Ray Dalio: I Predicted The 2008 CRASH, I Know What Comes Next

Are you seeing signs that we're in an AI Are you seeing signs that we're in an AI bubble, and therefore a economic bubble, and therefore a economic bubble, and therefore a economic collapse? collapse? collapse? >> The classic signs. And that has >> The classic signs. And that has >> The classic signs. And that has implications for the economy, and it's implications for the economy, and it's implications for the economy, and it's bad for the society, and everybody loses bad for the society, and everybody loses bad for the society, and everybody loses money. But we also have some other money. But we also have some other money. But we also have some other things that are going on that happen things that are going on that happen things that are going on that happen around the same time. around the same time. around the same time. And I can go through these if you want. And I can go through these if you want. And I can go through these if you want. >> Please. >> Please. >> Please. >> So what I'm saying is clear, because I'm >> So what I'm saying is clear, because I'm >> So what I'm saying is clear, because I'm a global macro investor. a global macro investor. a global macro investor. >> And you were one of the few managers to >> And you were one of the few managers to >> And you were one of the few managers to foresee the great financial crisis. foresee the great financial crisis. foresee the great financial crisis. >> Yes. And so right now we're very excited >> Yes. And so right now we're very excited >> Yes. And so right now we're very excited about AI, and we should be very excited, about AI, and we should be very excited, about AI, and we should be very excited, cuz it's going to be revolutionary cuz it's going to be revolutionary cuz it's going to be revolutionary changes. But [music] it's creeping into changes. But [music] it's creeping into changes. But [music] it's creeping into almost everything. The way I look at it almost everything. The way I look at it almost everything. The way I look at it is I look at the human body, and I see is I look at the human body, and I see is I look at the human body, and I see like it's replacing the body and so on. like it's replacing the body and so on. like it's replacing the body and so on. And then it replaces some aspects of the And then it replaces some aspects of the And then it replaces some aspects of the mind, levels of thinking and reasoning. mind, levels of thinking and reasoning. mind, levels of thinking and reasoning. But at the same time, we have another But at the same time, we have another But at the same time, we have another problem that's existing, geopolitics. I problem that's existing, geopolitics. I problem that's existing, geopolitics. I mean, that China is a larger trading mean, that China is a larger trading mean, that China is a larger trading partner with most countries than the partner with most countries than the partner with most countries than the United States is. United States is. United States is. >> And that's a changing of the world >> And that's a changing of the world >> And that's a changing of the world order. order. order. >> That is one of the ingredients, right? >> That is one of the ingredients, right? >> That is one of the ingredients, right? And then also, you've got large wealth And then also, you've got large wealth And then also, you've got large wealth gaps. The government don't have enough gaps. The government don't have enough gaps. The government don't have enough money. And so [music] when you have the money. And so [music] when you have the money. And so [music] when you have the downturn, then you have people at each downturn, then you have people at each downturn, then you have people at each other's throats. other's throats. other's throats. >> So a lot of people that thinking about >> So a lot of people that thinking about >> So a lot of people that thinking about how to sort of secure their future, how how to sort of secure their future, how how to sort of secure their future, how do they all prepare? do they all prepare? do they all prepare? >> Let me say that history has shown that >> Let me say that history has shown that >> Let me say that history has shown that it's not the most intelligent people it's not the most intelligent people it's not the most intelligent people that are the most successful. But the that are the most successful. But the that are the most successful. But the key to things to keep in mind is >> This is super interesting to me. My team >> This is super interesting to me. 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Let's get on with the show. with the show. with the show. >> [music] >> Right. For people that might not know >> Right. For people that might not know who you are, you founded Bridgewater who you are, you founded Bridgewater who you are, you founded Bridgewater Associates in a two-bedroom apartment in Associates in a two-bedroom apartment in Associates in a two-bedroom apartment in 1975, 1975, 1975, and you grew it to the world's largest and you grew it to the world's largest and you grew it to the world's largest hedge fund. What was the the total hedge fund. What was the the total hedge fund. What was the the total amount of cumulative net gains that you amount of cumulative net gains that you amount of cumulative net gains that you delivered for those investors over that delivered for those investors over that delivered for those investors over that period? period? period? >> I think it was something like 53 >> I think it was something like 53 >> I think it was something like 53 billion. We produced about a 12% return billion. We produced about a 12% return billion. We produced about a 12% return with no never any significant losses, with no never any significant losses, with no never any significant losses, and it was uncorrelated with other and it was uncorrelated with other and it was uncorrelated with other investments. investments. investments. >> And you were the one of the few managers >> And you were the one of the few managers >> And you were the one of the few managers to foresee the great financial crisis, to foresee the great financial crisis, to foresee the great financial crisis, which allowed Bridgewater to post which allowed Bridgewater to post which allowed Bridgewater to post positive returns positive returns positive returns of 9.5% of 9.5% of 9.5% in 2008, while the S&P 500 plunged by in 2008, while the S&P 500 plunged by in 2008, while the S&P 500 plunged by almost 40%. almost 40%. almost 40%. >> Yeah. >> Yeah. >> Yeah. >> Let me start with the thing that I'm >> Let me start with the thing that I'm >> Let me start with the thing that I'm most curious about, because I sat here most curious about, because I sat here most curious about, because I sat here with an investor called Jeremy Grantham, with an investor called Jeremy Grantham, with an investor called Jeremy Grantham, who you might know. who you might know. who you might know. >> Mhm. >> Mhm. >> Mhm. >> He told me that we're >> He told me that we're >> He told me that we're staring in the face of an AI bubble, and staring in the face of an AI bubble, and staring in the face of an AI bubble, and therefore a economic collapse therefore a economic collapse therefore a economic collapse potentially. potentially. potentially. >> If you look at the data, >> If you look at the data, >> If you look at the data, it would be compatible with history it would be compatible with history it would be compatible with history for the peak to be very soon. Everything for the peak to be very soon. Everything for the peak to be very soon. Everything is in line. This is is in line. This is is in line. This is I think the biggest investment bubble in I think the biggest investment bubble in I think the biggest investment bubble in American history. American history. American history. >> What's your perspective on that? >> What's your perspective on that? >> What's your perspective on that? >> He's right. I don't want to jump to >> He's right. I don't want to jump to >> He's right. I don't want to jump to conclusions as much as I want to explain conclusions as much as I want to explain conclusions as much as I want to explain reasonings that lead up to conclusions. reasonings that lead up to conclusions. reasonings that lead up to conclusions. I'm at a stage in my life that I want to I'm at a stage in my life that I want to I'm at a stage in my life that I want to help people understand cause-effect help people understand cause-effect help people understand cause-effect relationships. What they call a bubble relationships. What they call a bubble relationships. What they call a bubble is when the price goes up a lot and is when the price goes up a lot and is when the price goes up a lot and companies do very well and then it companies do very well and then it companies do very well and then it collapses. And that has implications for collapses. And that has implications for collapses. And that has implications for the economy, it has implications for the the economy, it has implications for the the economy, it has implications for the markets. Like 1929 bubble. Okay? Or the markets. Like 1929 bubble. Okay? Or the markets. Like 1929 bubble. Okay? Or the 2000 bubble. Okay? Which was the dot-com 2000 bubble. Okay? Which was the dot-com 2000 bubble. Okay? Which was the dot-com bubble. bubble. bubble. >> Does it impact real people as well? Cuz >> Does it impact real people as well? Cuz >> Does it impact real people as well? Cuz you said the economy and you said the economy and you said the economy and >> It did. 1929 bubble bursting impact real >> It did. 1929 bubble bursting impact real >> It did. 1929 bubble bursting impact real [clears throat] people? Yes, the Great [clears throat] people? Yes, the Great [clears throat] people? Yes, the Great Depression followed. Because what Depression followed. Because what Depression followed. Because what happens is there's a new technology that happens is there's a new technology that happens is there's a new technology that comes along that's revolutionary. The comes along that's revolutionary. The comes along that's revolutionary. The dot-com bubble, which was 2000, all the dot-com bubble, which was 2000, all the dot-com bubble, which was 2000, all the stuff that we have that's wonderful new stuff that we have that's wonderful new stuff that we have that's wonderful new technology. People get into that technology. People get into that technology. People get into that technology. They say that's miraculous. technology. They say that's miraculous. technology. They say that's miraculous. I can bet on that. I'm sure it's going I can bet on that. I'm sure it's going I can bet on that. I'm sure it's going to be successful. And then they bet on to be successful. And then they bet on to be successful. And then they bet on it. And sometimes they borrow money to it. And sometimes they borrow money to it. And sometimes they borrow money to bet on it. And they lose sight that the bet on it. And they lose sight that the bet on it. And they lose sight that the price of it matters. So, it goes up and price of it matters. So, it goes up and price of it matters. So, it goes up and up and it it's everybody's thing, you up and it it's everybody's thing, you up and it it's everybody's thing, you know? Like right now, we're very excited know? Like right now, we're very excited know? Like right now, we're very excited about AI and we should be very excited about AI and we should be very excited about AI and we should be very excited cuz it's going to be revolutionary cuz it's going to be revolutionary cuz it's going to be revolutionary changes. And it then at the same time, changes. And it then at the same time, changes. And it then at the same time, so I want to buy some of that. And so I want to buy some of that. And so I want to buy some of that. And everybody wants to invest in some of everybody wants to invest in some of everybody wants to invest in some of that. And what they do is they don't pay that. And what they do is they don't pay that. And what they do is they don't pay attention to the price and there's a attention to the price and there's a attention to the price and there's a certain mechanics. People will borrow certain mechanics. People will borrow certain mechanics. People will borrow money. Wealth is not the same as money. money. Wealth is not the same as money. money. Wealth is not the same as money. So, you see a lot of people getting So, you see a lot of people getting So, you see a lot of people getting wealthy, but you can't spend the wealth. wealthy, but you can't spend the wealth. wealthy, but you can't spend the wealth. You have to sell the wealth to get You have to sell the wealth to get You have to sell the wealth to get money. money. money. Cuz you can only spend money, right? So, Cuz you can only spend money, right? So, Cuz you can only spend money, right? So, what happens is when they need money for what happens is when they need money for what happens is when they need money for one reason or another, taxes change or one reason or another, taxes change or one reason or another, taxes change or interest rates go up and so they have to interest rates go up and so they have to interest rates go up and so they have to pay their debt service and so on. There pay their debt service and so on. There pay their debt service and so on. There is a pricking of the bubble, so that is a pricking of the bubble, so that is a pricking of the bubble, so that what happens is it falls. Okay? And when what happens is it falls. Okay? And when what happens is it falls. Okay? And when that happens, people lose money. And as that happens, people lose money. And as that happens, people lose money. And as they start to lose money, the process they start to lose money, the process they start to lose money, the process works in reverse because works in reverse because works in reverse because when they made a lot of money, they have when they made a lot of money, they have when they made a lot of money, they have a lot of collateral, right? They can go a lot of collateral, right? They can go a lot of collateral, right? They can go borrow money because they're worth a borrow money because they're worth a borrow money because they're worth a lot. And that compounds on its way up. lot. And that compounds on its way up. lot. And that compounds on its way up. And then when it comes down the other And then when it comes down the other And then when it comes down the other way, it works the other way. Okay, now way, it works the other way. Okay, now way, it works the other way. Okay, now you got to pay your debt. And so when you got to pay your debt. And so when you got to pay your debt. And so when then you have to start to sell assets. then you have to start to sell assets. then you have to start to sell assets. And then there's less demand for things, And then there's less demand for things, And then there's less demand for things, right? So there's less demand because if right? So there's less demand because if right? So there's less demand because if you're losing money cuz you put some you're losing money cuz you put some you're losing money cuz you put some money in the stock market and that money in the stock market and that money in the stock market and that company and so on, you're going to spend company and so on, you're going to spend company and so on, you're going to spend less. And as you spend less, then less. And as you spend less, then less. And as you spend less, then somebody else's income goes down, right? somebody else's income goes down, right? somebody else's income goes down, right? So you don't go to the restaurants. The So you don't go to the restaurants. The So you don't go to the restaurants. The economic downturns that typically follow economic downturns that typically follow economic downturns that typically follow a bubble like the Great Depression. The a bubble like the Great Depression. The a bubble like the Great Depression. The late '20s was fantastic. If you talk late '20s was fantastic. If you talk late '20s was fantastic. If you talk about changes and and experiencing about changes and and experiencing about changes and and experiencing This was the first time there was This was the first time there was This was the first time there was electricity in houses. So that was the electricity in houses. So that was the electricity in houses. So that was the first time you would have refrigeration first time you would have refrigeration first time you would have refrigeration and you would have lighting in houses. and you would have lighting in houses. and you would have lighting in houses. This was the first time that you had um This was the first time that you had um This was the first time that you had um cars popular. That you could First time cars popular. That you could First time cars popular. That you could First time airplanes. First time you had radio. And airplanes. First time you had radio. And airplanes. First time you had radio. And so everybody knew that they were going so everybody knew that they were going so everybody knew that they were going to be great in the future and they were to be great in the future and they were to be great in the future and they were great in the future. But at the same great in the future. But at the same great in the future. But at the same time, what happens is as they buy them time, what happens is as they buy them time, what happens is as they buy them and they stocks go up and they borrow and they stocks go up and they borrow and they stocks go up and they borrow money to buy them and so on. Um and the money to buy them and so on. Um and the money to buy them and so on. Um and the profits don't live up to the price, then profits don't live up to the price, then profits don't live up to the price, then that causes this other dynamic and it that causes this other dynamic and it that causes this other dynamic and it produced the Great Depression. produced the Great Depression. produced the Great Depression. >> So let's say that I buy this and this is >> So let's say that I buy this and this is >> So let's say that I buy this and this is a unit of artificial intelligence. So a unit of artificial intelligence. So a unit of artificial intelligence. So let's say I buy one share in one of the let's say I buy one share in one of the let's say I buy one share in one of the big AI companies right now because big AI companies right now because big AI companies right now because investors are so excited about AI, they investors are so excited about AI, they investors are so excited about AI, they value this at $100. value this at $100. value this at $100. This unit that I have here. They say This unit that I have here. They say This unit that I have here. They say it's worth $100. So my net worth is now it's worth $100. So my net worth is now it's worth $100. So my net worth is now $100. I go to the bank because I have $100. I go to the bank because I have $100. I go to the bank because I have this net worth, this paper worth $100 this net worth, this paper worth $100 this net worth, this paper worth $100 and I ask the bank for a 50% loan on and I ask the bank for a 50% loan on and I ask the bank for a 50% loan on this right thing that I have. They give this right thing that I have. They give this right thing that I have. They give me $50. Now I have $50. me $50. Now I have $50. me $50. Now I have $50. And then something happens in the And then something happens in the And then something happens in the economy economy economy which means that which means that which means that the investors who have invested in this the investors who have invested in this the investors who have invested in this and investors generally now need money and investors generally now need money and investors generally now need money to pay off their other debts that they to pay off their other debts that they to pay off their other debts that they have. So this could be a war, it could have. So this could be a war, it could have. So this could be a war, it could be some kind of event that takes place be some kind of event that takes place be some kind of event that takes place and suddenly everybody rushes to sell and suddenly everybody rushes to sell and suddenly everybody rushes to sell their assets like this one. their assets like this one. their assets like this one. And so when I go to sell this, the price And so when I go to sell this, the price And so when I go to sell this, the price of it has now plummeted to say maybe of it has now plummeted to say maybe of it has now plummeted to say maybe $25, but I took a loan at the bank for $25, but I took a loan at the bank for $25, but I took a loan at the bank for $50, so I owe the bank $50, but now this $50, so I owe the bank $50, but now this $50, so I owe the bank $50, but now this thing that I have that was worth $100 a thing that I have that was worth $100 a thing that I have that was worth $100 a couple of months ago is now worth $25 couple of months ago is now worth $25 couple of months ago is now worth $25 and I'm $25 in the hole. So I have to and I'm $25 in the hole. So I have to and I'm $25 in the hole. So I have to quickly sell. quickly sell. quickly sell. And then with everybody selling, all the And then with everybody selling, all the And then with everybody selling, all the price of assets drop, people stop price of assets drop, people stop price of assets drop, people stop spending money at the restaurants like spending money at the restaurants like spending money at the restaurants like you say, there's less money around and you say, there's less money around and you say, there's less money around and then the bubble has burst and we're in then the bubble has burst and we're in then the bubble has burst and we're in this sort of declining this sort of declining this sort of declining >> You got it. >> You got it. >> You got it. >> Okay, good. All right, fine. >> Okay, good. All right, fine. >> Okay, good. All right, fine. >> And it happens >> And it happens >> And it happens because it must happen. I mean meaning because it must happen. I mean meaning because it must happen. I mean meaning in these uh tremendous uh changes, in these uh tremendous uh changes, in these uh tremendous uh changes, uh there's very little that's known. So uh there's very little that's known. So uh there's very little that's known. So anybody who's in the business of making anybody who's in the business of making anybody who's in the business of making AI AI AI uh can't be precise. They don't know uh can't be precise. They don't know uh can't be precise. They don't know exactly how much money is going to come exactly how much money is going to come exactly how much money is going to come in, right? So there's either one of two in, right? So there's either one of two in, right? So there's either one of two things. You either don't invest enough things. You either don't invest enough things. You either don't invest enough and then the competition runs away or and then the competition runs away or and then the competition runs away or you you you invest a huge amount and you can't be invest a huge amount and you can't be invest a huge amount and you can't be precise, okay? And so when that dynamic precise, okay? And so when that dynamic precise, okay? And so when that dynamic happens, it's a problem. So yes, you happens, it's a problem. So yes, you happens, it's a problem. So yes, you said it very well. So I'm going to said it very well. So I'm going to said it very well. So I'm going to repeat one other thing to emphasize. repeat one other thing to emphasize. repeat one other thing to emphasize. What's quite common now is um you can What's quite common now is um you can What's quite common now is um you can issue stock for issue stock for issue stock for uh let's say you raise $50 million. uh let's say you raise $50 million. uh let's say you raise $50 million. And you value the company at a billion And you value the company at a billion And you value the company at a billion dollars. Only [clears throat] $50 dollars. Only [clears throat] $50 dollars. Only [clears throat] $50 million was actually spent on that million was actually spent on that million was actually spent on that company. But now if you raise that, company. But now if you raise that, company. But now if you raise that, you're a billionaire. you're a billionaire. you're a billionaire. >> Mhm. >> Mhm. >> Mhm. >> Okay? Because the accounting value of >> Okay? Because the accounting value of >> Okay? Because the accounting value of that What do you own? You own stock that that What do you own? You own stock that that What do you own? You own stock that is valued at a billion dollars. Nobody is valued at a billion dollars. Nobody is valued at a billion dollars. Nobody paid a billion dollars or whatever it paid a billion dollars or whatever it paid a billion dollars or whatever it is, right? And now you own that stock. is, right? And now you own that stock. is, right? And now you own that stock. But that stock, um, you can't spend. But that stock, um, you can't spend. But that stock, um, you can't spend. Cuz you can't spend wealth. Cuz you can't spend wealth. Cuz you can't spend wealth. >> Mhm. >> Mhm. >> Mhm. >> In order to spend it, you have to sell >> In order to spend it, you have to sell >> In order to spend it, you have to sell some of that stock to get money. some of that stock to get money. some of that stock to get money. >> Yeah. >> Yeah. >> Yeah. >> Right? And quite often there's an >> Right? And quite often there's an >> Right? And quite often there's an interest rate rise because the you know, interest rate rise because the you know, interest rate rise because the you know, let's say as there's a fever and there's let's say as there's a fever and there's let's say as there's a fever and there's an inflation and the central bank wants an inflation and the central bank wants an inflation and the central bank wants to try to put the brakes on that a bit. to try to put the brakes on that a bit. to try to put the brakes on that a bit. Okay, what does that mean? It means Okay, what does that mean? It means Okay, what does that mean? It means people who have debt, in a sense, have people who have debt, in a sense, have people who have debt, in a sense, have to come up with more money. to come up with more money. to come up with more money. >> Mhm. >> Mhm. >> Mhm. >> Cuz when you own the debt all the debt, >> Cuz when you own the debt all the debt, >> Cuz when you own the debt all the debt, you have to come up with money to pay you have to come up with money to pay you have to come up with money to pay the debt. the debt. the debt. >> So the downturn works. >> So the downturn works. >> So the downturn works. >> Between us, we've said it uh clearly, I >> Between us, we've said it uh clearly, I >> Between us, we've said it uh clearly, I think we can understand the dynamic. So think we can understand the dynamic. So think we can understand the dynamic. So they they have to exist. Now we have they they have to exist. Now we have they they have to exist. Now we have another problem that's existing, okay? another problem that's existing, okay? another problem that's existing, okay? So we're talking about the bubble, okay? So we're talking about the bubble, okay? So we're talking about the bubble, okay? But we also have some other things that But we also have some other things that But we also have some other things that are going on that happen around the same are going on that happen around the same are going on that happen around the same time. A big gap between the rich and the time. A big gap between the rich and the time. A big gap between the rich and the poor and which also means the left and poor and which also means the left and poor and which also means the left and the right, the politics of it, right? the right, the politics of it, right? the right, the politics of it, right? Just as we have now. When you have the Just as we have now. When you have the Just as we have now. When you have the downturn, downturn, downturn, um, then you have people at each other's um, then you have people at each other's um, then you have people at each other's throats. So if we take politics, what throats. So if we take politics, what throats. So if we take politics, what you see is this that they don't have you see is this that they don't have you see is this that they don't have enough money. The the governments don't enough money. The the governments don't enough money. The the governments don't have enough money. We have big budget have enough money. We have big budget have enough money. We have big budget deficits, okay? Where do you get the deficits, okay? Where do you get the deficits, okay? Where do you get the money from in order to pay those bills? money from in order to pay those bills? money from in order to pay those bills? The UK has had, I think, six out of last The UK has had, I think, six out of last The UK has had, I think, six out of last seven years there's been a new prime seven years there's been a new prime seven years there's been a new prime minister. And because there's not enough minister. And because there's not enough minister. And because there's not enough money for the government, and so what money for the government, and so what money for the government, and so what you start to see is people come in with you start to see is people come in with you start to see is people come in with their claims, but there's this how do we their claims, but there's this how do we their claims, but there's this how do we get the money? And then people run who get the money? And then people run who get the money? And then people run