Non-Market Q&A - Life, Education, CFA, Comfortable chairs - whatever!

for an hour. >> Okay, it says I'm live. I got one hell of a sunset shining at me. It should be done. There we go. In about uh 10 minutes, it'll be behind the mountain. I'll try to hide the sun for now with my iPad. Let that heat up. Uh let's give it a few seconds. Let's people show up. I can see some questions in here already. How do you guys uh get the questions in here? Every sometimes I I start live and the questions are just there. Does is the chat like live before the stream starts? It must be. Well, I mean that's a stupid question asked and answered. Oh, the sun's got about 10 minutes before it drops below the mountain. All right, here we are. I'm waiting for my confirmation from YouTube and uh I do not have it yet. Sorry, I got that right in front of the screen. My confirmation telling me I'm live. I'm just going to rely that I am live and that you can hear me. I'm just going to hold this up for now. See if I can keep the sound out of my eyes so I can read. Uh let's see what we got here. Uh memory may be faulty. Recall you saying you were going to buy the Apple Vision Pro. Yeah, two years ago I had uh and you got to you had to book an appointment for it. So, you go into an Apple store and they stick this thing on your head and there's this training that you have to do first. I did not like it at all. I didn't like the size of it. I didn't like the feel of it. I didn't like the the movement. You could see all the way through. You could actually see the real world while you're trying to see other things at the same time. It it it seemed like it was uh highly distracting. It did not seem like it was something that I wanted. So, needs a lot more work. I did have the meta glasses, uh, the Ray-B bands. Uh, I brought them down here, but you can't set them up down here. Uh, not supported in this country. So, I had them returned, and when I get back in, uh, May to Canada, I'm going to buy I'm going to buy them again. Uh, reason I had them returned is because I figured when I got back, maybe it would be version three instead of just version two. Who you got in the Masters? That's a golf. Um, I actually watch a different sport than golf. It's slightly more interesting than golf. It's it's about the the same pace. I watch paint dry. Uh, I always bet on white. White seems to dry the fastest, but I do try different colors. But if you ever watch paint dry and you watch golf, it's about as engaging, right? Uh you mentioned this morning going from bottom 10% to top 10% twice in your life. Would you mind sharing some details? Oh, is that all? And how you managed to climb back up to the first time? Um you know, I don't want to put any kind of revisionist thinking in there saying, well, I got back up. I tried again. You know, I don't want to make it sound more romantic than what it was. um you know each time is is devastating and and and you know it you don't just turn around from that. It does take some time and thinking about what the hell am I going to do now? What do I do next? But if you have it within you to to continually push forward, you'll get there. Um it may not be obvious uh what path to take uh when when misfortune hits you. You got to get through that first. you got to, you know, go through the seven seven stages of grief. Um, but then, you know, you'll get up one day and you'll be sick and tired of being sick and tired and you'll move forward. But you do have to get through that first. You have to get through the woe is me and world is against me every [ __ ] time. You got you got to get through all that [ __ ] first. Uh, and then you simply move forward. You'll wake up one day and you'll, like I said, be sick and tired of being sick and tired. Uh, and if you have it within you, you'll do it. If not, then, you know, some people fall and that's where they stay. They never get back up on that horse. Um, they just stay down. Like failing level one and saying, "Oh, well, I can't do it. I'm not going to do it ever again." Uh, and then they never they never try again. Right. Um, so I I I can't really, you know, there no real details. You want to be able to take something away, generalize to take something away. And the something is, you know, you're you're you're going to live with it for a bit at least. I mean, live with it and then and then, you know, enough with the pity party. Get on with life, right? Any plans for seminar and CR? next year. No plans right now. No. Thank you for the CHCI the CR study group back in 2024. Uh I think you might have your dates wrong and and your sessions wrong. I didn't do any study groups in 2024. You say I passed level two. I didn't do any anything in 2024. And any CR group down here was nonCFA. So maybe a bit of confusion, maybe you're drinking a little too early. You shouldn't have started drinking till 7:30. That's when the session starts, right? Uh make a prediction that may be out of consensus now, but a year or two from now might be widely accepted. Can be anything, anything. Um I you know, making something out of consensus two years out, that's that's sort of rough to do. Um, I think I think Trump doesn't make it to the end of his to the end of 2028. That I think that's out of consensus. Um, he has racked up enemies all over the world. Uh, if there's ever been a president who's an assassination target, it's this guy. Uh, hands down. I mean, come on. Who hasn't he pissed off? Um and and even with his own country, he's he's he's pissed off too many people who have a vested interest in seeing seeing his presidency end. Uh based on his his his posts last week, open the [ __ ] straight, you crazy bastards. Tonight a whole civilization will die. You know, he threatens a war crime followed up by genocide. Who does that, right? He you can make the case that this is not somebody you want running the country. You you don't want this guy two inches away from the nuclear button. He is unhinged, mentally unstable, and wholly unfit for office. Um plus he's 79. So I say he's either removed from office, dies in office, or a shot. Uh I think that's probably out of consensus, but there's a prediction. uh um that that uh you know, do you see AI poisoning epis epistemic commons in the long run? Uh I want you to answer this. Would you rather uh on X go on X and have every post done by AI or by the stupid people who are already doing it now? What do you think would be a more interesting conversation on X if Gemini answers Claude, Claude answers Open AI, and they engage in a debate? I mean, their stuff is already really good. Really good. They're about 10 to 20% wrong. Sometimes they're not wrong at all. Sometimes they're right on. Even throw perplexity in there. But imagine a conversation with just a bunch of well-trained AI agents on a particular topic or the people who are there now. Well, do you think that social media would get dumber with AI or smarter with AI? Cuz it's pretty [ __ ] dumb now, right? So, we can hope that the intelligent voices rise above AI and we can spot them, but that AI will drown out the stupid voices. How how does that sound? And if anything, it might actually uh improve uh the epistemic comments, right? Uh let's see. Can you make a uh this YouTube wants to just spin the comments uh straight up. Can you make a prediction? Already did that. Uh, what do you think about Microsoft stock? I don't know. I haven't I haven't really thought about it deeply enough. I played it a few times. It was all right. It's 375 right now. Um, I think there's way too much negativity in in in the in the tech space about what AI is going to do. It it it's going to eliminate jobs. Not so much the companies, but eliminate jobs. Some companies will disappear. The companies that use AI will eliminate jobs, but but they'll get more profitable, I think, in in the short term. In the long term, I don't know. All bets are off on the long term. I I need to see it play out, but uh Microsoft is not going away. That's that's what I can say there. They're not going away. Yep. Yes. Uh what sectors are you bullish on right now? Oh, hands down the biggest one. Materials, uh, and specifically metals