-complete because quite honestly a couple years ago, it kind of was an auto-complete. Right? That's not what it is today.

So if you were to give today's LLM or any of the agentic agents, any of the agentic AI that are out there right now, a nuanced problem, a problem that it has never seen before.

Okay, a problem that it can't just go dig up an answer and serve it to you, like Google would. It's able to actually extract a solution to the problem without simply just pulling it from a data set today.

“And if you want to understand how it's doing that, all you have to do is ask it, right?”

Say, that's incredible. How did you actually solve that problem for me? And it will show you how the problem solved. And we get really confused because we think this is not really intelligence because it works a little bit different than the way our minds work. In fact, we don't fully understand the way our minds work and we still today don't fully grasp 100% of how some of the AI is working today. But this is critically important because, you know, a plane doesn't like flap its wings like a bird. We used to think to fly to gain altitude. You'd have to flap wings, right? A plane doesn't do that, but does a plane fly. Yes, of course it does.

You know, all compute, all technology is based on zeros and ones, very simple things, right? So when you have these very simple things and you apply massive amounts of scale to simplicity, you get complexity, right?

“That is able to do things that you never thought would be imaginable with what you started off with, zeros and ones, same thing with human biology and living life with, you know, at everything's an atom, right?”

Very simple, but the complexity once you bring massive amounts of scale to that very simple thing gives us all of life. We fully comprehend how we get from here to here, no, but it happens. And so a lot of the pattern recognition that artificial intelligence is based on seems like it's fake to us, but it's very real and very important.

And we can't quite comprehend just how powerful that pattern recognition is going to be in a few years.

So I think once you understand those two things, you become a bit more relieved that the of the realness of us. Yeah, someone who's showing me yesterday a YouTube channel that was completely AI, and if I watched this channel, I'd have no ideas AI. I was actually blown away by it. I was shocked. The videos, every nuance, every joke, everything. And it gave me a whole 20 page report on exactly how I scripted my videos down to every detail. And just for fun, I had another program do deep research. I put that into clawed and it gave me a script back in five minutes that was probably 90% as good as what I would do sitting in for eight hours.

Now, it's not perfect, but that to me was remarkable that this thing got it down 90% in a few minutes because I remember a while ago years ago, I put out a notice on my Instagram. I said I'm looking to hire a script writer, and I was willing to pay a hundred thousand dollars a year. Couldn't find anyone that did it in my voice and I figured I'm just going to do it myself, but this replaces what would have been a hundred thousand dollars a year. If someone was able to do this five years ago, I would have paid them for it.

Do you say it's even better than what you would have like we've been able to hire for a hundred thousand dollars a year? Yes. Oh, yeah. And it's nearly instantaneous. Yes. You just give it any topic, 24/7, and it does a good job. Again, it's not perfect. And if I were to read this off as my own words, it just didn't sound mean. It sounded a little robotic, but I'm sure at some point it'll get there.

And I got home late night after being out with my wife and some friends, and I have been drinking and my head wasn't exactly straight, but I had to deliver this next day. I went into a side bedroom, and I just rambled off into chat GPT for 45 minutes, a bunch of weird random ideas of what I want to be in this business brief. There were points where I didn't even speak for two and a half minutes, and I don't even know how to understood what I was saying quite honestly. It put out the equivalent of like a six page McKinsey style brief. I was actually stunned. Now what's even more interesting is things didn't work out with that podcast host, and I saw out another podcast host that had a completely different style.

It would have not only have changed the style of the podcast, but potentially the brand and the venture itself. So I asked the AI, if it was possible, to kind of rethink the entire format of the podcast and the business and the venture and the marketing and the branding based on this one other person that had a very unique style. And what it did for me, it actually melted my mind. I couldn't believe it. I mean, it came up with an entirely new format. And I didn't understand how it was able to assess the nuances of this content creator style, so much and how to bridge that into a very complicated business venture, and still have it be seamless with the ventures, ultimate objectives.

But completely changed the venture positioning and the branding and the marketing and the podcast and how it would be filmed and what the skits might look like.

And it did it in 30 seconds. And I said, I have to understand how you did this. Please doc, I want to know exactly how you did this because what you did does not seem possible to me for an AI. And it wrote like a three page brief showing me all the steps that it took. And when I read this, I was like,

“Honestly, guys, it was one of those moments, but I could not believe what I was reading. The degree that this used reasoning.”

Okay, and nuance to kind of figure out these problems and to map these problems and then figure out how to sew them together in like this seamless new package for me for complicated business venture. In 30 seconds is something that I would spend months on with the team at people and probably not accomplish, even remotely as well as the AI did for me in 30 seconds. And this is just one use case for one individual person with a business venture. Now extrapolate that across every single business and problem on earth.

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Thank you so much to Cookunity for sponsoring this episode. Another thing that I did a while ago on Chagbetty was I asked to write a joke in the style of a few different comedians. And obviously this is like what you just explained, but like a very basic level, and it is phenomenal. Like you could ask for the exact same joke delivered in Tim Dylan style, or Theo Vaughn style, or Chris Delia style, or Andrew Schulz style, and it totally accurately does the exact same joke in their styles, which I thought was phenomenal.

I should have asked how it was able to determine the tone. On the topic of Chagbetty, if someone has a limited budget, which subscription services should they pay for and at what level? It really depends on your use case. I think for most people, it actually doesn't matter that much. Whether you use Gemini, or whether you use ChatGPT, we're talking about like the $20 level, for most people that's completely fine.

“For anyone that's actually doing any sort of deep research, business analysis, that's actually starting businesses, running a business, even if it's a small one, you should probably pay up for like a $200 a month style subscription.”

And which one, how do you know which one to purchase? Again, it really depends on your use case, and right now today, everything has changed in the last two weeks. So I guess I just answered the question is if we were doing this show two weeks ago.

But the reality is today, now that we live in a world of agentic AI, not every AI company has put out their full agentic AI stack.

So today, anthropic has put out something that they call a co-work, right? And anthropic co-work essentially gives you the ability not just to run a prompt, but to actually have numerous agents. It's like having a multitude of employees, and you simply tell it what you want to do, and it will have five, six, seven agents. One will be running a marketing department, one will be running a tech stack for you, and it will piece together all the things that it needs to piece together in order to accomplish any task or any goal that you have.

And it will work 24 hours a day, right? So it's not just like putting in a prompt and waiting for an answer, and then copy and pasting and doing it the way we've been doing it through chat GPT the last couple of years. Now, there is another way to do this, which I think most people are adopting the last couple weeks, and you've probably heard of OpenClaw, right? It's gone through a few different naming changes, but this is essentially the same thing, except to open source. It's not run by a big model, and because it's open source, it's completely free.

So everyone's going out right now and buying Macmini's and they're basically running OpenClaw, and you don't have to be a technologist to do this. Anyone in the world can do this really easily.

You just simply tell it, "Hey, I want to start this business. How do I do this? What do I need to do?" And you set up OpenClaw with its own email account. You set it up with its own social media accounts. You set it up with its own credit card if you want, with its own limits. It's its own person, and it runs on a Macmini, and the reason why you want to run it on a Macmini is because it's new and because it's open source, so the safety standards aren't really there yet. So it becomes an employee, and in fact it can become an employee that's managing five or six or seven or eight employees, because it will create other agents inside of itself to do an infinite number of things.

“So it will actually run a business for you from A to Z on its own, and that's what's been happening in the last two weeks.”

To me, that just doesn't seem feasible that you could tell it this idea, like, I want to make this app that does this, do it. That it'll actually go and like make the app and put it on the app store and charge your card for it, and like how. Graham, it's doing all of it. I know that this is why I haven't slept in two weeks. I mean, this is why I initially missed the first, you know, when we're still speaking this show a couple days ago, and I just didn't even realize because my life is this crazy. I can't keep up with the technology, the last couple weeks.

So, you know what I do as an investor, I essentially spent four hours a day dissecting thousands and thousands of comments on videos to try to surface. Try to surface change in the world, right, cultural shifts, consumer behavioral shifts, and then I try to connect the dots of that change to investable opportunities in the stock market, and that's what a social art trader does. That's what I'm doing for 18 years.

And a few of these people have actually put the results and have shown it working on X, and it works 24 hours a day doing everything that I do.

“So it actually goes into TikTok and it starts watching videos, it runs through comments, it knows what words to look for.”

It knows to look for words like sold out everywhere, obsessed. So it understands my methodology and it knows what to search for on TikTok, and then it scans comments and it evaluates what's trending in real time, and then it extrapolates what might be a good investment to make. This was done in 48 hours. Basically, replicated 18 years in my work in 48 hours on a Mac mini, just voice prompting, hey, can you replicate what Chris Camilla does it research me, and then it started it started a company and it started doing this in real time.