who have money, they say, "I don't want to have money, they say, "I don't want to have money, they say, "I don't want to be in this tax zone that's going to be." be in this tax zone that's going to be." be in this tax zone that's going to be." And then they leave. And so there's a And then they leave. And so there's a And then they leave. And so there's a domestic political problem that is not domestic political problem that is not domestic political problem that is not people compromising the same way they people compromising the same way they people compromising the same way they used to compromise, right? So now you used to compromise, right? So now you used to compromise, right? So now you have the politics which compounds this. have the politics which compounds this. have the politics which compounds this. And And then you have a world, this is And And then you have a world, this is And And then you have a world, this is what I call the big cycle. You have a what I call the big cycle. You have a what I call the big cycle. You have a world in which also the geopolitics world in which also the geopolitics world in which also the geopolitics changes. By geopolitics, I mean country changes. By geopolitics, I mean country changes. By geopolitics, I mean country to country. Okay, there's a system under to country. Okay, there's a system under to country. Okay, there's a system under normal circumstances. When there's a normal circumstances. When there's a normal circumstances. When there's a more dominant power, they impose their more dominant power, they impose their more dominant power, they impose their order and that becomes more peaceful. order and that becomes more peaceful. order and that becomes more peaceful. But when you have on But when you have on But when you have on uh arguments of how things should go, uh arguments of how things should go, uh arguments of how things should go, those arguments start to turn into those arguments start to turn into those arguments start to turn into conflicts, right? And so, those things conflicts, right? And so, those things conflicts, right? And so, those things tend to happen together. That's why I tend to happen together. That's why I tend to happen together. That's why I refer to that as the big cycle, that refer to that as the big cycle, that refer to that as the big cycle, that dynamic. Now, that is the confluence dynamic. Now, that is the confluence dynamic. Now, that is the confluence of the money, the internal conflict of the money, the internal conflict of the money, the internal conflict politically, and the external conflict, politically, and the external conflict, politically, and the external conflict, which is what we're going through. And which is what we're going through. And which is what we're going through. And And the problem is, I think, that people And the problem is, I think, that people And the problem is, I think, that people don't know the cycle. So, every day we don't know the cycle. So, every day we don't know the cycle. So, every day we go to our sources of information and you go to our sources of information and you go to our sources of information and you see this latest news, but they don't see this latest news, but they don't see this latest news, but they don't connect the dots in in understanding connect the dots in in understanding connect the dots in in understanding that cycle. that cycle. that cycle. >> Just going off on this point of the >> Just going off on this point of the >> Just going off on this point of the bubbles, what is it that makes bubbles bubbles, what is it that makes bubbles bubbles, what is it that makes bubbles pop? So, if we are in an AI bubble at pop? So, if we are in an AI bubble at pop? So, if we are in an AI bubble at the moment and it is going to pop at the moment and it is going to pop at the moment and it is going to pop at some point, what is the like, they call some point, what is the like, they call some point, what is the like, they call it a black swan event? it a black swan event? it a black swan event? >> a few of them. There are bubbles and >> a few of them. There are bubbles and >> a few of them. There are bubbles and then the things that prick the bubbles, then the things that prick the bubbles, then the things that prick the bubbles, okay? The things that prick the bubbles, okay? The things that prick the bubbles, okay? The things that prick the bubbles, typically in the beginning, are typically in the beginning, are typically in the beginning, are something that means that I have to sell something that means that I have to sell something that means that I have to sell some wealth to get money. And that's some wealth to get money. And that's some wealth to get money. And that's usually a rise in interest rates. It usually a rise in interest rates. It usually a rise in interest rates. It could be something like wealth taxes, could be something like wealth taxes, could be something like wealth taxes, something that means I'm something that means I'm something that means I'm very wealthy, but typically the very wealthy, but typically the very wealthy, but typically the tightness of money because during that tightness of money because during that tightness of money because during that spot, there's inflation pressures and spot, there's inflation pressures and spot, there's inflation pressures and central banks decide that they want to central banks decide that they want to central banks decide that they want to tighten monetary policy and so on. It tighten monetary policy and so on. It tighten monetary policy and so on. It becomes that the amount of money that I becomes that the amount of money that I becomes that the amount of money that I can get by owning that debt at the can get by owning that debt at the can get by owning that debt at the higher interest rates is greater than higher interest rates is greater than higher interest rates is greater than the amount of money I could get on my the amount of money I could get on my the amount of money I could get on my equity investments. That's part of it. equity investments. That's part of it. equity investments. That's part of it. Also, what you see is a lot more Also, what you see is a lot more Also, what you see is a lot more production of stock. And what I mean by production of stock. And what I mean by production of stock. And what I mean by that, issuance of stock. that, issuance of stock. that, issuance of stock. Think of that, the supply and the Think of that, the supply and the Think of that, the supply and the demand. There's There's demand, right? demand. There's There's demand, right? demand. There's There's demand, right? And we've been talking about the demand And we've been talking about the demand And we've been talking about the demand that makes stocks go up. You know, how that makes stocks go up. You know, how that makes stocks go up. You know, how we create this wealth. But there's also we create this wealth. But there's also we create this wealth. But there's also um supply. So, you can issue stock. It's um supply. So, you can issue stock. It's um supply. So, you can issue stock. It's very easy to There's There's almost very easy to There's There's almost very easy to There's There's almost nothing that's easier to produce than nothing that's easier to produce than nothing that's easier to produce than stock. stock. stock. >> I own a company, I can just uh print >> I own a company, I can just uh print >> I own a company, I can just uh print more equity. more equity. more equity. >> Yes. Today, you could probably go out >> Yes. Today, you could probably go out >> Yes. Today, you could probably go out and say, "I'm going to make a company and say, "I'm going to make a company and say, "I'm going to make a company and I'm going to take it uh public." And and I'm going to take it uh public." And and I'm going to take it uh public." And you go to your audience and your crowd you go to your audience and your crowd you go to your audience and your crowd and you can say, "I'm going to make and you can say, "I'm going to make and you can say, "I'm going to make stock." stock." stock." Okay? So, it becomes when there's a when Okay? So, it becomes when there's a when Okay? So, it becomes when there's a when there's a market that wants stock, there's a market that wants stock, there's a market that wants stock, there's a production of stock. there's a production of stock. there's a production of stock. >> And is there >> And is there >> And is there >> Okay? And that supply of stock, together >> Okay? And that supply of stock, together >> Okay? And that supply of stock, together with the other that I'm mentioning, the with the other that I'm mentioning, the with the other that I'm mentioning, the the need for getting money and so on, um the need for getting money and so on, um the need for getting money and so on, um causes the causes the causes the um the the bubble to pop. um the the bubble to pop. um the the bubble to pop. >> Are you seeing signs that we're in a >> Are you seeing signs that we're in a >> Are you seeing signs that we're in a bubble? bubble? bubble? >> Yeah. Yeah. Yeah. The classic signs that >> Yeah. Yeah. Yeah. The classic signs that >> Yeah. Yeah. Yeah. The classic signs that we're in a And the bubble, I should we're in a And the bubble, I should we're in a And the bubble, I should emphasize, it's not a um emphasize, it's not a um emphasize, it's not a um you're in a bubble or you're not in a you're in a bubble or you're not in a you're in a bubble or you're not in a bubble. It's a degree thing. Okay? There bubble. It's a degree thing. Okay? There bubble. It's a degree thing. Okay? There is also that it's in weak hands. I can is also that it's in weak hands. I can is also that it's in weak hands. I can look at now who is in these companies, look at now who is in these companies, look at now who is in these companies, right? And is it in strong hands or weak right? And is it in strong hands or weak right? And is it in strong hands or weak hands? Classic strong hands is that when hands? Classic strong hands is that when hands? Classic strong hands is that when weak investors, not knowledgeable weak investors, not knowledgeable weak investors, not knowledgeable investors, then put a lot of money into investors, then put a lot of money into investors, then put a lot of money into it, particularly if that's in a it, particularly if that's in a it, particularly if that's in a leveraged way. leveraged way. leveraged way. >> And that way with debt. >> And that way with debt. >> And that way with debt. >> With debt. Or they can buy an op- a a >> With debt. Or they can buy an op- a a >> With debt. Or they can buy an op- a a leveraged version of like the like there leveraged version of like the like there leveraged version of like the like there are ETFs now that are leveraged versions are ETFs now that are leveraged versions are ETFs now that are leveraged versions of the stock market and they and so on. of the stock market and they and so on. of the stock market and they and so on. And so, they get into that. It's more And so, they get into that. It's more And so, they get into that. It's more like they're crap shooting. Okay? and like they're crap shooting. Okay? and like they're crap shooting. Okay? and then that's a sign of a bubble. So I then that's a sign of a bubble. So I then that's a sign of a bubble. So I mean I've listed a few of those signs. mean I've listed a few of those signs. mean I've listed a few of those signs. Those are the major signs of those Those are the major signs of those Those are the major signs of those bubbles. And so that when it goes down, bubbles. And so that when it goes down, bubbles. And so that when it goes down, then you get the fear, then you get the then you get the fear, then you get the then you get the fear, then you get the need out to raise cash, and that dynamic need out to raise cash, and that dynamic need out to raise cash, and that dynamic works its way out in the form of then works its way out in the form of then works its way out in the form of then the reverse happening. In other words, the reverse happening. In other words, the reverse happening. In other words, everything becomes cheap and everybody everything becomes cheap and everybody everything becomes cheap and everybody has has has the spending and the things you the spending and the things you the spending and the things you mentioned. mentioned. mentioned. >> If we are in an AI bubble and it is >> If we are in an AI bubble and it is >> If we are in an AI bubble and it is going to burst. You know, I had a friend going to burst. You know, I had a friend going to burst. You know, I had a friend of mine contact me and he said, of mine contact me and he said, of mine contact me and he said, "Stephen, I think we're in this an AI "Stephen, I think we're in this an AI "Stephen, I think we're in this an AI bubble." And he's running an AI company. bubble." And he's running an AI company. bubble." And he's running an AI company. So he he said to me, "I'm going to raise So he he said to me, "I'm going to raise So he he said to me, "I'm going to raise lots of money now so that when the the lots of money now so that when the the lots of money now so that when the the markets come down and investors are markets come down and investors are markets come down and investors are fearful, they don't want to invest in fearful, they don't want to invest in fearful, they don't want to invest in companies, people stop spending as much, companies, people stop spending as much, companies, people stop spending as much, they start thinking about their they start thinking about their they start thinking about their subscriptions, they start canceling subscriptions, they start canceling subscriptions, they start canceling subscriptions, we're going to be good subscriptions, we're going to be good subscriptions, we're going to be good and we're going to be able to buy up and we're going to be able to buy up and we're going to be able to buy up some of our competitors who are going to some of our competitors who are going to some of our competitors who are going to be struggling. So he's just raised um be struggling. So he's just raised um be struggling. So he's just raised um hundreds and [snorts] hundreds of hundreds and [snorts] hundreds of hundreds and [snorts] hundreds of millions of dollars for his AI company. millions of dollars for his AI company. millions of dollars for his AI company. >> Right. Yeah, it's probably like that. >> Right. Yeah, it's probably like that. >> Right. Yeah, it's probably like that. Easy. Easy. Easy. >> Yeah, it was easy now. >> Yeah, it was easy now. >> Yeah, it was easy now. >> Right. The question here is like what >> Right. The question here is like what >> Right. The question here is like what should at different levels? So like the should at different levels? So like the should at different levels? So like the the average Joe on the street up to the average Joe on the street up to the average Joe on the street up to entrepreneurs that are running entrepreneurs that are running entrepreneurs that are running companies, how does how do they all companies, how does how do they all companies, how does how do they all prepare for an economic bubble that prepare for an economic bubble that prepare for an economic bubble that might burst? might burst? might burst? >> He's such a good example. And what that >> He's such a good example. And what that >> He's such a good example. And what that does just following it through on what does just following it through on what does just following it through on what we said a minute ago is that increases we said a minute ago is that increases we said a minute ago is that increases the supply of AI stock. the supply of AI stock. the supply of AI stock. >> Okay, yeah, cuz he sold stock and raised >> Okay, yeah, cuz he sold stock and raised >> Okay, yeah, cuz he sold stock and raised money. money. money. >> more. >> more. >> more. >> Yeah. >> Yeah. >> Yeah. >> Right? >> Right? >> Right? And so as he and others do that more, And so as he and others do that more, And so as he and others do that more, the greater supply of stock comes in and the greater supply of stock comes in and the greater supply of stock comes in and and so he wants to get ahead of it in and so he wants to get ahead of it in and so he wants to get ahead of it in that dynamic. And then, you know, that that dynamic. And then, you know, that that dynamic. And then, you know, that contributes to the bubble. contributes to the bubble. contributes to the bubble. But But But how do they prepare? how do they prepare? how do they prepare? >> How do they prepare for this? >> How do they prepare for this? >> How do they prepare for this? >> I would also say something. >> I would also say something. >> I would also say something. The future is very unknown. The future is very unknown. The future is very unknown. And people should not be timing. And people should not be timing. And people should not be timing. Sophisticated investors have a real Sophisticated investors have a real Sophisticated investors have a real challenge even in timing a bubble. challenge even in timing a bubble. challenge even in timing a bubble. So on the important thing always is to So on the important thing always is to So on the important thing always is to diversify. Now, we're going to go back diversify. Now, we're going to go back diversify. Now, we're going to go back to money, the basics of money to money, the basics of money to money, the basics of money management. And I by the way, management. And I by the way, management. And I by the way, I personally have gone through the cycle I personally have gone through the cycle I personally have gone through the cycle cuz I didn't have any money, and then I cuz I didn't have any money, and then I cuz I didn't have any money, and then I did then I had a lot of money. And I did then I had a lot of money. And I did then I had a lot of money. And I remember the cycle very well. What remember the cycle very well. What remember the cycle very well. What happens is as you start off happens is as you start off happens is as you start off um I used to count how many months I um I used to count how many months I um I used to count how many months I would be okay I have a certain amount of would be okay I have a certain amount of would be okay I have a certain amount of money, how much money I would be okay no money, how much money I would be okay no money, how much money I would be okay no more money came in. If I lost my job or more money came in. If I lost my job or more money came in. If I lost my job or whatever I did, I mostly never whatever I did, I mostly never whatever I did, I mostly never I worked 2 years for somebody, but in I worked 2 years for somebody, but in I worked 2 years for somebody, but in other words, if money didn't come in and other words, if money didn't come in and other words, if money didn't come in and it would be months and then years and so it would be months and then years and so it would be months and then years and so on to build that security cuz I take on to build that security cuz I take on to build that security cuz I take care of my family and so on. And so what care of my family and so on. And so what care of my family and so on. And so what as we're looking at these things, these as we're looking at these things, these as we're looking at these things, these are the choices that you have in order are the choices that you have in order are the choices that you have in order to be able to say, do I buy my house or to be able to say, do I buy my house or to be able to say, do I buy my house or apartment? Do I put my money into cash? apartment? Do I put my money into cash? apartment? Do I put my money into cash? And what happens with money is you have And what happens with money is you have And what happens with money is you have to put it into something. Because to put it into something. Because to put it into something. Because they'll pay you interest on it, okay? they'll pay you interest on it, okay? they'll pay you interest on it, okay? So, that's your cash deposit and so on. So, that's your cash deposit and so on. So, that's your cash deposit and so on. And people think that that's the safest. And people think that that's the safest. And people think that that's the safest. It's not, it's the worst investment over It's not, it's the worst investment over It's not, it's the worst investment over a long period of time because inflation a long period of time because inflation a long period of time because inflation will eat it away. will eat it away. will eat it away. >> You mean putting it in a bank, just >> You mean putting it in a bank, just >> You mean putting it in a bank, just leaving it in a bank? leaving it in a bank? leaving it in a bank? >> In whatever form, a money market fund, a >> In whatever form, a money market fund, a >> In whatever form, a money market fund, a whatever it is that is that short-term whatever it is that is that short-term whatever it is that is that short-term of deposited and it'll give me an of deposited and it'll give me an of deposited and it'll give me an interest rate. interest rate. interest rate. >> Okay. >> Okay. >> Okay. >> Okay? And that's what they think about >> Okay? And that's what they think about >> Okay? And that's what they think about as cash. You don't nobody leaves it as cash. You don't nobody leaves it as cash. You don't nobody leaves it literally in cash because if it's literally in cash because if it's literally in cash because if it's literally in cash, it doesn't earn literally in cash, it doesn't earn literally in cash, it doesn't earn interest. So, why shouldn't I put it interest. So, why shouldn't I put it interest. So, why shouldn't I put it there and get some interest on it? And there and get some interest on it? And there and get some interest on it? And so, that's cash. And people think that so, that's cash. And people think that so, that's cash. And people think that that's the safest and has the lowest that's the safest and has the lowest that's the safest and has the lowest return guaranteed almost to have the return guaranteed almost to have the return guaranteed almost to have the worst return over the longer period of worst return over the longer period of worst return over the longer period of time. time. time. >> People keep cash because it feels safer. >> People keep cash because it feels safer. >> People keep cash because it feels safer. >> That's right. And I'm saying it's not >> That's right. And I'm saying it's not >> That's right. And I'm saying it's not safer. Because of inflation. safer. Because of inflation. safer. Because of inflation. >> Explain that to me in simple terms. >> Explain that to me in simple terms. >> Explain that to me in simple terms. >> Okay. Well, if I got no interest rate, >> Okay. Well, if I got no interest rate, >> Okay. Well, if I got no interest rate, um then what I would do is I'd lose the um then what I would do is I'd lose the um then what I would do is I'd lose the to the inflation rate. to the inflation rate. to the inflation rate. >> And what's the inflation rate? >> And what's the inflation rate? >> And what's the inflation rate? >> And well, 3 and 1/2 or 4% >> And well, 3 and 1/2 or 4% >> And well, 3 and 1/2 or 4% happens to be about where it is now. happens to be about where it is now. happens to be about where it is now. >> A year? >> A year? >> A year? >> Yeah, a year. >> Yeah, a year. >> Yeah, a year. >> So, that at least $3.5 a year. >> So, that at least $3.5 a year. >> So, that at least $3.5 a year. >> That's right. >> That's right. >> That's right. >> If I just leave it in cash. >> If I just leave it in cash. >> If I just leave it in cash. >> That's right. >> That's right. >> That's right. >> Okay. >> Okay. >> Okay. >> Okay. Now, I'll get an interest rate on >> Okay. Now, I'll get an interest rate on >> Okay. Now, I'll get an interest rate on it if I put it someplace and it'll give it if I put it someplace and it'll give it if I put it someplace and it'll give me maybe an interest rate that's me maybe an interest rate that's me maybe an interest rate that's somewhere in that vicinity, similar to somewhere in that vicinity, similar to somewhere in that vicinity, similar to that. that. that. >> 3, 4, 5, 4%. >> 3, 4, 5, 4%. >> 3, 4, 5, 4%. >> And then I have to pay taxes on it. >> And then I have to pay taxes on it. >> And then I have to pay taxes on it. >> Oh, you have to pay taxes on the gain? >> Oh, you have to pay taxes on the gain? >> Oh, you have to pay taxes on the gain? >> You're Yeah. >> You're Yeah. >> You're Yeah. >> Okay, fine. >> Okay, fine. >> Okay, fine. >> Right? Even though you really didn't >> Right? Even though you really didn't >> Right? Even though you really didn't gain relative to inflation, you still gain relative to inflation, you still gain relative to inflation, you still have to pay the taxes on whatever you've have to pay the taxes on whatever you've have to pay the taxes on whatever you've earned or something. Anyway, over the earned or something. Anyway, over the earned or something. Anyway, over the long term, it's a lousy return. Because long term, it's a lousy return. Because long term, it's a lousy return. Because also think about returns also come from also think about returns also come from also think about returns also come from productivity. And over a period of time, productivity. And over a period of time, productivity. And over a period of time, people learn how to do things better and people learn how to do things better and people learn how to do things better and so on. So, then you can invest in let's so on. So, then you can invest in let's so on. So, then you can invest in let's call this stocks, okay? That we'll call call this stocks, okay? That we'll call call this stocks, okay? That we'll call that the stock market. This is cash and that the stock market. This is cash and that the stock market. This is cash and then you think on the stocks. And then then you think on the stocks. And then then you think on the stocks. And then the stocks can go up or down the stocks can go up or down the stocks can go up or down and then they have this dynamic that and then they have this dynamic that and then they have this dynamic that we're talking about that creates these we're talking about that creates these we're talking about that creates these big cycles and the busts. And those big cycles and the busts. And those big cycles and the busts. And those cycles, when they go down, um go down um cycles, when they go down, um go down um cycles, when they go down, um go down um 60, 70 60, 70 60, 70 percent. Okay, that's that's what a bear percent. Okay, that's that's what a bear percent. Okay, that's that's what a bear market looks like. Woo, what a market looks like. Woo, what a market looks like. Woo, what a what a dive. Okay, this is gold what a dive. Okay, this is gold what a dive. Okay, this is gold that's gold and these are bonds and this that's gold and these are bonds and this that's gold and these are bonds and this is your house and that's Bitcoin. Okay, is your house and that's Bitcoin. Okay, is your house and that's Bitcoin. Okay, so these are the choices. They each so these are the choices. They each so these are the choices. They each um change for certain reasons. I'll um change for certain reasons. I'll um change for certain reasons. I'll digress into that in a minute. But what digress into that in a minute. But what digress into that in a minute. But what happens is they go like this. When gold happens is they go like this. When gold happens is they go like this. When gold goes up, tends to be that the bonds will goes up, tends to be that the bonds will goes up, tends to be that the bonds will go down in value or your house. And go down in value or your house. And go down in value or your house. And these change in a certain way, and so these change in a certain way, and so these change in a certain way, and so the best thing to do is to have a the best thing to do is to have a the best thing to do is to have a diversified portfolio that when you have diversified portfolio that when you have diversified portfolio that when you have that rather than anyone, you won't that rather than anyone, you won't that rather than anyone, you won't reduce your return, but you will reduce reduce your return, but you will reduce reduce your return, but you will reduce your risk. your risk. your risk. >> And diversified means having a little >> And diversified means having a little >> And diversified means having a little bit of each. bit of each. bit of each. >> Right, a certain amount. And you have to >> Right, a certain amount. And you have to >> Right, a certain amount. And you have to know how to balance them because of know how to balance them because of know how to balance them because of their volatility. This one, stocks, is their volatility. This one, stocks, is their volatility. This one, stocks, is more volatile than this one. And my own more volatile than this one. And my own more volatile than this one. And my own recommendations are you start first of recommendations are you start first of recommendations are you start first of all with what you need. Should I buy a all with what you need. Should I buy a all with what you need. Should I buy a place or should I use that money and I place or should I use that money and I place or should I use that money and I could travel more and so on. One of the could travel more and so on. One of the could travel more and so on. One of the advantages of the house, the apartment, advantages of the house, the apartment, advantages of the house, the apartment, and whatever is it's your environment. and whatever is it's