and mining. Um, cyber security, big one. I went shopping today on cyber security. I sold puts and bought calls. I'm nibbling. I wouldn't say that I dived in. I'm nibbling. Uh, biggest position would be Crowd Strike. I think I have 11 puts at 370 for May. Um, but I'll keep doing more. Uh, because it's stupid. It's a stupid reaction. It's dumb and stupid. The market's generally stupid uh right now. So, this is supposed to be non-market. What are you doing, man? Uh I'm feeling depressed about my job being replaced by AI. Is that true? Is your job being replaced by AI or is your job being replaced by someone who's using AI? Right. there is a difference because if your job is being replaced by AI is hard to see how you're going to compete against the machine. Um but if your job is replaced by somebody using AI uh you can use AI, right? So it's a matter of get back on that horse. You got to use you got to figure out how you can use AI. Uh what is your opinion on the realistic implementation of universal basic income? I um well, I'm of two minds on that one. I'm not going to just throw it out the window. There are already a lot of entitlements out there that if UBI is going to replace these other entitlements like unemployment insurance, like welfare, like food stamps, like all of these other things. If you say, "Well, rather than all these handouts from all these different government organizations, there's just UBI." Um, I can get on board with that. But UBI on top of all all the social handouts we already have, no. Because there's no reason somebody need live in the street. That's a choice. That is a personal choice. Uh that is a direct result of all the decisions they've made up to up to that point in time. they can um get social assistance. Now, before any of you say, "Oh, well, it's not very much." It's better than living on the street. Can we say that? At least at least it's better than living on the street. Um, as far as just implementing it across the board, if I'm getting $20,000 a year for free and minimum wage is $15 an hour, which means that's $30,000 a year. My argument to you is why should I work for $10,000 a year? because I get 20 grand for free. If I put in 40 hours a week, I get 30 grand. I'm basically working um for $2.50 an hour. Why the hell would I ever do that? If you want a labor shortage at minimum wage jobs, implement universal basic income. You'll get a labor shortage at minimum wage jobs, which means you're going to have to pay more. Um the delta would have to be 30,000. So, you're going to have to pay 50,000 for minimum wage jobs or 25 bucks an hour as opposed to 15 versus 750 in some places. Um, you want more immigrants to show up, do that. Do that. What you will get the the the the ironic well not ironic paradox the paradoxical thing about social programs is you tend to get more of the very thing you're trying to solve. So if you say we're going to solve hunger by setting up a food bank and giving food to the hungry, you will suddenly find how many more hungry people you have because they will see that as oh I'll take some of that. You will get more hungry people. If you have a very generous food bank program funded by a billionaire for this city, you will have people moving from other cities to this city saying, "You should see all the free food they have over there." And you will actually get more of the very thing you're trying to solve. If you get universal basic income, you will have more people that want that will want to be where the free money is. you will end up having more people on UBI than you thought was possible, you'll actually create more of the very thing you're trying to solve. Because if I'm working for 30 grand a year and I see that I can get 20 grand a year by not working and I'm a lazy son of a [ __ ] which people at the bottom are lazy son of a [ __ ] otherwise they wouldn't be at the bottom. Let's not be bleeding hearts about that. Let's call let's call an ace and ace on this one, right? You will get more UBI So, on the one hand, all these different entitlement programs, throw them all out, here's UBI. On the other hand, be prepared for more UBI than you thought possible. It's it's like the um uh the idea of um a free a free bar at a wedding. If people have to pay for their drinks at a wedding, um the bar doesn't sell as much. But if it's free, holy [ __ ] they load up. If you ever want to know how expensive something can be, make it free, right? You make money free. I'll tell you that's going to be one expensive program. So, you have to think about the unintended consequences uh of complex human nature. Are there people out there that will just take a hand out if it's given to them and not do anything for themselves? You're damn right there are. Yes, there are. So, I don't know. Um, you'd have to qualify it. I think somehow you'd have to qualify it. Maybe there's a limit to the amount of time. Maybe it's you only qualify for UBI if you're all if you already qualify for these other social services. So, in lie of these other social services, but it can't just be you don't have a job. Uh, we're just going to give you money because my god, you're going to be giving out a lot of money. Um, uh, let's see. Uh, given AI and automation, what are your thoughts on the long-term career outlook for derivatives trading at Canadian Cellside Boutique Bank when comparing between FX and Metals? Uh, you're asking for a friend. That's a pretty specific pretty specific thing. What's the possibility of a 25 year old male who's about 5 foot 11 doing this type of job who generally wears middle-of-the-line clothing and expensive W what do you think why don't you just say what is my what is my my chances it's very specific um look uh AI is real you're going to have to adjust to it what are the probabilities I don't know I will say this the pro the the the prospects for someone who does not embrace AI and figure out how use AI in their jobs are very very bleak. Um the the machine may replace you. It may replace you but it absolutely will replace you if you don't embrace it. You have no choice but to embrace it. And in doing so, you might become so productive to your firm that you have this level of judgment that the AI does not have that makes you irreplaceable at that point because you become so productive with the use of AI that it would be difficult to replace you. But to say I'm afraid of AI and uh I'm not going to use it on my job so that that my boss doesn't know uh uh what's going on. Uh that doesn't make a lot of sense. So um it is it is here uh and it is it is going to change the way things are done for some people for the better for other people. There will be some people who suffer unacceptable outcomes but in almost every technological change there are always a group of people who suffer unacceptable outcomes because they don't adapt. So it is, you know, think about it in an evolutionary sense. You can adapt to a changing environment or you can go extinct. Uh I would be thinking about how the hell do I use this in every aspect of my job. Watching your applied market videos from 2020, 2021, there certainly intensity and high energy that feels different from your current style. Do you feel like the level engagement has shifted? um level of engagement has shifted or am I just 5 years older? Um I don't feel that the level of engagement has shifted. I mean I'm I'm I probably do more now uh than I did then. Um no it hasn't shifted. I think it's more I'm trying to figure out what part of the mountain I still live on because the water level is rising. If you feel AI is coming after your job, I feel it. I feel it existentially. Uh and I wonder, you know, how far how how much higher can I climb on this island uh to to avoid being drowned because the water level is rising. I don't know that I'm less engaged. I don't know that I am. >> You'd have to give me a specific uh example of what you mean by less engaged. I don't feel I am. Mark getting old. Asking how comments work on the internet. I wasn't asking how comments work. It just I see questions there. When I go live, I click live. I assume you only have access when I go live. So, the comment section