So I'm just one very niche individual with a niche business, right? You can do this for any business in the world. In fact, like this is this is the most exciting piece of this and that I'm calling it like the great reset, okay, and I'm so excited for for because there's so much negativity around AI right now, everything that you just talked about with so much of the benefit of AI.

“Getting concentrated to one class of people. It doesn't have to be that way. This is the first time in my lifetime where the future is not necessarily owned by those with the most credentials or the most money or the best education.”

It's owned by anyone, anyone in the world that's willing to adopt quickly and create. So, you know, Gen Z has been complaining for a long for very long time, and they have a valid complaint that they don't have the opportunity that boomers had, right? All agree that to an extent, the pathway for them isn't as clear. They could spend a lot of money on education and still end up with no job in debt and no clear pathway to success in financial freedom in their life.

Well, right now, anyone in the world that is willing to adopt and create can do it, I just told you, because for the past 20 years, if you wanted to start a business, you would have to raise money.

You would have to build a team. You would usually have to understand technology or have to communicate what you are trying to build through a technologist, and it would take a lot of time. There's a tremendous amount of risk involved with all of that.

“And because of that, most of the world's problems did not mandate starting a business to fix them, because even if you had the solution to a problem, the cost of actually implementing that solution was way too high for that particular problem.”

So the business wasn't viable.

Now, every single solution to every single problem in the world is theoretically viable. So there are millions, tens of millions of nuanced problems throughout every industry, every sector, even in people's personal lives. Every single one of those problems is solvable with AI for the most part. And all you have to do is surface the problem and have the wherewithal to go out and adopt and spend two or three days of your life learning how to use these tools and you do not have to be a technologist.

You start learning about these. What's the first step? First up, you go on TikTok, you go on the search bar, you type in the word AI, and you filter down for videos that have come out in the last week. And you just watch 40 of them. That's it. Then you go on to X, and you essentially do the same exact thing, and there are numerous people, hundreds and hundreds of people that are excited to show you how to use this tool, and get ramped up in 24 hours as a complete newbie that has no technological background.

Okay, you do not need to know how to do anything. I'll give you a very specific example. Okay, you can pick any business, in HVAC business, a sprinkler business, there are millions of these businesses, almost none of them are willing to embrace AI right now. You can simply go to one of them and say, "Hey, I'm an AI guy. Give me one area where you're leaking money.

And they might say, "Hey, we are slow to react to phone calls that come in late at night." Sometimes we don't respond to them at all, or by the time we respond to them, they've then contacted one of our competitors.

“In 24 hours, you can set up an AI agent that will answer those calls, send out immediate automated text responses, then get that person signed up and get them a quote bid in next a real time.”

You can have it integrate with every single service that that business uses currently. It could input it into their CRM. Okay, it could email all the people within the business that need to know about that, including the business owner. You can set that all up within days for that business at essentially very close to no cost. You just fix the huge problem for them. You might increase that company's revenue by 5 to 15% in two or three days. Immediately, you become invaluable, and you just probably picked up a client that will pay you two or $3,000 to be their AI guy to fix all that other problems.

You can replicate that across 10 or 20 other businesses and probably make half a million dollars a year.

There are people right now doing this. They just started in the last week. Historically, like during the dot com boom, the gold rush was trying to pick the right company to work for. I was part of that. If you pick the right company, you get your stock options and two or three years later, you're a millionaire, even if you're 22 years old. And I had so many friends that were that age that became millionaires overnight because they picked the right company. You pick the wrong company, maybe you end up with nothing.

This is a very different gold rush for this generation. It's not about who they picked to work for. They have to do it on their own. But the opportunity is near infinite. The difference is the window is very small.

“So you have to do it right now, like this year, not like in six months, not in nine months, but like today. So over the course of the last week, I've probably gotten 15 calls from people on my network that told me they were about to quit their job.”

Some of them were 23 24, some of them were in their mid 30s, some of them were in their 40s. Because they got a box. They got a Mac mini. They got this set up and they said, Chris, I can literally start any business in the world and have it running in 48 hours.

I've never seen anything like this. Every hour matters. I cannot give up hours. I must quit my job. So if you're young and you've been complaining because, you know, the world was jaded against you.

And you did not have any opportunity. You just got it. So one word answer should every single person at the end of this podcast. Not right now, but at the end of this podcast by a Mac mini and download open clock. No. Okay. So not everybody for anyone that is willing to adopt and create. Yes, you should do that tomorrow. Would you say the highest leverage AI for the average person out there? Not for a very specific person, but the average person would be open clock.

Would be number one and then maybe just a basic Gem and I or Chad to be tea or something like that?

I wouldn't think of it like that. First of all, they're all changing every week.

So whatever we decide on today is going to be different in three or four weeks. They're all evolving their models. They all do things slightly differently.

“If you want to have an entire company operating 24 hours a day, then you have to have a Gentic AI. You have to have agents.”

So if you look at the monitor that is being used for this open clock agent AI thing, it's literally just like windows that are scrolling and then clicking buttons and then creating a Gmail account. You could think of it like that exactly. Yes. Simultaneous. You'll wake up. You'll wake up in the morning and you could see everything that it's done for you over the course of the night and you can communicate back and forth with it. It will even help you decide what the best business is for you to start, right?

So based on things that are happening in your city, based on your interest, based on your expertise, based on your relationships on your contacts, it will help you figure out what would be the best business for it to start for you. And the difference between open claw and something like ChageBT is that ChageBT doesn't really have a true memory that is correct. But open claw sort of actually can compound exorbitant amounts of data and synthesize the data and then act on the data. So what open claw can do is it can document and then store, right? The same way that you guys do, this you will have documents.

So now you have that. It's not just living right as part of an index that an AI has to tap into. It literally creates regular files on a regular computer just like you do. It works just like a human does. If it needs to make phone calls, it will make phone calls for you. It will create a voice and it will make the phone calls if you give it the ability to do so and if you allow it to do so.

There are people out there that have amazing ideas, but they don't have the resources, the money, the network, the team, the technical know how.

None of that matters anymore. We are going through a great reset where if you have an idea on your head and you are willing to adopt and you want to create. You can do it right now for the first time ever in history this week. There are people that understand this because every phone call I take, the people are borderline and tiers when they speak to me.

“They are like, Chris, have you seen, do you understand what's happening right now? Do you understand what I just built last night?”

I cannot believe it. This is every conversation I have with someone that's building on a gentagat AI right now. There are actually no words to describe how mind-melting the capabilities are because you no longer have to like. Go through all these systems and all these blockages that you used to in the past.

I've been an entrepreneur my entire life. I've wanted to do a billion things.

I did like a very small number of them because of all the friction involved with going from an idea to a product. There's virtually no friction anymore. I know it's hard to believe, but there's like virtually no friction with so many of the least these digital ideas. You know what? This does remind me. I have this feeling that I've had the last two weeks and I haven't felt it since the early days of COVID. February 2020 is the last time my body felt like this where it was like a very small number of people know about something

“and like the entirety of the rest of the world is just going on with their life and you're like, why is an every single human on earth talking about this right now?”

I've really was excited to dive into the Epstein stuff when it finally came out and it's came out the last two weeks.

I have not spent one minute of my day reading Epstein stuff watching the videos like I see the headlines and I'm like, I don't even care about it anymore. I was so waiting for this to happen. I wanted to go down the rabbit hole of seeing like all the truth and who's involved and I don't even care. And I think once you know what's happening, you're oblivious to everything else happening in the world. I haven't watched TV in two weeks. I haven't like I haven't done anything other than this.

“And I think all the people that are in this world that are either building with AI agents right now or have friends that are building that they're watching or who are hyper active in this community on X.”

Or like they can't think about anything else because they're like, dude, this is like the biggest thing that's ever happened in our life and we don't even know where it's going next. Like we don't even like you saw what happened to the SaaS companies, like that's because a handful of people on institutional Wall Street are in these are in this world seeing this and they're like holy crap. This is happening. Like, okay, we can make a case that a lot of these SaaS companies have massive amounts of security and massive amounts of learning over 20 years and they're not going to be just displaced.

But wow, are they going to be disrupted the next five years because you can there's so many options now you can have your agents basically replicate most of that stuff on the fly and it might not work for a big company that has still, you know, be aware of the code days and has to make sure it's maintainable and has to make sure that the security is tight and you know has 50,000 things that they figured out with sales force over the past 20 years that they're not going to go through all that just with a

agentic AI app that does 80% of it or 90% of it, they're just not going to do it. They're not going to take that risk, but if there are parts of their company that they could not have on that CRM anymore or new companies that they're spinning out, they're aren't as like it's going to meaningfully impact these companies. And really quick, here's what I noticed. February always seems like the right time to slow down. The weather is colder, everything seems a bit quieter and it's a good time to take care of yourself and also the people that you care about the most.

It's very lightweight and it feels just incredibly cozy. What I like most about it is that you don't get overheated, it drapes really well and it's the type of pajamas that you actually look forward to getting into at the end of the day.

