Everything Is the AI Bet: You Won’t Believe How Much Vanishes If It All Breaks

Key Takeaway

Audit your portfolio today by exposure, not by labels. List every fund, stock, and asset you own, then ask what economic force actually drives it: AI capital spending, consumer spending, housing, energy, or something else. If several holdings depend on the same AI boom, you may be concentrated even if you own many tickers. Rebalance gradually toward assets with genuinely different drivers rather than making an emotional all-in or all-out market call.

Episode Overview

This episode examines the extent to which AI enthusiasm and data-center spending may be concentrating global markets, infrastructure investment, and consumer wealth in one trade. The discussion does not predict an imminent crash; instead, it argues for humility about valuation, skepticism toward narratives, and diversification across genuinely uncorrelated economic forces.

Full Transcript

Transcript of Everything Is the AI Bet: You Won’t Believe How Much Vanishes If It All Breaks from Impact Theory. Auto-generated from episode audio; may contain minor errors.

This is a video about what AI will cause harm, what if it breaks? And the answer is big. So buckle up. Back in May, Micron and SK Hynix, two companies- chip manufacturers memory, provided 17% profitability of the whole world stock market for month. Not 17% of the sector chips, and 17% from everything. Shares of each companies that listed on the stock exchange, in every country together . This is from the Acadian Asset report Management. Global the market they measure, that is MSCI All Country World index.

However, this is impressive statistics. Me it seems that we are not devoted to this enough attention. No, it's strange that when looking at the world market, everything is a bet on AI. Hmm. This is the backstory. Everything is a bet on AI. That's exactly what he going to show people, this is what there is nowhere to run. AND considering that nowhere Don't run away, what to do? ? Thousands of shares in dozens of countries, and Micron and SK Hynix constitute approximately 1% of them. So, for every dollar, what is the world market grew in May, about 17% accounted for only for these two shares.

This is inconvenient. question: if two chip company stocks, about which the majority people have never heard of this isn't Apple and Google, can hold stock markets worldwide planets on the rise, What will happen to yours? briefcase on the way down? So, today we will consider, how common investors are vulnerable to the trade in artificial intellect, why usual places where you can hide, can no longer to work, and how much about money will disappear if all this will fall apart. Now let me something at once to clarify, because we are going to spend some time for consideration of what will happen if everything It will go wrong.

None unanimous opinion that everything It will go wrong. Many smart people think that we we are standing at the beginning a huge boom that artificial intelligence is real technology, which will change economy and ultimately more than justifies the money she has are invested. And they may well have radio. In fact, you must assume, that the majority people involved believe in this because this is the only thing that explains what they do. Okay, he is wrong about this. This is not the only thing explains what they do.

I think that they really believe in your rightness, no doubts, but if you ask them why they think so...And I'm not talking about those. the highest people who, you know, they manage billions of dollars. These are the guys from huge teams that are having a crazy party number of studies , have clearly a certain philosophy and the principle why they invest. And therefore they will be able to...they will be able to explain, for example, why do we we accept much higher coefficient capitalization, why we accept profit ratios at a price that is very are different.

They have there will be a reason for this. But the average investor, I assure you you, does everything for you based on emotions. Remember, human brain not optimized for logic, human brain optimized for feelings. You are not you can force yourself to make a decision. It literally. I don't have any. Do you mean it figuratively? as an exaggeration. You you literally can't to make a decision, if emotional centers your brain sufficiently damaged . People need emotions to move them forward. Now vast majority humanity in the majority most decisions that they accept, not uses logic in no part chain, except for the end , if ever.

They accept their decisions on their own vibrations, this feels correct. And when you Do you understand that now? takes place on market, the whole world makes one bet on AI. You almost can't get out of this because AI sucks everyone money. As soon as people understand that money- it's not that you don't you can earn more, we earn more constantly. But at any time time in the system is sloshing limited quantity money. So when something is absolute a vacuum cleaner for this capital, it affects for everything else.

It affects what companies earn money. This affects who can attract money. This affects who can to receive loans. It affects attention and agiotage. All these things ultimately affect the what companies survive, and which ones will fail. So they just absorb all these money. And even if you are trying to do something auxiliary, now everything cascades out the limits of this. You you spend money on trivia. You you spend money on little things, because in system rotates money based on because all people earn money from AI.

It almost literally truth. This is a joke, but, well, we are very, very close to this. So, you get all this, that is absorbed, it creates all this cultural attention, creates all this energy, there is this narrative around AI, people are thinking emotionally, they are admired emotions, and therefore they are starting to do that what they don't do, because they have a set logic of root causes, which they produced, and they have a very clear explain investment hypothesis. Just, uh, it can only grow. So that's it.

what is killing me scary. And he will consider this is more detailed, so I I'll wait until we let's get to this parts to to talk about, you know, historical the cycle that is here repeated. But there is a historical cycle, and it requires, so that people are not logical. He requires that they acted emotionally. That's why investors invest money in these evaluations. That's why CEOs technological companies invest hundreds of billions dollars to centers data processing. No one doesn't spend like that if not convinced that the benefit will be huge.

Falsehood. They spend so, so what is this? It the main reason. I am not I want this from him. to select. But, uh, The reality is that people get into the momentum trap when you have stock. Look at Michael Berry, he dissolved his fund. Now, why is he his dissolved? Why? just don't say to people that, um, he received capital from whose name is he invests? Why? just don't tell them: "Hey guys, Bear with me. Uh, in I have a different thesis from about this. You you will see how she is unfolds from sometimes".

Eventually It happens that such people are being released. People take theirs money. Their reputation spoils. And so, hmm, when you see how someone like Michael Berry says: "I I don't understand anymore. evaluates the market", which is paraphrasing, but very similar to the quote, and then dissolves fund and it turns out, this because they understand how people will get involved in investing in things , which do not correspond their strategy. Ago that people who invest in them money, a lot of it only think emotions, put pressure on them, are going to attract them to responsibility for loss of dollars in short-term perspective, fully getting rid of your risk profile.

Like, by the way full disclosure information about what I am doing, I am now I reduce risks. I am not I say: "Yo, this is will last forever." Perhaps. Nobody must do something just because I do it I do. But mine the answer is very similar in response to Michael Berry: "I can't understand the logic, which is followed people. I see a stream. emotions, but I can't understand the logic." So please don't think that even investors who really they know what they are doing, don't feel great emotional pressure to to make a profit, which everyone gets others.