your environment. and whatever is it's your environment. Your environment is important. It Your environment is important. It Your environment is important. It produces forced savings. Sometimes that produces forced savings. Sometimes that produces forced savings. Sometimes that forced savings is good. It is It forced savings is good. It is It forced savings is good. It is It typically is taxed better. It's a It's a typically is taxed better. It's a It's a typically is taxed better. It's a It's a better vehicle for tax over a period of better vehicle for tax over a period of better vehicle for tax over a period of time. But I'm not arguing for this time. But I'm not arguing for this time. But I'm not arguing for this alone, but I'm saying when I'm looking alone, but I'm saying when I'm looking alone, but I'm saying when I'm looking at this, then I think this one, gold, is at this, then I think this one, gold, is at this, then I think this one, gold, is very interesting because when all of very interesting because when all of very interesting because when all of these tend to do badly, this tends to do these tend to do badly, this tends to do these tend to do badly, this tends to do well. Okay, so it's a very effective well. Okay, so it's a very effective well. Okay, so it's a very effective diversifying because this was money. Not diversifying because this was money. Not diversifying because this was money. Not until 1971. until 1971. until 1971. And it's still the second largest And it's still the second largest And it's still the second largest reserve currency. Central banks hold reserve currency. Central banks hold reserve currency. Central banks hold reserve currencies. So it has qualities reserve currencies. So it has qualities reserve currencies. So it has qualities that are different from this. And this that are different from this. And this that are different from this. And this has qualities like when the value of has qualities like when the value of has qualities like when the value of money goes down because of inflation, money goes down because of inflation, money goes down because of inflation, this this this >> Bonds. >> Bonds. >> Bonds. >> Okay. >> Okay. >> Okay. >> And bonds are basically lending the >> And bonds are basically lending the >> And bonds are basically lending the government money. government money. government money. >> That's right. If you lend the money at a >> That's right. If you lend the money at a >> That's right. If you lend the money at a certain interest rate, certain interest rate, certain interest rate, and then inflation and interest rates and then inflation and interest rates and then inflation and interest rates rise, you're kind of locked into that rise, you're kind of locked into that rise, you're kind of locked into that interest rate. And so it has its own interest rate. And so it has its own interest rate. And so it has its own problems. The more important thing I problems. The more important thing I problems. The more important thing I would say is, you know, you save up and would say is, you know, you save up and would say is, you know, you save up and you say, "How many you say, "How many you say, "How many years can I live if money doesn't come years can I live if money doesn't come years can I live if money doesn't come in?" in?" in?" Okay? And then you take that and you Okay? And then you take that and you Okay? And then you take that and you say, "How could I be secure? say, "How could I be secure? say, "How could I be secure? So I don't want to put it into one thing So I don't want to put it into one thing So I don't want to put it into one thing that can go down 70%. So how do I that can go down 70%. So how do I that can go down 70%. So how do I diversify that? That's my main headline. diversify that? That's my main headline. diversify that? That's my main headline. >> A lot of people in the comments of our >> A lot of people in the comments of our >> A lot of people in the comments of our last episode, they were asking this, last episode, they were asking this, last episode, they were asking this, like how does this apply for someone who like how does this apply for someone who like how does this apply for someone who doesn't have much money, maybe doesn't doesn't have much money, maybe doesn't doesn't have much money, maybe doesn't have any assets, say they're 30 years have any assets, say they're 30 years have any assets, say they're 30 years old, they old, they old, they have I don't know $100 disposable have I don't know $100 disposable have I don't know $100 disposable income, income, income, and they're thinking about how to sort and they're thinking about how to sort and they're thinking about how to sort of secure their future. What is the of secure their future. What is the of secure their future. What is the advice for someone in that situation? advice for someone in that situation? advice for someone in that situation? >> Your only asset is yourself. >> Your only asset is yourself. >> Your only asset is yourself. And I guess what you're going to get And I guess what you're going to get And I guess what you're going to get from the government. How do you sell from the government. How do you sell from the government. How do you sell yourself at at getting a better income? yourself at at getting a better income? yourself at at getting a better income? Or how much how are you getting money Or how much how are you getting money Or how much how are you getting money from the government? from the government? from the government? >> Mhm. >> Mhm. >> Mhm. >> You selling yourself is the main thing. >> You selling yourself is the main thing. >> You selling yourself is the main thing. This is one of the big problems now with This is one of the big problems now with This is one of the big problems now with the artificial intelligence and other the artificial intelligence and other the artificial intelligence and other machines replacing people and and machines replacing people and and machines replacing people and and different types of jobs, it becomes more different types of jobs, it becomes more different types of jobs, it becomes more difficult. It produces that big wealth difficult. It produces that big wealth difficult. It produces that big wealth gap while you're having more gap while you're having more gap while you're having more productivity. Everybody wants more productivity. Everybody wants more productivity. Everybody wants more productivity because it means how do you productivity because it means how do you productivity because it means how do you produce things more efficiently, but produce things more efficiently, but produce things more efficiently, but that's that's that's contributes to the income gap because contributes to the income gap because contributes to the income gap because your productivity equals your income for your productivity equals your income for your productivity equals your income for a large extent. And then you have the a large extent. And then you have the a large extent. And then you have the and you know, the political dynamic. and you know, the political dynamic. and you know, the political dynamic. It's tough to get yourself out of this It's tough to get yourself out of this It's tough to get yourself out of this position that you mentioned. You know, position that you mentioned. You know, position that you mentioned. You know, I'm imagining that person. Okay? It's I'm imagining that person. Okay? It's I'm imagining that person. Okay? It's not easy. There is this giant polarity. not easy. There is this giant polarity. not easy. There is this giant polarity. If you're in the top 10% of talent, If you're in the top 10% of talent, If you're in the top 10% of talent, let's say, let's say, let's say, the world's your oyster. the world's your oyster. the world's your oyster. But, nowadays, in order to be there, But, nowadays, in order to be there, But, nowadays, in order to be there, okay, that's that's difficult. Find okay, that's that's difficult. Find okay, that's that's difficult. Find something that something that something that gives you gives you gives you the ability to sell your time for good the ability to sell your time for good the ability to sell your time for good money. Is that going to be that you're money. Is that going to be that you're money. Is that going to be that you're driving an Uber? Is that going to be driving an Uber? Is that going to be driving an Uber? Is that going to be that you have the talent and you're that you have the talent and you're that you have the talent and you're going to be able to understand AI and going to be able to understand AI and going to be able to understand AI and contribute that understanding to a contribute that understanding to a contribute that understanding to a company that values that? Or what is company that values that? Or what is company that values that? Or what is your skill? You found this, okay? And your skill? You found this, okay? And your skill? You found this, okay? And and you found the way, okay? But, you and you found the way, okay? But, you and you found the way, okay? But, you need money. need money. need money. Okay? And the the thing that you want to Okay? And the the thing that you want to Okay? And the the thing that you want to do, what you're doing, and I'm lucky do, what you're doing, and I'm lucky do, what you're doing, and I'm lucky enough to do, is to make your work and enough to do, is to make your work and enough to do, is to make your work and your passion the same thing, your passion the same thing, your passion the same thing, and don't forget about the money part. and don't forget about the money part. and don't forget about the money part. >> Yeah, I am I one of the things that I I >> Yeah, I am I one of the things that I I >> Yeah, I am I one of the things that I I think I didn't realize earlier in my think I didn't realize earlier in my think I didn't realize earlier in my career is that career is that career is that whatever skills you have will be valued whatever skills you have will be valued whatever skills you have will be valued differently in different contexts or differently in different contexts or differently in different contexts or industries, should I say. So, for industries, should I say. So, for industries, should I say. So, for example, say that my skill here, and I'm example, say that my skill here, and I'm example, say that my skill here, and I'm not trying to flatter myself, but say my not trying to flatter myself, but say my not trying to flatter myself, but say my skill here is skill here is skill here is >> is working. >> is working. >> is working. >> having conversations, right? Let's say >> having conversations, right? Let's say >> having conversations, right? Let's say that's what it is. There's lots of that's what it is. There's lots of that's what it is. There's lots of places I could have conversations. places I could have conversations. places I could have conversations. And those places would value my ability And those places would value my ability And those places would value my ability to have conversations wildly differently to have conversations wildly differently to have conversations wildly differently per hour. per hour. per hour. >> Right. >> Right. >> Right. >> So, I will often think this and speak to >> So, I will often think this and speak to >> So, I will often think this and speak to my friends about this when they they my friends about this when they they my friends about this when they they tell me their skills, I say, tell me their skills, I say, tell me their skills, I say, let's look at the different industries let's look at the different industries let's look at the different industries and how they would value the skills you and how they would value the skills you and how they would value the skills you currently have differently. A good currently have differently. A good currently have differently. A good example, again, example, again, example, again, you know, you could be an Uber driver or you know, you could be an Uber driver or you know, you could be an Uber driver or you could chauffeur you could chauffeur you could chauffeur Ray Dalio. Ray Dalio. Ray Dalio. Now, I imagine those two things pay Now, I imagine those two things pay Now, I imagine those two things pay wildly differently, but it's the same wildly differently, but it's the same wildly differently, but it's the same skill of driving a car, broadly skill of driving a car, broadly skill of driving a car, broadly speaking. speaking. speaking. >> I agree with all that. >> I agree with all that. >> I agree with all that. >> And so, I think that's one way to just >> And so, I think that's one way to just >> And so, I think that's one way to just you know, the other way is you go ask you know, the other way is you go ask you know, the other way is you go ask your current boss for a promotion. your current boss for a promotion. your current boss for a promotion. But, again, they're going to value you But, again, they're going to value you But, again, they're going to value you in the context of their other employees, in the context of their other employees, in the context of their other employees, the market in that industry, etc. So, the market in that industry, etc. So, the market in that industry, etc. So, it's you You get 10%, but you're not it's you You get 10%, but you're not it's you You get 10%, but you're not going to see a step change necessarily. going to see a step change necessarily. going to see a step change necessarily. So, that's something that I always say So, that's something that I always say So, that's something that I always say to people is to people is to people is >> Absolutely right. >> Absolutely right. >> Absolutely right. And another law of something, I don't And another law of something, I don't And another law of something, I don't think it's almost a law of everything. think it's almost a law of everything. think it's almost a law of everything. It's a law of you It's a law of you It's a law of you um buy almost anything um buy almost anything um buy almost anything is those at the top is those at the top is those at the top whatever that thing you're buying, if whatever that thing you're buying, if whatever that thing you're buying, if you're buying a painting, a piece of you're buying a painting, a piece of you're buying a painting, a piece of furniture, a piece of clothing, a a furniture, a piece of clothing, a a furniture, a piece of clothing, a a person's time or whatever person's time or whatever person's time or whatever command premiums that are many multiples command premiums that are many multiples command premiums that are many multiples of the average. It's almost like if you of the average. It's almost like if you of the average. It's almost like if you can invest can invest can invest 10% more 10% more 10% more of your time, your effort, your skill to of your time, your effort, your skill to of your time, your effort, your skill to go up. go up. go up. >> Mhm. >> Mhm. >> Mhm. >> Okay? You will get >> Okay? You will get >> Okay? You will get twice as much twice as much twice as much >> Mhm. >> Mhm. >> Mhm. >> for 10% better something like that, >> for 10% better something like that, >> for 10% better something like that, okay? So, that's part of the formula of okay? So, that's part of the formula of okay? So, that's part of the formula of life and the formula of employment. And life and the formula of employment. And life and the formula of employment. And it's so I think if you keep what you it's so I think if you keep what you it's so I think if you keep what you brought up and what I'm bringing up in brought up and what I'm bringing up in brought up and what I'm bringing up in mind, that helps you position yourself mind, that helps you position yourself mind, that helps you position yourself and know what to do. and know what to do. and know what to do. >> Mhm. >> Mhm. >> Mhm. >> There should be a button just down below >> There should be a button just down below >> There should be a button just down below here. And if it says subscribe, you're here. And if it says subscribe, you're here. And if it says subscribe, you're already subscribed. If it says subscribe already subscribed. If it says subscribe already subscribed. If it says subscribe bar, that means you're not yet. And if bar, that means you're not yet. And if bar, that means you're not yet. And if you're not subscribed, please could you you're not subscribed, please could you you're not subscribed, please could you do us a favor and hit that button. It do us a favor and hit that button. It do us a favor and hit that button. It helps the show more than you know. And helps the show more than you know. And helps the show more than you know. And according to the algorithm, you're according to the algorithm, you're according to the algorithm, you're someone that watches our show but you someone that watches our show but you someone that watches our show but you haven't yet hit that button. Thank you haven't yet hit that button. Thank you haven't yet hit that button. Thank you so much. so much. so much. We didn't mention this thing here We didn't mention this thing here We didn't mention this thing here actually. So, I probably should talk actually. So, I probably should talk actually. So, I probably should talk about it cuz people are talking about it about it cuz people are talking about it about it cuz people are talking about it a lot right now, which is uh a lot right now, which is uh a lot right now, which is uh >> Bitcoin. >> Bitcoin. >> Bitcoin. >> Or Bitcoin. >> Or Bitcoin. >> Or Bitcoin. >> Mhm. >> Mhm. >> Mhm. >> What's your perspective on Bitcoin? I >> What's your perspective on Bitcoin? I >> What's your perspective on Bitcoin? I know the market in Bitcoin is down at know the market in Bitcoin is down at know the market in Bitcoin is down at the moment. the moment. the moment. >> I have about 1% of my portfolio in >> I have about 1% of my portfolio in >> I have about 1% of my portfolio in Bitcoin because there's different kinds Bitcoin because there's different kinds Bitcoin because there's different kinds of money that and the money that you of money that and the money that you of money that and the money that you can't print, that's one kind. This is can't print, that's one kind. This is can't print, that's one kind. This is the other kind of money that you can't the other kind of money that you can't the other kind of money that you can't print. print. print. >> Gold. >> Gold. >> Gold. >> Yeah. You cannot crack it with >> Yeah. You cannot crack it with >> Yeah. You cannot crack it with technology. You can technology. You can technology. You can hold it, you own it. It's There's a hold it, you own it. It's There's a hold it, you own it. It's There's a saying that it's the only um financial saying that it's the only um financial saying that it's the only um financial asset that is not somebody else's asset that is not somebody else's asset that is not somebody else's liability. Somebody has to give you liability. Somebody has to give you liability. Somebody has to give you something for it. It has that. So, in my something for it. It has that. So, in my something for it. It has that. So, in my category of wanting, let's say, make category of wanting, let's say, make category of wanting, let's say, make sure that I have some hard money, which sure that I have some hard money, which sure that I have some hard money, which for most people should be between 5 and for most people should be between 5 and for most people should be between 5 and 15% of their portfolio. I prefer that. 15% of their portfolio. I prefer that. 15% of their portfolio. I prefer that. I'm pointing to the gold bars here. I'm pointing to the gold bars here. I'm pointing to the gold bars here. Rather than Rather than Rather than the Bitcoin. the Bitcoin. the Bitcoin. >> Is it still in your view gold like >> Is it still in your view gold like >> Is it still in your view gold like asset? asset? asset? >> Yes, it's it's a type of money that >> Yes, it's it's a type of money that >> Yes, it's it's a type of money that can't be printed. can't be printed. can't be printed. But But But there are technologies that can there are technologies that can there are technologies that can hurt it. In other words, if there's hurt it. In other words, if there's hurt it. In other words, if there's quantum computing and it can be quantum computing and it can be quantum computing and it can be monitored by governments and so on. It monitored by governments and so on. It monitored by governments and so on. It could be taxed. And digital currencies could be taxed. And digital currencies could be taxed. And digital currencies are somewhat similar. are somewhat similar. are somewhat similar. >> But you don't like Bitcoin as much as >> But you don't like Bitcoin as much as >> But you don't like Bitcoin as much as gold because of privacy reasons as well. gold because of privacy reasons as well. gold because of privacy reasons as well. >> And when the governments say, "I don't >> And when the governments say, "I don't >> And when the governments say, "I don't want it." They have the power, want it." They have the power, want it." They have the power, therefore, to do whatever they want with therefore, to do whatever they want with therefore, to do whatever they want with it. And central banks will not own any it. And central banks will not own any it. And central banks will not own any significant amount of that because of significant amount of that because of significant amount of that because of the reason I said. They They want their the reason I said. They They want their the reason I said. They They want their transactions to be private and in their transactions to be private and in their transactions to be private and in their control. Think about how different it control. Think about how different it control. Think about how different it would be for Russia. Okay, they would be for Russia. Okay, they would be for Russia. Okay, they confiscated confiscated confiscated these kind of other assets. They didn't these kind of other assets. They didn't these kind of other assets. They didn't get these. get these. get these. >> Gold. >> Gold. >> Gold. >> Okay, gold. And so, >> Okay, gold. And so, >> Okay, gold. And so, what you're seeing even particularly in what you're seeing even particularly in what you're seeing even particularly in this time of conflict is this time of conflict is this time of conflict is that there's a sense that if I'm holding that there's a sense that if I'm holding that there's a sense that if I'm holding this others won't get it. this others won't get it. this others won't get it. >> You mentioned a second ago the impact >> You mentioned a second ago the impact >> You mentioned a second ago the impact you think AI is going to have on the you think AI is going to have on the you think AI is going to have on the economy broadly, but also again to real economy broadly, but also again to real economy broadly, but also again to real people's lives. There's lots of debate. people's lives. There's lots of debate. people's lives. There's lots of debate. I mean, there's been a debate over the I mean, there's been a debate over the I mean, there's been a debate over the last 10 10 10 years or so within the last 10 10 10 years or so within the last 10 10 10 years or so within the world of AI. You had the big AI I world of AI. You had the big AI I world of AI. You had the big AI I originally saying that AI would cause originally saying that AI would cause originally saying that AI would cause job disruption. job disruption. job disruption. And that, you know, you've even had some And that, you know, you've even had some And that, you know, you've even had some of the CEOs more recently saying work of the CEOs more recently saying work of the CEOs more recently saying work will become optional in a world of will become optional in a world of will become optional in a world of superintelligence. At the same time, we superintelligence. At the same time, we superintelligence. At the same time, we have robotics coming over the horizon. have robotics coming over the horizon. have robotics coming over the horizon. So, you've got this sort of convergence So, you've got this sort of convergence So, you've got this sort of convergence of intelligence and then I don't you of intelligence and then I don't you of intelligence and then I don't you could could think of it like muscles, could could think of it like muscles, could could think of it like muscles, like physical muscles or ability. At the like physical muscles or ability. At the like physical muscles or ability. At the same time, um we're seeing AI accelerate same time, um we're seeing AI accelerate same time, um we're seeing AI accelerate in its capabilities. in its capabilities. in its capabilities. What does this mean for the average What does this mean for the average What does this mean for the average person and their job? And who's going to person and their job? And who's going to person and their job? And who's going to benefit from this AI revolution in your benefit from this AI revolution in your benefit from this AI revolution in your point of view? point of view? point of view? >> It means that >> It means that >> It means that you will either be cutting edge and you will either be cutting edge and you will either be cutting edge and capable and among that top fraction of a capable and among that top fraction of a capable and among that top fraction of a percent down to 10% of the population percent down to 10% of the population percent down to 10% of the population who is um cutting edge and using it and who is um cutting edge and using it and who is um cutting edge and using it and accelerating, or uh you will, if you're accelerating, or uh you will, if you're accelerating, or uh you will, if you're in a thinking job, uh be at risk of in a thinking job, uh be at risk of in a thinking job, uh be at risk of being uh replaced. We're coming into a being uh replaced. We're coming into a being uh replaced. We're coming into a world where we can automate everything. world where we can automate everything. world where we can automate everything. The evolution of man The evolution of man The evolution of man was we had the agricultural era. And was we had the agricultural era. And was we had the agricultural era. And there was no real inventiveness. And there was no real inventiveness. And there was no real inventiveness. And then man invented the machine. then man invented the machine. then man invented the machine. And what the machine did is it replaced And what the machine did is it replaced And what the machine did is it replaced man's physical necessity. So, men used man's physical necessity. So, men used man's physical necessity. So, men used to be like oxen in the agricultural to be like oxen in the agricultural to be like oxen in the agricultural field and so on. And they were replaced field and so on. And they were replaced field and so on. And they were replaced by tractors. And then there was we by tractors. And then there was we by tractors. And then there was we entered the industrial age. entered the industrial age. entered the industrial age. First, you had the printing press First, you had the printing press First, you had the printing press that allowed people to learn. that allowed people to learn. that allowed people to learn. And then you had these inventions, the And then you had these inventions, the And then you had these inventions, the industrial revolution, the first industrial revolution, the first industrial revolution, the first industrial revolution. And what you had industrial revolution. And what you had industrial revolution. And what you had is the is the is the replacing the physical that that man replacing the physical that that man replacing the physical that that man would do in factories then and so on. would do in factories then and so on. would do in factories then and so on. And so, the way I look at it is I look And so, the way I look at it is I look And so, the way I look at it is I look at the human body. and I see like it's at the human body. and I see like it's at the human body. and I see like it's replacing the body and so on. And it's replacing the body and so on. And it's replacing the body and so on. And it's coming up uh higher and higher, and then coming up uh higher and higher, and then coming up uh higher and higher, and then it replaces some aspects of the mind it replaces some aspects of the mind it replaces some aspects of the mind that you can computerize. And it's that you can computerize. And it's that you can computerize. And it's coming up and up, and it's replacing coming up and up, and it's replacing coming up and up, and it's replacing higher and higher levels of thinking and higher and higher levels of thinking and higher and higher levels of thinking and reasoning. Okay. So, that path is part reasoning. Okay. So, that path is part reasoning. Okay. So, that path is part of the evolutionary path that is of the evolutionary path that is of the evolutionary path that is happening. Okay. So, then you start to happening. Okay. So, then you start to happening. Okay. So, then you start to say, "What do I have to offer?" And so, say, "What do I have to offer?" And so, say, "What do I have to offer?" And so, in answer to who benefits from it, those in answer to who benefits from it, those in answer to who benefits from it, those who benefit from it are those who are who benefit from it are those who are who benefit from it are those who are um the capitalists with the ideas that um the capitalists with the ideas that um the capitalists with the ideas that replace uh the workers. And so, if