The extra weight blanket is exactly what you want this time of year. Its plush has a comforting weight to it and instantly makes your couch or bed feel so much more inviting.

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Cozy earth really does make everyday moments that much more comfortable and I'm going off script here because I just got to say it. Their bed sheets are the most comfortable bed sheets I have ever experienced in my entire life even better than like high end hotels or places that I visited.

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You can check them out at cozy earth.com and use the code ICH for up to 20% off and if you get a survey after purchasing let them know that you heard about it here. Celebrate every day love with comfort that makes the little moments count because you have your finger on the pulse and you know exactly what's going on. I'm curious how is this expressed itself in terms of your own investing style for this year because I remember also you were at 70 million 9 or 8 million 80 million so you've probably cleared 10 million dollars.

Relatively recently with your investing and I imagine a good amount of that is balloon. And then there's some other stuff I'm curious like how is it materialized in terms of your portfolio. It counts volatile. I've lost a lot of money in the last two weeks. It has not been a good last couple of weeks. And I've had to go deeper into margin to double down on what I believe are very high conviction bets that I'm making right now and this is no secret. I'm very open with my large trades. Bloom has been one of them for a long time.

Amazon is my new biggest trade. I know you literally just said on your podcast, you're like, I just bought another medium sized house of Amazon right now after buying three medium sized houses yesterday. And it's like three more since then.

“Yeah. So what do you see in Amazon that other people don't because I bought in this morning?”

One ninety six. He's proud of himself because I think he read all of his a share after he went out four dollars. You owe one ninety six. A friend of mine brought me to the Dallas open tennis match. His niece was there. She was eleven years old and she had saved up five hundred dollars.

And she was thinking about investing for the first time. So obviously they asked me, you know, talk to her what should she do.

She was thinking she would take fifty dollars of the five hundred to invest. I looked at her straight in the eyes. I said, if I were you weekly calls and Amazon 500 and they get margin. Fifty bucks out of the money for her dad was right next to her and he heard all this. And I said if I were you, I would take the whole five hundred dollars. And I would tell your dad to borrow five hundred dollars a margin that way you can invest a thousand dollars with your five hundred dollars and put all of it into Amazon.

On Monday. And she or eyes got so wide.

“I was like, I think if you do that, there is a better than fifty fifty chance you will make four times your money in the next two or three years.”

Maybe even better. So that five hundred dollars can turn into two thousand dollars or more. So if you're right, then you'll get like a, oh, that's awesome. Thanks so much. And if you're wrong, it's like daddy. Where did my money? Well, yeah, and it's dad's like, sorry. Well, no, hold on, hold on, hold on. I told her. I said there is a very small chance that this could go bad. Let's call it one or two percent and you might lose all of your money.

But you're young. You'll make it back. So if I'm telling you, there's better than a fifty fifty chance that you can make four times your money. Or there's only a one or two percent chance in my opinion that you might lose all of your money or most of it.

And I really, what I wanted her to do was start thinking in probabilities. And I wanted her to start thinking about expected outcomes because that's something that investors do not do. Because our brains do not really allow us to analyze risk properly because we generally are also risked first. So we can't make rational decisions about probabilities and outcomes. But like that was that she's 11. But by the way, part of this is that was she was 11. If she was 70, I would not have said that to her. And I told her, I was like, you will make that five hundred dollars back in the worst of all worst case scenarios.

And in fact, I will admit something before we laughed. I said, hey, I really want you to do this.

“If you lose all the money, I will pay you back all of it myself and the Dow is like, no, that's a deal you should take.”

And I said, but in the 1% chance that you lose all your money, I might be in really bad shape. So as long as I have the 500 dollars to give you, I will personally give you that 500 dollars back. Why do you continue to take these potentially life-altering bets when one can argue that you've already made it? If you already have all of this money saved up and yet you're digging your heels in more and more and more and more margin and more margin, the quality of your life will not vary if you are right, but it absolutely will if you're wrong.

“But two reasons. One part of it's the game. I've been in this game a long time. It's fun.”

It's like Hogi, but he's like a smarter target. Hogi's the person we're having on next to is maximum, like, degenerate gambler, but you're an educated. Yeah, no, I'm not about that. Part of it is me. I have a mission and an objective of what I'm trying to accomplish with my investment account. You guys know this. I have a foundation. I'm passionate about my foundation for kids for animal welfare and elder care.

I've built it into a billion dollar foundation. There's no way that I'm going to have a billion dollar foundation unless I take big risk around high conviction thesis that I have.

And are you doing this in that account as well? I'm not allowed to, unfortunately. So once the money gets in my foundation, I have to be relatively conservative. I can't even borrow on margin. So what I do is I I ball in my regular account. And then I give money to my foundation. So I grow it as aggressively as I can in my regular account and I end in my private businesses and then I donate it to the foundation and then I ask to grow relatively conservatively, which is so annoying by the way. If I was able to invest in the foundation account, like I do in my normal account, I would have forexed it over the past, you know, four years and I started it three, four years.

So you probably have maybe like say 70 million in your charity account and then you have like 10 or so personally.

I don't talk about exact numbers. Yeah, but I'll just say, and when you say 80 million just to be very clear, the $20,000 I initially invested has generated roughly $80 million of returns over the past 17, 18 years.

“So then you take taxes, then you have to take life expenses. And as I've discussed with you guys before, I take the bulk of my money out every year that I make and I invested in private companies.”

I'm invested now in almost, you know, 170 early stage companies over the past 17 years, which is the biggest investment in the state I ever made, because I don't generate outside returns on those private companies.

So I don't longer do that. I no longer invest in early stage companies because my returns are generating north of 70 percent annualized over the past 17, 18 years.

And why would I take money out of a public portfolio that's generating 70 plus percent annualized returns and put them into private companies that's generating returns between an out 10 and 15 percent portfolio average. It took me a long time to realize the mistake I was making and to stop doing that. I don't regret doing it because I met so many amazing people in the past 17 years, hundreds of founders, interesting people, had a lot of fun along the way, and it really expanded my network and my horizon in terms of the things I'm involved with.

But if I was smart and about the money side of it, I would have done nothing but social arbitrate on my phone. You argue that most people should have an allocation in their portfolio for what you call risk assets. If you were to define what percentage people should have in risk assets and what exactly is a risk asset, that would be great. Also, Graham, what percentage of your portfolio is quote unquote risk assets.

I call it the big money account. Everyone has this, like, I'm going to get rich slowly attitude, which is awesome. I think it's a great attitude to have. Compound your money over time. It's relatively low risk. And high likelihood that you will get rich over time, if you just follow those simple rules. But almost no one has an account that they can invest more aggressively, like wealthy people do day to day, right? You have to have, but the Russians say no champagne without risk.

If you're not willing to take real risk, you're simply never going to get rich quick.

So there's no reason not to have that account. The account should be different for everyone. It depends on your goals in life. Is it like a fully separate account? You would recommend like it really doesn't matter. All depends on your your ability to. The regimented. Yeah, compartmentalize compartmentalize for me. It's not separate. I think for a lot of people, maybe it should be separate.

And it depends on how important it is to you. I don't think it's money that you should put in from your own wallet though.

“It's money that you should find from making trade-offs in your life, right?”

So if you think about every dollar is a hundred dollars, all of a sudden you start finding money all over the place. You're clicking coupons. You're, you know, washing your own car instead of taking it to the car wash. You're just making trade-offs in your life to save a dollar here, twenty dollars there. Every time you make a trade-off, you know, make your coffee at home. Take the money you save and put it in your big money account.

That's the money you take big risk with. That's the money that you make investments that might go to zero or might do something spectacular. You need to have that account because the rich just keep getting richer and richer because they all have that account. Every wealthy person has that. People that are not wealthy don't think they're allowed to have that and that's just a terrible mindset. What percentage do you think is worthwhile?

It's not, if you're making trade-offs, it just organically grows from zero. So it's how many trade-offs are you willing to make in your life when you start thinking about every dollar is a hundred dollars.

“Are you willing to skip the coffee at Starbucks for three hundred dollars?”

Because that three dollar coffee is three hundred dollars if you invest it aggressively and you get a little bit lucky. So would you not go to Starbucks for just three hundred dollars a day? Probably for three dollars maybe not. So you see when you start thinking about every dollar like a hundred, it changes the entire game and you're finding money everywhere. So it starts to get really exciting because you're starting what five bucks and that account gets to grow really large. And it's because you're now thinking like a wealthy person thinks you're good, you're investing in startups.

You know, you're investing in options. You're investing in, I'm not a crypto guy. You know that, but if you wanted to crypto find, but you're investing with leverage. So for me, I maybe have ten or so percent of my portfolio. That's in quote unquote risk assets.

And by that, it's mostly just like Robin Hood stock and Bitcoin basically is what my 10% is.