Optimists, if you will understandable, not marginals. They constitute the majority . And it is theirs. optimism is the reason the existence of everything this. It truth. So I'm not here for that. to tell you that The collapse is approaching. Nobody knows this, and everyone who says that they just know guesses. Facts, facts, facts. Remember that even Ray Dalio, who spent an incredible amount money for creation all similar war games about how can this be should not happen throughout history The universe, taken into account in AI, plus it's a thousand researchers.

I have on I mean, it really is. many. Even he finally admits: "I I think I'm right, but how should I know "Am I right?" All his method investment is based on the fact that that I can't clearly to see the future. In fact, later we let's look at some sure, but erroneous predictions from past. This video about trying to evaluate risk of decline. If "bulls" are right, everything will be fine, and we we will all look back and let's think, What is all this about?

noise. But if " "The bears" are right, even if part this will turn out bubble, it's worth it look at the ratings how much actually delivered on the map. Especially carefully, spoilers, the number is scary . We'll get there, but... Holy Jesus... when is the party still on? continues. Therefore, diversification is the only thing in finance, with whom everyone agree that this good idea. Investors relate to this words as if to magic a spell that can protect them from market crashes, inflation and acceptance of bad decisions.

You distribute your a lot of money different things, so when one of them bursts, others will save yours profitability stable. It the closest thing to an industry can have up to free lunch. Okay, about that, I I will remind myself and everyone to others, what is really This is not true. Of course, people use it's like a spell, but Warren Buffett summed it up best, saying: " Diversification is insurance against ignorance." So, by In fact, the only reason why you diversify, is that you too stupid to to make concentrated rates, and it's true.

So every time you you hear me talking about what you need to diversify against economic of the forces acting, I I silently admit that I too stupid, too ignorant, I miss too much. information about Where can all this go? lead, and therefore I do not ready to do such really concentrated rates . But someone like Warren Buffett ready to do small amount concentrated pond. I forgot which one this number, but almost I am sure that it is less than 20. Maybe less than 10. Warren Buffett earned huge, huge, huge, enormous most of his wealth at a very a small amount agreements, and this applies most people.

You get a bunch minor outbreaks, winnings, losses, you know, all over directions, but this there will be one or two gigantic things that will eventually cover everything other. So, I think that diversification is wise even for hedge funds, it's already in name, but I think that diversification is wise, because very few people, um, when- will have enough money to to see at least a small part where it can go to go to do concentrated rates . So, if you don't belong to that elite class with all researchers, trade on artificial intellect through fiber optic cable that is as close as possible closer to the shopping mall table so that your deals ahead of the deal all others.

For example if you don't understand as Jane Street could to overtake you and to do some crazy the nonsense they do, you should diversify. Emm, this becomes the cause ignorance. Accept yours. ignorance. Diversify by economic forces. Um, that's the way of the game. But the big boys are trying to concentrate their rates. And for a long time parts of history are worked. Sprat years ago the largest concern among those who are worried about life, was concentration in S&P 500 sectors. The concern was because seven companies, wonderful seven, grown up so big, that the index that all considered American stock market, was actually just seven technological shares in a trench coat.

We really should to pay attention to antitrust legislation. I am not considered it carefully. Maybe nothing. can be done, but, God, I doubt it. There must be something, my friend. . Allow companies to become like this very big risky on on many levels. Since then, concerns has grown. We no longer need to worry about seven shares, and about an entire sector. AND sector, which, as known, not remains in place. Artificial intelligence initially looked like handful technological giants, and he penetrated almost everything, and I mean not only companies that pretend, what is it are used.

The obvious ones are chip manufacturers, but also utilities enterprises, because the centers data processing need a huge amount energy. Therefore, company whose work is to to support work in Ohio, now is partly an AI action, or at least her assessment is related to the idea that centers data processing will soon become huge customers. This is also real estate, because someone should to own warehouses, full of servers, and this is construction, because in United States observed huge boom in construction of centers data processing. Now in the field of AI work electricians, and many of them.

And there is also money that The boom has already brought. A few weeks ago SpaceX went public, having transformed about 4400 of my own employees on millionaires for one night, including 400 from those whose fortunes are now exceed 100 million dollars each. People whose the work consists of selling things to the rich, immediately noticed this. Agents from real estate in California and Texas reported a wave inquiries about new houses. Agencies with private sale aircraft are reported about additional business from those who wanted somewhere to celebrate the IPO.

This is the most terrible part of the economy in in the shape of the letter K, now for some people the economy is just lights. And the fact that do you have one unexpected effect, –it's the best thing you can do could have noticed. Like, oh my God, I never seen Nothing of the kind. Uh, and then other people they say, "Oh, I can't to make ends meet ends. This is terrible. I I can't allow it. own a house. What the hell? take away, is happening?

Um, this is difficult, but important to trace how money is moving, so what if you have these are happening big events, you actually get money that starts to be distributed back in economics. Now they will remain mostly in those areas where you serve only one class of people. Therefore, if your services, for example, if your work or your neighborhood serve middle class, and middle class is experiencing difficulties, then this is not for you at all will help. But if you you work in the industry, which serves rich, then now another one is coming boom period.

The catch is that the boom period begins to pave one's way through the economy through the stock markets. So you will see companies that, it seems not receive a win from AI, but in reality this win, although on On paper it seems separated from AI, actually it's simple money, what people earn money on AI, working through system. So, if AI is running out, these money is running out, these companies also going down with AI, instead of to be usually separated. Obviously, most popular purchase after such The event is luxurious.

clock, because, as one dealer explained watches, share certificate is located on brokerage account where no one knows him sees, but the clock worn on the wrist. We will return to conversations per second, but now I want tell you about a state problem on 6 million dollars. Ministry of Defense it is necessary that the soldiers worked at peak their cognitive abilities even for extreme conditions, lack of sleep, high stress, decisions about life or death. They need was a decision that was not would be stimulants, because stimulants create an accident, and can also be very nervous.

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It ketone.com/impact. And now Let's get back to the show. Welcome to Humaning 101. If people don't have a way to express oneself and to show other people, what they do is they stop take care of this thing. So, people must find some way show it to others. It extremely a fascinating look at ourselves. What is a good way? describe a desire to inform to strangers, how good You're doing well. The thing is because wealth is not remains in AI workers. It distributed by the entire economy: agents with real estate, dealers watches, pilots, designers interiors, to people who found guilty cellar, and to people who He is being watched.

All they are now take care of AI trading, regardless of whether do they call it that yes or no. Your florist may have a position in Nvidia, it just doesn't calls it that. SpaceX, of course, there was only the first act, and Tropic is expected to will become public in October with a rating of 1 up to 2 trillion dollars. This will be a big milestone. Let's see what will actually happen, because there is Anthropic and OpenAI, which both want become public, and I I think we have there will be a problem with liquidity.