you replace uh the workers. And so, if you replace uh the workers. And so, if you look at there's revenue for businesses look at there's revenue for businesses look at there's revenue for businesses when you buy something in a store, when you buy something in a store, when you buy something in a store, there's revenue. Okay. And if you look there's revenue. Okay. And if you look there's revenue. Okay. And if you look at the share that is going to workers, at the share that is going to workers, at the share that is going to workers, you see that share going down. And if you see that share going down. And if you see that share going down. And if you look at the share that's going to you look at the share that's going to you look at the share that's going to those who own that business, that share those who own that business, that share those who own that business, that share is going up. That's you know, how do is going up. That's you know, how do is going up. That's you know, how do they share that revenue in terms of the they share that revenue in terms of the they share that revenue in terms of the cost, and you see that that's rising. cost, and you see that that's rising. cost, and you see that that's rising. And so, um this is an evolutionary And so, um this is an evolutionary And so, um this is an evolutionary process. And it's true that what happens process. And it's true that what happens process. And it's true that what happens is you get more uh free time. Okay. So, is you get more uh free time. Okay. So, is you get more uh free time. Okay. So, now the so- society has to think, "How now the so- society has to think, "How now the so- society has to think, "How do I deal with this?" So, for example, do I deal with this?" So, for example, do I deal with this?" So, for example, the work week, which used to be, you the work week, which used to be, you the work week, which used to be, you know, a 60- or 70-hour work week, goes know, a 60- or 70-hour work week, goes know, a 60- or 70-hour work week, goes down to less than a 40-hour work week. down to less than a 40-hour work week. down to less than a 40-hour work week. And there's more time. But there needs And there's more time. But there needs And there's more time. But there needs to be uh you know, how do you create a to be uh you know, how do you create a to be uh you know, how do you create a bottom? And so, we're going through this bottom? And so, we're going through this bottom? And so, we're going through this phase in which there is this upper end phase in which there is this upper end phase in which there is this upper end that is making incredible amounts of that is making incredible amounts of that is making incredible amounts of wealth as we described, and then this wealth as we described, and then this wealth as we described, and then this lower end that is um then having these lower end that is um then having these lower end that is um then having these challenges. We've have a relatively good challenges. We've have a relatively good challenges. We've have a relatively good economy and the economy and the economy and the difficulty of college graduates to get difficulty of college graduates to get difficulty of college graduates to get employment has increased significantly. employment has increased significantly. employment has increased significantly. And I can tell you that in in many And I can tell you that in in many And I can tell you that in in many businesses, it becomes more of a pain in businesses, it becomes more of a pain in businesses, it becomes more of a pain in the neck to have a college graduate the neck to have a college graduate the neck to have a college graduate let's say do what they have to train let's say do what they have to train let's say do what they have to train them, you have to and many of those them, you have to and many of those them, you have to and many of those tasks, many of that thing can be done tasks, many of that thing can be done tasks, many of that thing can be done very quickly with the AI and with very quickly with the AI and with very quickly with the AI and with computerization. And as you get into computerization. And as you get into computerization. And as you get into robotics, you're going to have that robotics, you're going to have that robotics, you're going to have that happen, right? happen, right? happen, right? >> The speed of the disruption that we're >> The speed of the disruption that we're >> The speed of the disruption that we're seeing because of the amount of capital seeing because of the amount of capital seeing because of the amount of capital that's flowing into these AI frontier that's flowing into these AI frontier that's flowing into these AI frontier models like the Anthropic's and OpenAI, models like the Anthropic's and OpenAI, models like the Anthropic's and OpenAI, etc., etc. etc., etc. etc., etc. is is quite different from anything is is quite different from anything is is quite different from anything else. It's sort of the historical else. It's sort of the historical else. It's sort of the historical precedents as we've seen through the precedents as we've seen through the precedents as we've seen through the industrial revolution where it took time industrial revolution where it took time industrial revolution where it took time to build the tractors. to build the tractors. to build the tractors. >> There's an element of speed. What >> There's an element of speed. What >> There's an element of speed. What happens usually is the bubble bursts. happens usually is the bubble bursts. happens usually is the bubble bursts. >> Mhm. >> Mhm. >> Mhm. >> And now you have the cyclical dynamic of >> And now you have the cyclical dynamic of >> And now you have the cyclical dynamic of that while the technology, that while the technology, that while the technology, you know, evolves, but the the supply you know, evolves, but the the supply you know, evolves, but the the supply demand and the debt problem that we just demand and the debt problem that we just demand and the debt problem that we just talked about then come in. And so talked about then come in. And so talked about then come in. And so unemployment is due to unemployment is due to unemployment is due to typically typically typically some sort of a combination of a some sort of a combination of a some sort of a combination of a financial crisis that like we talked financial crisis that like we talked financial crisis that like we talked about the debt and stocks going down and about the debt and stocks going down and about the debt and stocks going down and people not having collateral and then people not having collateral and then people not having collateral and then therefore not buying assets and that therefore not buying assets and that therefore not buying assets and that dynamic. That causes the unemployment dynamic. That causes the unemployment dynamic. That causes the unemployment rate, that factor. rate, that factor. rate, that factor. >> That's the sort of economic reasons, but >> That's the sort of economic reasons, but >> That's the sort of economic reasons, but in terms of the AI agents, robotics in terms of the AI agents, robotics in terms of the AI agents, robotics being able to replace you. I sat with being able to replace you. I sat with being able to replace you. I sat with Dara from Uber and Dara said that he Dara from Uber and Dara said that he Dara from Uber and Dara said that he imagines in the future the 9 million imagines in the future the 9 million imagines in the future the 9 million riders that they have around the world riders that they have around the world riders that they have around the world doing deliveries will be replaced by doing deliveries will be replaced by doing deliveries will be replaced by autonomous vehicles, autonomous robots. autonomous vehicles, autonomous robots. autonomous vehicles, autonomous robots. >> Those 9 million >> Those 9 million >> Those 9 million drivers careers that you have will be drivers careers that you have will be drivers careers that you have will be out of work out of work out of work conceivably in the you know talking conceivably in the you know talking conceivably in the you know talking about being honest about the situation. about being honest about the situation. about being honest about the situation. >> Yeah, I think again it goes to physical >> Yeah, I think again it goes to physical >> Yeah, I think again it goes to physical AI as well, right? So I think 20 years AI as well, right? So I think 20 years AI as well, right? So I think 20 years from now you can imagine that those 9 from now you can imagine that those 9 from now you can imagine that those 9 million will be million will be million will be 20 million AAVs maybe. But we have time 20 million AAVs maybe. But we have time 20 million AAVs maybe. But we have time between now and then partially because between now and then partially because between now and then partially because we don't operate in the virtual world, we don't operate in the virtual world, we don't operate in the virtual world, right? We operate in the physical world. right? We operate in the physical world. right? We operate in the physical world. You have to get the regulations up, you You have to get the regulations up, you You have to get the regulations up, you have to build the cars, you have to have to build the cars, you have to have to build the cars, you have to build the sensor stacks, the the models build the sensor stacks, the the models build the sensor stacks, the the models have to get there. So there is time have to get there. So there is time have to get there. So there is time between now and then, but you can between now and then, but you can between now and then, but you can imagine the majority of our trips being imagine the majority of our trips being imagine the majority of our trips being fulfilled by robots of some kind. fulfilled by robots of some kind. fulfilled by robots of some kind. >> The unemployment rate gets very >> The unemployment rate gets very >> The unemployment rate gets very influenced by the bubble bursting influenced by the bubble bursting influenced by the bubble bursting and the economy going down. You see that and the economy going down. You see that and the economy going down. You see that spike. spike. spike. >> Mhm. >> Mhm. >> Mhm. >> You certainly have the evolutionary >> You certainly have the evolutionary >> You certainly have the evolutionary change that you're referring to. change that you're referring to. change that you're referring to. >> Okay, so it's both. >> Okay, so it's both. >> Okay, so it's both. >> Okay, in other words there's this >> Okay, in other words there's this >> Okay, in other words there's this evolutionary thing in which they like he evolutionary thing in which they like he evolutionary thing in which they like he says, says, says, you know, the tractor replaces the labor you know, the tractor replaces the labor you know, the tractor replaces the labor or the assembly line worker as or the assembly line worker as or the assembly line worker as technology is replaced and that is an technology is replaced and that is an technology is replaced and that is an evolutionary thing that goes evolutionary thing that goes evolutionary thing that goes continuously for you know, many years continuously for you know, many years continuously for you know, many years and in the way that you're describing. and in the way that you're describing. and in the way that you're describing. Because you asked about the unemployment Because you asked about the unemployment Because you asked about the unemployment rate, I just wanted to emphasize that rate, I just wanted to emphasize that rate, I just wanted to emphasize that the unemployment rate is very heavily the unemployment rate is very heavily the unemployment rate is very heavily affected by that bubble bursting. affected by that bubble bursting. affected by that bubble bursting. >> So okay, you've got two forces at once >> So okay, you've got two forces at once >> So okay, you've got two forces at once then you've got then you've got then you've got >> When the bubble bursts everybody as we >> When the bubble bursts everybody as we >> When the bubble bursts everybody as we said needs cash so they start cutting said needs cash so they start cutting said needs cash so they start cutting their costs. their costs. their costs. So that's when they start laying people So that's when they start laying people So that's when they start laying people off. off. off. >> Yeah. >> Yeah. >> Yeah. >> They start looking around the company >> They start looking around the company >> They start looking around the company and go forget growth, we just need to and go forget growth, we just need to and go forget growth, we just need to survive. So we're going to lay off that survive. So we're going to lay off that survive. So we're going to lay off that team and that team and that team and team and that team and that team and team and that team and that team and then you see unemployment going up. And then you see unemployment going up. And then you see unemployment going up. And then you've got this sort of underlying then you've got this sort of underlying then you've got this sort of underlying shift happening at the same time which shift happening at the same time which shift happening at the same time which is workers are replacing their team is workers are replacing their team is workers are replacing their team members with AI agents or are or in the members with AI agents or are or in the members with AI agents or are or in the factories then are using robots to do factories then are using robots to do factories then are using robots to do factory work, etc. And that's the sort factory work, etc. And that's the sort factory work, etc. And that's the sort of current slow march forward. of current slow march forward. of current slow march forward. >> Right. So, I have this chart. Okay? What >> Right. So, I have this chart. Okay? What >> Right. So, I have this chart. Okay? What this represents, this line, this represents, this line, this represents, this line, is the um evolution of technologies. In is the um evolution of technologies. In is the um evolution of technologies. In other words, we have greater and greater other words, we have greater and greater other words, we have greater and greater learning and doing things better, and learning and doing things better, and learning and doing things better, and that's the evolution that we're talking that's the evolution that we're talking that's the evolution that we're talking about that also machines replace people about that also machines replace people about that also machines replace people or replace their tags over that period or replace their tags over that period or replace their tags over that period of time. of time. of time. Then you have this big cycle, which is Then you have this big cycle, which is Then you have this big cycle, which is typically lasts for typically lasts for typically lasts for about a lifetime, on average, about 80 about a lifetime, on average, about 80 about a lifetime, on average, about 80 years. Uh we went through that uh last years. Uh we went through that uh last years. Uh we went through that uh last time, 1945. There are orders. There's a time, 1945. There are orders. There's a time, 1945. There are orders. There's a monetary order, there's a domestic monetary order, there's a domestic monetary order, there's a domestic political order, there's a geopolitical political order, there's a geopolitical political order, there's a geopolitical order. Okay? You have the bubble order. Okay? You have the bubble order. Okay? You have the bubble bursting, okay? You have this. This is bursting, okay? You have this. This is bursting, okay? You have this. This is what we're talking about, um that dive. what we're talking about, um that dive. what we're talking about, um that dive. And then you when you go through that, And then you when you go through that, And then you when you go through that, you break down these orders. you break down these orders. you break down these orders. And when they break down, then um you And when they break down, then um you And when they break down, then um you would get rid of the debt burden. So, would get rid of the debt burden. So, would get rid of the debt burden. So, you get rid of the monetary system as you get rid of the monetary system as you get rid of the monetary system as you're used to it. You um may get rid of you're used to it. You um may get rid of you're used to it. You um may get rid of the domestic order. Many countries' the domestic order. Many countries' the domestic order. Many countries' orders, their systems, end. I mean, they orders, their systems, end. I mean, they orders, their systems, end. I mean, they all end at some point. And so, they can all end at some point. And so, they can all end at some point. And so, they can break down quite often in a time of break down quite often in a time of break down quite often in a time of great internal conflict. Does the system great internal conflict. Does the system great internal conflict. Does the system last? And that happens at that time. And last? And that happens at that time. And last? And that happens at that time. And so, that's that big breakdown. But so, that's that big breakdown. But so, that's that big breakdown. But still, what you're talking about is and still, what you're talking about is and still, what you're talking about is and and I and I agree with you, this keeps and I and I agree with you, this keeps and I and I agree with you, this keeps going up. Okay? Because learning, you going up. Okay? Because learning, you going up. Okay? Because learning, you don't unlearn what you've learned. So, don't unlearn what you've learned. So, don't unlearn what you've learned. So, as this goes up and and you're uh you as this goes up and and you're uh you as this goes up and and you're uh you you still keep this thing going up, you still keep this thing going up, you still keep this thing going up, okay? But you have the big cycle, the okay? But you have the big cycle, the okay? But you have the big cycle, the debt, the conflict type of movement. And debt, the conflict type of movement. And debt, the conflict type of movement. And these little cycles are the cycles that these little cycles are the cycles that these little cycles are the cycles that we see in this roughly on average, let's we see in this roughly on average, let's we see in this roughly on average, let's call it an 80-year period, but call it an 80-year period, but call it an 80-year period, but you see the you see the you see the you see the recession and you see the recession and you see the recession and recession has higher unemployment and so recession has higher unemployment and so recession has higher unemployment and so on. Then they stimulate monetary policy, on. Then they stimulate monetary policy, on. Then they stimulate monetary policy, they make money looser then the economy they make money looser then the economy they make money looser then the economy goes up and you have prosperity, then goes up and you have prosperity, then goes up and you have prosperity, then you go into a bubble, okay, that then you go into a bubble, okay, that then you go into a bubble, okay, that then you run lower on capacity cuz you're you run lower on capacity cuz you're you run lower on capacity cuz you're using up the capacity, inflation rises, using up the capacity, inflation rises, using up the capacity, inflation rises, they tighten monetary policy, and then they tighten monetary policy, and then they tighten monetary policy, and then you have the the recession that follows. you have the the recession that follows. you have the the recession that follows. So these movements from one recession to So these movements from one recession to So these movements from one recession to the next recession, that cycle that I've the next recession, that cycle that I've the next recession, that cycle that I've just described, on average has lasted just described, on average has lasted just described, on average has lasted about 6 years and give or take about about 6 years and give or take about about 6 years and give or take about three. three. three. So that's the way it looks. So that's the way it looks. So that's the way it looks. >> So I'll play this back to you to make >> So I'll play this back to you to make >> So I'll play this back to you to make sure I understand it. There is a sort of sure I understand it. There is a sort of sure I understand it. There is a sort of bigger macro bubble which is over 80 bigger macro bubble which is over 80 bigger macro bubble which is over 80 years which is the changing of the world years which is the changing of the world years which is the changing of the world order. order. order. >> Yep, you get deeper and deeper and >> Yep, you get deeper and deeper and >> Yep, you get deeper and deeper and deeper in debt over a lifetime till till deeper in debt over a lifetime till till deeper in debt over a lifetime till till I'd say your debt capacity. You have a I'd say your debt capacity. You have a I'd say your debt capacity. You have a certain amount. So the government's debt certain amount. So the government's debt certain amount. So the government's debt capacity, for example, it can borrow capacity, for example, it can borrow capacity, for example, it can borrow when you wipe it out here, then you can when you wipe it out here, then you can when you wipe it out here, then you can build it up and build it up until it build it up and build it up until it build it up and build it up until it starts to squeeze. Debt service starts starts to squeeze. Debt service starts starts to squeeze. Debt service starts to squeeze out. to squeeze out. to squeeze out. >> the changing of the world order. >> the changing of the world order. >> the changing of the world order. >> That is one of the ingredients, right? >> That is one of the ingredients, right? >> That is one of the ingredients, right? So okay, we have too much debt. At the So okay, we have too much debt. At the So okay, we have too much debt. At the same time, what you're building up is same time, what you're building up is same time, what you're building up is you're building up great wealth gaps you're building up great wealth gaps you're building up great wealth gaps because capitalism, and I love because capitalism, and I love because capitalism, and I love capitalism, but it's it's here's the capitalism, but it's it's here's the capitalism, but it's it's here's the reality, it creates big differences in reality, it creates big differences in reality, it creates big differences in income and wealth. And when it does that income and wealth. And when it does that income and wealth. And when it does that that also creates differences in that also creates differences in that also creates differences in people's opportunities because the rich people's opportunities because the rich people's opportunities because the rich people can educate their children well people can educate their children well people can educate their children well and they can give them all the benefits. and they can give them all the benefits. and they can give them all the benefits. I mean education is a big benefit. I mean education is a big benefit. I mean education is a big benefit. That's why there should be broad-based That's why there should be broad-based That's why there should be broad-based excellent education. But all of that excellent education. But all of that excellent education. But all of that happens and so you see wealth gaps build happens and so you see wealth gaps build happens and so you see wealth gaps build up. So like the Industrial Revolution up. So like the Industrial Revolution up. So like the Industrial Revolution leads into the Gilded Age. Okay, the leads into the Gilded Age. Okay, the leads into the Gilded Age. Okay, the Gilded Age looks a lot like now, you Gilded Age looks a lot like now, you Gilded Age looks a lot like now, you know, people buying expensive things and know, people buying expensive things and know, people buying expensive things and looking very gilded. And then it leads looking very gilded. And then it leads looking very gilded. And then it leads to the robber barons. And the robber to the robber barons. And the robber to the robber barons. And the robber barons are people who are considered, barons are people who are considered, barons are people who are considered, you know, the you know, the you know, the that they're that they're that they're taking advantage, the billionaire class, taking advantage, the billionaire class, taking advantage, the billionaire class, and it becomes that cycle. So that's the and it becomes that cycle. So that's the and it becomes that cycle. So that's the way it works. way it works. way it works. >> So you've got this 80-year sort of, you >> So you've got this 80-year sort of, you >> So you've got this 80-year sort of, you know, boom and then there's a collapse know, boom and then there's a collapse know, boom and then there's a collapse which is sort of ends in conflict and which is sort of ends in conflict and which is sort of ends in conflict and the changing of the new world order. And the changing of the new world order. And the changing of the new world order. And then within that you have these little then within that you have these little then within that you have these little bubbles which really economic bubbles bubbles which really economic bubbles bubbles which really economic bubbles that go up and down recession. People that go up and down recession. People that go up and down recession. People get very excited. They they contract, get very excited. They they contract, get very excited. They they contract, they get excited, they contract. And they get excited, they contract. And they get excited, they contract. And then you have the the straight line here then you have the the straight line here then you have the the straight line here which is the sort of technical which is the sort of technical which is the sort of technical technological improvement across the technological improvement across the technological improvement across the spectrum of ideas and technologies and spectrum of ideas and technologies and spectrum of ideas and technologies and all these things. all these things. all these things. >> It keeps going. >> It keeps going. >> It keeps going. >> And it keeps going regardless of this >> And it keeps going regardless of this >> And it keeps going regardless of this boom and bust because as you say people boom and bust because as you say people boom and bust because as you say people never forget. I guess so a couple never forget. I guess so a couple never forget. I guess so a couple questions on this then. questions on this then. questions on this then. I don't even know which one to dive into I don't even know which one to dive into I don't even know which one to dive into first, but let's go for I guess just first, but let's go for I guess just first, but let's go for I guess just closing off on the last point that I was closing off on the last point that I was closing off on the last point that I was I was getting at is there's this I was getting at is there's this I was getting at is there's this narrative that there'll be new jobs narrative that there'll be new jobs narrative that there'll be new jobs created because of AI and robotics and created because of AI and robotics and created because of AI and robotics and everyone will be fine. A lot of this everyone will be fine. A lot of this everyone will be fine. A lot of this narrative comes from Silicon Valley. narrative comes from Silicon Valley. narrative comes from Silicon Valley. >> Who is producing the technology that >> Who is producing the technology that >> Who is producing the technology that doesn't want to be attacked because doesn't want to be attacked because doesn't want to be attacked because they're they're they're >> making a lot of money. >> making a lot of money. >> making a lot of money. >> They may have an act >> They may have an act >> They may have an act >> And they're in the Gilded Age. >> And they're in the Gilded Age. >> And they're in the Gilded Age. >> desire to have a certain perspective. I >> desire to have a certain perspective. I >> desire to have a certain perspective. I think objective people think objective people think objective people in Silicon Valley in Silicon Valley in Silicon Valley and there are number of them would say and there are number of them would say and there are number of them would say it's going to have a big employment." it's going to have a big employment." it's going to have a big employment." But you you you can see it um in the But you you you can see it um in the But you you you can see it um in the wealth. Who owns stocks and who doesn't wealth. Who owns stocks and who doesn't wealth. Who owns stocks and who doesn't own stocks? own stocks? own stocks? Okay. Now, if you own stocks, Okay. Now, if you own stocks, Okay. Now, if you own stocks, um um you're very happy now. um um you're very happy now. um um you're very happy now. Okay? And if you don't own stocks, Okay? And if you don't own stocks, Okay? And if you don't own stocks, you're not getting the benefit of owning you're not getting the benefit of owning you're not getting the benefit of owning stocks. So, that in and of itself stocks. So, that in and of itself stocks. So, that in and of itself creates a greater greater wealth even creates a greater greater wealth even creates a greater greater wealth even aside from employment. Okay, so there aside from employment. Okay, so there aside from employment. Okay, so