Which might be less than 10%. I'm seven to eight seven eight percent. Yeah, but that's really just a Bitcoin ETF. Yeah, that's so it's mostly just Bitcoin realistically. And a couple other single stock picks out. Very, I mean, that is a small percentage. It's different for everyone guys. It's not about what percentage of your capital is there.

It's about how you think about that capital. And if all the capital that ended up in the big money account was capital that was other people's money and that you won through a trade-off in your life. Then you're not worried about losing it. If it's money you pulled from your kids' college savings and we should talk about college in a minute. But if it's money that you're pulling from a retirement account, you're going to feel really guilty buying stock options with it. Yeah.

And it's not responsible.

“What jobs are going to be completely annihilated from this?”

So I was talking to a buddy who was thinking about becoming a lawyer.

And my first thought was, well, that's going to be replaced in five years.

Like, why go to school for that? Yeah. So certain, there is a kind of a reckoning coming. We kind of have this transformational period. And it is a little scary to think about.

But we really shouldn't be that scared about it. There are jobs that are where there's a lot of automation or doing the same thing over and over again. Or it's simple intelligence that will just get caught. However, if you're working in an industry, if you're trying to figure out what industry is going to be safer, industries where there's a mode.

So there could be a data mode, a distribution mode, a regulatory mode, like healthcare or finance.

There are also modes when it comes to brand.

There are modes as it relates to people's relationships. There are trust modes.

“So you have to ask yourself, is this profession or is this company or is this career path?”

Is there a viable mode that will help protect it from AI moving too quickly to display everybody within this sector? So just think about all the things I talked about, like regulatory, distribution, data, reputation, trust, Relationships, brand. Those are all really meaningful modes. And you should be thinking about how you leverage those modes for yourself.

Because I think if you have a brand, if you have great relationships, if you're in an area where people trust you, AI is not going to display you easily. So it's not all scary. And by the way, there are new jobs that will come out of this AI revolution. There are new industry sectors that will pop up out of it.

We're already seeing it. It's not just like everybody pulling from the same pie. The pie is going to get bigger and bigger and bigger over time. So industry will get bigger. Opportunity will get bigger.

I just told you there are millions of companies that all need an AI guy right now. The same way millions of companies all needed a social media person back in the day. They all needed a search marketing person back in the day. The difference is that with a gigantic AI, every single person could be that person.

“All you have to do is spend a few days watching some videos and learning and you're in.”

You're done. What about the movie industry? I saw one on X recently where this person did this entire AI, like three minute trailer.

And I looked at incredible.

It was like this lady in New York and all of a sudden it's like bomb comes in the hands. And she gets in a cyber truck and drives around. And they're saying this was a $200 million movie that was created in a day for minimal cost. Another mode is taste, obviously. And I saw that saying clip I thought was pretty horrible.

But I thought visually that was impressive. It was visually watch the movie. It's just objectively if you didn't think it was AI. So don't even think it was AI. Would you watch it?

No, but that was because the cyber truck had engine sounds. And it just to me that took me out of it. It's inevitable that video AI is going to take over everything and all of our cinema. Right? It that will happen. It's almost a guarantee that will happen in time.

We soon will theoretically have user generated content for every single product in the world. And that user generated content might eventually be customized just for you or just for you. Where we can go with this who knows.

“Like I think it's really important for us not to try to think about where we're going to be in seven or eight or nine years.”

Because there's too much happening right now right this second. And in fact, getting back to your question about why I'm a zone. This AI efficiency wave I think might be the last big generational investing opportunity within the AI sector. So you have to think about what companies will be able to operate at meaningfully less. Uh employee count and meaningfully less cost without sacrificing output.

In fact, what companies could actually decrease their cost meaningfully while meaningfully increasing their output. And I cannot think of another company in the world that will benefit from the AI efficiency wave more than Amazon will. And that's why I'm taking this bit big bet on Amazon because that is just a tailwind that will continue to give year after year.

And I know everyone is so concerned about the $200 billion that Amazon just committed to cap X.

It's part of the $650 billion that big tech in the US committed to cap X just this year. I don't think it's too much. I think it's too little. In fact, I think that's just the down payment on what's to come in terms of cap X spend. And I think if there's a concern, it's that we're spending too little not too much on cap X right now.

Why is China such a big threat to the United States? Because China has the ability to move independently from the companies that operate in China.

They can put the full resources of the country behind it. And that's exactly what they're doing with artificial intelligence.

It's what they're doing with robotics right now. They have a national mandate to lead the world in artificial intelligence and robotics and automation. And they don't have to convince companies. They don't have to convince investors. They could just move on it. Also, one might say that they have a lower ethical threshold for how they get there. So there are a lot of rumors circulating about Chinese models that are essentially just stealing our state-of-the-art models and building on top of them at a much lower cost.

Right. The same way that China has been doing that with a lot of our technology over the past few decades. So there are some advantages there if you're willing to play dirty which they are.

“What disadvantages do you think China has? Do you think they have access to the same level of talent that we have in the United States?”

I think they're getting there. In fact, the one disadvantage that China has had historically is they really haven't had that entrepreneurial spirit. That cowboy spirit that we've had here in the US. But I'm seeing that change. And because I'm so deep in the robotics space, I've seen some things the last two years that are really impressed me. And I've had a lot of my friends travel throughout China and visit a lot of these smaller robotics labs. And it's tiny little companies. It's tiny little background young people experimenting. They've caught the entrepreneurial bug in China.

Probably the same way that they've caught so many things from the West. Right. They wear our clothes now. They like our trends. They like so it shouldn't really be a surprise that they weren't inspired by our entrepreneurial spirit and have adopted that too. So in recognizing the fact that Amazon could be the company to benefit the most from AI adoption, decrease their costs, more output, more profit, you have invested. I'm guessing a lot into the company's probably now your biggest holding would you say? Yes.

“Amazon is number one, your biggest holding. And you don't have an expected time horizon on any of this or how do you determine on the daily that I need to go in deeper? Like what is the logic?”

And what's the price target that you're hoping for and that you're looking to buy in at?

I never look at price. I never have price targets.

And what I care about is information asymmetry. And that's all I care about. I look at how institutional investors and retail investors look at Amazon. I see what they're worried about. And then I try to poke holes in their thesis or validate my thesis versus theirs. And I do this every day when I have a big trade. So anything that could remotely touch Amazon in any way I'm assessing on a day-to-day basis trying to get to the ground truth.

“So I understand where their concerns are with Cap X. I'm not concerned. In fact, I think Amazon spending too little on Cap X right now.”

I'm probably the only person in the world that thinks they're spending too little on Cap X. I think they are not fully appreciating the tailwinds that are coming of the efficiency way for AI. That's the thing I was just speaking about. Where Amazon will be the biggest beneficiary in the world for the retail business. They spent 15 years building a note, a logistics and distribution note globally, that takes an incredible amount of money and an incredible amount of time and resources to build out. And it's really expensive. And historically, Amazon's margins on products are really thin because of how much money they've had to spend to get products delivered to you and now like two hours.

It will take a long time for AI and robotics and automation to play out across the entire chain of Amazon's facilities globally. But it's inevitable. It's coming and it's not easily replicated by anyone else on Earth. The amount of Cap X budget that you need, the amount of resources you need, the amount of experience that you need, the local knowledge that Amazon has and every city around the world, this took 20 plus years to develop. They are, I love this so much because normally for me to find a company where there's this much information asymmetry, I have to go far beyond the mega caps.

But the fact that I found so much, what I believe to be information asymmetry with a mega cap that's highly liquid is amazing.

So if the entire world moves to open AI, chatGPT, we have over a billion people using chatGPT every day.

If chatGPT decides to show you product links that are outside of Amazon, that's a problem for Amazon. Because instead of going to Amazon, if you use your agent to buy everything and to assess what is the best, I don't know, what is the best popcorn to buy. Your agent will decide that and then buy it for you and it will buy it for you from someone other than Amazon if it thinks it can get it a little cheaper, or if it can make one money doing that. So you've heard about the rumors going around where Amazon's maybe going to invest as much as $50 billion in open AI, I think that's a big part of the reason why they're doing that.

They get a chunk of open AI, but I think there will also be a side letter agreement in that deal, basically giving Amazon preference over product queries that come off of chatGPT.

“That's just my thesis, but Amazon is not dumb. I'm not the only one seeing that threat. Amazon obviously knows the threat is there, and I think that's why they're probably willing to invest so much money in open AI.”

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Thank you so much and now let's get back to the episode. What are your other main holdings aside from Amazon? And I'm curious what happened with Bloom Energy? Okay, what do you mean what happened with them?

Well, you put a million bucks in that one day when the market was dumping.

And then I think you bought much more Bloom went down. Yeah, a lot more in that in Bloom Energy. Bloom Energy is a thesis that revolves around speed to compute. So there is a race to get compute online because the demand for compute globally is insatiable. And most people like myself feel like we are going to be short compute for years and years and years.