And here it is here, again, returning to capital flows, as this will look like capital flow? Ago what if the shares, for example, if SpaceX enough will fall, these money actually get stuck on the stock market, therefore that we destroyed this cost, and while numbers are not will recover, people they are unlikely to be able to eliminate these losses and return to next. And if they called for margin, and they literally lost, then this money is just It will not be for them to go to the next one big project.

AND therefore there is only a certain the number of times when you can collect money for the next a big project. If we see that they will achieve this, you know, I mean if they approaching 2 trillions of dollars in Anthropic with its IPO, and this will happen soon sometimes, it is a sign that which is still very strong faith, people all still really interested in this. If we go through the whole the path through Anthropic and OpenAI, this will be a huge signal. But I have a feeling, what will we see a little softening, but we'll see.

And OpenAI is also in this in turn. To employees also not everyone need to wait for the IPO. According to the FT, OpenAI recently completed tender offer for the amount of almost 7 billions of dollars, by buying shares in employees. So watches, charter flights and new homes next to the office not must wait for call on Nasdaq. Money are already pouring into economy, one ransom for 7 billion dollars at a time. It means that reasonable question is whether can disappear from the path of AI, or are we all stuck in possible boom cycle and recession?

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Well, you have everything is pretty good. Russell 2000 had the best first half a year since 1991, increased by approximately 22%. Oh my God. You can perceive this is like a sign that small ordinary American business flourishes. Actually, 16 of the top 50 companies in the index– these are companies that produce semiconductor and microcircuit equipment. Wow. Such companies like MaxLinear and Aeroflex Test Systems, increased by 250% and 380% respectively this year. You are not avoided the artificial boom intelligence, you bought companies that sell cables and equipment for testing.

Or, maybe you are smart investor in value companies. You are not touch overvalued shares growth. You bought Russell 1000 index, and How are you feeling now? quite smart, so that the cost has increased about 20% of this year, while the index growth actually fell. It seems that investing in valuable companies returned. Reason, why your fund of values companies so well showed himself this year, is that that until recently he was crowded tall shares semiconductor companies. Okay, that's why you always want to be below header. If you just look and you say: "Oh, they are growing", and you don't understand the mechanism, what is behind behind the scenes, which just it happened, he will pass through time of these sales, and the time of these sales absolutely crazy.

Hmm, but every time something It happens, okay? bad, I want find out why this is happened because it will be lot more informative than title. Until recently, there was many promotions semiconductor companies that are rapidly grew. Micron, AMD, Western Digital, who experienced a huge decline. Then, at the end June, suppliers indices conducted your annual rebalance. They moved these shares chips from the index value to the index growth, and Amazon, Apple and Microsoft moved on the contrary, in the index value. And the time was absolutely perfect, completely by accident.

The chips were sold. just at the peak of its growth, immediately before the way they turned over, and cost index picked up stocks big technological companies right then, when they reached their minimums. No one here accepted no important ones decisions. Reminder calendar made your own business. Manager fund of value, quoted on Wall Street Journal, could only stand aside and to admire how it worked. He said that the index so lucky. He caught that peak of the breakdown at the moment of inertia, and then sold it right before the shares turned around, which, in my opinion, it hurts a little to express aloud, if your actual the work consists of choosing valuable shares, and mechanical rebalancing just managed better than you.

Listen, right on time pick up almost impossible. IN you may be correct thesis, you can you, hmm, use yours , um, hedge fund maybe magical, but The reality is that even if you understand how they think people, where will all this go , you understand technology, hmm, you Do you understand the story? founders, you understand their balance, all of this, you are you actually playing psychological game with investors, and this psychology is guided emotions. And therefore right on time to raise funds becomes the difficult part.

So, listen, I sure that calendar constantly is wrong, so you have to accept both good and bad, hmm, but this is wild. And no one should never... When you do something that's right, and that's cheating on my wife mind. So, I earned us money on this market, please don't give me proper, as I say to my wife, uh, I earned us a lot money by investing. Absolutely a bunch money. Ridiculously. And she like this: "Oh God, you so good at this ". I'm like, "Stop. "Stop immediately." P- This question, first of all, market now crazy, and, um, just get out of here roads—correct respond.

And then There will be times when the market will be very, very, very low, and I will to look like a clown. So, if you are now me too much Praise me. will have to accept failures when they will really fall. AND The reality is that it's just a game of timing. Be on the market, diversify your investments for various economic forces. I am too ignoramus. Not Clap me in the palms. So, uh, everyone should go out on a market with a huge modesty, because now we can be on rise, but, friend, nothing lasts forever.

And again, this is not means that approaching inevitable collapse, but this means that nothing is a phenomenon only growth. Even if, by the way, all this just...Nothing from This is unrealistic, you just keep up with the fall of the dollar. Don't forget that there is always something behind behind the scenes, that deprives you of your investment genius . So, How Worthy investor, you have reached double success. You earned money on chips and sold them at the top. The only one a small catch is where it is left you.

Your reasonable, valuable briefcase now filled with Amazon, Apple and Microsoft, three the largest technological companies on Earth, and, quite possibly, precisely those actions, which you bought a valuable fund to avoid possession. You have avoided trading artificial intelligence and got into that actually was trade in artificial intelligence, wearing fake mustache. Therefore, if you are stuck in this trade, do you want whether you are in it or not, obvious question, which you need to put: How much money are we talking about? are we talking? If artificial bubble intelligence fades, how much wealth, probably will be destroyed?

It's okay if you stand, Now is the time to sit down. Well, let's start with economist Dean Baker, who manages a website called AI bubble monitor that makes sounds as a relaxing web- site to check for morning coffee, right next to the report on weather. Arithmetic Baker looks like this. General stock the US market is worth about 80 trillion dollars. If price/quotes profit simply returned to their ...Long-term average, and not a crash, but just return to normal grades, which would destroy something like 40 trillions of dollars stock wealth market, which, according to him in words, on average is almost 300,000 dollars for US household .

Now we need be careful with with such a figure on household, because it is average values, and averages values ​​can be hidden. Owning shares in America is very one-sided. The richest 10% of households own approximately 90% of shares. 93. If Elon Musk lost, let's say , 200 billion dollars from SpaceX, and your neighbor lost 4000, average loss is very an impressive number, which almost no one describes. Typical household would lose a lot less than the simple one reasons that are typical household has no shares at all for the amount of 300,000 dollars, which could be to lose So let's let's listen to others thoughts.

