The Whole Market Looks Expensive — Is it Time to De-Risk?

27:52Because as we know, all of the returns have been concentrated into a handful of tech companies to the point where the S &P itself is not super diversified. I mean, NVIDIA is now more than 7 % of the S &P. So that's just too high. You don't want more than 5%, as I said, in any one company. And if you're buying the S &P, you're buying 7.5 % exposure to NVIDIA. So I think going equal weight, that kind of balances things out, and you'll be slightly less exposed to tech. And then there's what you say, which is cash, we'll get into bonds. There's fixed income, there's T-bills, there's T-bonds. You could even just buy a diversified treasury index, or you could just buy T-bills directly from the government online.

28:45But it does feel that we're approaching the de-risking part of the cycle. And that's not to say that tech could have continued to run up over the next year, perhaps the next two years. But most likely, you're going to see some more modest returns, if we're just looking at the course of history. And you're probably going to see some sort of correction. I will say I'm a lot less bearish than I think Aswath is, and I can get into that. But what you say there about de-risking, I do think that's important. I'm still stuck on the part where you said it was really interesting where my mind is going. I think it's more tortured than interesting.

29:30And the idea of you having real insight into what the fuck is going on in the shit show fun house of horrors in my head is so frightening to me. You would just call your parents and say, I love what I'm doing. I'm making really good money. I love my colleagues, but I just can't be anywhere near this freak show called Scott Galloway. So be careful. Don't open that door. I try to moderate my exposure to your mind, similar to portfolios. People say, oh, he's an introvert. He doesn't like people. That's not true. I just want to make sure people to really get the full picture of what's going on here.

30:06But as usual, a lot of what I said, the data is not supporting. The team did some research. So New York real estate isn't outperforming the stock market, but it's been a decent investment. The average yearly rate of return on investment has been 5 % to 7%. I'd be curious what the luxury market has done. But if you go, if you put money away when you're 21 and it only grows 6 % to 7%, keep in mind you'll have 31 times the amount of money when you're retiring. Well, I will say only someone in your economic weight class could buy it. So I agree with you in the directional strategy. But I would, I mean, this whole conversation is premised on this very bearish thesis that Aswath de Moderen seems to have, which is he thinks the stock market's overvalued.

31:00He wants to get into perhaps cash. He wants to maybe look at, you know, fixed income or at least make that a large part of his portfolio. I just want to end this by saying like, maybe he's right, but I'm nowhere near at the level of bearish that I think he is. I still think that there is a ton of value in AI. And I think there are plenty of tech companies that are not that overvalued and that are actually very well diversified and that are being managed very responsibly. Of course, there are companies that aren't. OpenAI, as an example, we went over that last week. But I think there are companies that are good.

31:38And I think one great example would be Meta, which is trading at 20 times forward earnings, which is actually a little bit lower than the S &P average. And yes, they are investing heavily in AI, and maybe it doesn't work out. But unlike OpenAI, they actually have the money and the cash flows to actually do this. They can withstand a correction, and they're doing this in a reasonable way. So even if we do see a correction, even if the AI bubble pops, meta is going to be fine. Business is going to still be running very strong. They'll have plenty of cash. It's a great company, great fundamentals.

32:14Another example we've talked about is Amazon. Stocks had a pretty big run-up over the past few months, so closer to fully value than it was before. But having said that, just in terms of this AI bubble, is it causing huge overvaluations? ChatGPT was launched in November of 2022. Amazon was at 176 at the time. It's at 240 today. So over the past three years, that's a 36 % return. That's an annual return of around 11%. That's not that crazy. I mean, it's a little bit more than the S &P's historical return. So if the AI bubble is causing one of the most AI-exposed companies in the world, which is Amazon, the data center juggernaut, if it's causing that company to yield an 11 % annual return, that would mean that either we're not in that much of a bubble or the bubble hasn't really infected Amazon that much.

33:16but I do think there is still value and companies will get hurt. But as we discussed before, it's the companies that are biting off more than they can chew, that are extending their leverage out too much, that are becoming too dependent on this future vision of AI and not the cash flows they can bring in today. Again, every year we do a big tech stock pick And we're careful to say outperform the rest because my belief is if the rest of the MAG-10 goes down 50%, I think Amazon will go down less. There's no safe harbor here if there's a kind of drawdown that I think we're due for in AI. But the reason why Amazon has underperformed, despite the fact that they are positioned to benefit from AI, is that their cloud, which has the greatest market share of the cloud providers, is seen as not as AI -enabled.