must be available before I go live. But, uh, I don't know that I would say I'm getting old as much as I would say my age is increasing because I still act very much like a child sometimes. Uh, what advice would you give to a new grad? No, it's a good one. wear sunscreen. Um, I I I imagine you're asking in the context of your career. Uh, I guess the best advice I could give is is, you know, you've got the textbook stuff down and there's a whole real world out there, but the real world is full of real people. And more often it is who you know and who knows you and who likes you that matters more than what you know. That is a sad truth to hear. But the more people that know you, the more people that like you, the more people that think, you know, this is a good person, the better the opportunities you will have. You could be the best performer in the world and no one likes you. No one likes you. You're an [ __ ] but you're a good performer. and you might have some success. You can be an average performer but everyone everyone likes you. Uh you will have a higher probability of success. And if you're an average performer and an [ __ ] you're done, right? No one likes you and you don't know anybody. So social network, social network, social network. That's important. And watch what you post online. Just because you have an opinion doesn't mean you have to say it online somewhere. We live in a digital world with digital footprints, right? So, you don't have to have an opinion that you share publicly about every topic you come across. You can just say, I just I don't I don't agree with this or I agree with this or, you know, I believe that there are little little green men under the ground that that that are kidnapping all the babies in the world. Don't say that [ __ ] online, right? Watch what you say online. Get off of online and meet people in the real world. Make sure they know your name and make sure they like you. Um, that opens a lot of doors. Opens a lot of doors. How many months do you spend in Costa Rica in a year? Four to five. What do you think about the CFP certification? It's small. Um, it's small. five, six thousand people a year, I think, maybe up to 8,000 people a year. It is it's small. Um, so, uh, you know, you could you you could argue that, well, there there aren't that many CFPs out there. Uh, so maybe that distinguishes me from from the rest of the crowd. The other side of it is, you know, when I look at how many people actually sit for CFP, the demand is low. There's not a big a big demand in it. And um your client is an individual, not an institution on this side. So, it's a lot of relationship management, a lot of relationship building. If you're a people person, then great. Uh that probably works for you. Um it's nothing I care about. I mean financial planning aspect of it there's nothing I really care about there you're taking a more holistic view of the individual or the family and and um it is just that you're it is full financial planning for expenses tuitions uh you know donations uh funding of weddings funding of education uh uh wealth transfer generational transfers all of that stuff, not just where you're investing, but but how money flows through the family unit. If that turns you on, then then sure, but you know, when you ask what do I think about it, um I'd never I'd never be interested in the topics at all. Uh but you might I wonder what's your view on low unemployment break even by Dallas Fed. I wonder if the headline unemployment doesn't show up, would FOMC shift their decision to potential hike? Well, if you have a a flat population, meaning you have no population growth, um you don't need to create jobs to keep an unemployment rate. the the US had always been a population growing economy. So the belief for a while was you needed somewhere between 120 to 140,000 jobs a month to absorb all of the new people entering the workforce just to keep the unemployment rate constant. Um, but if you have a labor force that's shrinking and you have a population that's shrinking. So we have you have a population that's about flat, but you have a participation rate that t that has been ticking down over time. And the unemployed are not a how many people don't have a job. It's how many people are in the labor force, meaning that participation rate, who don't have a job. Um, so if you if you can reduce the size of the labor force, you can get unemployment down without creating any jobs. But that's not a unless you have uh very good productivity growth. A shrinking labor force uh is not a sign of growing GDP. It's a sign of shrinking GDP. A country that is getting smaller uh like Japan or China um is going to have flat to negative GDP over time because unless you can get productivity higher productivity out of a shrinking population you're not going to get wealth creation you're not going to get GDP growth. So you can look at one thing and say look unemployment is not going any higher uh because the supply of labor is dropping that's a good thing. Well that also means that that the growth potential of the economy which is which is usually heavily driven by employment and productivity productivity has to do a lot of the heavy lifting if you still want GDP growth. So, you're looking at one variable. Do you enjoy any hobbies or sports? Not really. Uh, when you say enjoy, I I don't know that I enjoy hobbies. I don't I don't know the purpose of a hobby. Um, not really. Not really. No, I'm I'm good where I am. Are you still considered a Canadian resident for tax purposes? No. How is your current tax situation in Canada after moving to Costa Rica? Canadian income, Canadian assets are still taxable. Just got my diploma in the mail. Completed a masters of finance. Congratulations. I'm still on that first sentence, my diploma in the mail. And and somebody says, I'm getting old because I don't know how comments work. You got your diploma in the mail. They still mail that? You'd think that they would courier it or you'd pick it up. But okay, today's uh reaction to cyber security stocks made me think of Howard Mark's chapter second level thinking. No one is considering the second order effects which actually are bullish for cyber security. I absolutely agree. I agree. If you were in your mid30s, knowing what you knowing what you do and how the economy is now, how would you hedge yourself against all these job losses and AI replacing our jobs? Well, you know, I think what you're saying is if you were in your mid30s, what would you do? But in my mid30s, knowing what I know now is knowing what I know now. It's not like saying if you could go back 20 years knowing what you know now, what would you do? Well, that's an interesting question. But all you're asking me to do is change my age. I don't know. Honestly, I don't know. If I were in my mid30s, um I think if I wasn't concerned, uh I'd be in trouble. If I'm concerned, um I'm probably on the right path. Isn't there a book like that? Only the paranoid survive. That was Andy Grove, right? didn't tell. Only the paranoid survive. I think now is a good time to be paranoid. Now is a good time to look around and say, "Jesus Christ. He's back." Uh, no. To say, "My God, again, how can I get rid of the religious things?" To say, "Oh, gez." In in your best Minnesota accent. Oh, gez. Eh, um, I better do something. What are your thoughts on the value of getting CAI designation past CFA with the advent of AI? Look, AI is there. I don't know. I don't know that it is worth thinking about how should I change um my investment in education with AI. I think it is more important to make an investment in education, but you have to treat all education like a $2 million Lamborghini. If I gave you a $2 million Lamborghini, you'd baby that thing. You'd take care of it. You you would you would make sure nothing ever happened to it. But somehow when it comes to education, people just h you know, good enough is good enough. If you treated your Lamborghini like the way some people treat their education, you you get a scratch on it. You go, "Ah, so what? There's a scratch on it. I'm good. You know, it's still good enough. I It's good enough to get