Geeta Gopinath, former chief IMF economist, believes that correction in style dotcoms today would destroy about 20 trillions of dollars America. Okay, so for now. we had...40 trillion . Now we have 20 trillions, okay? It seems a lot smarter, but a minute we Let's compare. Akin Weld, plus 15 more trillions of dollars wealth that belongs to foreigners. Oh, oh. These American 20 trillions–that’s approximately 70% of US GDP. Consultants from Oliver Wyman held his own version and received almost 33 trillion dollars worth, destroyed. Again yes, it's more than that the entire US economy produces per year.

AND then, for a number that gives these estimates in perspective, when the real one broke dotcom bubble, she destroyed about 6 trillion dollars share price. Therefore, you will notice that no one does not offer you a number , which would not be close was approaching this one. So, bubble dotcoms, this is what when do you start to try to outline and compare different things that can to happen on the stock exchange market, you will see on what was happening on the railways, for example, in the 1860s years or something like that.

You , obviously, look at the crash of 1929 year. You will see on what happened in the 60s those and the 70s. You look at the dot-com bubble, and it is much smaller, than what people are forecasting now. It only predictions. No one doesn't know what it is will happen. But when in you are all yours forecasts that much bigger than that , now you have problems . The main assessments of this case somewhere in five- six times exceed the size the collapse to which many of us still addresses as instructive story.

So, three different methods that all reach dozens trillions of dollars. We can at least to agree on order of magnitude potential hole. Now you can it is reasonable to say: "Well and what? It doesn't matter. paper wealth. If your pension the bill will decrease a hundred thousand more than you yesterday. That's true, but that's all. it's important, and now this is more important, than before. According to Goldman Sachs and Federal backup system, this year's promotions ahead of real estate as largest component wealth American households. I won't lie, I I like that, hmm, something is overtaking the house.

I I think that one of dangerous areas, with which we encountered, when people can't afford housing, is that all think that the cost my house has to grow. This is what I I will leave it to my children. THERE ARE- oh, and when we revaluing houses like what people do invest their money, hmm, we are faced with this problem. They are transformed into electoral bloc, and they don't want to see how the cost of their stays at home unchanged. They really don't want to so that she falls.

They they only want the phenomenon growth, and they will vote for anyone who is promises. And right here we limit housing. So I understand. I am not I expect it to be popular opinion, but, my God, this is it not in itself necessarily bad. Hmm, that's, uh, tall. the risk that people can get to stock market, thinking about short-term the prospect that, on my opinion, problematic. But the very fact that it is caught up with the market housing, is that that it is difficult because housing market now horrible.

So it's not sign of something good. We are not started building houses that we needed to reduce cost. But, I think , this will help break mentality that the house always has to increase in price. Regarding your point of view , I have an anecdote from one of my old ones neighbor. He was Airbnb king, has five , six, seven objects real estate, etc. He contacted me. He said something like : “Drew, yes, I know that you and your family like to invest in real estate.

I have real estate from which I am trying get rid of, you know, "Do you want to come?" I replied: "Yes, perhaps. Depends on circumstances, you know, this trust. I need to find out what is happening." AND then I asked: "Where real estate? He replied: "In Houston ". And I just laughed. I thought: "Oh, this historical apartment market, where "prices are not increasing." He fixed everything, resold and now with stuck with this. And that was it. just funny, like: " Oh, you're just waiting, because you saw it in Phoenix, all these explosions.

Like, oh, Houston, this is will grow. And this is 2% more, but that's because that there are so many of them are building. So, this is it hurts, I quote, to the housing investor, but at the beginning the community there can afford housing. So it's a push and pull. And we as a culture must go to this one compromise. It will happen. For the first time since the Second world war, for a long time parts of modern history, clean capital of the middle class The family consisted of mostly from her house.

So the crash the stock market was mainly a problem rich people. This is already not so. Stock The market is now a place, where actually is located wealth of the middle class households, and this means that the collapse today reaches middle of the country in a way that is not In 2000. Here it is. the effect is manifested wealth. When people are included in their brokerage accounts and see the big picture number, they feel themselves rich and spend more. Then...The better... car, kitchen, leave. Empirical research rule is that on every hundred dollars paper wealth people spend about three real dollars in the real economy.

This may seem insignificant until you multiply this by tens of trillions dollars. Yes. And it all works in in the opposite direction, just as reliable. If thirty-something trillions of dollars wealth households evaporated, people would be drastically reduced your expenses. Nova the kitchen was canceled, the contractor lost job, salesman cars had terrible neighborhood, dealership fired someone. Cascading losses spread from stock market on real economy without any bank bankruptcy. It simply requires that people felt a little poorer. Good. And now the bad ones news. You have already started see message from places like Walmart, about what people are doing now spend less.

And I I think that if trace it back, then what happens is what people really are just trying overcome post-COVID problems that we we observe, you know, call it 30% increase in value without anything consideration salary. AND instead of this instantly changing course, and people begin follow austerity in in your life, people they just took on debt. People spent savings, but, of course, they eventually -the rest had to end. And we we see that now they are ending. So, although you have people on the top of the cake, which They are still living a great life.

spend money, they are the only ones who left to spend money, you see how middle class and people from the working class everyone very much retreat. So we hit something a solid wall with amount of savings or the ability to take debts that people had. And that was before The bubble burst. So you want to be in position when, let's say we we are getting closer to that everyone puts under doubt bubble, but It's 2019 now, when people started save money. THERE ARE -eh, this will be the time when something like this will happen easier.

This will not happen. easy, but it will be easier to learn a part this, so that it can reproduce. a little more like an explosion dotcoms in 2000, which, obviously, harmed everyone, who needed money in short-term perspective, caused harm to pensioners, but didn't have one powerful percussion waves in the economy, what is this potentially could cause. Hmm, so this is also important remember. The problem for those who thinks that they safely away, is that AI now supports goals part of the economy, not related to AI.

Jason Furman from Harvard calculated, that the costs of infrastructure, related to AI, accounted for about 90% economic America's growth in first half last year. This is madness. It madness. As a nation, we just can't to allow such concentration. It madness. What exactly what should we do with this? much more the question which, definitely, it works beyond what is being said we will now speak. We Let's get back to the show in a minute. a second, but first , a few words for those, who travels to affairs.

When I am in on the road, traveling on filming or meetings, Whatever, I still I run a company. wherever I am from landed. Ago login to my account hotel records number is required . I still I will answer message in airport, but these networks widely open. And as a person, which was broken, I can tell you what it is terribly. Anyone who sits under the same Wi-Fi can see that you do. And when you you run a company, the lines are not only yours data, this is your data teams, yours customers, everyone who trusts you.