34:13And so it's actually this notion that their cloud offering has developed a reputation as not being the most AI-enabled or friendly or AI-adept cloud, which I think is kind of not – I mean, their stock hasn't underperformed. It's just underperformed relative to its peers. And what Aswath said is, these companies just haven't made the kind of all-in bets on AI that everyone else has made. You know, if he said, and it really shocked me, that NVIDIA was the most, you know, the scariest one and the most overvalued. And I said, well, what about Palantir? And he said, oh, well, you've gone from the Magnum to 7, to Magnum's in 10, I would say Palantir.

34:52But you brought up something that is actually overlooked in the world of investing. And that is, every board I've been on, I feel like I come in and I talk to the guy or when a CEO's on the call, I can usually tell when we're about to have a board meeting and that is the CEO starts getting defensive and you can just hear this strain and anxiety in his or her voice. And Karp and Altman have shown uncharacteristic stress and defensiveness in their voice recently. Those are dangerous, yeah, dangerous positions. Well, we forget these people are human. There's no way for them just to compartmentalize everything.

35:38And I get the sense they know they're out over their skis. And people are asking really hard questions they're having a tough time giving good answers for. OpenAI, 100 % in a very dangerous position. The response from Sam Altman is a total tell. well, also the numbers are a total tell. Very dangerous. By the way, if OpenAI goes out of business, and there are real concerns as to what that could do to the larger markets, but say they go insolvent or there's some issue with the timing or they go bankrupt or whatever, I mean, what's going to happen to them? If we're being realistic, they're just going to be folded into Microsoft.

36:16Like Microsoft already pretty much owns OpenAI. They own all of the IP. They have access to all of the IP. They have a substantial ownership over the profits. In that scenario, I don't think it just takes down the whole market in a really big way. It's going to take down certain companies. Like Oracle, as an example, would be a company that's going to get massively beaten up because of that, because they're so leveraged, basically. And they have these contracts with OpenAI, which would put it in a really dangerous position. But, again, there are companies that are managing their balance sheets fine.

36:56Microsoft's doing a pretty good job of it. Meta's doing a good job of it. Amazon, Google, you know, I'm just, again, I'm less concerned than I think some others are. And so I just think it's important to like give both sides a little bit of weight because I don't think the takeaway from this is, you know, you need to sell. You need to get out of the stock market. It's still an open question. And we're obviously going to keep on looking into it. But I just don't want us to conclude like, oh, no, Aswath's worried. I should be worried, too. Okay. So OpenAI, last round was$500 billion. If that company were to go away, first off, you're right.

37:38It wouldn't go away. It would fold into Microsoft or something else at, say, a valuation of$100 billion or$200 billion, a destruction in the private markets of$300 billion. That's big, but it's not going to take it down the economy. The reason it would take down the economy or have a serious impact on consumer confidence amongst the wealthiest 10 % who are responsible for the consumer spending, this is the domino effect. And that is, if OpenAI gets the shit kicked out of it and announces it's just not growing the way it hoped, they're the canary in the coal mine for NVIDIA, which is a$5 trillion company.

38:12NVIDIA goes down 80%, which is just not unthinkable. That's a$4 trillion destruction in capital. Well, there's no way that wealthy households all over America don't go, oh, fuck, and start pulling back their spending, which has a disproportionate impact on the entire economy. I mean, so OpenAI is not the biggest domino, but it'd be the first domino that starts tipping over much bigger dominoes. Ooh, that was a good analogy. NVIDIA is definitely a big question mark. It's tough because the valuation, I don't think, is completely crazy because the growth, the fundamental growth has been crazy. So, I mean, the business is on a tear.

38:50I think the question is, will that continue? But what I can tell you with certainty, everyone is overexposed to NVIDIA because if you earn the S &P, your position is 7.5%. So you are too exposed. So trim, that's the answer. We'll be right back after the break. And if you're enjoying the show so far, send it to a friend and please follow us if you haven't already. Thank you.

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42:41We're back with Prof G Markets. We talked a lot on the show about how China is closing the gap in the AI race, but now there is fresh evidence that it may actually be pulling ahead. A Chinese startup called Moonshot just released a new open source model that outperformed OpenAI and perplexity across several benchmarks. Plus, it is four times cheaper to run at scale than GPT-5. This news dropped just days after Jensen Huang told the Financial Times, quote, China is going to win the AI race. He later clarified that China is, quote, nanoseconds behind and that the US needs to win by racing faster.

43:18But clearly this issue is top of mind for him. Scott, another new model out of China. This one is called Kimi K2 Thinking. It's from this company, Moonshot. It costs them four and a half million dollars to train it, which is 1 ,500 times less than what OpenAI spent on R &D this year, outperforming OpenAI's models, outperforming Plexiglas's models, a lot cheaper to run. We've been saying this, you know, China's just going to flood the market with cheap AI. Here's another one. Your reactions? If I were advising Xi and I was the head of the CCP in strategy, I would be doing exactly what they're doing.