“And that's why big tech is spending $650 billion this year to build out more compute.”

However, compute is bottleneck by energy. And what's happening right now is a lot of cities and counties are saying, hey, if you data centers are going to suck up all this energy, you can't do that.

So there's this new kind of legislation that's popping up in cities called, you got to bring your own energy, right?

“Like if you want to build the data center here fine, but figure out your own energy, you're not tapping into our grid.”

You're not going to like increase her energy cost for our residents. Blue energy is one of the only companies in the world that has a method to essentially bring almost an infinite amount of energy to these data centers. And we won't get into all the technology, but they are now working with hyperscalers. And they are a resource for energy that will allow a data center to get ramped up quicker.

So even though it costs a little bit more money today to put an energy cell from bloom and energy box from bloom, which are energy cells, it essentially takes things like natural gas.

But instead of burning the natural gas, there is a chemical process that turns that natural gas into energy for the data center. And it's just a fascinating technology that will work on for 20 years. So bloom is the theoretical fix to this big energy problem. Now the other theoretical fix is nuclear. And you've seen all these nuclear companies, you've seen small modular nuclear reactor companies. I think, you know, at crazy valuations, right? Because that's the other fix.

But that fix is still a few years away from being deployed where bloom is deployable like right now today.

“And that's why bloom is up, I don't know, 6,700% over the course of the last year.”

Now that said, bloom is not a technology company. They are a technology company, but they're not perceived as a technology company historically by Wall Street. So they have energy analysts covering them who do not believe in artificial intelligence for the most part. The technology analysts don't really understand bloom because they're not covering bloom. So it's a weird company that was an energy company, but actually there are technology companies should be covered like a technology company.

So it's really volatile. The stock trades all over the place because nobody really fully understands it. So one of my very close friends spent, I would say five months deeply researching bloom, wrote one of the most comprehensive reports on bloom energy. And fortunately, he just happened to be a close friend of mine.

“And I spent a lot of time with him and got to learn a lot about bloom, and that's why I made a big bet on bloom this last year.”

Can we just link that down below? Yeah, Gian Shudong, and I think I've retweeted his report. I think it sits on LinkedIn. Okay. Yeah. We'll just link down below if you guys want to read it there. What would you say are the other most mispriced assets right now? I think all the AI stocks are potentially mispriced because there's a lot of confusion and a lot of doubt and a lot of concern about the unknowns around AI.

I continue to think that the super cycle is going to be bigger than anything we ever experienced in our lifetime. And that in video Amazon, Oracle, Meta, I think all of them are going to benefit way more than we're anticipating. Our risk, each of those companies has risk like Oracle and Microsoft have concentration risk related to open AI. If open AI doesn't raise, you know, a hundred billion dollars and have a successful IPO, then they simply won't have the capital to spend on compute and data centers that are in the earnings projections for Oracle and Microsoft.

Amazon is fairly concentrated into andthropic great andthropic builds or models on top of Amazon's training and chip. And if something bad happens to endthropic, that could be a big negative for Amazon. Now, by the way, there's rumors out this week that, you know, we're about to see deep seek for come out, right? And it's going to be 20 times more efficient than the US models and you'll be able to do the same thing with a lot less compute. The same way we had the deep seek scares, remember? Like a year ago, we're having those same scares.

That could be something that completely wrecks the market in the AI trade. However, I believe that long term, the cheaper compute gets, we're just going to come up with more things to do with it. You may compute 10 times cheaper, we will come up with a hundred x the ways to utilize that compute.

If we figure out how to make compute so cheap that Hollywood can make an amazing movie that you cannot decipher from a real film,

I think that will happen. And then if the compute gets so cheap that that could be done by anyone, I think it will be done by anyone.

“And then if we get to a point where every single human gets their own version of that movie, what their own favorite actors and maybe they're in the movie, I think we will go there.”

I don't know how far we're going to go with what we can create in our minds of what would be an enriching amazing life to have on this earth.

But I have absolute confidence that every time we figure out how to make this cheaper and better that we are going to come up with a new use case for it. That's even cooler that's going to need more of it. That's my overall thesis on AI and why I'm going on on these stocks. What question if answered could completely change your investing philosophy? I think probably the biggest thing that I'm concerned about and we're about right now is the existential risk that AI poses to the economy, to humanity, to the world.

There is a real chance that we blow ourselves up. I hate saying that. There are almost an infinite number of ways that that can happen, of course.

“You know, I think the one that I want to say the anthropic CEO recently brought up, which is on my mind and a lot of people's minds, or, you know, the next virus, right, that's AI designed.”

The artificial intelligence is getting recursive over the last few weeks, so open AI basically came out with their model called Codex.

And in kind of the log of how that model was formed, they admitted that the AI is not writing itself and improving itself. So that's the thing that we've all been worried about the last few years. That is the big existential risk. Once the AI starts writing itself, it starts to accelerate how good it is and what it's capable of doing. So now we're actually, you know, over the course of the last year, AI was mostly the same, and then we get a little model bump, right guys? But it was mostly the same over the past year. What we're seeing over the course of the last few weeks is acceleration.

“And we do not know where that acceleration is going to take us because now we have agents that are in there making the code better, right?”

We have agents that are figuring out how to make the next AI. And when that starts happening, we really do not have a sense for how quickly this moves. So obviously, when it's accelerating and moving quickly, that could result in a lot of really amazing things like our ability to have personalized feature-length films that are indistinguishable from what Hollywood has been producing. But it also has the ability to give bad actors the know-how to create a virus in their bedroom and to tell them exactly how to deploy that to destroy the world.

Okay, so like as scary as that sounds, that's real guys. And like I am not someone that was really that worried about it up until two weeks ago. So how would you express that as a question? Does AI move too quickly to the point where we can't contain it and control the negative consequences of it falling into the hands of bad actors? And if the answer to that is yes, it's moving that quickly and we're not able to contain it, we're not able to work together as as companies and as countries. If we're not able to collaborate with other labs with China to say, "Hey, I know we're competing against each other, but this is more important."

Right? So the same way that we did with nuclear arms, right? We all wanted to have the best and the most nukes. At some point, we all figured out that, "Hey guys, if we continue to go down this road, we're done, we're all cut because someone that we don't want to have nukes is going to get the nukes. So we have to come together and realize that our collective power, we have to ensure that no one else gets these nukes and we're going to have to also kind of tone it down ourselves here in terms of what we do with the nukes that we have."

So that was actually pretty miraculous.

That's amazing. And we need to do the same thing again. Will we, can we? Or is this moving so fast that we don't even have the time and the right people and the right?

People in politics right now to actually sense what's happening and to put proper measures in place to have those conversations.

No, I mean, AI is bringing the cost of all intelligence down to close to zero. It's fully democratizing all intelligence.

But like someone wants to destroy humanity. They don't have the ability today, but they might know here for now.

“Yes, I think the ability to destroy humanity will get meaningfully easier with artificial intelligence and agentic AI.”

I just told you how a person with no technological know how can create a business that would take dozens and dozens of employees and maybe hundreds of thousands of dollars.

And months to years of time. How your random friend from high school with no technical know how can do that in 48 hours for $600 in their bedroom.

So that's a good thing. But that person can also do something evil with $600 in their bedroom now, because they have a whole army of super intelligent agents that can work with them and figure out how to put all the pieces of this master plan together. Right? And how to actually enact it and do it?

“And so what conclusion does your brain go to when you start asking yourself these questions?”

I don't let myself go there. I tell myself that I am not one of those people that can actually enact change. I hope there are people that will actually take those steps who are working at the big labs who are working in government. That's not me, so I'm not I'm not going to like why don't you give a message to the people watching because chances are there might be somebody in the group who can make a change and listening to you might be the push they need just to get it over that edge. If someone can leverage this technology and this intelligence to help figure out how regular people can actually enact change with the head of these labs and with government.

Like you don't have to go out at a loan, let the AI help you figure out what we should be doing collectively. Everybody has their one political cause that they'll go to a rally for they'll contribute money to. This is astonishing to me that more people aren't making this their cause because this is the thing that could just take us all down really quickly and then nothing else actually matters all your other causes don't really matter.

“So I think a big part of it is people don't yet fully appreciate how real it is and what's happened in the last two weeks.”

And that's purely because of the AI agents that's correct just that that's correct. So I was seeing it explode online unlike anything I've seen in a long time the use of it was originally like cloud code right is like what they were cloud bought. Is what they would say and then it turned into open claw right so well well and by the way also you know code acts by open AI again being you know. Outwardly coming out and saying hey we're using the AI is now writing itself and now I'm proving itself that's a big piece of it as well. So there are a couple things going on here there's a gentic AI but there's also the fact that these labs have figured out how to leverage the AI itself.