there are these forces to create the greater are these forces to create the greater are these forces to create the greater uh wealth gaps, right? uh wealth gaps, right? uh wealth gaps, right? >> Roughly so 61% of US adults own stock in >> Roughly so 61% of US adults own stock in >> Roughly so 61% of US adults own stock in some form, some form, some form, and most of them hold it indirectly and most of them hold it indirectly and most of them hold it indirectly through their retirement plan. Only 20% through their retirement plan. Only 20% through their retirement plan. Only 20% of Americans directly own individual of Americans directly own individual of Americans directly own individual stocks or shares through a brokerage stocks or shares through a brokerage stocks or shares through a brokerage account. While over half of Americans account. While over half of Americans account. While over half of Americans own stocks, ownership is heavily own stocks, ownership is heavily own stocks, ownership is heavily concentrated. The top 10% of households concentrated. The top 10% of households concentrated. The top 10% of households hold almost 90% of the stock. hold almost 90% of the stock. hold almost 90% of the stock. How do you feel about this narrative How do you feel about this narrative How do you feel about this narrative coming from predominantly Silicon Valley coming from predominantly Silicon Valley coming from predominantly Silicon Valley that there'll be new jobs created that that there'll be new jobs created that that there'll be new jobs created that we can't yet forecast and everyone will we can't yet forecast and everyone will we can't yet forecast and everyone will be fine. They point to the Industrial be fine. They point to the Industrial be fine. They point to the Industrial Revolution. They say, "Look, when the Revolution. They say, "Look, when the Revolution. They say, "Look, when the tractors came, we thought everyone was tractors came, we thought everyone was tractors came, we thought everyone was finished. When factories came, we finished. When factories came, we finished. When factories came, we thought everyone was finished, but look, thought everyone was finished, but look, thought everyone was finished, but look, we figured some other stuff out." we figured some other stuff out." we figured some other stuff out." >> Because if you look at that, this is >> Because if you look at that, this is >> Because if you look at that, this is this what um this what um this what um thing I'm saying that as your body is thing I'm saying that as your body is thing I'm saying that as your body is more and more replaced with your mind, more and more replaced with your mind, more and more replaced with your mind, then you can do that. But when your mind then you can do that. But when your mind then you can do that. But when your mind is is is replaced and your body is replaced, replaced and your body is replaced, replaced and your body is replaced, uh what is it that you have to sell? uh what is it that you have to sell? uh what is it that you have to sell? >> What is it that we have to sell as >> What is it that we have to sell as >> What is it that we have to sell as humans once our body and our minds are humans once our body and our minds are humans once our body and our minds are replaced? replaced? replaced? >> What man has >> What man has >> What man has um is emotions um is emotions um is emotions and has and has and has um um um intuitions. There are certain things intuitions. There are certain things intuitions. There are certain things that artificial intelligence doesn't that artificial intelligence doesn't that artificial intelligence doesn't have. have. have. And so, if you have to get down to what And so, if you have to get down to what And so, if you have to get down to what those those those things are, it um things are, it um things are, it um you know, does the you know, does the you know, does the robot give a good massage? robot give a good massage? robot give a good massage? Does Does Does you know, what is it you know, what is it you know, what is it that is left? And so we will that is left? And so we will that is left? And so we will wrestle with what it is that is left, wrestle with what it is that is left, wrestle with what it is that is left, okay? But I think that for the okay? But I think that for the okay? But I think that for the foreseeable future foreseeable future foreseeable future those who can work very well where they those who can work very well where they those who can work very well where they have an exceptional have an exceptional have an exceptional human intelligence and work in human intelligence and work in human intelligence and work in partnership with the artificial partnership with the artificial partnership with the artificial intelligence intelligence intelligence that they are going to be at the cutting that they are going to be at the cutting that they are going to be at the cutting edge of all of this. edge of all of this. edge of all of this. >> I've got 60 seconds and I'm going to >> I've got 60 seconds and I'm going to >> I've got 60 seconds and I'm going to show you how much I can get done because show you how much I can get done because show you how much I can get done because of our sponsor called Whisper Flow. And of our sponsor called Whisper Flow. And of our sponsor called Whisper Flow. And for those of you that don't know what it for those of you that don't know what it for those of you that don't know what it is, it's a business I invested in that is, it's a business I invested in that is, it's a business I invested in that turns your speech into text in any app turns your speech into text in any app turns your speech into text in any app or device. I'm going to post into our or device. I'm going to post into our or device. I'm going to post into our Slack channel which rewards whichever Slack channel which rewards whichever Slack channel which rewards whichever team member conducted the most team member conducted the most team member conducted the most experiments this week. Hi everyone, here experiments this week. Hi everyone, here experiments this week. Hi everyone, here is this week's experimenter of the week. is this week's experimenter of the week. is this week's experimenter of the week. Congratulations to the Dire Wolf CEO Congratulations to the Dire Wolf CEO Congratulations to the Dire Wolf CEO trailer team, which is Ant, Liv, Dom, trailer team, which is Ant, Liv, Dom, trailer team, which is Ant, Liv, Dom, and Cam. You guys have won. and Cam. You guys have won. and Cam. You guys have won. Okay, now I'm going to open Gmail. So Okay, now I'm going to open Gmail. So Okay, now I'm going to open Gmail. So here is one of our founders on an email here is one of our founders on an email here is one of our founders on an email chain that I want to connect my team chain that I want to connect my team chain that I want to connect my team with. All I have to say is add my team's with. All I have to say is add my team's with. All I have to say is add my team's emails and Whisper will do exactly that. emails and Whisper will do exactly that. emails and Whisper will do exactly that. Now a quick message to Juan who does my Now a quick message to Juan who does my Now a quick message to Juan who does my schedule every single week. Hey Juan, schedule every single week. Hey Juan, schedule every single week. Hey Juan, can I record on Wednesday at 2:00 p.m.? can I record on Wednesday at 2:00 p.m.? can I record on Wednesday at 2:00 p.m.? Actually no, do you know what, let's Actually no, do you know what, let's Actually no, do you know what, let's record at 3:00 p.m. on Wednesday. record at 3:00 p.m. on Wednesday. record at 3:00 p.m. on Wednesday. Whisper Flow is four times faster than Whisper Flow is four times faster than Whisper Flow is four times faster than typing and it is incredibly easy to use. typing and it is incredibly easy to use. typing and it is incredibly easy to use. If you want to give it a go, all you If you want to give it a go, all you If you want to give it a go, all you have to do is head to have to do is head to have to do is head to whisperflow.ai/steven to download it today. to download it today. Just like Jon Jones where marginal Just like Jon Jones where marginal Just like Jon Jones where marginal improvements in your cognitive improvements in your cognitive improvements in your cognitive performance can have a massive impact, performance can have a massive impact, performance can have a massive impact, sometimes I podcast for 10 hours a day. sometimes I podcast for 10 hours a day. sometimes I podcast for 10 hours a day. Over the last couple of weeks I've been Over the last couple of weeks I've been Over the last couple of weeks I've been in filming for a TV show and then I have in filming for a TV show and then I have in filming for a TV show and then I have like one or two days off to get all of like one or two days off to get all of like one or two days off to get all of my work done, which means there's lots my work done, which means there's lots my work done, which means there's lots of cognitive load. And so I turn to of cognitive load. And so I turn to of cognitive load. And so I turn to ketons because I find myself more ketons because I find myself more ketons because I find myself more articulate, able to think more clearly, articulate, able to think more clearly, articulate, able to think more clearly, able to work out better when I'm fueled able to work out better when I'm fueled able to work out better when I'm fueled by ketones. And so, the reason I became by ketones. And so, the reason I became by ketones. And so, the reason I became a co-owner of this company and the a co-owner of this company and the a co-owner of this company and the reason why they now are a sponsor of reason why they now are a sponsor of reason why they now are a sponsor of this podcast is because I remember one this podcast is because I remember one this podcast is because I remember one of my team members called Christiana, of my team members called Christiana, of my team members called Christiana, she tried it once and came up to my desk she tried it once and came up to my desk she tried it once and came up to my desk and she goes, "This is the best product and she goes, "This is the best product and she goes, "This is the best product ever made." [clears throat] And I think ever made." [clears throat] And I think ever made." [clears throat] And I think in part that's because she really cares in part that's because she really cares in part that's because she really cares about those cognitive benefits, as I do, about those cognitive benefits, as I do, about those cognitive benefits, as I do, as John Jones does, and as I think most as John Jones does, and as I think most as John Jones does, and as I think most of my listeners probably will. So, if of my listeners probably will. So, if of my listeners probably will. So, if you haven't tried these yet, all you you haven't tried these yet, all you you haven't tried these yet, all you have to do is go to keton.com have to do is go to keton.com have to do is go to keton.com /steven and you'll also get 30% off your /steven and you'll also get 30% off your /steven and you'll also get 30% off your first subscription order. You'll get first subscription order. You'll get first subscription order. 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So, if you had kids that were 16 years So, if you had kids that were 16 years So, if you had kids that were 16 years old now, Ray, and they said, "Dad, what old now, Ray, and they said, "Dad, what old now, Ray, and they said, "Dad, what what do you think based on everything what do you think based on everything what do you think based on everything you know about the future, you know about the future, you know about the future, what should I be doing?" what should I be doing?" what should I be doing?" >> First of all, there's the question of >> First of all, there's the question of >> First of all, there's the question of what what what matters most in your what what what matters most in your what what what matters most in your lifestyle. lifestyle. lifestyle. So, I'm going to get philosophical, not So, I'm going to get philosophical, not So, I'm going to get philosophical, not assuming that the highest income is the assuming that the highest income is the assuming that the highest income is the best. Okay? best. Okay? best. Okay? Because happiness Because happiness Because happiness You want happiness and health. You want happiness and health. You want happiness and health. And so, in answering your question, And so, in answering your question, And so, in answering your question, there's very little correlation between there's very little correlation between there's very little correlation between the amount of money you have and the the amount of money you have and the the amount of money you have and the level of happiness that you have past level of happiness that you have past level of happiness that you have past the basic level. And so, I could be the basic level. And so, I could be the basic level. And so, I could be answer your question first, which the answer your question first, which the answer your question first, which the obvious way is to say to earn the most obvious way is to say to earn the most obvious way is to say to earn the most amount of money, and I want to start off amount of money, and I want to start off amount of money, and I want to start off in saying that in saying that in saying that you know, my experiences is so on is you know, my experiences is so on is you know, my experiences is so on is like I love being in nature. like I love being in nature. like I love being in nature. And it doesn't cost me hardly anything. And it doesn't cost me hardly anything. And it doesn't cost me hardly anything. I mean, it depends where your pull is. I mean, it depends where your pull is. I mean, it depends where your pull is. And so, don't lose sight of your pull And so, don't lose sight of your pull And so, don't lose sight of your pull and what it's about. What you want to do and what it's about. What you want to do and what it's about. What you want to do is you want to get above the level that is you want to get above the level that is you want to get above the level that you don't have to panic. We just earlier you don't have to panic. We just earlier you don't have to panic. We just earlier discussed how many months can I live and discussed how many months can I live and discussed how many months can I live and to be able to secure that and to be to be able to secure that and to be to be able to secure that and to be excited and have that passion or that excited and have that passion or that excited and have that passion or that whatever it is the life that I want to whatever it is the life that I want to whatever it is the life that I want to have. So, I just want to emphasize keep have. So, I just want to emphasize keep have. So, I just want to emphasize keep in mind of that. But then also, you in mind of that. But then also, you in mind of that. But then also, you know, my principle is make your work and know, my principle is make your work and know, my principle is make your work and your passion the same thing and don't your passion the same thing and don't your passion the same thing and don't forget about the money part. forget about the money part. forget about the money part. Right? So, know your nature. Right? So, know your nature. Right? So, know your nature. Uh um this is what I tell my grandkids. Uh um this is what I tell my grandkids. Uh um this is what I tell my grandkids. Okay? Okay? Okay? Yeah, you have a feel and you also have Yeah, you have a feel and you also have Yeah, you have a feel and you also have a nature. It's not just your a nature. It's not just your a nature. It's not just your preferences. People think differently. preferences. People think differently. preferences. People think differently. Some are uh more adventurous. Some are Some are uh more adventurous. Some are Some are uh more adventurous. Some are less adventurous. Some are more less adventurous. Some are more less adventurous. Some are more conceptual or artistic and can think conceptual or artistic and can think conceptual or artistic and can think with imagination and they love doing with imagination and they love doing with imagination and they love doing that. Some people don't like that. Some that. Some people don't like that. Some that. Some people don't like that. Some people want to they may life should be people want to they may life should be people want to they may life should be more concrete and more certain and so more concrete and more certain and so more concrete and more certain and so on. That's your nature. You're partially on. That's your nature. You're partially on. That's your nature. You're partially you're a lot born with that nature and you're a lot born with that nature and you're a lot born with that nature and you also you also you also learn it in your earlier years. We know learn it in your earlier years. We know learn it in your earlier years. We know this of how how neuroplasticity works this of how how neuroplasticity works this of how how neuroplasticity works and so on. So, we're all on a journey to and so on. So, we're all on a journey to and so on. So, we're all on a journey to um find the match between our nature um find the match between our nature um find the match between our nature and our path. And you find though that and our path. And you find though that and our path. And you find though that path, but you can't forget about this path, but you can't forget about this path, but you can't forget about this money part while you're pursuing that money part while you're pursuing that money part while you're pursuing that path. path. path. >> Don't forget about the money. So, if >> Don't forget about the money. So, if >> Don't forget about the money. So, if your, you know, grandkids came to you your, you know, grandkids came to you your, you know, grandkids came to you and they said, and they said, and they said, "I want to become a lawyer." Would you "I want to become a lawyer." Would you "I want to become a lawyer." Would you say, say, say, "Listen, let's forget about the money "Listen, let's forget about the money "Listen, let's forget about the money because I think AI might take that job." because I think AI might take that job." because I think AI might take that job." Or would you say, "Yes." Would you If Or would you say, "Yes." Would you If Or would you say, "Yes." Would you If they said, "I want to be they said, "I want to be they said, "I want to be >> I think you uh uh >> I think you uh uh >> I think you uh uh >> I want to do a thinking job." >> I want to do a thinking job." >> I want to do a thinking job." >> Let me say that history has shown >> Let me say that history has shown >> Let me say that history has shown that it's not that it's not that it's not the most intelligent people or the most the most intelligent people or the most the most intelligent people or the most intelligent species intelligent species intelligent species that are the most successful. that are the most successful. that are the most successful. And it's not And it's not And it's not no necessarily those that work the no necessarily those that work the no necessarily those that work the hardest, although these things are very hardest, although these things are very hardest, although these things are very important. important. important. It is the those who species and and It is the those who species and and It is the those who species and and people who are also most adaptable. people who are also most adaptable. people who are also most adaptable. And and so there's going to be great And and so there's going to be great And and so there's going to be great change in your lifetime. Okay? And so change in your lifetime. Okay? And so change in your lifetime. Okay? And so yes, today it's artificial intelligence. yes, today it's artificial intelligence. yes, today it's artificial intelligence. But if you went back But if you went back But if you went back not long ago, we didn't even know not long ago, we didn't even know not long ago, we didn't even know artificial intelligence would exist the artificial intelligence would exist the artificial intelligence would exist the way it artificial intelligence today way it artificial intelligence today way it artificial intelligence today exists. And the future will be like exists. And the future will be like exists. And the future will be like that. So when you're nailing it down, that. So when you're nailing it down, that. So when you're nailing it down, you know it used to be make sure that you know it used to be make sure that you know it used to be make sure that you know how to code. And then Claude you know how to code. And then Claude you know how to code. And then Claude code comes along and all of those who code comes along and all of those who code comes along and all of those who are coding are coding are coding are worried about their jobs. Okay? So are worried about their jobs. Okay? So are worried about their jobs. Okay? So what is it that matters? Okay? It is what is it that matters? Okay? It is what is it that matters? Okay? It is It is the approach to life in a sense It is the approach to life in a sense It is the approach to life in a sense that produces that you know the the that produces that you know the the that produces that you know the the general understanding and also the general understanding and also the general understanding and also the adaptability. adaptability. adaptability. I think a lot has to do with knowing I think a lot has to do with knowing I think a lot has to do with knowing yourself. That's why in building yourself. That's why in building yourself. That's why in building Bridgewater, Bridgewater, Bridgewater, the personalities of the person were the personalities of the person were the personalities of the person were very important in what suited their very important in what suited their very important in what suited their jobs. And then I built this jobs. And then I built this jobs. And then I built this a personality profile test. a personality profile test. a personality profile test. Then I made it online for anybody to go Then I made it online for anybody to go Then I made it online for anybody to go take. It's about 30 minutes. It's free take. It's about 30 minutes. It's free take. It's about 30 minutes. It's free online. It's called Principles You. online. It's called Principles You. online. It's called Principles You. That'll tell you a lot about your That'll tell you a lot about your That'll tell you a lot about your nature. Okay? But your goal is to find nature. Okay? But your goal is to find nature. Okay? But your goal is to find that nature and what it what are the that nature and what it what are the that nature and what it what are the paths. And there are several paths and paths. And there are several paths and paths. And there are several paths and they're constantly changing to find that they're constantly changing to find that they're constantly changing to find that nature. Okay? You'd experiment. You nature. Okay? You'd experiment. You nature. Okay? You'd experiment. You learn. Okay? But you know, you probably learn. Okay? But you know, you probably learn. Okay? But you know, you probably were pulled into this job by your were pulled into this job by your were pulled into this job by your nature, right? And so and you and you nature, right? And so and you and you nature, right? And so and you and you made it work and here it is it works in made it work and here it is it works in made it work and here it is it works in all of those dimensions and it's like all of those dimensions and it's like all of those dimensions and it's like that for everybody. that for everybody. that for everybody. >> Yeah, it's it's it's interesting cuz you >> Yeah, it's it's it's interesting cuz you >> Yeah, it's it's it's interesting cuz you look forward to the future and I I think look forward to the future and I I think look forward to the future and I I think if I was a young person at this stage, if I was a young person at this stage, if I was a young person at this stage, and I was trying to set out where to aim and I was trying to set out where to aim and I was trying to set out where to aim my career, I would be more confused now my career, I would be more confused now my career, I would be more confused now than ever before, especially cuz they're than ever before, especially cuz they're than ever before, especially cuz they're also contending with this uh also contending with this uh also contending with this uh unemployability crisis amongst entry unemployability crisis amongst entry unemployability crisis amongst entry levels. levels. levels. >> if you're talking about you'd be >> if you're talking about you'd be >> if you're talking about you'd be confused because you can't anticipate confused because you can't anticipate confused because you can't anticipate the future, the future, the future, that's right. That's just the way it is, that's right. That's just the way it is, that's right. That's just the way it is, right? right? right? And and if you say, "What is it that I And and if you say, "What is it that I And and if you say, "What is it that I need, given that reality?" Okay. I need need, given that reality?" Okay. I need need, given that reality?" Okay. I need to I need to learn, I need to know how to I need to learn, I need to know how to I need to learn, I need to know how to maximize the use of tools like AI to to maximize the use of tools like AI to to maximize the use of tools like AI to be able to in- increase what I know, and be able to in- increase what I know, and be able to in- increase what I know, and how do I use that to the best of my how do I use that to the best of my how do I use that to the best of my ability to be as useful as possible ability to be as useful as possible ability to be as useful as possible doing things that fulfill me. doing things that fulfill me. doing things that fulfill me. >> Mhm. >> Mhm. >> Mhm. >> Okay? So, that's what you need to do. >> Okay? So, that's what you need to do. >> Okay? So, that's what you need to do. You're asking what you need to do. Uh You're asking what you need to do. Uh You're asking what you need to do. Uh just get over the fact that you don't just get over the fact that you don't just get over the fact that you don't know what the future's going to be like. know what the future's going to be like. know what the future's going to be like. So, if you're looking for an answer, and So, if you're looking for an answer, and So, if you're looking for an answer, and it's going to be a computer programmer, it's going to be a computer programmer, it's going to be a computer programmer, is it going to be this or that? No, just is it going to be this or that? No, just is it going to be this or that? No, just be maximize uh your ability to know, be maximize uh your ability to know, be maximize uh your ability to know, which is so easy to do nowadays, right? which is so easy to do nowadays, right? which is so easy to do nowadays, right? So, maximize that, and then maximum use So, maximize that, and then maximum use So, maximize that, and then maximum use that to maximize your usefulness in in that to maximize your usefulness in in that to maximize your usefulness in in jobs that make you happy, and that's the jobs that make you happy, and that's the jobs that make you happy, and that's the thing that thing that thing that that's the best I can give you in terms that's the best I can give you in terms that's the best I can give you in terms of more mice 16-year-old, of more mice 16-year-old, of more mice 16-year-old, that's the best I I can give them. that's the best I I can give them. that's the best I I can give them. Because I I don't want to mislead them Because I I don't want to mislead them Because I I don't want to mislead them that it's the thing, that it's the that it's the thing, that it's the that it's the thing, that it's the particular job. particular job. particular job. Okay? That'll mislead them. Okay? That'll mislead them. Okay? That'll mislead them. >> You talked about this 80-year cycle, >> You talked about this 80-year cycle, >> You talked about this 80-year cycle, which results in this new world order, which results in this new world order, which results in this new world order, and it sounded like you were saying that and it sounded like you were saying that and it sounded like you were saying that near the end of the cycle, you see near the end of the cycle, you see near the end of the cycle, you see wealth inequality. wealth inequality. wealth inequality. And you see the Gilded Age, where some And you see the Gilded Age, where some And you see the Gilded Age, where some people have lots of nice things, and people have lots of nice things, and people have lots of nice things, and other people at the other end are other people at the other end are other people at the other end are struggling, and this is a function of struggling, and this is a function of struggling, and this is a function of capitalism. capitalism. capitalism. >> First of all, >> First of all, >> First of all, um that it's not only just a um a that it's not only just a um a a wealth gap difference. And if the a wealth gap difference. And if the a wealth gap difference. And if the majority majority majority system is not working for the majority, system is not working for the majority, system is not working for the majority, well, you're going to have a problem. well, you're going to have a problem. well, you're going to have a