Exactly for This is why Surfshark was created . Surfshark encrypts your connection. As soon as you connect to public Wi-Fi, your activity is blocked and its much harder track. Yours logins, your accounts records, your data companies–all of this protected. Go to at surfshark.com/tomb b or use the code tomb b to get additional four months of Surfshark. Go to surfshark.com/tomb b and use the code tomb b to get additional four months. Now Let's get back to the point. But right here something starts on kind of Hamiltonian economy, which...

Bessen is trying to drag us into, um, this necessarily. You should start return others industries that produce physical things that do not depend on AI. It will happen. More conservative estimates show that that's about a quarter. In any case, a huge share recent economic growth is simple construction of centers data processing. So think about who depends on continuation of these expenses. Think about it. will happen if America will rise against centers data processing that we we already see in a huge amount . Every time I pronounce the word "center" data processing", I I feel like, hm, Ryan is bending his neck now.

around someone subject, so that look at me. This, um, has already become...This is already becoming something, about that cannot be said. So, the fact that it is many jobs and economic growth depends from what against Americans quickly They are rising, oh, my friend. It's not just shareholders NVIDIA; these are electricians, about which we spoke on start of the video; it construction crews, who pour concrete; these are companies that are made air conditioners that do not give to servers to overheat; these are people ...laying cables, production transformers and management trucks; even astronauts who install them in space.

If capital expenditure on artificial intelligence slow down, then together with them incomes are also decreasing all these people. AND none of them it was necessary to buy none shares of something. Nobel laureate Joseph Stiglitz clearly expressed this gloomy perspective. Such The collapse will occur in the same moment, when artificial intelligence will begin displace employees. So many households may suffer twice at the same time. Their savings will fall, and their jobs will become less stable. Okay, this is complicated. question. None doubts that artificial intelligence will lead to that some people will lose otherwise stable work.

However, now it can won't last forever, but now he adheres to the same schemes, as each large technological revolution to him, and exactly what in the end creates more jobs than destroys. But this is not helps people who will not be able to adapt to of the new world. It aggressively helps young people, because young people will just...it's a market labor. This is what we we do. As well as when did it appear Internet... Appeared social networks, and suddenly creation content has become relevant, and this created, I even I can imagine how much more jobs for installers, operators than ever existed in history of mankind.

I I mean, it's small. to be stunning number. Will be new workers created places we don't we can predict now. So, this will be transition from people, which, let's say, is more 35 years, to people who just finished high school and college, which will be much better adapted to new technologies. Therefore, take it as it is. Also, I think that more people will be able to create your own companies and do that , which was before impossible. So it's not so that's not true: "Oh, it's already decided "right".

After all, we we will reach a point where artificial will appear intelligence, it will destroy everyone, especially if we will press the button pause and we won't get to superintelligence. Superintelligence is when artificial intelligence is better than us in everything. In this forget about it for a moment it. AI is no more tool. He just...Do everything, and everything you can to do, this to hope for the world abundance. Hmm, but yes, I will say this, no necessarily accept pessimism. THERE ARE something called Jevons paradox where is something cheaper becomes, the more people they use it.

Hmm , yes, coal replaced a lot old jobs, but it created much more new because people wanted use coal for everything more quantity things. He said that any kind of explosion bubbles really has a bad effect on macroeconomics in short-term perspective, which for economist-laureate Nobel Prize practically a scream. Now if you are now thinking about 2008, you can you please too much to worry about . Big banks are now in much better condition than they were then. They have much more capital, have real buffers liquidity and are held every year stress testing.

No reason to expect a repeat Lehman Brothers. But the reason, why is this not a bank the story is because we did banks are safer. AND when you do one part of the financial systems more secure, risky lending is not necessarily stops. It just moving somewhere else with less number of rules. A few weeks ago Wall Street published an analysis with the wonderful title " Why are the costs of large technological companies on artificial intelligence 3 trillions of dollars higher than it seems." By the way, this is important lesson about markets.

Can try to limit many of these things, but if there is a desire, people will find to this way, especially when you start talking about financial tools. Oh, yes, it's all about immersion in private lending. He never ends to talk about "Blue" Owl. He is a little delve into private lending for a second. Hmm, but this the whole universe. AND understanding how the money goes to private loan, understanding how respiratory system world economy— This is a Eurodollar. You must understand everything this is how this works monetary system, so that understand why risks can hide in places, which no one can properly simulate, but this does not mean that there are no risks.

"They reported that quarterly large technological companies with pride report on their capital expenditure on artificial intelligence. Data centers, chips, all of that. This the declared figure for the whole group is about 600 billion dollars for the last year. However, here's what problem. Magazine reviewed the footnotes to the reports of these companies and discovered approximately 3 trillion dollars extra obligations regarding artificial intelligence, which are not at all are displayed in balance sheet. Five times exceed capital expenditure, which everyone was looking at. These are things like long-term rental processing centers data and obligations regarding the purchase of chips, computational power and energy.

The money that companies absolutely obliged to spend, hidden in footnotes, not lying on the balance sheet, where, how do you you might think you will find them. Yes, I already mentioned it. about this in one of your answers earlier. Reality such that these guys reveal everything that they need to reveal, but the problem is, that they place this in these really boring ones, you know, documents. They're in footnotes, people. don't look at these things, because, again, Yes, people are not logical. reach these positions exclusively…” intellectually.

They achieve this emotionally, but that's why in these debates about what such a cycle depreciation of assets, this is really getting very important issue, on which is needed answer. I I'm considering all this, but... um, Nvidia actually issued insurance from the fall in value your chips over time, which, in essence, is insurance against their statements that you get 5-6 years, and not 2-3, which people say, like Michael Berry, they say, um, they wrong take this data into account in in their reports. Through This is a lot of damage.

more than people honestly speaking. Uh, and interesting thing is that Nvidia released, this is what they can show, that during the first 6 years old chips still hold their own cost, however partly the reason this is that, that the demand for AI is currently bigger than we have opportunities for development, but how only we will have all the possibilities that already got the green light light, but not yet launched, what is this will do with this cost? Is she then just abruptly Will it fall? So, They were are ready to support 25%, but that was all, just 25%.

So, I think there is many questions that will have a deep influence. So, the story, obviously, it will be much more complicated, than people can tell you say. If you do this lose sight of, I think it's getting easier. to get carried away by emotions. So be careful. Only Alphabet has over 800 billion dollars such obligations regarding procurement. Analysts began to call it iceberg of costs for artificial intelligence. A huge part over the water turns out to be small part. Nothing from this is technically not hidden, and nothing from this is not illegal .