To improve itself. But it's not your job to predict the future in terms of how will this all play out will humanity end up destroying itself or will we end up being able to come to agreements with competitors and thrive because of it is your job to be able to see in a snapshot. The present tense right now for what it is and then find asymmetrical information stuff that you can see for what the reality is and other people they don't see it that way and you can make money off that difference. It's exactly correct. I'm more focused on properly assessing the ground truth that is the present as opposed to trying to predict the future.

So much happening in the present it's changing every day and the amount of misinformation and noise has never been bigger which means that the opportunity for someone who's able to properly assess what's real. What's not real is huge. So do you think kids these days should go to college to learn or should they just spend six hours a day learning AI?

It's funny because I've always been pretty hard on my kids when it comes to them doing well at school and not missing class.

One of my kids recently they turned 16 recently and they drive themselves to school and they slept in and I was so astonished at first. I cannot believe like how does that even happen like if I would have done that when I was a kid. I thought of what my parents would have done to me and like but there was part of me in the back of my head that was like does it even matter anymore.

Why are you even in school right now? I know that seems crazy and I can't really say that to them but I'm like does any of this really matter at all right now?

Like what are you even doing?

“Like the world is moving so quickly I can't even imagine the stuff that you're learning and I'll slowly it.”

And by the way guys, I mean it's gotten to a point where every single kid in America is using AI for every single assignment and every single task.

I don't think people realize it's like close to 100% of every high school and college student is using AI for close to everything that they do.

How do you prevent that? Because let's just say because I'm thinking if I get like a math page I'm just taking a photo of it uploading it to Gemini and saying do these problems show me the math show me how you did this and it's just like I just copy it. Like how do you prevent against that and is that even our test scores decreasing because the kids aren't learning like I'm sure that's a pretty easy study to find. I actually so because I use AI all day every day like a maniac I actually think the AI is making me smarter because I'm spending less time like I won't spend you know hours just arguing myself over like a the wording and a three page brief.

Going back and forth with the AI to kind of cultivate a paper to understand certain elements of it and to enhance it.

Is such a better use of my like I'm learning so much by having the AI do 95% of the work because you don't trust the AI completely right and you still need to make sure that you know you're bringing your own taste and your own your own kind of like you want to bring your own tone to whatever you're writing or turning in and you still want to have some element of yourself in that.

“I think I think these kids are probably learning way more using the AI than if they were doing it the old way even though the AI is doing almost everything for them.”

Because it's just so quick and they're not wasting how much time that we waste just on stupid stuff when it came to school like it seems ridiculous quite honestly. The AI and by the way at some point the AI is just going to teach the kids. Personalize customized. That's what I think it's I think what it's going to get at some point in the future is like a neural link that basically you pay a subscription to and you could download whatever information you want so if you want to be fluent in Japanese.

You pay a subscription 99 bucks a month you download fluently Japanese and all of a sudden you just understand it and then maybe as soon as you stop paying this the ability goes away, but it's able to like download information and assimilate in your brain and such a way that you could just know everything. Do you watch a lot of sci-fi when you're a kid? No, not necessarily. Every time we talk about a progression you make a quantum leap what every single time and everything you're saying is true, but I think far down the road.

But yeah, I don't know what that was watching Playrobus and having a collective knowledge and me thinking well we have a collective knowledge already online. Everything is already there. It's just not in our heads, but what if all of us learned and progress equally because what you learn I pick up instantly and then what I learned Jack picks up instantly and then we could all share that knowledge globally. I mean think of the things that like we could cure cancers we could fix so many things every problem that society has we would understand it from that person's point of view.

But Graham the AI is already doing that because it already has access to everything that we have ever expressed that has come out of all of our collective brains.

“So that's what I was trying to explain earlier when it when it recreated this entire business venture and podcasts that I had around this totally new person.”

The complexity involved in that and the number of discrete elements that it brought into it it brought in like 60 different things that I can't even imagine it would have taken me in year just to find all these different elements that it thought might be relevant for this exercise that I wanted it to go through. It was using the collective brain power of an infinite number of people and past content in order to kind of contextualize and to sculpt something brand new for me. It's already doing that we already have pluralists it's just not fully connected inside of our brain yet like but it's already here kind of and if not like very quickly yes it's here the smartest people I speak to and I have access to some really interesting people in that world and they have all told me that you know if we remove at the FDA process which takes forever.

They really believe that like these are people that have the scans I've seen that they could detect certain cancers and illnesses way before a doctor might even know what's going on because you don't even have symptoms do you think AI should be able to replace humans in the courts or in policy decisions yes. How long do you think that'll be before someone goes to court and their AI are using against the government say I it's going to call out all of the information gaps so anywhere where there's an information gap because maybe someone a juror isn't able to mentally process something or maybe an attorney for got to say something or they said it in a way that didn't resonate with the juror the AI is not going to miss that so it's going to catch all the information.

“All the information gaps it's going to catch all the biases it's going to solve all of those problems and be so much better.”

Okay then any human would be and I think that's going to benefit everyone it's going to benefit for real estate transactions going to benefit both the buyer and the seller because they're going to know that the negotiation was negotiated with perfect information. I think in a court situation this is one of those regulated industries I think the will always be a human over it I don't say always but very long time but I think the human okay at the tennis match I went to on Friday this is wild it was the first time I'd ever been to a sporting event.

The the line judge didn't call anything the AI did this is I didn't I don't watch tennis so I had no idea people watch tennis probably we knew that for years but.

The AI called every shot. And if it was close it would show it on video as an instant replay for everyone to see to make sure that we know that the AI was right okay and there was still a line judge there I don't know what they were doing. Because even the voice that would come out was an AI voice it was like a union yes what's coming from that right and after you employ one person and I've been saying this because I you know my kids have been doing youth sports forever and the big thing with youth sports if you guys ever have kids and you're going to find out like people take it way too seriously and there is horrible arguments between parents there's yelling there's Kurt I mean it's wild.

I'm like gosh why can't we just and by the way the talent that you get to like be a ref for fifth grade football okay.

“Maybe not the best talent no we're all right you must be one of the elders is what I'm seeing I know I don't know I know that's my wife not me I'm totally even killed when it comes to stuff.”

But I was like man why can't we have AI for this this would just solve so this would make our community stronger I think it's it's genuinely the union is what I've heard because I asked myself the same exact question on TV they have the strike zone in baseball. And even if the ball shows it's in the strike zone the commentators can say oh wow yeah he missed that strike the empire called that a ball but that was a strike it's like what if it was a strike then call it one yeah so. At least not I I think there's been emotional element there's discretion there's nuance where you need a human to make the ultimate decision okay but I think the human will be able to make a much better decision.

“With the assistance of AI let the AI basically make the decision for you and then you can overall it but I think when everyone benefit if you want to jury when you like to have an AI basically create the perfect assessment of the case.”

But I think it's inevitable I think with government does anyone believe that our government officials are making the best decisions for the best reasons okay like can we all agree that government would be massively enhanced.

But we all agree except the government. True true but but it would argue that they employ a lot of people who rely on that income.

Well I hate that argument I hate that argument because I don't care if we got to take that income and just reroute it to the same people.

There are a billion things that humans can be doing that will actually benefit humanity let's not have them do something just to do something that an AI can do better.

Let's let's put them doing something else and not take their income away. Let's let's let's leverage the AI to figure out how we make the transition this AI transition which is going to be super difficult. I bet the AI can help us figure it out. How do we get these people that are about to be displaced in a better place? How do we get them through the transition into better jobs? It's not going to be easy the best thing is for the first time ever we have like a massive intelligence to help us figure this out we don't have to do it alone.

“Because I think a lot of people are tuning into this episode we're going to title something that has to do with the market and AI. What stock would you say is maximum risk, but maximum opportunistic.”

I think that Google is such a fascinating company because they have 85% of the revenue is tied into a legacy search business that is at risk of getting completely displaced by AI queries.

Whether they're Google AI queries from Gemini or coming from OpenAI or from any number of other places, the bulk of the revenues at risk. However, Google is making moves that are maybe more ambitious than any other frontier lab in the world towards super intelligence and to solving some of the world's biggest problems. I think Google actually has a pretty good degree of trust globally because of the legacy value of what they've done over the past few decades that they could be the company to solve all the biggest worlds, the world's biggest problems and be trusted to actually put those solutions in place.

“When I think about Google, there's a tremendous amount of short term risk there, but in the long term, they are probably positioned better than anyone else to hit a grand slam.”

And I hope they do, because everything that they're working on is generally for good. It's a fascinating company. Tesla even more so is so committed to the ultra-long game, specifically with their play and robotics. That the concept of owning the full stack on an infinite labor machine that can rebuild the Earth and essentially create new industries from the ground up is probably the biggest theoretical win that any company could have. And Tesla, because they still kind of operate under Elon, like an early stage company, if, and I'm going to say if, because I haven't seen the goods yet, Optimus 3 should be shown in the next six months.