me to where I'm going." You wouldn't even think that way. Your education is an appreciating asset. I would say that if we'll talk in the language of finance here, uh for many people, AI is going to cause them to take an impairment charge against the value of their human capital because they'll say, "Oh, well, AI has replaced me. What can I do?" Uh AI probably uh has a faster depreciation rate uh at uh lower quality of education. not not lower levels but lower quality of education uh that uh if you want and we think of education as an appreciating asset not in the face of AI the lower the quality of your education the less motivated you are the faster the depreciation rate you may as well take an impairment charge now uh if you want your education to be an appreciating asset uh you have to think about not just the quantity of education you get but the quality and The quality is all up to you. It's what you get out of it. If you decide uh getting by is good enough, well then you're okay with a few scratches on your new Lamborghini. You tell me where you live. I would love to scratch a Lamborghini and get a video of me doing it just to show me doing it. I don't think I could ever do that. It'd be like kicking a dog. You can't scratch a car like that. But still, you get the idea, right? So, if you're going to do it, do it. I don't know that I would second guessess myself by saying, "Oh, AI is going to uh replace all of this stuff. I shouldn't learn it." Somebody has to validate the output of AI. Somebody has to prompt AI. Somebody has to know, well, what are the relevant questions to ask? Because if you don't ask the right question, you're not going to get the answer that's going to be useful or helpful. Um, I do I I I'm using AI agents now. I have one that's sending me an email every night at 7 uh particularly around supply and demand issues related to copper. Uh my prompt I started with a small prompt and it was eh and and you just keep expanding and spanning. You have to know the right questions to ask it. If I knew nothing about uh where inventories were, I wouldn't know I wouldn't know what what to tell it. I wouldn't even know to ask it about supply and demand. I wouldn't even know what what questions to ask. So, you're going to have to educate yourself cuz how the hell are you going to ask the right question? Yeah, I that's about the best answer I can give. So, do it uh but do it well or don't do it. That's what I would say. Do it and do it well or don't do it. But the idea of it's good enough to get by. getting by is not going to be good enough anymore. If you've wasted your time, you will take an impairment charge against that education. I appreciate your poetry videos and would love to hear more of your literature thoughts. The book on your websites are great, but I was wondering if you had any favorite fictions that you recommend. I was mostly into the Russians to do dusty turvichin. um a good book actually um last night we all watched a movie here uh that was based on a good book Flowers for Algenon if you haven't uh read that one that's a good one I would recommend that and then watch the movie you can watch the 1968 version and the 2000 version with Matthew Modí um in the past you mentioned an interest in spending time in Colorado. Is that still on your radar once Trump is gone? Sure. I'm not I'm not buying any asset, any any property in the US with Trump as president because my mind I hear him saying, uh, they've ripped us off for so long. Um, the way I see it, you know, they owe us this money. We're just going to take their property. We have we have Americans who don't have homes. We have unaffordability. Well, we're going to make it affordable. All these foreigners who own property in the US, we're just going to now we're going to take it back. We're going to take it from them, folks. They've been ripping us off. You can hear them. I can hear them. Um, now you might think, "Oh, now you're being ridiculous." Well, why not wait a few years? He can't live forever, can he? Uh, and once he's gone, let's see where where America ends up. Let's see if it can find its way back to the middle or if it gets radicalized even further to the left and even further to the right till it rips itself apart in a civil war. I don't want to live in the US in the middle of a civil war. Let's just wait to see what happens. I never would have said this under any other president. I I never would have said this. But now I do think the worst of him is yet to come. I think the worst of him is yet to come. And I think the worst of them is reserved for for his own country. Uh so I'll wait. I might be able to pick up property really cheap. Uh non-market questions, right? You are a shirt tucker. No, I'm not a shirt tucker. No. And uh for all the shirt tuckers out there that are listening, what the hell is wrong with you? You don't tuck in a shirt unless it's a dress shirt and a pair of pants. You tuck it in. But like a t-shirt, tuck in a t-shirt. Not one bit. Here, I'll just show you very quickly. Notice, see that? No tuck. No tuck. Never a tuck. Some kind of loser. Uh, what about uh wearing shorts? Even with what about when wearing shorts? No. Even with no collar? No. Unless it's a suit. No tuck. And I don't own a single suit. That's right. I've made it this far in life. And I've got all of this without ever wearing a suit. Actually, that's a lie. I did go to one wedding, one funeral. Two weddings, one funeral. I did wear a suit. I take that back. But I didn't wear a tie. I did not wear a tie. Um thoughts on the value of getting C. I already did that. Appreciate you already did that. Pat, you mentioned it. Already did that. Going through a good amount of disappointment and heartbreak. Appreciate your wise words and getting over difficulties in life. Well, all right. You um there I think there are two orientations to life that you can have. Um, and I, you know, I've been through all those behavioral issues and and and different psychologies, uh, some of my PhD work where you touch on all of that stuff. And I think it comes down to to to to two dimensions that you could be one of two different people. Um, you can have an internal locus of control or an external locus of control. External means [ __ ] happens to you. Oh, woe is me. [ __ ] happens to me. Nothing I can do about it. An internal locus of control is [ __ ] happens, but I can control a lot. I can control my reaction to all of these things. I may not be able to control random events, but I can certainly control my response to it and what I do next. Uh I think that you will find that you probably get a lot more done in life when you adopt an internal locus of control. That doesn't mean that stuff isn't going to happen to you. It just means that you are in charge of how you respond to it. Um, what do you think of picking up RVI on the basis that Stripe and OpenAI will be added? The the denominator of all indexes is adjusted such that the price the very next morning is exactly the same price as it was the night before. So every time new constituents are added, you're not going to get a pop in anything. the denominator is adjusted to account for that. Now, if you're thinking why not add them now in the anticipation that the index will run up when they are put in, um I don't know that I would do that. I I I I don't know that I would do that. No. Uh besides, you're making the the assumption that when they're IPOed that their price will maintain or go higher. Maybe not. Facebook issued at 40, fell all the way to 18 before it started going up again. I don't know if you remember the Facebook uh IPO. Um Tim Horton, same thing. Issue that 32 and just went right down. Buying donuts didn't help. Would you say YouTube is your hobby? Not really. It's not a hobby. It's a window uh to um a bunch of other people out there, right? I'm having a conversation with 269 people. I mean, that's a good feeling. Uh Mark's only hobby besides market. I have been a lifelong learner. So my hobby is is is based more around education uh than anything else. Um do you uh 26 really scared of job losses just starting out my career and pace is progressing. It is terrifying. Looks