problem. And yes, it is um it's contributed to And yes, it is um it's contributed to And yes, it is um it's contributed to these things where one wants to create these things where one wants to create these things where one wants to create more opportunity through education more opportunity through education more opportunity through education and through other basics, that there's and through other basics, that there's and through other basics, that there's certain level that a floor certain level that a floor certain level that a floor that nobody should go underneath that nobody should go underneath that nobody should go underneath because it's bad for them and it's bad because it's bad for them and it's bad because it's bad for them and it's bad for the society. And just to embellish for the society. And just to embellish for the society. And just to embellish on that point, my wife and I live in on that point, my wife and I live in on that point, my wife and I live in Connecticut. It's the on a per capita Connecticut. It's the on a per capita Connecticut. It's the on a per capita income basis, I think it's the second income basis, I think it's the second income basis, I think it's the second richest state. But 22% of the high richest state. But 22% of the high richest state. But 22% of the high school students have either dropped out school students have either dropped out school students have either dropped out of high school or are failing with of high school or are failing with of high school or are failing with absentee rates of greater than 25%. absentee rates of greater than 25%. absentee rates of greater than 25%. And as a result, a lot of it is gangs, And as a result, a lot of it is gangs, And as a result, a lot of it is gangs, shootings, drugs, and so on that leads shootings, drugs, and so on that leads shootings, drugs, and so on that leads to a lot of incarcerations. to a lot of incarcerations. to a lot of incarcerations. And the bill for incarcerations And the bill for incarcerations And the bill for incarcerations has become uh larger than the education has become uh larger than the education has become uh larger than the education budget. When you have that kind of cycle budget. When you have that kind of cycle budget. When you have that kind of cycle and so on, the system has to work for and so on, the system has to work for and so on, the system has to work for most of the people and and so on. So, most of the people and and so on. So, most of the people and and so on. So, you you um you you have that dynamic. you you um you you have that dynamic. you you um you you have that dynamic. But it all comes down to productivity. But it all comes down to productivity. But it all comes down to productivity. And so, um the way I look at it is the And so, um the way I look at it is the And so, um the way I look at it is the government run by almost anybody government run by almost anybody government run by almost anybody can't make these things run well. I can't make these things run well. I can't make these things run well. I mean, governments do not things run mean, governments do not things run mean, governments do not things run well. So, what is it like to give them well. So, what is it like to give them well. So, what is it like to give them the money and expect that they're going the money and expect that they're going the money and expect that they're going to make things work well? And so, you to make things work well? And so, you to make things work well? And so, you look at this set of circumstances and look at this set of circumstances and look at this set of circumstances and you say, "Who is going to make it work you say, "Who is going to make it work you say, "Who is going to make it work well?" I and I don't know the answer. well?" I and I don't know the answer. well?" I and I don't know the answer. And there's a budget considerations and And there's a budget considerations and And there's a budget considerations and so on. You have to prioritize to the so on. You have to prioritize to the so on. You have to prioritize to the things that make it work well. And and things that make it work well. And and things that make it work well. And and you know what that is? That is educating you know what that is? That is educating you know what that is? That is educating people to be productive and civil. We people to be productive and civil. We people to be productive and civil. We don't talk enough about civility, you don't talk enough about civility, you don't talk enough about civility, you know, how we work together to be able to know, how we work together to be able to know, how we work together to be able to achieve a achieve a achieve a productive result. And the way these productive result. And the way these productive result. And the way these cycles go, it's more likely that they're cycles go, it's more likely that they're cycles go, it's more likely that they're going to have a big fight and we're going to have a big fight and we're going to have a big fight and we're going to have, you know, a debt problem going to have, you know, a debt problem going to have, you know, a debt problem and those kinds of things than we how we and those kinds of things than we how we and those kinds of things than we how we are going to come together and work out are going to come together and work out are going to come together and work out how to achieve this environment which how to achieve this environment which how to achieve this environment which takes care of wonderful education and takes care of wonderful education and takes care of wonderful education and productivity of people and all of that productivity of people and all of that productivity of people and all of that to make the society work better to make the society work better to make the society work better for most people. And that's the way it for most people. And that's the way it for most people. And that's the way it looks and that's what's happened. looks and that's what's happened. looks and that's what's happened. >> Capitalism leads to inequality, it >> Capitalism leads to inequality, it >> Capitalism leads to inequality, it seems. seems. seems. >> Yeah. >> Yeah. >> Yeah. >> So >> So >> So >> But it doesn't have to. >> But it doesn't have to. >> But it doesn't have to. There are some societies There are some societies There are some societies um like in Singapore, some of the um like in Singapore, some of the um like in Singapore, some of the Scandinavian countries, some some Scandinavian countries, some some Scandinavian countries, some some societies, there is a a floor that societies, there is a a floor that societies, there is a a floor that everybody uh everybody uh everybody uh can have um good education, adequate can have um good education, adequate can have um good education, adequate housing, and adequate health care. housing, and adequate health care. housing, and adequate health care. The foundations. The foundations. The foundations. Okay? Okay? Okay? Because if you go below those levels, Because if you go below those levels, Because if you go below those levels, uh the society will pay terribly for it uh the society will pay terribly for it uh the society will pay terribly for it because those people because those people because those people will be will be will be liabilities, not assets of the society. liabilities, not assets of the society. liabilities, not assets of the society. They'll be disruptive. They'll be disruptive. They'll be disruptive. >> So what about wealth taxes? Cuz this is >> So what about wealth taxes? Cuz this is >> So what about wealth taxes? Cuz this is the big debate now. The the big debate the big debate now. The the big debate the big debate now. The the big debate in the UK at the moment is tax the rich. in the UK at the moment is tax the rich. in the UK at the moment is tax the rich. It's been all over our news over the It's been all over our news over the It's been all over our news over the last couple of weeks. The big debate in last couple of weeks. The big debate in last couple of weeks. The big debate in New York and LA is wealth taxes and tax New York and LA is wealth taxes and tax New York and LA is wealth taxes and tax the rich. Good idea, bad idea? the rich. Good idea, bad idea? the rich. Good idea, bad idea? >> It's a very difficult idea in the >> It's a very difficult idea in the >> It's a very difficult idea in the following ways. following ways. following ways. I'm just talking about the mechanics. I'm just talking about the mechanics. I'm just talking about the mechanics. They have to sell the wealth. They have to sell the wealth. They have to sell the wealth. And And And and that contributes to get the money to and that contributes to get the money to and that contributes to get the money to pay the taxes. That's one of those pay the taxes. That's one of those pay the taxes. That's one of those things that can cause the bubble to things that can cause the bubble to things that can cause the bubble to burst as we're talking about. And then, burst as we're talking about. And then, burst as we're talking about. And then, [clears throat] um, operationally, [clears throat] um, operationally, [clears throat] um, operationally, it's very difficult, unlike if they did it's very difficult, unlike if they did it's very difficult, unlike if they did it as, um, stepped-up tax bases. In it as, um, stepped-up tax bases. In it as, um, stepped-up tax bases. In other words, right now, when you die, other words, right now, when you die, other words, right now, when you die, your capital gains gets put aside. And your capital gains gets put aside. And your capital gains gets put aside. And you don't have to pay capital gains you don't have to pay capital gains you don't have to pay capital gains taxes, you pay inheritance taxes. And taxes, you pay inheritance taxes. And taxes, you pay inheritance taxes. And there are ways that you can raise taxes there are ways that you can raise taxes there are ways that you can raise taxes and not hurt the economy. But we do have and not hurt the economy. But we do have and not hurt the economy. But we do have to realize that it will lessen to realize that it will lessen to realize that it will lessen investment. Because what wealth is investment. Because what wealth is investment. Because what wealth is mostly used for is to put it into mostly used for is to put it into mostly used for is to put it into investment. So you have to do this with investment. So you have to do this with investment. So you have to do this with a at the same time the improvements in a at the same time the improvements in a at the same time the improvements in those that are going to improve those that are going to improve those that are going to improve productivity, like education and so on. productivity, like education and so on. productivity, like education and so on. If you're just making transfer payments, If you're just making transfer payments, If you're just making transfer payments, wealth payments, and you undermine the wealth payments, and you undermine the wealth payments, and you undermine the productivity of the society by doing productivity of the society by doing productivity of the society by doing that. In other words, you're just giving that. In other words, you're just giving that. In other words, you're just giving it for consumption and so on. And the it for consumption and so on. And the it for consumption and so on. And the money's going from what was capital money's going from what was capital money's going from what was capital expenditures and those kinds of expenditures and those kinds of expenditures and those kinds of investments that make, uh, a better, investments that make, uh, a better, investments that make, uh, a better, more productive society to go to, in a more productive society to go to, in a more productive society to go to, in a sense, consumption and so on. That sense, consumption and so on. That sense, consumption and so on. That doesn't produce that prod- productivity. doesn't produce that prod- productivity. doesn't produce that prod- productivity. That's going to be a problem. So you That's going to be a problem. So you That's going to be a problem. So you have to think, how do you make people have to think, how do you make people have to think, how do you make people productive and how do you make your productive and how do you make your productive and how do you make your society productive for most people? Or society productive for most people? Or society productive for most people? Or you're going to have to find a way where you're going to have to find a way where you're going to have to find a way where you say that other group of people who you say that other group of people who you say that other group of people who is not productive, um, the overall is not productive, um, the overall is not productive, um, the overall society can have a higher level of society can have a higher level of society can have a higher level of productivity, but we're going to still productivity, but we're going to still productivity, but we're going to still establish this bottom that I'm talking establish this bottom that I'm talking establish this bottom that I'm talking about. The bottom in education, the about. The bottom in education, the about. The bottom in education, the bottom in conditions. And then you have bottom in conditions. And then you have bottom in conditions. And then you have to say who was capable of doing it. to say who was capable of doing it. to say who was capable of doing it. Building Building Building a uh a uh a uh a society that will be productive. a society that will be productive. a society that will be productive. >> And who is that? >> And who is that? >> And who is that? >> Well, as I say, you have this dynamic >> Well, as I say, you have this dynamic >> Well, as I say, you have this dynamic problem that um problem that um problem that um uh typically a privately owned uh typically a privately owned uh typically a privately owned capitalist owned capitalist owned capitalist owned business business business will do better than their government will do better than their government will do better than their government counterpart. counterpart. counterpart. >> Okay, so business is more productive >> Okay, so business is more productive >> Okay, so business is more productive typically than a government entity. typically than a government entity. typically than a government entity. >> That's the system. >> That's the system. >> That's the system. >> So entrepreneurship, you need >> So entrepreneurship, you need >> So entrepreneurship, you need entrepreneurship. entrepreneurship. entrepreneurship. >> Yeah, and capital. In other words, >> Yeah, and capital. In other words, >> Yeah, and capital. In other words, people who are capable of making the people who are capable of making the people who are capable of making the thing they're responsible for thing they're responsible for thing they're responsible for productive. Okay? Run efficiently. Run productive. Okay? Run efficiently. Run productive. Okay? Run efficiently. Run efficiently. So you need those efficiently. So you need those efficiently. So you need those indisputably. And if you're doing that indisputably. And if you're doing that indisputably. And if you're doing that in government, you need that in in government, you need that in in government, you need that in government in order to be able to do it. government in order to be able to do it. government in order to be able to do it. And government has its own And government has its own And government has its own uh it first of all, it doesn't attract uh it first of all, it doesn't attract uh it first of all, it doesn't attract many of those people. And then it also many of those people. And then it also many of those people. And then it also has, by its nature, knowing many people has, by its nature, knowing many people has, by its nature, knowing many people have gone into it, it it is almost have gone into it, it it is almost have gone into it, it it is almost dysfunctional as it causes all of this dysfunctional as it causes all of this dysfunctional as it causes all of this arguing and problems. So those who want arguing and problems. So those who want arguing and problems. So those who want to be most productive tend not to go to be most productive tend not to go to be most productive tend not to go there. And also, um it doesn't uh there. And also, um it doesn't uh there. And also, um it doesn't uh distribute well. These people do not distribute well. These people do not distribute well. These people do not they're not on the ground. They don't they're not on the ground. They don't they're not on the ground. They don't have the direct contact. They don't know have the direct contact. They don't know have the direct contact. They don't know what it's like. And as I'm describing, I what it's like. And as I'm describing, I what it's like. And as I'm describing, I see it this way. see it this way. see it this way. >> Politicians. >> Politicians. >> Politicians. >> Yeah, the politician who says I'm uh I'm >> Yeah, the politician who says I'm uh I'm >> Yeah, the politician who says I'm uh I'm going to you know, so you still have to going to you know, so you still have to going to you know, so you still have to come back to the question, who's going come back to the question, who's going come back to the question, who's going to make it run efficiently? to make it run efficiently? to make it run efficiently? >> This is something that I've made for >> This is something that I've made for >> This is something that I've made for you. I realize that the Diverce City you. I realize that the Diverce City you. I realize that the Diverce City audience are strivers, whether it's in audience are strivers, whether it's in audience are strivers, whether it's in business or health. We all have big business or health. We all have big business or health. We all have big goals that we want to accomplish. And goals that we want to accomplish. And goals that we want to accomplish. And one of the things I've learned is that one of the things I've learned is that one of the things I've learned is that when you aim at the big, big, big goal, when you aim at the big, big, big goal, when you aim at the big, big, big goal, it can feel incredibly psychologically it can feel incredibly psychologically it can feel incredibly psychologically uncomfortable because it's kind of like uncomfortable because it's kind of like uncomfortable because it's kind of like being stood at the foot of Mount Everest being stood at the foot of Mount Everest being stood at the foot of Mount Everest and looking upwards. The way to and looking upwards. The way to and looking upwards. The way to accomplish your goals is by breaking accomplish your goals is by breaking accomplish your goals is by breaking them down into tiny small steps, and we them down into tiny small steps, and we them down into tiny small steps, and we call this in our team the 1%. And call this in our team the 1%. And call this in our team the 1%. And actually, this philosophy is highly actually, this philosophy is highly actually, this philosophy is highly responsible for much of our success responsible for much of our success responsible for much of our success here. So, what we've done so that you at here. So, what we've done so that you at here. So, what we've done so that you at home can accomplish any big goal that home can accomplish any big goal that home can accomplish any big goal that you have is we've made these 1% diaries, you have is we've made these 1% diaries, you have is we've made these 1% diaries, and we released these last year and they and we released these last year and they and we released these last year and they all sold out. So, I asked my team over all sold out. So, I asked my team over all sold out. So, I asked my team over and over again to bring the diaries and over again to bring the diaries and over again to bring the diaries back, but also to introduce some new back, but also to introduce some new back, but also to introduce some new colors and to make some minor tweaks to colors and to make some minor tweaks to colors and to make some minor tweaks to the diary. So, now we have a better the diary. So, now we have a better the diary. So, now we have a better range for you. So, if you have a big range for you. So, if you have a big range for you. So, if you have a big goal in mind and you need a framework goal in mind and you need a framework goal in mind and you need a framework and a process and some motivation, then and a process and some motivation, then and a process and some motivation, then I highly recommend you get one of these I highly recommend you get one of these I highly recommend you get one of these diaries before they all sell out once diaries before they all sell out once diaries before they all sell out once again. And you can get yours at the again. And you can get yours at the again. And you can get yours at the diary.com. diary.com. diary.com. And if you want the link, the link is in And if you want the link, the link is in And if you want the link, the link is in the description below. the description below. the description below. What is the UK currently a cautionary What is the UK currently a cautionary What is the UK currently a cautionary tale of? tale of? tale of? >> It's the classic cycle. They >> It's the classic cycle. They >> It's the classic cycle. They have gotten over have gotten over have gotten over indebted, indebted, indebted, under productive, under productive, under productive, and they've run out of choices. and they've run out of choices. and they've run out of choices. In other words, there's not enough In other words, there's not enough In other words, there's not enough money. money. money. Okay? Okay? Okay? And because there's not enough money And because there's not enough money And because there's not enough money um to to do all the things, um to to do all the things, um to to do all the things, then they've gotten this then they've gotten this then they've gotten this internal political conflict going. internal political conflict going. internal political conflict going. And you've had uh And you've had uh And you've had uh six out of the last seven years, you've six out of the last seven years, you've six out of the last seven years, you've had it a new pri- prime minister. had it a new pri- prime minister. had it a new pri- prime minister. Because somebody else comes in and they Because somebody else comes in and they Because somebody else comes in and they got their promise. got their promise. got their promise. And and the promise doesn't pan out, and And and the promise doesn't pan out, and And and the promise doesn't pan out, and it doesn't take long to be that that I it doesn't take long to be that that I it doesn't take long to be that that I don't believe your promise anymore, so don't believe your promise anymore, so don't believe your promise anymore, so you bring new people in and then you you bring new people in and then you you bring new people in and then you throw them out. throw them out. throw them out. >> We We just had a new prime minister >> We We just had a new prime minister >> We We just had a new prime minister yesterday. yesterday. yesterday. >> Yeah, I know. I'm I'm It's all part of >> Yeah, I know. I'm I'm It's all part of >> Yeah, I know. I'm I'm It's all part of this cycle. And so, what happens is they this cycle. And so, what happens is they this cycle. And so, what happens is they don't have the financial and the people don't have the financial and the people don't have the financial and the people move. It's just logical, right? It's move. It's just logical, right? It's move. It's just logical, right? It's just When you're heavily indebted just When you're heavily indebted just When you're heavily indebted and you're not as productive and you're not as productive and you're not as productive and you've got large wealth gaps, and you've got large wealth gaps, and you've got large wealth gaps, what are you going to do? It's politics. what are you going to do? It's politics. what are you going to do? It's politics. Um you're going to say, "I can't raise Um you're going to say, "I can't raise Um you're going to say, "I can't raise taxes because if I raise taxes, besides taxes because if I raise taxes, besides taxes because if I raise taxes, besides having great in conflict, people are having great in conflict, people are having great in conflict, people are going to leave." going to leave." going to leave." Uh okay. So, I can't I can't cut Uh okay. So, I can't I can't cut Uh okay. So, I can't I can't cut benefits because those who are receiving benefits because those who are receiving benefits because those who are receiving whatever those benefits are are the ones whatever those benefits are are the ones whatever those benefits are are the ones that are suffering them. And what am I that are suffering them. And what am I that are suffering them. And what am I going to do? Cut those benefits? going to do? Cut those benefits? going to do? Cut those benefits? So, now okay. So, now okay. So, now okay. But, wait a second. I'm running a big But, wait a second. I'm running a big But, wait a second. I'm running a big deficit or I don't have enough money. deficit or I don't have enough money. deficit or I don't have enough money. So, where does the money come from? How So, where does the money come from? How So, where does the money come from? How do I get out of not getting more in do I get out of not getting more in do I get out of not getting more in debt? And then what does that mean for debt? And then what does that mean for debt? And then what does that mean for the person who's lending to you? They the person who's lending to you? They the person who's lending to you? They don't want to lend to you, right? So, don't want to lend to you, right? So, don't want to lend to you, right? So, you're not going to get the money to you're not going to get the money to you're not going to get the money to finance the deficits. finance the deficits. finance the deficits. It's mechanics. It's mechanics. It's mechanics. >> So, what is it they have to do to get >> So, what is it they have to do to get >> So, what is it they have to do to get out of that situation? out of that situation? out of that situation? >> They're going to have to have a, you >> They're going to have to have a, you >> They're going to have to have a, you know, a major know, a major know, a major restructuring. You're going to have to restructuring. You're going to have to restructuring. You're going to have to um um um >> Go bankrupt. >> Go bankrupt. >> Go bankrupt. >> Wipe out. >> Wipe out. >> Wipe out. Yeah, well well, the the way these Yeah, well well, the the way these Yeah, well well, the the way these central banks work now is they do a central banks work now is they do a central banks work now is they do a mixture of printing money, which mixture of printing money, which mixture of printing money, which produces inflation, produces inflation, produces inflation, and then restructuring the debt in some and then restructuring the debt in some and then restructuring the debt in some way, like maybe changing the maturity. way, like maybe changing the maturity. way, like maybe changing the maturity. Well, and and in these cycles, quite Well, and and in these cycles, quite Well, and and in these cycles, quite often they put in capital controls often they put in capital controls often they put in capital controls because they think people are leaving, because they think people are leaving, because they think people are leaving, so they don't want them to leave and so they don't want them to leave and so they don't want them to leave and take their money with them. So, they put take their money with them. So, they put take their money with them. So, they put in capital controls that says, "You in capital controls that says, "You in capital controls that says, "You can't leave with your money." Okay, and can't leave with your money." Okay, and can't leave with your money." Okay, and they'll have exit taxes. And that's the they'll have exit taxes. And that's the they'll have exit taxes. And that's the type of thing that happens until, you type of thing that happens until, you type of thing that happens until, you know, there's period of great know, there's period of great know, there's period of great turbulence. Then you um through a turbulence. Then you um through a turbulence. Then you um through a combination of restructuring the debt. combination of restructuring the debt. combination of restructuring the debt. Restructuring the debt means like quite Restructuring the debt means like quite Restructuring the debt means like quite often you lengthen the maturity of the often you lengthen the maturity of the often you lengthen the maturity of the debt. debt. debt. >> Okay. >> Okay. >> Okay. >> I think what's needed is a strong >> I think what's needed is a strong >> I think what's needed is a strong middle. middle. middle. >> What does that mean? >> What does that mean? >> What does that mean? >> Right now, >> Right now, >> Right now, there's a left and right, and they're there's a left and right, and they're there's a left and right, and they're extreme. extreme. extreme. And as long as they're at war with each And as long as they're at war with each And as long as they're at war with each other, that's going to make things other, that's going to make things other, that's going to make things worse. worse. worse. >> Yeah. >> Yeah. >> Yeah. >> If you can find that middle course, so >> If you can find that middle course, so >> If you can find that middle course, so that those