If they crack the code on generalized robotics, Tesla could be the biggest winner, but they have to show the goods like they have to actually execute on that.

“I think Elon is willing to move quicker and do more ambitious things in any CEO on Earth.”

So again, if generalized robotics materializes, like I think it will, over the next five to ten years, I think Tesla might be in the pole position to benefit more than any other company on Earth, because you're creating an infinite labor machine. And we can't even wrap our head around what that means for the future of industry. Do you think is the best founder? I think that, oh boy, today, alive now. I think Jensen, I think Jensen, no one would have done what he did. The risk that he took on, the projects that he took on 12, 13 years ago,

He put that entire company at risk time and time again, and not one person bought that it was a good idea.

I speak to people that knew Jensen back then, and they're like, he was freaking crazy. Like, we all thought he was nuts. Like, because he was talking about doing things that clearly wouldn't pay off for like a decade plus and who would have thought. The chipsets that they're on right now, I would say you'd have to give it to Jensen, but you'd also have to give a nod to a guy who is technically no longer CEO. But Demis Hasibus, at Google DeepMine, so he was founder and CEO of DeepMine, which was acquired by Google.

But Demis Hasibus is probably the guy that you would have to attribute most of the breakthroughs that we have today, beyond the chip itself that we have to attribute Jensen and his team. Right? So I'd say Jensen and Demis Hasibus would be the two guys that come to mind. Now, you got to Elon's right up there, obviously. And I also think flawed at Robinhood. You know, it's a financial firm, so it's not, it's not a sexy in terms of its, you know, obvious, you know, interaction with all people, if you're not an active investor.

But I think flawed should be up there as well. Speaking of that, what are your thoughts on the prediction market trend? Yeah, I love prediction markets for one thing and one thing only, and that it forces people to think about probability and outcomes.

“And I think thinking about probabilities and outcomes is the core attribute that you have to have to be a great investor.”

So the issue with prediction markets is it drives a tremendous amount of dopamine, and it makes you think that you're investing when you're not. So prediction markets operate out of a fixed pie. So there's a winner and a loser. So every time somebody wins somebody loses, there's no net gain in a prediction market. The world of investing is a constantly bigger pie every day, right? The entire global capital market and industry is getting larger every single year.

And if you're an investor, you're trying to get a bigger piece of a growing pie. So if you're going to play in one of those two games, which game do you want to play in? You want to play in a game where you're trying to get a bigger piece of a pie that's getting bigger every year, as opposed to a pie that's always the same size,

where there's always an equal winner and loser, and then someone taken shaving a little bit.

“Do you think a lot of younger investors are going to start in placing investing with prediction markets?”

That's going to be their exchange. Yes, absolutely, they will. Absolutely. Well, what's the risk of that? Not all, by the way. I was a gambling at Equinole's younger, shouldn't surprise you guys, right? So I would drive my car from Dallas to Schrieveport and sit in poker rooms until 7 a.m. When I moved to L.A., I was in my early 20s. I would occasionally, I'd be out at night, partying what my friends, 2 a.m. Everyone would go home.

“I would drive down by L.A.X. There was a casino down there on off the century bullard, I think.”

And I would play poker with a bunch of 60-year-olds, and I hated cigarette smoke, and I mean, that was the smokeiest room ever. Again, until 6 a.m. in the morning. So I was an out of the money options addict. In college, I would skip class, I would trade out of the money options on a pay phone in the basement of the business school. I would go broke every few weeks, I'd make more money, go broke, make more money, go broke. So I know what it's like to chase that dopamine.

I get it. It's a young man's game, and it's part of the journey for most.

Now, for most, some people will never break out of it, but I have absolute confidence that most people will.

Why? Our brains change. Our lifestyles change. We mature.

So you start to see people around you, and you see the guys that are just gambling with their money, and what's happening to them in their lives. And they're bank accounts, and then you see your friends that are investing on Robin Hood in actual stocks and equities.

You see the AI revolution happening right in front of you. You see new cycles about billion-dollar companies and trillion-dollar companies.

It's not like you're not exposed to all this every single day, and especially when you get out of the fraternity house and you start working at a company in your around professional people. It's an evolution of life, and most people will break out of it.

“Now, does it mean they're not going to play around in prediction markets for the rest of their life?”

Of course, I still do it. I do it for fun, right? I don't know what person. I mean, it's such a nominal amount of my money when I do it. I'm really just doing it for fun. The same way when I go to Vegas, I'll hit up the worst odds card game, like Caribbean stud or something. Where I think every time I play a hand, they're getting 7% of my money or something like that, 7% of my money, but I do it because it's funny. Now, what's interesting is that I read a study that allegedly found that on Kalshi, users lost an average of 27 cents for every dollar that they put on the platform versus sports betting,

so they lost an average of, I believe it was 11 cents. And so they argued that these prediction markets were actually worse for your finances than straight up gambling. And that when you put gambling on an app that you primarily invest, it really blurs the line between what is gambling, what is prediction markets, what is investing. And because they make it so easy, it's like, well, you know, I could just do this coin flip over here, may as well, then I have more money to invest. I don't buy it. I, you lose money enough gambling on this and that eventually your mind assesses the pattern subconsciously.

It just does. You're not going to lose your money over and over and over again and just keep doing it for 50 years.

“That's why you need to like, and you just, and then you more, I've been there, Graham, I was a gambler, a problem gambler.”

When I was young, most problem gamblers, when they're young, grow out of it, some don't, like I said, this is not black and white, but your, your brain does start to assess patterns and if the patterns are losing, losing, losing, you try different things. That, you like, that's the entirety of the human species and how human evolution happens, right? The week go away, the strong survive, even within our lifetimes, we're learning and we're getting smarter every day. And I, I just don't buy the whole thing where prediction markets just existing are going to lead to the collapse of society.

I am more excited than I've ever been about the next generation becoming prudent investors because of these apps, because they're learning about probabilities, they're learning about outcomes and they're also investing in stocks.

I don't care that they're on the same app, it doesn't bother me one bit, there will always be anomalies, there will be exceptions to the role, there's always people with gambling problems.

That's never going to change, but as a general rule, I don't think it's a huge issue. So if we're just to entertain the viewer and pull out some crazy lofty predictions, what would you say just a one simple answer is a company that you think will likely go bankrupt? I think eventually, do a lingo goes bankrupt.

“And do you think that's just because people can spin up other apps that are going to be similar pretty simply with, with open claw or that, you know, I think the best thing will be, yeah, put in.”

I think you could just talk to Gemini at this point, teach me Spanish, and it just walks you through. And you just have conversation with like you have you on Twitter.

I think your agents are going to know more about you than a third party service will ever know about you.

So it will know exactly how to teach you Spanish based on what you did that morning. So it will actually teach you Spanish based on some of the tasks that you need to complete that day.

Okay, so it's going to have better access to you, better information about you.

It's going to be better position to teach you language and to teach you math and all the other stuff. Then some legacy company that doesn't have access to your day and everything else that it's doing with you. Does that kind of make sense? So I don't think dual and go is going bankrupt anytime soon. But I feel like the writing is on the wall that it will get eaten by the AI that's closer to you. What's going to happen to budgeting apps?

When pretty soon you could just plug in your finances and your bag accounts, your investment accounts to like Gemini or chat GPT.

“And that'll give you everything you need to know to optimize every single expense.”

So you're saying what's happening to the apps now that are just plug-ins. Correct. It probably go away. And what happens at that point when all of a sudden chat GPT is able to get access to your banking information? And is able to say, hey, we could offer you these loans. We could offer you these products and services. It just seems like a huge, untapped industry that will completely disrupt a lot of companies.

It's massive. Guys in the early 2000s, every single ad was a pop-up ad that wasn't even for the gender it was shown to. Okay. That's how bad advertising was in the early 2000s on the internet. You were mostly seeing ads for women as a guy, or you were mostly seeing ads for a 70 year old. There's someone that has this weird thing. That's what it used to be. And look at where we are today. Like, and we all complain about it, but let's be honest, like the ads are pretty good.

They're really good. They're really good, right? I'm not even upset by them anymore.

“Do you, I mean, the amount of friction in our life is actually insane.”

The amount of time that I spend every day with enormous amounts of friction doing all the stuff you're talking about. My agent should just have it all down. It should have access to everything. It should just know that every money can know everything. Everything should be customized to me. And I shouldn't even have to think about it. What's crazy is that I did taxes recently for the index, which is that group that you met up with with the link down below in the description.

I was able to do the entire year of taxes in five minutes. And all I did I uploaded every single statement, every single credit card statement, every single bank statement. And it categorized every expense, and when it had a question, it asked me how to categorize a certain thing. And it broke everything down in five minutes. And then I went through a double check a few like random things to make sure it was correct, and it was correct.

I've never seen it actually get numbers correct before to this degree.