like job what I'm doing survive AI or not. It's terrifying. It's like will the job that I'm doing survive a or not? If if don't think about your job surviving AI, think about you surviving AI because you can then do any job if you have AI or any adjacent job or multiple jobs that other people could only do one job. So think of it that way. What are your thoughts on Mythos and how quickly is AI is accelerating? I haven't seen Mythos yet, but I mean if if if what they're saying is true, uh wow, that's going to be absolutely incredible. I can't wait to see it. I really can't. Part of me is is, you know, I look at this thing coming out and I think, h, how much smaller can my world get? Um, and the other part of me is is how how good is this thing going to be? Because I think this may be pushing near the limit of what you can get out of an LLM. Uh, and if there is still room on the mountaintop for me after this, well then great. We've got something. Did you get a haircut? Not one. I got them all cut. I got them all cut. Do you find it frustrating that IB got rid of Portfolio Builder? Um, not really. Um, no. It was a feature that I showed you. Um, not really. No. Do you think that uh using AI makes you less intelligent in whatever task you're having to complete for you? No, not one bit. A lot of people are outsourcing thinking for them. Let them outsource their thinking. A lot of people already outsource their thinking. A lot of people watch Fox News or Joe Rogan and then they just repeat [ __ ] they heard. They outsource their thinking already. So the idea that AI people will outsource their thinking to AI, they're already outsourcing their thinking to Fox News, to Joe Rogan, to X, to to other people who say things, and they walk around repeating [ __ ] that they don't know anything about. Look at that whole woke revolution. People walking around repeating [ __ ] but when you press them on any any issue, they fell apart because they they they didn't they don't own the knowledge. They just they're just repeating [ __ ] they heard somewhere. Um, so is AI going to make some people less intelligent? I think social media's already done a good job of that. So is 24-hour news. How much more stupid can can we get? If anything, at least they'll walk around repeating something that's at least 80 to 90% right. Right. So maybe the conversation will get better. Uh, have you seen more nomination getting delayed? No, I haven't heard heard or seen anything uh about that yet. Uh how do you find purpose in life? Yeah, that's a good question. Uh how do you find purpose in life? Uh I don't know that you have purpose at 21 or even 25. I think purpose comes later. Many people who become parents find purpose in life very quickly. Um, yeah, I'd have to think about the right words for this. A purpose is more of a calling than than a love affair, right? You can love what you're doing, but it may not give you purpose. There might be no purpose in it. Uh, but, you know, some people find purpose in rescuing rescuing animals. Some people find purpose in in um you know working in hospitals, helping uh people, sitting with old people, uh being with people at the end of their lives, uh teaching, uh it's a matter of what drives you forward that that if you were having the worst day of your life, would you still get up tomorrow and and and do the same thing? And if you say yes, you have purpose. If you say, "Oh god, I can't do this another single day," then you have you don't have purpose in that. It is like the meaning of life. Um there is a meaning but you must come to it on your own. It is your meaning. It is your purpose. Um anybody that proclaims to tell you what the meaning of life is doesn't doesn't know what the meaning of life is. It's sort of like um what is that? What is it with Buddhism? Um, and the way uh if somebody can tell you the way, they don't know the way. The way is something you come to on your own. I think it's something like that or uh it's something along those lines. These are one of these truths, not facts. The meaning of life is a truth. It's a truth that's true to you. You must discover it on your own. Same with a meaning in life. You must come to it on your own. Um, what time have we got here? 6:15. We got a little bit uh a little bit more here. Um, uh, let's see. The whining noise is unbearable. It's the cicas. I agree with you. It's unbearable. But that's what they do. They're unbearable, right? Do you see value in learning Python still? Not well, yes and no. No, I it's doubtful that you'll write much Python. However, to be a good consumer of clawed code, you're going to have to be able to at least read it and understand it for the most part. I think um any uh escape any chance for an escape of surfom well it's a little aggressive on the word for average Joe is death of middle class and new reality oh I don't know that I would continue to listen to these Marxist thinkers that you're listening to uh no not at all not at Um I don't know so much that there is that that we can say surfom look since the dawn of time since the beginning of time before any society um there are two things that everyone needed which was food and shelter uh and you had to work for it and life was life was ugly. Uh if you lived 30 years that was a good life. life was ugly and then we found ways to say look we don't actually have to go out and hunt and kill and and and risk our lives. I I can actually make make something here like uh shoes and I can sell them and from that I can then get my food and shelter. So if we say that capitalism is surfom then you have to say that all of life since the beginning of time has been surfom because if you don't participate in the hunt for food and shelter you die period. It's just we have a more civilized way of doing it now but some people like to look at it and [ __ ] all over it. Listen you would not want to live 50 years ago single ply toilet paper. Come on right? um 100 years ago you went outside to do that and there was no toilet paper and you stunk all the time. So I I don't know that I would use this word surfom. I think we've been liberated with capitalism uh and democracy from so much that yes, you still have to hunt for food and shelter, but we get so many different ways to hunt for food and shelter now. We don't actually have to only live to 30. You got injured way back then, that's a death penalty. Not anymore. So, compared to what life was like a thousand years ago, you take somebody a thousand years ago, you bring them to today and said, "Did you have to did you have to work for food and shelter?" "Yes, I did." Well, look look at what we have today. Look what we have to do. They'd probably say, "Are you kidding me? This easy? I just got to stand beside a a fry machine and every time it hits ding, I push it up. I throw it in the other bin. I throw salt on it. You kidding me? Yeah. Compare this time to other times in history. Uh, you have it so good. You have it so well. Surfom's a tough word. Tough word. But will the fight for food and shelter ever end? Nope. Because you're a biological being. uh you need food, you need shelter, which means you got to either get it yourself or you got to get it through other means, which is like getting a job, giving some value to somebody else who then gives you some money so you can get food and shelter. Uh will AI and robotics allow aging nations to at least maintain GDP? What for? Why? Um I don't understand why. Let's say you carry it to its logical conclusion and a nation has no individuals and it's full of AI producing stuff. Who's going to consume it? Fields and fields of wheat, who's going to consume it? Take oil out of the ground to make uh gasoline. Who's going to use it? I mean, why? Why? Uh I don't get that. So, I'm, you know, I'm not going to poo poo all over it, but off the top of my head, I I don't see why I would want to continue growing and growing GDP. GDP is the wrong measure to look at. GDP per capita is the better measure to look at. If you have a shrinking population, as long as your GDP per capita is increasing, the wealth of your of your citizenry is increasing. That that's that's good. um 2018 