All this is disclosed if you by chance belong to those people who read footnotes. But this means that true scale that these companies promised to spend, much larger than show headlines digits, and every dollar from this is based on assuming that income from artificial intelligence in the end the ends will appear to to pay it off. Market started to notice it. Insurance cost debts of large technological companies from default recently reached record highs . And when companies...In the center of it all begins to strain the pressure spreads to where happened landing, that leads us to private lending.

During the last several years private credit funds, weak adjustable structures that provide loans directly to companies outside traditional banking system , poured money into the world artificial intelligence and software software. Now this is a market in volume approximately two to three trillion dollars, and he started crack. Financial Times reported this months that are problematic credits in 20 the largest private credit funds that listed on the stock exchange, rose to highest level since 2017 year. Fitch reports, what number defaults for private loans reached a record in July.

One big one the fund reported that 7% all of it credit portfolio is in in a difficult situation. Co-chair of one of large creditors more or less said investors that phase denial ended. Now we must be fair. Many people also they think that this exaggerated. Noting that default rates, which we are talking about, still low in absolute expression. That's true, but one of the most important things, to which people can pay attention in the game with artificial intelligence, that is slowing down growth. So, if look at China, China...still are growing, but the pace their growth are decreasing.

So, when you start look at the crisis housing there and you see that it affects general pace growth, you see, what is the situation moving in wrong direction. This is not always means that something instantly breaks, and, oh, we have there is only a problem in future. This is like: no, no, no. This indicates you the direction of travel. The fact that private industry lending, let's say so, is on unstable basis. Nobody knows, how big problem, no one knows if she will worsen, but there are people who now they say: "I want get your money back ".

You promised me that I can return it. your money, and now you refuse "Give them back to me." « At the bank we call this is a bank panic, and This is a disaster. Often this leads to bank collapse. Bank goes bankrupt. And what? takes place in private credit funds, they just They say: "No." Hey, I I know, we told you, that we will return your money, but we don't we will do it. And because relaxed rules for them This is getting away with it. So Here's the thing: "Yes." "He's telling the truth, uh, if investors will be able to return your money, that is if they return some part of them, these investors are likely to will simply refuse from the agreement.

But this indicates that in we are running out places where you can get good debts, and we started to contact places, where is the risk debts too high. AND if you remember 2008, that was it. that problem. So, we took the banks that give too much risky loans, and now we just moved to private lending, but this, certainly similar to the same phenomenon. And if the creditors will return more part of your money, actual losses all all the same small. So not today disasters. However concern causes not current number, and direction the movement of numbers and the fact that what is private lending intentionally difficult to look through.

In weak regulated opaque corner no one is sure about finances doesn't know who is holding risky loans, until something goes wrong yes, and everyone will know about this at the same time. We conducted this very experiment in…" 2008 year with a different set abbreviations, and this It didn't go particularly well. good. Now we we repeat experiment, probably, that confirm that result repeated. Now, when you point to some of this, someone always appears in in the comments during approximately 90 seconds, to say that all this doesn't matter, so that AI is real technology that will change the world, and they may well have radio.

Maybe in development process will be huge increase productivity. Business, just to it was clear already does AI really think so? useful. But here an unpleasant thing. Technology, being real, useful and one that changes the world, still absolutely doesn't protect you at all, if you first overpaid for the shares. Good business and good investment— These are completely different things. Preach. Preach. Everyone must engrave it's in your soul. Uh, in you can be great business with terrible the share price at which You bought them. They fall. Uh, they reach this again numbers, but not before than in 20 years, otherwise you eliminated on the way to decrease.

And so, it turns out that this great for someone another who...buys cheap and sells expensive, but The reality is that because people invest emotionally, vast majority people are bought expensively and sells cheaply, or They are simply ruined. So, yes, share. these two things. Bank of International calculations newly published a report, in to which he compared current development artificial intelligence with British railway mania 1840s, and they are not were flattery. Trains, obviously, were real and transformational technology. They changed the world, the way people traveled like moved goods where people lived.

Investors of the 1840s, who understood, how important is this technology, were extremely excited and did exactly what always do investors, namely took a good idea and overdone. It was hundreds offered new railways lines, and money, involved in this, were amazing . By 1850, the total investments in railways reached almost half of Britain's total GDP. The problem was because in everything this excitement companies started to pave the roads railway tracks to tiny villages, which, like It turned out that almost no had passengers. Amazing engineering, but on the platform no one, as a business model, has some good documented disadvantages.

Before 1850 railway stocks... lost about 2/3 its value. Tracks remained in place, trains were running, technology continued to feed century British industrial domination, but people, who paid for it, were destroyed. The railways have changed world, railway investors changed your habits consumption. This is it. regularity BIS is concerned. In accordance with their research, depending on where every boom began, development of artificial intelligence already grew faster than railway mania, faster than a boom electrification of the 1920s years, and faster than dot-com bubble. On their schedule it is the steepest line from everyone.

These previous Mania, as a rule, broke through about a fifth a year, and then they dragged on their economies to recession. Now we are on third year, so still a lot of time left. For more fresh example can be considered the dot-com bubble. The Internet, again Yes, it was real. No one claims, what did it turn out to be on a whim, and at that time telecommunications companies were so sure, what's next will be needed infinite capacity, what did they borrow huge sums money. and paved tens of millions miles of fiber optic cable throughout the country .

So much of it remained for years unused, that the industry gave him called "dark fiber" ". They built road system for modern internet in about ten years before traffic was enough for this to justify This is a question about what happening now. So do we need all these processing centers data? Nobody says, what we don't need data centers. Well, people are discussing, do we need data centers, but if you have artificial intelligence, you will have to have these data centers. Hmm, and that's not a question.

The question is race for supremacy artificial intelligence, these companies are trying to defeat each other, everyone tries to earn your money, because people just see that whoever wins in this race, oh my god, this will be crazy profitable. And therefore they all invest your money. Now, how and in streaming wars, we finally Finally we see how these the boys collide and collide. We, as users, we get from this a lot of winnings, but in end...day, they are not everyone will survive. It terrible business a model for them– burn so much money for so long.

Only limited number of people will be able to survive this. Now you have the same thing, what is happening with artificial intelligence, in you have this historical scheme that repeated, but besides, you are now are you in this situation? situation when artificial intelligence so integrated into the whole economy, even in on a global scale, that you find yourself in in such a situation that if it falls, it's not just a bunch investors discover, that they are not like that smart as they are thought. You find yourself in such a situation, when you pull the whole economy into recession or depression.