Ever. In five minutes, the whole thing was done. I spend a solid week in my life every year doing taxes. Yes. And by the way, preparing taxes for my CPA. A whole week in my life. That's what I do.

One week of the 52 weeks is spent just aggregating stuff. How is that even possible? Like, what a waste of a life. I take a weekend. I take a full weekend and I lock myself on the room and I'm like, all right, I'm going to go through this, this and this and I write down everything. And I make sure it's all categorized properly and I double check things.

And sometimes even between Jack and I, I'm sending Jack numbers and Jack's like, well, I did it on my end. And we came up with like a few hundred dollar discrepancy. And we have to find which one of us is correct and incorrect. We are going to have so much more time to do real stuff. Once a genetic AI takes off and we're just not bothered by admin work.

I mean, and if you look at the admin work we're doing, just as people. I mean, the admin work that exists inside of companies globally. It's just so ridiculous.

I'm, like I say, I always come back to a good place.

If we don't blow ourselves up, we are going to be in such a good place. As long as we could manage through the transition going to be hard. If we can get, if AI will just help us through the transition, I am so optimistic. I am, you know, I don't listen to Elon when he talks about all this crazy stuff, because his timelines are off by factor of 10.

But I am a huge believer in the age of abundance.

“I think the age of abundance is actually going to happen.”

And I think it's not going to be an overnight thing. But I think it's all about people that all get to live like we live for the most part. I don't think it's this thing where everybody's going to be infinitely wealthy like Elon says.

And how could we not be excited about that?

“That's kind of insane. I think we are going to cure almost all the diseases we have today.”

I think we're going to get to spend more time with people we love and get to do things that we like. I think there will be more stuff like people spending, you know, 16 and a half million dollars on a Pokemon card in 15 years. I think that's going to become norm because we're going to get to lean into our passions. Oh, by the way, if you look at history any time there's been like a technological jump,

even before we call it technology, there's always been like an equal amount of thirst for the opposite.

So I think all this stuff that's offline is going to come back. So you see, like, hard physical assets. It's not even about assets. It's how you spend your time. So I think people are going to like, thirst for all the cool stuff that AI brings to the world and how it makes our lives easier and better and all the instantaneous intelligence.

The democratizing intelligence, you want to create a business, you can create a business. Anybody can, right? You want to create a movie or a TV show that's in your head. You can just create it. That's awesome.

“But then I think there will be an equal amount of desire to do things that are interpersonal,”

that are totally disconnected from technology. And like, like I said, if you look at history that there's usually that like even split when something like this happens. And I think that's going to be really cool because it will awaken us and we'll start appreciating, like, then nostalgic in our personal stuff that I think we've already gone. Like the last transition we've been going through,

since social media has kind of sucked what's beyond us, right? Like, we all agree it's too much. We need to get away from it. And I think it's time and I'm starting to see signs of that. I'm starting to see, like, you know, you know, I own collect a con.

It's the largest Pokemon trade show in the world. And it is booming. I mean, we have like 15, 20,000 people coming to every show. And there's no phones out. People are playing card here.

Now, it's a niche of people, right? But I'm kind of like, I'm kind of seeing it all over. There's a thirst for it. People want to do stuff like, at my restaurants.

I've never seen this before.

The last few months, I'm starting to see groups of people playing cards and games at my restaurant and my bars. Like groups of women will come, like, I saw people playing dominoes. And there's people playing margin. And there's people like, this all started happening in the last few months.

And it's super weird. And I know I'm still trying to wrap my head around it. We're very early.

“But I think that will be the next big, like, super trend that we see.”

Because there's going to be resistance with the AI stuff. There's going to, our brains can only tolerate so much change at once. So what should people be investing in if it's not AI? Like, what other, like, the Pokemon card that's sold for 16 million? Are there other things like that?

Collect the bolts that you think are going to be doing with it? Yeah, I mean, I would just say, look, look for things where you have motes that AI cannot penetrate.

You know, AI is never going to fully be able to penetrate things where there has to be physicality.

Now, one day, will we have robots? Yes, I'm a big robot advocate. But the world where we have billions of robots is not happening in the next few years. So if there has to be physicality, relationships are super important. Any type of job or industry or company where trust is super important.

Where there's regulations, where there's a high degree of nuanced taste involved. I think those will be relatively protected. So you just have to look for things that AI can't just displays. And I think those things get bigger, not smaller, over time. If you had a billion dollars, and you just could hail Mary that into any stock,

this stock could have huge risk, huge loss, what would it be? Short term, short term, it's not long term. Can I split it between two stocks or no? Yeah. I'm going to split up to my favorite two stocks, Bloom and Amazon.

And that short term, even short term, I cannot pinpoint when the market will fully start to appreciate and properly balance the positives versus the theoretical net but negatives on a company like Amazon and Bloom.

What is one stock everyone should own at least a little of?

Half-to-one Amazon. I mean, you absolutely have to own Amazon.

“The next question was what stock, what stock obviously has the most long term, like potential?”

Like in terms of information asymmetry, and that would be Amazon. Like the information asymmetry is so obvious that it wouldn't be difficult to find. There is a company in Japan called Rokata. And they make the 3D imaging machines that are able to assess if there is anything not working or broken or misaligned in a computer chip or a memory chip. And the way that AI is progressing right now, you could think about the way chips were made.

Historically, they were very flat, right? It was very easy to visually see if the circuitry was correct in that chip. Well, now chips are getting very dense. If you look at the next generation and generation after that in video platforms, everything is becoming stock now. So data centers are about to become way more dense.

The servers, the chipsets, everything is now like it's going from a one story house to like a tower. A lot of sophistication, a lot of circuitry, a lot of stuff going on for a simple person. Like we won't get too into the minutia of it all. It's an extraordinarily expensive. And if you go ahead and put these chips, whether it's a memory chip, whether it's a GPU inside of a stack inside of a data center.

And then find out it's not working. It takes that offline and is extraordinarily costly. So the value in being able to assess that all the pieces of the compute that ultimately go into the data centers are working before they actually get implemented and deployed.

“Is becoming exceptionally important because the cost of having it go down later is really bad.”

Also, you want to be able to quickly assess what was wrong because if you manufactured a whole lot of these that have the same issue, you want to be able to stop that run and fix the issue. So this is like an unknown company in Japan.

But I am in the process of trying to buy shares in it. The problem is to buy shares in a foreign company like that.

Sometimes they have 80 hours. This one has an ADR, but it's not traded with any real liquidity. So I can't really put a lot of money into it. I have to open up a Schwab Global account, which I do have. Interactive brokers will allow you to do this as well, but even Schwab Global told me this last week that they didn't have the ticker set up the trade because no one in America has ever traded that ticker. I had to request that Schwab ad the ticker too global. It has to get approved and then added. So they're going to call me. They say they are more likely than not going to do it.

But they're going to call me once it's added and I will hopefully be the first person to purchase this.

They're going to buy it. They're going to fraud one you on this one. They're going to buy it first, being a crisis buying. All right, let's buy a little to it.

I'm going to dump the entirety of my global account into this company, which is a relatively small company that I think has asymmetric upside down side because their core business is fine. It is what it is, but this AI business is totally new and just totally value add to their revenues. You're not approached this company directly and just say, hey, I want to invest in you. What could we work out?

“I don't even like traveling like to another state. I'm not going to Japan. No, I mean, they're a publicly traded company, right? So like if you want to buy, you just buy them on the Japanese exchange.”

Just so you know how it works, it's actually kind of, it's interesting. Most people don't understand that you can do this. You can buy almost any company in the world through something like. I'm sure I'm global, but get to open a global account, then you have to transfer money into the global account, then you have to buy the local currency first. And that's where you really get hit with commissions because it costs like half of 1% to 1% depending on the currency to do the currency trade. It's like it's 1986 with commissions. Then when you get the local currency, you could trade the stock and then you got to transfer it back into the US currency eventually, right?

It's getting harder and harder to find like true information, a symmetry that's totally unknown in the AI space because all Wall Street is looking for it.

“But this is what I mean, you ask for it. So that's it. I mean, if you want to know that's it.”

That's fascinating. I appreciate it and it's impressive how much research you got. That's quite phenomenal.

Well, I have a partner. He has done the bulk of the research.

“In fact, I'll get his permission to link it. I think he has a 70-page report.”

Yes, I would like to say it down below as well. If we get the permission, yes.

But Chris, thank you so much for coming on the ice coffee hour podcast. And of course, thank you for being flexible with the timing and everything.

“Of course. We asked this relatively last minute. So we appreciate that.”

Thank you so much to all of the viewers watching that have made it this far. We are so appreciative of you, of course. Also, big thank you to our members who support the channel. Big shout out to you really appreciate it. And of course, big thank you to Caleb Hammer because we are using his studio and it's very generous of him. So appreciate it. Thank you so much, Chris. Until next time.

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