macro video. You derived the is curve using uh planned expense or CFA textbook derives it using SI curve to okay I don't understand how it's linked to your explanation. You're asking me to go back eight years and remember something and tie it to this. I'm going to take a hard pass on that question. Uh what happened to the company outlooks? Um so they take about 30 hours to do. They're not easy. They do take time to get done. And uh YouTube gives you um analytics so you can see where in the video you're getting the most views. And you get to the company out the the company profile, boom, views just drop on just drop down. So it's the part that takes me the longest to do that has the least amount of views. So it's like, you know, that's a drag. Um, I suspended them when this when this whole uh Iran thing erupted because um nothing else matters right now. Nothing else matters. What would be the point of doing a company profile? Uh nothing else matters. Maybe I'll go back to doing them, but duh, they take a lot of time. Um and I don't want to just, you know, run an AI report and then just repeat repeat [ __ ] to you. I mean, I I I have to think about it and I have to reflect on it and, you know, you got to compare it with the company itself. You got to look at at at what the company's doing. I mean, it's it does take a long time to do. So, if uh you might see a bunch of bugs flying in my hair, these are little beetles that at night they just they're everywhere. You get like I don't know what's going on, but we got a beetle bloom somewhere and they're not even singing. Wouldn't be too bad if they swung by and you heard she loves you. Yeah. But you hear nothing like that. The woring noise. Do you see? Okay. In all seriousness, why don't you get a a GF? In all seriousness, why don't you get a GF? What's a GF? He's too handsome for them ladies. Oh, girlfriend. Yeah, I like your optimism that it's that it's that that that somehow you think it's just my choice. The other side has to agree. Look at me. Uh, how do you handle if you're thinking about having no companion? What's all these questions? What's going on here? Why are they all ah why are they all clustering around this? How do you handle it if you're thinking about having no companion when you're in your 90s or hundreds? You know, do first of all, if in my my 90s and hundreds, do you know how how irritable I'm going to be? I'm going to be in pain. My knees are going to hurt. I don't want somebody beside me saying saying, "Do this, do that." I don't like the sound of the ah I'd be in jail. I'd kill someone. What's that song by Rolling Stones? I used to love her, but I had to kill her. Now she's buried in my backyard. Yeah, I'd I'd kill her. Um, look, look, I remind myself every day that that I am a product of my choices. I've made my choices. I am comfortable with my choices. Uh, if if um something came along, sure. But as far as me feeling that I have a deficit in my life, that I have a hole that I need to fill, not really. I don't feel that way. So let's uh put a pin in all that. In trading the stoic weight, you present stoicism as the core framework and then supplement it with Buddhism, talisoism, Zen and other philosophies. Which philosophical school would you say forms the foundation of your mindset? Um it's not as if uh you know like so many you you you you're not going to find one sort of school of thinking or one philosophical orientation that isn't the basis of many others. Um I wrote that in my PhD years and I had um it was a very rough a rough draft. it wasn't it wasn't as um um you know fleshed out as it is now and I was looking in a folder for something and I came across it and it was like oh my god look at this thing and I read it and I thought that is still so relevant for today so I brought it over to Claude I said Claude look what I found and Claude said oh my god Mark I don't know of anyone as smart as you are this is timely and fantastic and I I don't think Claude was being complimentary. I think it was being serious. It really loved it. Said, "We should build this out." I said, "Do you think so?" I don't know. Does Claude talk to you like that? Claude likes me. Uh so, uh that's what it came to. Uh but the idea behind it was simple. Um it it what in in no way is it saying that you should be unemotional. You're going to be emotional. Absolutely, you're going to be emotional in life. What it was saying very plainly is you should not make decisions while you're emotional. That you should try to separate your emotional reaction from the decision that you make. And in the markets that matters more than anything else because how many people have suffered a loss and got angry and said, "Ah, blah blah blah, this sucks. The market's against me." And then you make a big trade on something else in the hopes of getting it back. You revenge trade. you try to revenge trade your way back to making it back and that only creates uh more emotion and more bad decisions. So, the idea was um be emotional. You're going to be emotional, but understand that you're human and you're going to be emotional and don't make a decision in an emotional state. Throw your chair into the pool and then come back and calm down and say, "Okay, rationally, what am I going to do? What decision will I make?" Right? But you don't trade while you're throwing your chair in the pool. I've thrown chairs. Oh man, I've thrown chair. Not in the pool though, but I have thrown chairs before. Um, I'm taking my level two CFA exam. May just finished the curriculum. Any advice on how to approach the last 43 days? Um, uh, write this on your mirror. Um, it's a question you ask yourself every day. Do I want this to be my second last level two exam? The answer obviously is no. I want this to be my last level two exam. And lean in. Lean in. Sacrifice a few things in these last 43 days. Don't get complacent. Lean in and ask yourself every morning, do I really want this to be my second last exam? No freaking way. Lean in. That's about the best advice I can give you. Do you consider yourself a nist? No. A nihilist believes in nothing. A nihilist believes in in I I mean there's certain things I say I don't believe in this. I don't believe in that. Uh but I believe in things right. I mean I have beliefs. It's not like I I I think that all of this is meaningless. Uh you know I'm not uh um a French philosopher. So no I'm not a nihilist. Uh what's your opinion on investing in the Middle East right now? Um you know you could ask that question at almost any point over the last seven years and it would be relevant like yeah that yeah you got to think about that could have asked it two years ago. Yeah. Well, yeah, you got to think about that. It is perpetual. Correct me if I'm wrong here. Somebody help me out. But ever since I've been a kid, I've been hearing about trouble in the Middle East. Ever since I've been a kid. So, my opinion of investing in the Middle East now would be the same as it ever was before. Look at all the beetles flying around. There are hundreds of them. They're going to keep they're going to knock me around a bit, but uh we're going to have to close that uh going to have to close the glass windows because they're going to fly into the house. Um I'll do that now. You want to give me uh two minutes? I've got all my glass windows open and I got to go close them because the Beatles are just flying around. I'll be like back in two and two. See if you can get that reference. Who used to say we'll be back in two and two? Go. I'll be right back. Turn it down. Okay. Uh, two and two. Chuck Woolery. Uh, this was a love connection. I think that's what it was called. Oh, look at these bugs. Look at these bugs. I may have to end it soon. Uh I have friends down and uh one of them when they got here it started raining every day and the beetle showed up. There's two signs of the uh coming of the apocalypse. Uh so I call her Lad Diaba but she's flying out tonight. So her and her mom are flying out tonight. So Lad Diaba is leaving. Um do you practice as a hobby any form of art? No. I was never very artistic. Uh, what books are you reading lately? None. What type of art do