at most extreme that those at most extreme that those at most extreme um um um are more alienated than those who say, are more alienated than those who say, are more alienated than those who say, you know, we're going to have to figure you know, we're going to have to figure you know, we're going to have to figure this out together. this out together. this out together. And then what I would do, And then what I would do, And then what I would do, that leadership, that core, I would have that leadership, that core, I would have that leadership, that core, I would have um something like a bipartisan um something like a bipartisan um something like a bipartisan commission, commission, commission, in which smart people, in which smart people, in which smart people, meaning who understand how economics and meaning who understand how economics and meaning who understand how economics and these things work, these things work, these things work, of both parties work together of both parties work together of both parties work together to uh come up with a small uh and to uh come up with a small uh and to uh come up with a small uh and difficult plan. In other words, you're difficult plan. In other words, you're difficult plan. In other words, you're going to have to make difficult changes going to have to make difficult changes going to have to make difficult changes in order to make that um work well. But, in order to make that um work well. But, in order to make that um work well. But, if you can achieve that, you know, like if you can achieve that, you know, like if you can achieve that, you know, like sometimes in history, great leaders of sometimes in history, great leaders of sometimes in history, great leaders of opposing sides have been able to come up opposing sides have been able to come up opposing sides have been able to come up with a plan. I mean, that's how the with a plan. I mean, that's how the with a plan. I mean, that's how the Constitution was made. You come up with Constitution was made. You come up with Constitution was made. You come up with a plan for operating that way, and then a plan for operating that way, and then a plan for operating that way, and then you impose those difficult changes. And you impose those difficult changes. And you impose those difficult changes. And then when I say this, I I say that then when I say this, I I say that then when I say this, I I say that that's very difficult and very long that's very difficult and very long that's very difficult and very long shot. But, um unless you have bipartisan shot. But, um unless you have bipartisan shot. But, um unless you have bipartisan support, unless you do it in a way where support, unless you do it in a way where support, unless you do it in a way where the pain is shared, the pain is shared, the pain is shared, um um um and there's a sense that there is a um and there's a sense that there is a um and there's a sense that there is a um we're doing the right thing, we're doing the right thing, we're doing the right thing, as well as not a sense, just a reality as well as not a sense, just a reality as well as not a sense, just a reality of doing the right thing, of doing the right thing, of doing the right thing, to make most people productive, that is to make most people productive, that is to make most people productive, that is the best path forward. the best path forward. the best path forward. >> If you were a young entrepreneur, >> If you were a young entrepreneur, >> If you were a young entrepreneur, you know, 21 years old, would you you know, 21 years old, would you you know, 21 years old, would you build a company in the UK now if you had build a company in the UK now if you had build a company in the UK now if you had a choice? And if not, why not? And if a choice? And if not, why not? And if a choice? And if not, why not? And if so, why? so, why? so, why? >> I would uh exist without and try to >> I would uh exist without and try to >> I would uh exist without and try to exist without borders. exist without borders. exist without borders. >> What does that mean practically? >> What does that mean practically? >> What does that mean practically? >> In other words, put aside all of these >> In other words, put aside all of these >> In other words, put aside all of these things that we're talking about to a things that we're talking about to a things that we're talking about to a large extent and say where are the large extent and say where are the large extent and say where are the places in the world places in the world places in the world that are that have the vibrancy, that that are that have the vibrancy, that that are that have the vibrancy, that have the capital, that have uh the have the capital, that have uh the have the capital, that have uh the elements that are needed. There are elements that are needed. There are elements that are needed. There are bright spots in the world and I'd want bright spots in the world and I'd want bright spots in the world and I'd want to be around the most intelligent, doing to be around the most intelligent, doing to be around the most intelligent, doing the most cutting-edge, terrific things the most cutting-edge, terrific things the most cutting-edge, terrific things and be global. In other words, don't be and be global. In other words, don't be and be global. In other words, don't be just stuck in a provincial place. Go to just stuck in a provincial place. Go to just stuck in a provincial place. Go to these places that are what I might call these places that are what I might call these places that are what I might call almost Renaissance states that are good almost Renaissance states that are good almost Renaissance states that are good things are happening and these qualities things are happening and these qualities things are happening and these qualities exist that not only good education, the exist that not only good education, the exist that not only good education, the civility, the vibrancy. Be in those civility, the vibrancy. Be in those civility, the vibrancy. Be in those places, but be able not just in one. places, but be able not just in one. places, but be able not just in one. There's a Chinese There's a Chinese There's a Chinese not a Chinese, Hong Kong expression. I not a Chinese, Hong Kong expression. I not a Chinese, Hong Kong expression. I think that a smart rabbit has three think that a smart rabbit has three think that a smart rabbit has three holes. And what it means is like if the holes. And what it means is like if the holes. And what it means is like if the one place that you go to, one place that you go to, one place that you go to, uh it may not be the place that uh it may not be the place that uh it may not be the place that uh remains the best place. They're uh remains the best place. They're uh remains the best place. They're riskier places. The riskier places are riskier places. The riskier places are riskier places. The riskier places are those that don't have the elements I those that don't have the elements I those that don't have the elements I mentioned. The education, the civility, mentioned. The education, the civility, mentioned. The education, the civility, the productivity, all of those things. the productivity, all of those things. the productivity, all of those things. >> So, would you Would one of those places >> So, would you Would one of those places >> So, would you Would one of those places be be the United Kingdom? Cuz me and my be be the United Kingdom? Cuz me and my be be the United Kingdom? Cuz me and my friends talk about this sometimes, you friends talk about this sometimes, you friends talk about this sometimes, you know, I've got I've invested in lots of know, I've got I've invested in lots of know, I've got I've invested in lots of companies there and the founders come to companies there and the founders come to companies there and the founders come to me and ask me these kinds of questions, me and ask me these kinds of questions, me and ask me these kinds of questions, which is is based on everything that's which is is based on everything that's which is is based on everything that's going on with this turmoil and the big going on with this turmoil and the big going on with this turmoil and the big cycle, um what's going to happen if I cycle, um what's going to happen if I cycle, um what's going to happen if I continue to build my company here in the continue to build my company here in the continue to build my company here in the United United United >> I think that um I think the United >> I think that um I think the United >> I think that um I think the United Kingdom, Kingdom, Kingdom, as it goes through these difficulties is as it goes through these difficulties is as it goes through these difficulties is as a whole a more difficult place. as a whole a more difficult place. as a whole a more difficult place. And then there are pockets of it that And then there are pockets of it that And then there are pockets of it that when they're operating are in their when they're operating are in their when they're operating are in their pockets very stimulative pockets very stimulative pockets very stimulative having those elements just like in the having those elements just like in the having those elements just like in the United States there are places and United States there are places and United States there are places and pockets that have those. However, pockets that have those. However, pockets that have those. However, they're within a system in a place that they're within a system in a place that they're within a system in a place that is um is um is um not um not um not um not healthy. not healthy. not healthy. >> The real dominant narrative we're seeing >> The real dominant narrative we're seeing >> The real dominant narrative we're seeing as I said this week is that as I said this week is that as I said this week is that because there's this problem you said because there's this problem you said because there's this problem you said there's not enough money there's not enough money there's not enough money the the the the most popular the most popular the most popular narrative which I think is supported by narrative which I think is supported by narrative which I think is supported by about 70% of people is that people over about 70% of people is that people over about 70% of people is that people over 10 million net worth 10 million net worth 10 million net worth this this is something proposed by one this this is something proposed by one this this is something proposed by one of my former guests Gary Stevenson who of my former guests Gary Stevenson who of my former guests Gary Stevenson who did a documentary last week should have did a documentary last week should have did a documentary last week should have a 2% wealth tax. a 2% wealth tax. a 2% wealth tax. >> My preferred way is to stop people from >> My preferred way is to stop people from >> My preferred way is to stop people from hoarding enormous amounts of wealth for hoarding enormous amounts of wealth for hoarding enormous amounts of wealth for enormous amounts of time. That's my enormous amounts of time. That's my enormous amounts of time. That's my that's basically my preferred method. that's basically my preferred method. that's basically my preferred method. There's also the wealth tax method. There's also the wealth tax method. There's also the wealth tax method. There's also capital gains as a method. There's also capital gains as a method. There's also capital gains as a method. There's a lot of different ways to There's a lot of different ways to There's a lot of different ways to There's a lot of different ways to but There's a lot of different ways to but There's a lot of different ways to but you have to deal with the problem of if you have to deal with the problem of if you have to deal with the problem of if you do not do not tax very wealthy you do not do not tax very wealthy you do not do not tax very wealthy individuals and very wealthy families individuals and very wealthy families individuals and very wealthy families their share of the pie will obviously go their share of the pie will obviously go their share of the pie will obviously go over time and they will and they are as over time and they will and they are as over time and they will and they are as we are watching squeezing out ordinary we are watching squeezing out ordinary we are watching squeezing out ordinary families. families. families. >> And this is kind of it would raise I >> And this is kind of it would raise I >> And this is kind of it would raise I think it's I think they said 20 billion think it's I think they said 20 billion think it's I think they said 20 billion dollars or something like that but it dollars or something like that but it dollars or something like that but it would raise some money. would raise some money. would raise some money. Um so the the big debate in the country Um so the the big debate in the country Um so the the big debate in the country at the moment is yeah do we one way to at the moment is yeah do we one way to at the moment is yeah do we one way to raise money would be this wealth tax. raise money would be this wealth tax. raise money would be this wealth tax. Proponents of that or I should say um Proponents of that or I should say um Proponents of that or I should say um people that are against that say people people that are against that say people people that are against that say people will leave. will leave. will leave. >> If you took >> If you took >> If you took all of the money of people in the in the all of the money of people in the in the all of the money of people in the in the top top top not in other words taxed at 100% you're not in other words taxed at 100% you're not in other words taxed at 100% you're not going to come up with enough money not going to come up with enough money not going to come up with enough money because it's a such a small percentage because it's a such a small percentage because it's a such a small percentage of the population and and but and that of the population and and but and that of the population and and but and that but it in addition yes the people will but it in addition yes the people will but it in addition yes the people will leave. Then you change the laws so that leave. Then you change the laws so that leave. Then you change the laws so that you make them retroactive. you make them retroactive. you make them retroactive. In other In other words, you say the law In other In other words, you say the law In other In other words, you say the law means you're going to be taxed as of a means you're going to be taxed as of a means you're going to be taxed as of a past date, so that if you leave, past date, so that if you leave, past date, so that if you leave, um we're going to get your money. um we're going to get your money. um we're going to get your money. Or then you put in capital controls. All Or then you put in capital controls. All Or then you put in capital controls. All of this has happened before. Wealth of this has happened before. Wealth of this has happened before. Wealth taxes would be new. Wealth taxes are taxes would be new. Wealth taxes are taxes would be new. Wealth taxes are administratively difficult. Cuz how do administratively difficult. Cuz how do administratively difficult. Cuz how do you value all this wealth that is not you value all this wealth that is not you value all this wealth that is not easily valued and such things. But yes, easily valued and such things. But yes, easily valued and such things. But yes, what you've just said is um well what you've just said is um well what you've just said is um well recognized. recognized. recognized. >> You mentioned earlier that this big >> You mentioned earlier that this big >> You mentioned earlier that this big cycle takes place, this one here on the cycle takes place, this one here on the cycle takes place, this one here on the front of your book, The Changing World front of your book, The Changing World front of your book, The Changing World Order, happens roughly every 80 years. Order, happens roughly every 80 years. Order, happens roughly every 80 years. >> Yes, it's like health. >> Yes, it's like health. >> Yes, it's like health. What I mean is What I mean is What I mean is it varies. On average, let's say, it varies. On average, let's say, it varies. On average, let's say, what is the life expectancy of a person, what is the life expectancy of a person, what is the life expectancy of a person, but life expectancies or how long people but life expectancies or how long people but life expectancies or how long people live vary. I wouldn't uh live vary. I wouldn't uh live vary. I wouldn't uh uh emphasize too much um the amount of uh emphasize too much um the amount of uh emphasize too much um the amount of time exactly as much as I would uh look time exactly as much as I would uh look time exactly as much as I would uh look at your condition. at your condition. at your condition. >> Where are we in this um at the moment >> Where are we in this um at the moment >> Where are we in this um at the moment with in terms of the symptoms or markers with in terms of the symptoms or markers with in terms of the symptoms or markers of the next big of the next big of the next big >> Well, Chrysler over in this vicinity >> Well, Chrysler over in this vicinity >> Well, Chrysler over in this vicinity over here, over here, over here, um you know, uh we're on the um you know, uh we're on the um you know, uh we're on the um when we say that um um when we say that um um when we say that um the US, the UK, the US, the UK, the US, the UK, number of other countries number of other countries number of other countries are um later in that cycle when there's are um later in that cycle when there's are um later in that cycle when there's the loss of the things that we've been the loss of the things that we've been the loss of the things that we've been talking about. talking about. talking about. Uh over-indebtedness, Uh over-indebtedness, Uh over-indebtedness, moreover-indebtedness, the loss of moreover-indebtedness, the loss of moreover-indebtedness, the loss of power. power. power. >> So, in the collapse period of decline >> So, in the collapse period of decline >> So, in the collapse period of decline >> I'll call that the the decline. >> I'll call that the the decline. >> I'll call that the the decline. >> And you've studied this for how long in >> And you've studied this for how long in >> And you've studied this for how long in terms of terms of terms of >> years. The cycles for 500 years and in a >> years. The cycles for 500 years and in a >> years. The cycles for 500 years and in a number of countries that's in that book. number of countries that's in that book. number of countries that's in that book. These are objective measures. This is These are objective measures. This is These are objective measures. This is not subjectivity. You can measure these not subjectivity. You can measure these not subjectivity. You can measure these things. You can measure the level of things. You can measure the level of things. You can measure the level of indebtedness. You can measure the indebtedness. You can measure the indebtedness. You can measure the education levels and the education levels and the education levels and the competitiveness. You can measure all competitiveness. You can measure all competitiveness. You can measure all these things in clearly measurable these things in clearly measurable these things in clearly measurable numbers that show the health just like a numbers that show the health just like a numbers that show the health just like a physical exam. physical exam. physical exam. >> When there's a new world order because >> When there's a new world order because >> When there's a new world order because of this decline through history over the of this decline through history over the of this decline through history over the last 500 years, has there ever been two last 500 years, has there ever been two last 500 years, has there ever been two superpowers that emerge as the dominant superpowers that emerge as the dominant superpowers that emerge as the dominant superpowers? superpowers? superpowers? Or is it just tends to be one? Or is it just tends to be one? Or is it just tends to be one? >> In the past, prior to World War I, >> In the past, prior to World War I, >> In the past, prior to World War I, there was no there was no there was no World War I happened and then World War World War I happened and then World War World War I happened and then World War II happened because the world came II happened because the world came II happened because the world came together and there was one world together and there was one world together and there was one world essentially. essentially. essentially. Before that, there were regions and they Before that, there were regions and they Before that, there were regions and they would have the different powers and you would have the different powers and you would have the different powers and you could have a powerful China or India could have a powerful China or India could have a powerful China or India could be very powerful at the same time could be very powerful at the same time could be very powerful at the same time as the UK or as the UK or as the UK or the Dutch and whatever would be powerful the Dutch and whatever would be powerful the Dutch and whatever would be powerful and they weren't in that one world. And and they weren't in that one world. And and they weren't in that one world. And the basic issue is when you have one the basic issue is when you have one the basic issue is when you have one world and you have disagreements, world and you have disagreements, world and you have disagreements, you're always going to have you're always going to have you're always going to have disagreements. How do you resolve those disagreements. How do you resolve those disagreements. How do you resolve those disagreements? disagreements? disagreements? >> Cool. >> Cool. >> Cool. >> War, okay. It maybe it's not physical >> War, okay. It maybe it's not physical >> War, okay. It maybe it's not physical war, maybe it's whatever it is, but war, maybe it's whatever it is, but war, maybe it's whatever it is, but there's a disagreement. Where does the there's a disagreement. Where does the there's a disagreement. Where does the border lie? Where does this Okay, the border lie? Where does this Okay, the border lie? Where does this Okay, the rules-based rules-based rules-based order is a theoretical order is a theoretical order is a theoretical conception conception conception of the United States coming out of World of the United States coming out of World of the United States coming out of World War II because there's the idea of how War II because there's the idea of how War II because there's the idea of how do you govern and you have do you govern and you have do you govern and you have representatives and you have them in the representatives and you have them in the representatives and you have them in the United Nations and so on. And you know, United Nations and so on. And you know, United Nations and so on. And you know, that's a nice theory, but the reality is that's a nice theory, but the reality is that's a nice theory, but the reality is when that comes in is inconsistent with when that comes in is inconsistent with when that comes in is inconsistent with power, power, power, which wins? Power or that rule-based which wins? Power or that rule-based which wins? Power or that rule-based system? So, by nature, with to answer system? So, by nature, with to answer system? So, by nature, with to answer your question, it means tends to be a your question, it means tends to be a your question, it means tends to be a dominant power. We will see. China and I dominant power. We will see. China and I dominant power. We will see. China and I think the United States I think think the United States I think think the United States I think the most likely beneficial the most likely beneficial the most likely beneficial outcome is that it becomes more outcome is that it becomes more outcome is that it becomes more regional. regional. regional. Okay? China has no desire to occupy, Okay? China has no desire to occupy, Okay? China has no desire to occupy, control other countries for for various control other countries for for various control other countries for for various cultural reasons and things that I can cultural reasons and things that I can cultural reasons and things that I can go into. And and they their basic go into. And and they their basic go into. And and they their basic objective is to not be cut off, not be objective is to not be cut off, not be objective is to not be cut off, not be harmed, and then also be as good as they harmed, and then also be as good as they harmed, and then also be as good as they can be and and be competitive following can be and and be competitive following can be and and be competitive following their approach to a system, which is their approach to a system, which is their approach to a system, which is very much a top-down controlled system very much a top-down controlled system very much a top-down controlled system that's an extension of Confucianism, that's an extension of Confucianism, that's an extension of Confucianism, which is like the family, and that's which is like the family, and that's which is like the family, and that's what they want to do. You can possibly what they want to do. You can possibly what they want to do. You can possibly have this region thing, but you're not have this region thing, but you're not have this region thing, but you're not going to have the dominant world power going to have the dominant world power going to have the dominant world power if that's the case. You have some chance if that's the case. You have some chance if that's the case. You have some chance that there's a great conflict, but I that there's a great conflict, but I that there's a great conflict, but I think that there's enough wisdom in a think that there's enough wisdom in a think that there's enough wisdom in a sense to sense to sense to not want to go there. not want to go there. not want to go there. >> So, there's always there's pretty much >> So, there's always there's pretty much >> So, there's always there's pretty much always been a superpower through always been a superpower through always been a superpower through different cycles. There's been one different cycles. There's been one different cycles. There's been one dominant power through these historical dominant power through these historical dominant power through these historical cycles. You're saying that you believe cycles. You're saying that you believe cycles. You're saying that you believe in the next decline there won't be one in the next decline there won't be one in the next decline there won't be one dominant power, which has been the US dominant power, which has been the US dominant power, which has been the US for the last 80 odd years, there will be for the last 80 odd years, there will be for the last 80 odd years, there will be two. two. two. Because you you can't foresee there Because you you can't foresee there Because you you can't foresee there being a conflict at the scale that would being a conflict at the scale that would being a conflict at the scale that would result in one dominant power. result in one dominant power. result in one dominant power. >> The strength of each country >> The strength of each country >> The strength of each country will be how they take care of will be how they take care of will be how they take care of themselves. themselves. themselves. Uh are they going to be strong or are Uh are they going to be strong or are Uh are they going to be strong or are they going to be weak based on how they they going to be weak based on how they they going to be weak based on how they educate their population, how they spend educate their population, how they spend educate their population, how they spend their money, how they manage to their money, how they manage to their money, how they manage to Those will determine the relative powers Those will determine the relative powers Those will determine the relative powers of those countries, right? And so, of those countries, right? And so, of those countries, right? And so, that'll be true certainly for the United that'll be true certainly for the United that'll be true certainly for the United States and China. And so, as we go States and China. And so, as we go States and China. And so, as we go forward, how will those systems deal forward, how will those systems deal forward, how will those systems deal with those issues in the best possible with those issues in the best possible with those issues in the best possible way? And that I would say, as long as way? And that I would say, as long as way? And that I would say, as long as the United States remains a power, but the United States remains a power, but the United States remains a power, but it's in it has a risk of of having a it's in it has a risk of of having a it's in it has a risk of of having a very bad set of circumstances through very bad set of circumstances through very bad set of circumstances through debt and conflict and these things that debt and conflict and these things that debt and conflict and these things that erode it, it'll be from within that erode it, it'll be from within that erode it, it'll be from within that those things, particularly, those things, particularly, those things, particularly, could change that relative balance of could change that relative balance of could change that relative balance of power. And similarly, if China managed power. And