And therefore, if we already we are on unstable financial basis, which , I think there is extremely important arguments for this, because again, let you are not confused by K, some people at the top flourish, general economy not in the best condition . So, considering this, if you already are you worried an economy similar to recession, and then add this to this, now it's like, "Wow, radius size explosion may occur extreme". " Most of them went bankrupt, waiting for the final income. When this bubble burst, S&P 500 fell approximately doubled, while the Nasdaq lost almost 80%.

But here it is. the part that really important for those who thinks he can outsmart it, just by buying final winner. Even if you chose right, even if you have determined the only best company of the entire era, it can still be destroy your decades. Amazon— obvious example the winner you could choose. Amazon survived the collapse and became one of the most valuable companies in history humanity, but its actions fell anyway by about 90% when The bubble burst. If you bought on peak in 1999, you were absolutely right regarding the future online commerce, and then you would have to wait until 2009 to return to break-even of their investments.

Truth cost you decades. Own letter from Jeff Bezos to shareholders approximately began that year from one word: "Oh." "It is worth noting that very few people Amazon would buy it too. IN portfolios of a typical technological investor in 1999, along with Amazon, there was a basket stocks like pets.com, which all fell to zero, significantly reducing their long-term profitability. Exactly This is what we are talking about. If you really want to win at the stock market market, you need, first, do bet against consensus and be right, and secondly, this should be concentrated bet .

This is not my advice. My —full opposite. But, nevertheless, if you only placed a bet on Amazon, then yes, if you recovered, you would laughed all the way to the bank. But if you invested all your money on the stock market in 99, and then he will collapse, and you will be distributed in a pile things, now you take all your money, because some of these companies just will cease to exist . And so Amazon during long enough period of time, will probably pull you out from any pit, from which you were in it, because it has become so valuable.

But the overwhelming most people, first, just don't can withstand waiting 10 or 20 years, in some cases, while these companies will return. And therefore they sell, and then they are so afraid that do not redouble their efforts in the one that shows signs that she will get out of this. And therefore they eventually What are they doing? They buy expensive, sell cheap. Here This is how it works. mechanism. For investors the most difficult thing is not believe in technology. It's about choose which one specific company wins while you stand inside bubbles.

If you remember the late 90s and make sure that the internet is the future, and you have right, and start look for a company that will have search in Internet, obvious choice at that time could be Infoseek, Lycos, Alta Vista or Excite, the biggest, the best funded leaders searches that have become known. Each of them now is the question quizzes. Company, which in the end won, Google, barely existed for... bubble and became known only on early 2000s after The bubble burst. It's very easy to look around.

back and assume, what is today's to the winners always destined to win, but the story is enough straightforward in this question. To be the first, who created transformational technology, mostly simple makes you very dear draft for what will appear later and in fact will bring money. Now, before you accept any of this as signal to sell everything, What do you have to buy? canned goods and weapons, I I want to do more for you. one warning. Since to call the best technology –it's a game that people they've lost enough already long.

Back in April That's a great idea. Recently, there was a show Raul Pal and I taught: "Okay, here are the things that make me are worried, and, you know, I rebalancing mine briefcase, and Raoul's "I had a stroke." AND he said: " Listen, this is a mistake that everyone do, and they lose the opportunity create everything wealth". "And now, although we are not with him I agree with this. I think this is wise. time to start rebalancing, not time to go out, it's definitely not mine strategy, and time for transition from more aggressive position to something more protective.

I think that it's wise, but everyone must do what deems it necessary. This is definitely not what I I give you financial advice. So, understanding that if you completely get out of systems, you can to lose years, years and years of profit. So, this is a game where you must be very Be careful, because you can to lose while sitting aside because inflation, and then you you can lose, while in the game, because you overestimate and you are wrong, or even just wrong "You choose the time." IN 2022 The New York Times published an article under the title " Technological a bubble that never "did not burst." In it the whole was described decade when famous investors are raising the alarm about technologies and again and are wrong again.

IN In 2011, the entrepreneur Steve Blank announced, that we are in second internet bubble, and that The signals are loud and clear. In 2014 venture capital fund... Investor Mark Andreessen warned that startups with high level expenses evaporate, and he wrote this in capital letters. IN 2015 Mark Cuban stated that this bubble is worse than technological the bubble of 2000. IN Experienced in 2016 investor Jim Breuer saw blood in the water, assuming that 90% unicorns will be overvalued or will die. And in 2021 Jeremy Grantham, legendary investor , which is correct named some of the biggest bubbles in history, promised, that this one also breaks in your time.

However, I like what New The New York Times published this article in April 2022 year that was about the same month, when technology stocks started one of the worst falls in the last generation. The Nasdaq fell by about a third of that year, therefore final article about what " provocateurs of chaos" are always wrong, came out almost at that time the very moment when " provocateurs of chaos" They were right for a short time. And that's all the problem is one history. Bears usually appear early, often are wrong, and then sometimes without warnings have radio.

And before that moment most people stop listen, that's why this there is no video prediction, and that, why sell everything, is not a lesson. Okay, that's why I'm like this. I talk endlessly. about building your thinking on first principles. So, the reason to listen not to listen to someone is not that do you think they are are right about this moment. This is because they give you idea of ​​your own belief system, which then allows you take a broader look at possible ways interpretations of that, What I see in front of me.

The vast majority of what we are interact, impossible to determine, whether this is a fact or not. Or because it is asks you to look into the future, and in that case it is will become a fact, but you will have to accept decision before you you will get there; or it's just not something other than interpretations, therefore what am I betting on or against, uh, human psychology, which, in fact, still exists inside deterministic the universe, but, oh God, emotions are difficult to display. Therefore, What do you want?

Goal— to say: "Okay, "Wait a second." THERE ARE -eh, it's good to hear that they think, but I I'm trying to figure out. basic assumptions, who manage their thinking. Such way, you will have to to get lost in a cloud their emotions. I can to ask: "Is it really their main Are the assumptions true? » And therefore, which of their basic assumptions I can I relate to real reality? And that's why I listen. bears, I'm listening bulls. I am trying. understand that they both think. I trying to find their arguments, and then I try say: "Okay, I I believe in this part.

bearish case, I I believe in this part. bull business, and therefore, taking everything into account this is how it all works out ? Which, in my opinion, direction of movement? Therefore, again, the first principles always will come to you help. In fact, if you bought at highs in 1999 or directly before the credit crisis, or immediately before COVID and just have held on until now, you have everything would be fine. AND problem with early sale or even timely sale is that very difficult to take into account time to repeat ransom.

So, if no one can do this take into account, lesson much more boring. Jason Zweig, author articles, recently wrote a column in The The Wall Street Journal, where claimed that if do you really want to move away from trading artificial intelligence, one place worth pay attention, this is Europe. He was not especially approvingly set up for it. He named the continent, and I quote him here, open-air museum aging population and arthritic economics, which is rough a sentence for reading, if you live in Europe, and that would be quite gloomy tourist campaign.