you enjoy in your free time? Uh, I like poetry, but free time. What is that? Uh, look at that. See, see the little beetles? We get these little beetles here. And they got these these these they're grippy grippy grippy. Look at that little guy. See it? They're really grippy grippy. Look at that guy. And these are all flying all over the place. Go. Yeah. Everywhere. Um, what app do you use to control your smart home? It is Elan. Uh, any plans to visit New York City? No plans, but uh, it's not like I'd be against it, but no plans. What do you know about the Peruvian market? Uh, nothing. I just started uh, uh, getting to familiar with the Brazilian market. These are six six-mon journeys, right? Five, six month journeys to really get to know a market. I know it's not market Q&A, but do you mind commenting on WTI futures curve trade you discussed last Sunday? Had a few spreads that did well. Was wondering how you made out on that. I made out very well on the spreads and I still hold 18 of my uh of my uh curves uh 18 positions, 18 spreads. Um out of I had uh as high as 34 one time, brought it down to 28, brought it back up to 32. Now I'm down to 18. I see it back at six bucks. I will add it again. My god, there's like thousands of them tonight. I have to turn the lights off soon because that's what they're attracted to are uh are the lights. Um uh do you enjoy traveling other than getting back and forth between going and Canada perhaps Asia or Europe? I'm thinking uh this November, December, either um uh Thailand or Japan. Japan cuz only because I had two people here that were saying, "Ah, you should go to Japan instead. You should go to Japan." All right. Well, I'll look at it. I don't know. Uh do you feel a bit lonely sometimes? Not really. Uh not really. If you ever travel to another country, would you tell us? Yeah. I wouldn't mind showing uh you the best barbecue Texas has to offer. Well, I thought you were going to say the best barbecue. The best barbecue Texas has to offer. Okay. I don't know if I'd call that the best barbecue. I think Canada has some of the best barbecue. You go to Alberta, you're going to get some of the best barbecue. But the best barbecue Texas has to offer. Well, okay. You know, I'm sure for most of you Texans out there, those are fighting words. Uh, any chance that your alumni will get CFA archives? They're not mine. CFA is not mine anymore, right? I sold it to Sarify four years ago. I have no ownership of any of that content. Uh, why are you so against having a hobby? I'm not against having a hobby. I just don't have one, you know. Why are you so against letting a hobby go? I mean, I could ask it the other way, right? How do you deal with mediocrity? Yeah. Well, if you're in Costa Rica, you have to deal with a lot of mediocrity. A lot of mediocrity. Less than mediocre. Like so many people here trying their best to be somewhat less than average. And even then being mediocre at being less than average. So, uh I don't know how I deal with it. It's frustrating, but you know, you just sort of do things yourself. Uh Mark is on to something. I've outsourced a lot of my administrative task AI and that's allowed me more time to be more efficient. That's true. Cloud Mythos is discovering cyber security vulnerabilities better than humans when you instruct it to break out of its containment. It can do that. Um, cyber security is not just uh code and and and and code vulnerabilities. That's a small part of cyber security. The the bigger part of cyber security comes in social engineering where I get your credentials and I get into your system somehow or I breach one of your devices to get into your system and then I hang out there till I can move sideways or move upwards and I could be in your system for six months before I find the vulnerability I'm looking for. Your code is not the way I get in. I'm not looking for a vulnerability in your code. I'm looking over vulnerability in the people in your organization. A vulnerability in their devices, a vulnerability in in in in their willingness to share information. Um, and then you got to watch out for the people inside your organization like the salesperson who's leaving who decides to download the entire customer list when they've never done that before. Do you know to pick that up? Right. It's not just code. It's it's it's security against everything. And if they have guns, you have to have guns. There's a gun shop. And it's not just good people that go in to buy guns. Criminals go in to buy guns as well. So there's AI that can find code vulnerabilities. It's not just good guys that use it. It's bad guys as well. And just because there's code, there's cyber security uh they have cyber security features that can find vulnerabilities and code. You actually have to have somebody who who is responsible for it say, "Oh, I guess I should use it." they actually have to use it and then implement it. So, um, good for a start, but it's going to be better for the cyber security firms than it would be for anyone individual firm who may not have the expertise to actually check their code. Um, and if I'm in the cloud behind a firewall, what the hell do I care? I'm in a cloud behind a firewall. Uh, shouldn't shouldn't the cyber security firm manage that? How the hell do I even begin to manage that? So, no, I uh I I don't see this really doing much um because it is the least the smallest part of actual breaches is is code breaches. Besides, it's saying that it's found breaches in some systems that have existed for 50 years. No one broke in over those 50 years. So, what was it really saving us from? Oh, it found these breaches in the code that no one's found for 50 years. Well, great. No one's found it for 50 years. Meaning, you know, it's not as if uh uh you know, it was being exploited again and again and and the good side said, "We don't know how to fix it." And along comes Claude Code. Uh along comes Claude Code and says, "Hey, did you know that these were here?" and criminals and good guys alike say, "Holy [ __ ] no. Didn't see that at all." So, you know, there's that. We're going to need Palo Alto and Crowd Strike to keep Claude in jail. Um, okay. I'm going to scroll down to the bottom and then work my way up here. Somebody is an expert in metals and mining sector. Do you think that it's good for him to invest in those sectors only? 100%. Well, not really. Not 100%. No. Uh, what are you drinking? Uh, Coca-Cola. Coke Zero. Uh, curious. Has Sarifi ever reached out to have you re-record or retach any of the CFA seminars? Has it been a clean break? No. No, it hasn't been a It wasn't. You never just hand off. there's always a a tapering uh as time goes on. So, yeah. Um, what made you decide to move to Costa Rica? I'll pass on that. When you say uh lighting US exposure, do you mean uh you invest in US companies whose revenues come from non- US countries? Yeah, it could. Yeah. Do you feel Canadian? Well, I don't know. I uh yeah I do surprised that's where viewership drops. Yeah, so am I. But there it is. Uh which age do you think is too late to pursue CFA? It's like asking me at which which age is it too late to learn? Um actually let me rephrase that. um to actually get the three letters. I think there comes a point in your life where if it's not going to change uh the trajectory of your job, if it's not going to change your income, more than likely after 20 or 30 years on the job, you know, all of what CFA is teaching anyways, it'd be very little value in adding three letters. Uh when are you going to give us a house tour? Um, how was that? Um, I know what you mean. A tour through the house. It's almost done. I have just a few more a few more pieces to add, a little bit more artwork, change some of the older pictures in here, and then uh yeah. Um, my workplace doesn't allow any AI. They say it's a governance issue. I'm financial manager. Use it at home. Use think of scenarios that use it at work and use it at home. Uh in the same way, uh connect it to your email and say, "Every time I get an email about a certain topic, draft a response and it'll drop it in your draft folder. You don't have to send it, but just read it." But so