similarly, if China managed power. And similarly, if China managed itself badly, it I could change that. itself badly, it I could change that. itself badly, it I could change that. Given that the if they both remain Given that the if they both remain Given that the if they both remain powerful entities, then what you're powerful entities, then what you're powerful entities, then what you're going to see is, going to see is, going to see is, I believe, more the recognition that I believe, more the recognition that I believe, more the recognition that there are regions, okay? Just like the there are regions, okay? Just like the there are regions, okay? Just like the there's the Americas, okay? And that there's the Americas, okay? And that there's the Americas, okay? And that becomes heavily much more the region and becomes heavily much more the region and becomes heavily much more the region and where that spills over. And then there's where that spills over. And then there's where that spills over. And then there's the region the region the region around China, the around China, the around China, the APAC countries, APAC countries, APAC countries, and though that region. And that there and though that region. And that there and though that region. And that there would be the development within those would be the development within those would be the development within those regions, and I do believe the avoidance regions, and I do believe the avoidance regions, and I do believe the avoidance of the big war that would be very of the big war that would be very of the big war that would be very detrimental. There are issues like the detrimental. There are issues like the detrimental. There are issues like the Taiwan issue, but the Taiwan issue will Taiwan issue, but the Taiwan issue will Taiwan issue, but the Taiwan issue will be handled by, be handled by, be handled by, in my opinion, most likely not in my opinion, most likely not in my opinion, most likely not militarily militarily militarily in the sense that in the sense that in the sense that there will be a great war between the there will be a great war between the there will be a great war between the United States and China over it, but in United States and China over it, but in United States and China over it, but in the pressures that are going to be the pressures that are going to be the pressures that are going to be created so that there is a reunification created so that there is a reunification created so that there is a reunification of China. of China. of China. >> You mentioned conflict there. The United >> You mentioned conflict there. The United >> You mentioned conflict there. The United States are at war with Iran, and it States are at war with Iran, and it States are at war with Iran, and it seems to be a war that they can't seem seems to be a war that they can't seem seems to be a war that they can't seem to get out of. to get out of. to get out of. This is going to have an impact, This is going to have an impact, This is going to have an impact, presumably, on presumably, on presumably, on lots of things you've described here, lots of things you've described here, lots of things you've described here, but also the feelings of people at home. but also the feelings of people at home. but also the feelings of people at home. As, you know, we we face the prospect of As, you know, we we face the prospect of As, you know, we we face the prospect of the United States sending troops on the the United States sending troops on the the United States sending troops on the ground into Iran, because this the ground into Iran, because this the ground into Iran, because this the Strait of Hormuz is going to become this Strait of Hormuz is going to become this Strait of Hormuz is going to become this choke point to global energy, and choke point to global energy, and choke point to global energy, and they're going to, you know, and what they're going to, you know, and what they're going to, you know, and what does Trump do about that? He can't It's does Trump do about that? He can't It's does Trump do about that? He can't It's like Vietnam, he can't leave. Or else he like Vietnam, he can't leave. Or else he like Vietnam, he can't leave. Or else he is going to look bad. is going to look bad. is going to look bad. Um he If he stays, he looks bad. Um he If he stays, he looks bad. Um he If he stays, he looks bad. Midterms coming up. Midterms coming up. Midterms coming up. What's your thoughts on this war in What's your thoughts on this war in What's your thoughts on this war in Iran? Do you think it was a bad idea? Do Iran? Do you think it was a bad idea? Do Iran? Do you think it was a bad idea? Do you think it was a good idea? Do you you think it was a good idea? Do you you think it was a good idea? Do you think it was think it was think it was Do you think it's Does it play a role in Do you think it's Does it play a role in Do you think it's Does it play a role in all of this stuff here? The US Please all of this stuff here? The US Please all of this stuff here? The US Please elaborate. elaborate. elaborate. >> this war in >> this war in >> this war in Iran, I think it Iran, I think it Iran, I think it Here's what's happening. Here's what's happening. Here's what's happening. Internationally, I Internationally, I Internationally, I I I get I get to speak to world leaders I I get I get to speak to world leaders I I get I get to speak to world leaders and and so on, and and particularly uh and and so on, and and particularly uh and and so on, and and particularly uh in Asia, there's a a recognition in Asia, there's a a recognition in Asia, there's a a recognition that um the United States that um the United States that um the United States uh doesn't want to uh fight a war. So, uh doesn't want to uh fight a war. So, uh doesn't want to uh fight a war. So, the the litmus test is uh do you Who the the litmus test is uh do you Who the the litmus test is uh do you Who controls the Strait of Hormuz? And that controls the Strait of Hormuz? And that controls the Strait of Hormuz? And that the United States, the United States, the United States, um because the population in the United um because the population in the United um because the population in the United States is worried about uh gas prices States is worried about uh gas prices States is worried about uh gas prices and losing people, and and they want it and losing people, and and they want it and losing people, and and they want it to be be all over fast, that uh you to be be all over fast, that uh you to be be all over fast, that uh you can't fight a war that way. And so, what can't fight a war that way. And so, what can't fight a war that way. And so, what you have is the United States will not you have is the United States will not you have is the United States will not show up in Asia. show up in Asia. show up in Asia. >> What does that mean, show up in Asia? >> What does that mean, show up in Asia? >> What does that mean, show up in Asia? >> In Asia, there are all these countries >> In Asia, there are all these countries >> In Asia, there are all these countries who believe that the United States was who believe that the United States was who believe that the United States was going to play an important role as a going to play an important role as a going to play an important role as a counterbalancing counterbalancing counterbalancing influence for power in the region, influence for power in the region, influence for power in the region, because China's the dominant power, and because China's the dominant power, and because China's the dominant power, and the others are much less power. And so, the others are much less power. And so, the others are much less power. And so, the United States being in there was the United States being in there was the United States being in there was going to balance those power, and going to balance those power, and going to balance those power, and because they have a military presence, because they have a military presence, because they have a military presence, the idea of having bases in their the idea of having bases in their the idea of having bases in their countries was believed to be that will countries was believed to be that will countries was believed to be that will help that happen. Okay, now there's a help that happen. Okay, now there's a help that happen. Okay, now there's a recognition that not only they would recognition that not only they would recognition that not only they would show up, but maybe these bases can show up, but maybe these bases can show up, but maybe these bases can become liabilities, and that the Chinese become liabilities, and that the Chinese become liabilities, and that the Chinese have a lot of influence and power under have a lot of influence and power under have a lot of influence and power under that set of circumstances. For example, that set of circumstances. For example, that set of circumstances. For example, chips come out of Taiwan. We could chips come out of Taiwan. We could chips come out of Taiwan. We could imagine what would happen if they imagine what would happen if they imagine what would happen if they blockaded chips leaving Taiwan. Okay, blockaded chips leaving Taiwan. Okay, blockaded chips leaving Taiwan. Okay, you'd see the world stock markets crash. you'd see the world stock markets crash. you'd see the world stock markets crash. You would see terrible terrible things. You would see terrible terrible things. You would see terrible terrible things. That represents a non-military power, That represents a non-military power, That represents a non-military power, just even the ability to threaten that. just even the ability to threaten that. just even the ability to threaten that. Say the Chinese say for 5 days we're not Say the Chinese say for 5 days we're not Say the Chinese say for 5 days we're not going to have it. What will the United going to have it. What will the United going to have it. What will the United States literally do? Or if you go to States literally do? Or if you go to States literally do? Or if you go to countries like the Philippines, which countries like the Philippines, which countries like the Philippines, which has a treaty with the United States has a treaty with the United States has a treaty with the United States that's like a NATO treaty. How would the that's like a NATO treaty. How would the that's like a NATO treaty. How would the American public react that we're going American public react that we're going American public react that we're going to send to send to send military, you know, aircraft carriers military, you know, aircraft carriers military, you know, aircraft carriers and so on into the Philippines to stop and so on into the Philippines to stop and so on into the Philippines to stop the Filipinos from being picked on by the Filipinos from being picked on by the Filipinos from being picked on by the Chinese? I mean, so what you're the Chinese? I mean, so what you're the Chinese? I mean, so what you're seeing is a change that is very similar seeing is a change that is very similar seeing is a change that is very similar to the British Empire in terms of to the British Empire in terms of to the British Empire in terms of being weaker. I remember a time not long being weaker. I remember a time not long being weaker. I remember a time not long ago that the United States would just ago that the United States would just ago that the United States would just have to almost hint to a country that we have to almost hint to a country that we have to almost hint to a country that we would like this thing would like this thing would like this thing to be this way, or you would like it to to be this way, or you would like it to to be this way, or you would like it to do that that, and they would do it do that that, and they would do it do that that, and they would do it because of the American power, not just because of the American power, not just because of the American power, not just military power, but economic power and military power, but economic power and military power, but economic power and so on. Well, as you're seeing that power so on. Well, as you're seeing that power so on. Well, as you're seeing that power being eroded, For example, China is a being eroded, For example, China is a being eroded, For example, China is a larger trading partner with most larger trading partner with most larger trading partner with most countries than the United States is. Or countries than the United States is. Or countries than the United States is. Or capital turning up. So, these things capital turning up. So, these things capital turning up. So, these things matter. So, you're you're seeing that matter. So, you're you're seeing that matter. So, you're you're seeing that kind of a shift in power. I'm a global kind of a shift in power. I'm a global kind of a shift in power. I'm a global macro investor. And my goal is to be as macro investor. And my goal is to be as macro investor. And my goal is to be as accurate as I possibly can. I can't let accurate as I possibly can. I can't let accurate as I possibly can. I can't let biases stand in my way of doing that. biases stand in my way of doing that. biases stand in my way of doing that. So, I look at statistics and measures So, I look at statistics and measures So, I look at statistics and measures and indicators and so on. So, what I'm and indicators and so on. So, what I'm and indicators and so on. So, what I'm saying is clear. It is saying is clear. It is saying is clear. It is you know, it's apparent. It's mechanics. you know, it's apparent. It's mechanics. you know, it's apparent. It's mechanics. >> So, what does that mean for the Iran >> So, what does that mean for the Iran >> So, what does that mean for the Iran situation then? situation then? situation then? Does it mean that Does it mean that Does it mean that >> Well, it means that it's a very, very >> Well, it means that it's a very, very >> Well, it means that it's a very, very difficult situation. What what is difficult situation. What what is difficult situation. What what is all through history all through history all through history and the Chinese know this very well and the Chinese know this very well and the Chinese know this very well because their way of having a war is because their way of having a war is because their way of having a war is conveyed in the art of war and also the conveyed in the art of war and also the conveyed in the art of war and also the tribute system as they call it. You tribute system as they call it. You tribute system as they call it. You cannot easily go in and control a cannot easily go in and control a cannot easily go in and control a country for a long period of time country for a long period of time country for a long period of time occupying. There are, you know, 90 occupying. There are, you know, 90 occupying. There are, you know, 90 million Iranians and they will be there million Iranians and they will be there million Iranians and they will be there no matter what happens. Now, the no matter what happens. Now, the no matter what happens. Now, the question is do you have what it takes to question is do you have what it takes to question is do you have what it takes to take control of the Strait of Hormuz by take control of the Strait of Hormuz by take control of the Strait of Hormuz by way of example and allow and in other way of example and allow and in other way of example and allow and in other words, do you allow that to be in the words, do you allow that to be in the words, do you allow that to be in the hands of the Iranians or do you not? And hands of the Iranians or do you not? And hands of the Iranians or do you not? And are you willing to pay the price to be are you willing to pay the price to be are you willing to pay the price to be able to able to able to put yourself in the position, which put yourself in the position, which put yourself in the position, which means take a lot of pain and then means take a lot of pain and then means take a lot of pain and then enforce that for enforce that for enforce that for the I don't know, forever and ever the I don't know, forever and ever the I don't know, forever and ever future because it's not just take future because it's not just take future because it's not just take control today, it means okay, how is control today, it means okay, how is control today, it means okay, how is that going to go on and what does that that going to go on and what does that that going to go on and what does that mean in these other locations? Does the mean in these other locations? Does the mean in these other locations? Does the United States we're going to do the same United States we're going to do the same United States we're going to do the same thing with the Chinese in Asia? They're thing with the Chinese in Asia? They're thing with the Chinese in Asia? They're going to do the same thing all around? going to do the same thing all around? going to do the same thing all around? Probably. Okay. So, what does that mean? Probably. Okay. So, what does that mean? Probably. Okay. So, what does that mean? Okay, a change in the world order. Okay, a change in the world order. Okay, a change in the world order. >> It sounds like a big mistake. >> It sounds like a big mistake. >> It sounds like a big mistake. >> Oh, yeah. It It was a big mistake. And >> Oh, yeah. It It was a big mistake. And >> Oh, yeah. It It was a big mistake. And also, also, also, what it did is it shown a light what it did is it shown a light what it did is it shown a light on on on the vulnerability. Before, it didn't It the vulnerability. Before, it didn't It the vulnerability. Before, it didn't It wasn't apparent. wasn't apparent. wasn't apparent. >> Vulnerability of? >> Vulnerability of? >> Vulnerability of? >> The United States in being able to >> The United States in being able to >> The United States in being able to enforce. enforce. enforce. You know, when there's always the You know, when there's always the You know, when there's always the threat, threat, threat, we'll come in there. we'll come in there. we'll come in there. Uh the strait is open. Uh the strait is open. Uh the strait is open. We're not dealing with this. We're not dealing with this. We're not dealing with this. And there's always the threat that the And there's always the threat that the And there's always the threat that the United States will United States will United States will uh remain control. And that would be uh remain control. And that would be uh remain control. And that would be true in Asia and other places. Now, a true in Asia and other places. Now, a true in Asia and other places. Now, a light bulb goes off. In other words, the light bulb goes off. In other words, the light bulb goes off. In other words, the like the British in uh the Suez Canal, like the British in uh the Suez Canal, like the British in uh the Suez Canal, we didn't realize. Now, we realize. we didn't realize. Now, we realize. we didn't realize. Now, we realize. >> That threat no longer work. >> That threat no longer work. >> That threat no longer work. >> That that power no longer exists. >> That that power no longer exists. >> That that power no longer exists. >> I guess we shall see. >> I guess we shall see. >> I guess we shall see. Ray, thank you so much for uh committing Ray, thank you so much for uh committing Ray, thank you so much for uh committing this season of your life to being more this season of your life to being more this season of your life to being more of a public educator. of a public educator. of a public educator. Because your books here that have been Because your books here that have been Because your books here that have been read by millions millions and millions read by millions millions and millions read by millions millions and millions of people and the videos that you of people and the videos that you of people and the videos that you produced that have been watched by tens produced that have been watched by tens produced that have been watched by tens and tens hundreds of millions of people and tens hundreds of millions of people and tens hundreds of millions of people um have been so formative for so many of um have been so formative for so many of um have been so formative for so many of us understanding the world in simplified us understanding the world in simplified us understanding the world in simplified ways. And what I love about the work ways. And what I love about the work ways. And what I love about the work that you do is you explain the world that you do is you explain the world that you do is you explain the world through principles versus tactics and through principles versus tactics and through principles versus tactics and strategies which are a little bit more strategies which are a little bit more strategies which are a little bit more ephemeral than understanding the ephemeral than understanding the ephemeral than understanding the underlying principles. And I think it underlying principles. And I think it underlying principles. And I think it does two things. It helps us understand does two things. It helps us understand does two things. It helps us understand the world in ways that are allow us to the world in ways that are allow us to the world in ways that are allow us to see past the current short-term moment see past the current short-term moment see past the current short-term moment that we're in. But it also helps us that we're in. But it also helps us that we're in. But it also helps us think generally um from a more macro think generally um from a more macro think generally um from a more macro perspective about how all these things perspective about how all these things perspective about how all these things connect together. And I think that's connect together. And I think that's connect together. And I think that's broadly applicable. The idea of like broadly applicable. The idea of like broadly applicable. The idea of like principled thinking is broadly principled thinking is broadly principled thinking is broadly applicable to all areas of life, whether applicable to all areas of life, whether applicable to all areas of life, whether it's relationships or your business or it's relationships or your business or it's relationships or your business or your health whatever it might be. Um your health whatever it might be. Um your health whatever it might be. Um you've really written the definitive you've really written the definitive you've really written the definitive books on this subject matter. I've got books on this subject matter. I've got books on this subject matter. I've got all of them here. all of them here. all of them here. Um I mean, Principles is the first one Um I mean, Principles is the first one Um I mean, Principles is the first one that I ever read, but then I watched all that I ever read, but then I watched all that I ever read, but then I watched all of your your videos on your YouTube of your your videos on your YouTube of your your videos on your YouTube channel, which uh explain it in animated channel, which uh explain it in animated channel, which uh explain it in animated ways. Those are absolutely stunning ways. Those are absolutely stunning ways. Those are absolutely stunning videos. They're unbelievably stunning videos. They're unbelievably stunning videos. They're unbelievably stunning videos, and I It's funny cuz, you know, videos, and I It's funny cuz, you know, videos, and I It's funny cuz, you know, I've watched a lot of videos, YouTube I've watched a lot of videos, YouTube I've watched a lot of videos, YouTube videos in my life, but there's some that videos in my life, but there's some that videos in my life, but there's some that I have just never forgotten. I have just never forgotten. I have just never forgotten. And your book and your video are about And your book and your video are about And your book and your video are about the book on your YouTube channel, which the book on your YouTube channel, which the book on your YouTube channel, which I'll link to below, are a video on I'll link to below, are a video on I'll link to below, are a video on YouTube that I've just never forgotten, YouTube that I've just never forgotten, YouTube that I've just never forgotten, cuz it suddenly helped me understand the cuz it suddenly helped me understand the cuz it suddenly helped me understand the bigger picture bigger picture bigger picture in a way that I don't think I would have in a way that I don't think I would have in a way that I don't think I would have ever understood otherwise. There's no I ever understood otherwise. There's no I ever understood otherwise. There's no I didn't go I didn't go to my history didn't go I didn't go to my history didn't go I didn't go to my history classes in school. Um I'm never going to classes in school. Um I'm never going to classes in school. Um I'm never going to read history books necessarily. So, um read history books necessarily. So, um read history books necessarily. So, um that video you made, but also the book that video you made, but also the book that video you made, but also the book itself really helped me understand itself really helped me understand itself really helped me understand there's always a bigger picture. And there's always a bigger picture. And there's always a bigger picture. And funnily enough, I go looking for the funnily enough, I go looking for the funnily enough, I go looking for the bigger picture and the cycles, should I bigger picture and the cycles, should I bigger picture and the cycles, should I say, in all other facets of life and say, in all other facets of life and say, in all other facets of life and psychology. Because when you're dealing psychology. Because when you're dealing psychology. Because when you're dealing with humans, you are dealing with with humans, you are dealing with with humans, you are dealing with cycles. That's what what I've I've come cycles. That's what what I've I've come cycles. That's what what I've I've come to realize, and you can find them and to realize, and you can find them and to realize, and you can find them and spot them everywhere and then prepare spot them everywhere and then prepare spot them everywhere and then prepare for them accordingly. Thank you for the for them accordingly. Thank you for the for them accordingly. Thank you for the wonderful work that you do in this wonderful work that you do in this wonderful work that you do in this regard. I'll link all of these books regard. I'll link all of these books regard. I'll link all of these books below. Highly recommend reading them, below. Highly recommend reading them, below. Highly recommend reading them, and they're not for boffins or super and they're not for boffins or super and they're not for boffins or super smart people. They're for everybody, and smart people. They're for everybody, and smart people. They're for everybody, and uh they're written in such a way. So, I uh they're written in such a way. So, I uh they're written in such a way. So, I appreciate that. appreciate that. appreciate that. >> you for saying that. I find the videos >> you for saying that. I find the videos >> you for saying that. I find the videos are very digestible. are very digestible. are very digestible. One, how the economic machine works it I One, how the economic machine works it I One, how the economic machine works it I think it's think it's think it's 30 minutes, and it's been watched by 140 30 minutes, and it's been watched by 140 30 minutes, and it's been watched by 140 million people. million people. million people. >> Pretty sure. >> Pretty sure. >> Pretty sure. >> And and people get it. So, I think it's >> And and people get it. So, I think it's >> And and people get it. So, I think it's my responsibility to try to communicate my responsibility to try to communicate my responsibility to try to communicate also in a clear, simple, digestible way. also in a clear, simple, digestible way. also in a clear, simple, digestible way. So, I like to take a concept that's in a So, I like to take a concept that's in a So, I like to take a concept that's in a book and make it into a 30, which is to book and make it into a 30, which is to book and make it into a 30, which is to try to pass along what might be helpful try to pass along what might be helpful try to pass along what might be helpful to people. So, thank you. to people. So, thank you. to people. So, thank you. >> Thank you for committing your your this >> Thank you for committing your your this >> Thank you for committing your your this season of your life to that. I really season of your life to that. I really season of your life to that. I really appreciate it, and so do many millions appreciate it, and so do many millions appreciate it, and so do many millions of my listeners. So, thank you. YouTube of my listeners. So, thank you. YouTube of my listeners. So, thank you. YouTube have this new crazy algorithm where they have this new crazy algorithm where they have this new crazy algorithm where they know exactly what video you would like know exactly what video you would like know exactly what video you would like to watch next based on AI and all of to watch next based on AI and all of to watch next based on AI and all of your viewing behavior. and the algorithm your viewing behavior. and the algorithm your viewing behavior. and the algorithm says that this video is the perfect says that this video is the perfect says that this video is the perfect video for you. It's different for video for you. It's different for video for you. It's different for everybody looking right now. Check this everybody looking right now. Check this everybody looking right now. Check this video out, I bet you you might love it.