But it is in this disappointing the description is the whole thing essence. European The shares are cheap. because there are so few people are fascinated by them. Technological companies are only about 10% European index compared to almost half of the S&P 500. And investors who are oriented towards cost, look there precisely because hype and high prices , which are related to it, It just hasn't arrived yet. Instead of artificial intelligence and colonization of Mars, the index is composed mostly from banks, industrial manufacturers and security companies health.

Such that generate stable money and pay you dividends about 3% while you waiting. And, if there is fair to Europe, it's not easy to buy boring things and hope for better. Zweig quotes fund manager Fidelity, which describes 3% dividends as ballast, which you will be looking for, if the story is artificial intelligence will not justify expectations. Idea is that if the S&P 500 falls, European stocks, will probably fall less simply because will be less speculative price increases for discharges. Port in storm, as he says. I think it's true.

interesting point. Therefore, for those who watch, Where am I going to go? How am I going to deal with this? cope? Awareness of what I am right in that. said in his own words beginning, namely, that this largely It's about emotions. IN you have this giant vacuum cleaner, which absorbs all attracting capital a lot of tension. This worries people a lot. People are buying into this history. If all this right, then if you do you want to insure against this, you don't definitely completely get out of this because you you never know, how much more can there be years of passion that can turn into for a lot of money.

But if you want to insure against this, then you are looking for something opposite. What is there? good business? As if he really is stable, it is really happening, and it doesn't have prizes for the capture. He doesn't have everything. attention and energy. Now this will require more work from you , but it also means that if you can to find the pearl that is truly stable business, uh, you don't have will this award be for unloading. How is he? said, when things are going well, if things are, hmm, you are staggering find yourself somewhere for a while more immune to this phenomenon, because this is not yet embedded in its price.

Another observer, from whom I spoke to, claims that stereotype of a ossified Europe outdated. What are the big European companies are being reformed and reduce costs faster than her saw in all my life career. So, the matter It's not that it's sad, dusty companies, and in that low expectation investors are leaving space for surprises that approximately the opposite because what you get, buying the most interesting ones stocks in the world for at a price that is 40 times exceeds profit. Now I have it clear understand that Zweig also does not predict collapse in your column .

He applies all efforts to say, what are the concerns about concentrations on the US market is likely to exaggerated, that history does not show, that a few giant shares lead to bad profitability, and that if you are already global diversified, you, maybe, at all nothing is needed do. Its the proposal is to just to add a little European exposures on the edge, and not to run away to the mountains, corresponds to everything the spirit of this video. The meaning is never consisted in the fact that to tell you that heaven falls.

The thing is that if you somehow found themselves in a situation, when all your possessions depended on one agreement, it is worth knowing that there are other possibilities for development. And this takes us back to magic word from start of video– diversification. People often think that diversification means possession 50 different technological shares, which all grow simultaneously. I still can't. to do it right real. This is not literally the way you are You laugh. You weren't trolled. It real video. Me had to him to search. I thought: this guy is not real.

He real. Yes, it was. the whole guy in the center that huge one scandal. But that too. Fool for a second. Oh my God, this is crazy. Almost worse in some aspects. It's simple. accumulation on bull market. As says Zweig, if everyone your assets grow simultaneously, they are also likely to will fall at the same time, and this is what you tried to avoid. Real diversification means intentionally possession of things that not all will fall into one day. Uncorrelated. means holding some assets, for which you are a little ashamed of .

While your neighbor is on barbecue tells about their Space X shares and Nvidia call options, you you have to admit that a significant part your capital depends on reliable work Swiss pharmaceutical companies and Scottish water utility. This is not the one. a story that will make you to return. But Boring assets are those that that are still standing when exciting no longer stand. And this a real lesson, so what is long-term investing is not must be fascinating. If to look back at financial history, then the most exciting deal of any era very is often the one who ruins people who are They agreed.

On early 1970s Nifty Fifty is 50 American stocks with "blue" "chips", which supposedly could be bought and to hold forever, until until they lost most of its cost during the collapse of 1973–1974. To late 1980s Japanese stock the market is wide was considered irresistible the future of the world economy. Then the next three decades he actually nowhere arrived. Investor, who bought the shares Japan at its peak in 1989 year, waited over 30 years, to return to break-even point. And let me be extremely understandable. You waited 30 years, while inflation will catch up.

You are not they said...Uh, that's not something like: "Oh Oh my God, these stocks again hot". That's so much profits on stock market is actually an illusion. It's just a loss. the value of the dollar. That This is especially true for the yen. And, as we already discussed, Nasdaq it took about 15 years to to go back to that the level at which he was in 2000. None of these bets were not stupid at the time. They were on consensus. They were on a fascinating, obvious to everyone already known trade, which that's what made them so dangerous.

So, here we are. We are landing. You don't must visit every party, you don't need to invest all your clean capital in the hottest corner market, because that's what what everyone is talking about, and someone on the internet told you that he only growing. Boom artificial intelligence quite possibly to be the same successful, as advertised. Many serious people they think that will be the case , and they can have radio. But this the technology is real, and these shares are good investment for at these prices–that’s two completely different assertion.

And significant part of the financial history consists of because people just confuse the first with second. Sense investing for retirement is not in in order to speak interesting things on dinners, but in order to eventually get out pension. If you liked this video, OK. My boyfriend, Patrick Boyle, you, guys, if you haven't already subscribed to it, signed. You will like it. Uh, he absolutely fantastic. He releases a bunch great content. THERE ARE- Well, that's just crazy. Listen, I understand. . This is huge. moment. I hope so.

You guys are smart. working on the stock market and what were you able to survive this rise. I hope that now, while everything is still going well, you will start thinking about whether you want do something different. Hmm, this is a solution that everyone must accept myself, but, uh, no doubts that for me this is the moment to, uh, take some of your victories, rebalance portfolio. I'm still on market. I still I am being influenced by AI. I I'm not running away or hiding. in the mountains, er, but me I'm changing mine a little.

position. Uh, yes. I hope you, guys, received from this is beneficial. I know, that I am obsessed with that happening now in the AI ​​market. Good, everyone. Have a nice weekend . See you in Monday. I love you everyone. Until next time meetings, friends, be legendary. Take care of yourself. Peace. If you liked it this conversation, check this out episode to find out more. China and the US almost will probably end up in war precisely because China is declining. Their decline makes our collision inevitable. Now, The strangest thing is that actually contradicts because...

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