if at work they say, "Okay, you can now use Claude." You'll say, "Hey, you know what? I can automate my email right now. I know exactly how to automate it right here." Now, uh do you think religion does more bad than good? No, no, no. I don't think it does more bad than good. I think it does equal amounts of bad and good. I mean, there used to be an expression that bad people will do bad things and good people will do good things, but for good people to do bad things, that takes religion. Um, but I think it's an intersection of of all sorts of things. Um, we could say, do you think uh education does more bad than good? Um, if you educate someone in computer science, you will create hackers. If you educate someone in accounting, uh, you will create another Enron. Uh, who know, you know, a company that knows how to use accounting to, uh, move things off balance sheet. If you had no accounting knowledge, you wouldn't have known how to do any of that stuff. There's a hell of a lot of white collar crime, white collar crime based on the fact that they had the education to do it. So, should we ban education uh because it creates people who uh use it badly. Uh there are uh uh we could ban science. Science in the wrong hands can be destructive, right? Uh so religion is a philosophy on how to live a good life that just wraps it up in the belief of a god that if you strip the god out of there a lot of religious texts are really just a manual for how to live life. Very male ccentric manual for how to live life. All of them are very male centric. Very little room for women in there. Um but religion can bring move you to do very bad things uh at at the level of the whole. But let's not forget about all the millions of people who do good things. All the charitable uh uh organizations that are set up around uh uh Christian and and Jewish and and Muslim causes. Uh all the uh uh good deeds that are done in the name of a god. Uh well, you know, it doesn't matter how they feel they're going to get to heaven. Who cares uh what is the motivation for their good deeds? They do perform good deeds and then they perform bad deeds. The Bolsheviks were atheists. They killed. Um the Nazis, I don't think had a religious center. Uh they may have been whatever religion they are, but religion wasn't a big part of the Nazi movement. They killed Mao uh I don't think had a religious center in what he was doing. Maybe they're all Buddhists, but he killed. You don't need religion to kill, right? So, however, if we look back in history and we think about, you know, religion as being a cause of death, it has been a fairly big cause of death. Your god and my god don't agree. You must die. I mean, the Crusades were all about that, right? Christians versus Muslims. And you know, how many, you know, you get the idea of a holy war. Well, uh, for some countries that don't have a distinction between the Bible and the Constitution, theocracies, yeah, the there is a lot of suffering in the name of God. But for some countries that are lean more towards the atheist angle, there's a lot of suffering. So I mean you can you can say, "Oh, there's been a lot of suffering in the name of God, but there's also been a lot of suffering in the names of other things. In the name of this ideology, the name of this dictator, in the name of of of this this uh uh uh you know, nationalistic cause. So, you know, I don't know that I'd pick on religion as being the bad guy here. A couple more questions and then we'll end it. Um, would it be worth to attend one of your Costa Rica trading retreats if I unable to trade derivatives in my personal account due to my job? Um, well, I'm going to answer that two ways. uh we use a lot of options because it is a riskmanagement tool. Uh but we do spend quite a bit of time at least uh the the sessions this year spent quite a bit of time on position sizing. How do you size a position based on the risk that it has and for that you don't need options. Um but we do use a lot of uh a lot of options. If you can't trade derivatives, it's no big deal. Uh but the other part of this is it's a great vacation. Bring a significant other. We have day trips for them. Uh um you know, you're staying in a kind of a resort-like place. It's kind of a boutique hotel. You can do horse riding in the morning. You can head to the beach. Uh we have day trips to the volcano to coffee plantation, waterfall gardens. I mean, you can you can say, well, look, if I took a vacation, I stayed in a hotel and I bought hotel food, it would cost more than if I stayed at that guy's place. And I may not be able to use everything like derivatives, but I'll be able to use quite a bit. I'll get some of that out of it. Plus, we have a 10person movie theater upstairs. We can throw some movies on. I mean, it's uh you're kind of like you're on a resort. So, I'll answer that two ways. If you're, you know, thinking about it just in terms of what's covered, yeah, there's quite a bit of options in there that you might say, "Well, I can't use them. What am I going to do?" Do you think reason or imagination is more useful in life? Uh they're eating. If you want to go in and eat, I'm I'm five more minutes here. Um both reasoning and imagination. Uh I think both. I would not I don't think I'd put it on a scale and say, "Oh, let's side with reasoning." I think both. You need imagination. 22 years old, level two Canada. Just want to say your weekly market outlooks have put me miles ahead of my peers in my ability to talk markets with industry professionals. Thanks a lot. Wow. See, that's a reward. That's the reward right there. Looking good and fit. Had to spend two years away from your content after passing CFA. Cheers and thanks for the help. No, you're welcome. Okay, I'm going to answer a couple more and then I'm uh I'm going to go here. Uh what does your diet look like these days? Um I don't eat uh breakfast down here. I start uh my first meal is at 1:00, which is 3:00 my time. by about eight or nine at night, I try to be done. So, seven hour window, maybe eight, because if I were at home, uh it would be about a six, seven hour window. But Gloria here, she makes desserts and I tell her not to make desserts, but she makes desserts and well, I'm weak. I'm weak, so I eat them, you know. Uh let's see. Um, would you hedge oil at this point or is it going to drop like a rock as Trump's uh Trump? Um, no. I I have a I am hedged. I'm long and short oil. I'm just playing the shape of the curve. Uh, let's see. Uh, one more good question then I'm going to go. uh will software companies uh rebound. I uh put a bid in for now and for Salesforce and for Oracle uh today uh didn't get to my my price. I'll wait till tomorrow. I I I really hope there's more negativity in this tomorrow. I want to see cyber security firms take another leg down. I want to see Service Now and Salesforce take another leg down because the market is [ __ ] stupid and I will profit from their stupidity. That is my alpha. Their stupidity is my alpha. All right. Um I'll be on in the morning for the uh pre-market. Uh the Beatles have stopped. Hey, listen. Look at me. You know, when she went inside, the Beatles stopped, didn't they? Didn't they? When she went inside, the Beatles stopped. That's Lad Diab. That's a little devil. Anyway, that's what they call her down here. She walks the streets. They all move. We go. Anyways, okay. It was her. It was the I'm not kidding you. The Beatles have stopped. Have they not stopped? Oh, one landed on you. Do I have Oh, I have one on me there. Oh, look at that little guy. I do have one on me there. That's a remnant. Come here, little buddy. Ow ow ow ow ow. These things, they they they just they cling to you like nothing else. Look at that little guy. Isn't that cute? Let's see if I can get uh his a good look at his face there. Look at that little guy. There you go. Look at that. There. Where's the camera? There you go. Look at that little guy right there. I don't kill them. I I I try to get them someplace safe. Up you go. Up you go. Look at Look at the grip they have. Watch. Oh, now he's gone. I was going to show you he doesn't let go. Okay. Ciao, guys. Have a good one.