44:00And that is, I'd say, I know, just dump a bunch of cheap, outstanding AI into the market. It's going to put real pressure on these companies that are driving the majority of the American market, which is driving the economy. And we're just going to kick them so hard in the nuts. This is our biggest prediction for 2026, that the AI trade on wines in the U.S. at the hands of government-sponsored subsidization of Chinese AI, and they're going to do the equivalent. We used to bitch about them dumping steel, I think, into the U.S. market in the 80s, thinking if they sold steel below cost, they would consolidate the market, put all U.S.

44:40steel manufacturing out of business, and then consolidate the market, similar to what Amazon or Netflix have done. I think they're essentially engaging in the most, in my opinion, the most, is this true, The most seminal geopolitical action right now is Chinese dumping of AI. Your thoughts, Ed? Well, I think the most important thing is the price. So Kimi K2, four times less expensive than GPT-5. So, I mean, we've discussed the pricing before, but let's just go through it again so people understand. So Anthropic, or Claude, it costs$15 per million tokens. GPT-5 costs$10. Kimi K2, which is this new Chinese one, is$2.50.

45:28Quen Plus, which is Alibaba's one, that's again Chinese,$1.20. And DeepSeek, which everyone knows is also Chinese,$1.10. So they're producing comparably performing AI that is, in some cases, 10 times cheaper than America's models. And the question that you have to ask is, okay, why is it so much cheaper to create AI in China? That seems like a pretty fucking big deal. The answer is energy. It's because China produces way more energy than America, double the energy that America produces. And where are they leading? You look at the statistics, it's renewables. Two times more wind power, three times more solar power, six times more hydroelectric power, and they are continuing to invest in renewable energy.

46:28And so that's why electricity in China is cheaper. It's less than half the cost of energy in America. And so it's just so funny because why are we not investing in energy, specifically renewable energy? Because we've decided that it's woke. That's the only reason. I mean, and it's happening as we speak. They're terminating grants. They're making the permitting process way more difficult. If you want to build a solar project in America today, there's a new rule where you now have to get a personal sign-off from Doug Bergen. That's their big new energy policy. Doug Burgum has to say yes and give it the okay.

47:18I mean, that is just a bureaucratic nightmare. And again, why are we doing it? We've decided it's woke. There's no other reason. And it's just so funny how the anti-woke movement is like the new woke movement. It's the same groupthink ideological capture that led us down some, arguably some questionable paths during the woke era. and now it's happening in reverse and we're falling behind on AI. The reason, again, just connect the dots, the reason that the models in China are 10 times less expensive is because of the energy costs. It's because they produce way more energy and they haven't decided that building a solar farm is woke and indicative of liberal capture.

48:03So, I mean, there's a pretty clear thing that we need to do here. And that is, for whatever reason, clean energy, renewable energy, green energy has been classified as woke and Republicans refuse to touch it. And in many cases, they go in and they cut the funding and they got those projects. So I don't know what we need to do, Scott, but you're the branding expert. How do we rebrand renewable energy as not woke? How are we going to do that? Well, that is in the number one New York times bestselling book notes on being a man which by the way you did not bring up you did not bring up um so brought it up last time if i've been everyone's using this term toxic masculinity i don't think there's any such thing i think there's cruelty criminality abuse of power but masculinity should be an aspirational thing but there's a weirdness around i think trump was really trump i think trump flying into the quote-unquote non-masculinity but into this faux weird coarseness plus cruelty equals masculinity, fucked up sense of gendering things, that it really worked for him, unfortunately.

49:10And so now he's trying to, anything that feels progressive is feminine, is weak, and should be ignored. But what we need to do somehow is make smart, equal patriotic, equal cool, equal, it doesn't even need to be a gender. It's a degender for God's sakes. I mean, Texas, which is not known as a progressive, you know, you might even argue like Old West masculinity or whatever, or Old South, I don't know what the term would be, Texas. They have more wind power. They're the largest producer of wind power in the nation because the economics work. But this stupid feminization and conflating conflating renewables with femininity and progressiveness, which they then say are bad things.

50:08And we need to, for real men, we're going to go after oil and like whatever pollutes the most. That's me strong like bull. Okay. Just put that shit aside and say, I understand the notion that if we should have strategic oil reserves, we should continue to drill. The greatest arbitrage and history is fossil fuels and we need to be mindful of climate change, but pick your poison and we have to be economically competitive. I get it. But to decide that somehow renewables make you less manly, which is some fucked up way conflated with leadership, that's that you ignore, you know, the renewables, which, I mean, at a very basic level, we don't know where oil is going.

50:54We don't know if it's going to spike to$200 a barrel or going down to$10 a barrel. It is really hard to predict the price of oil. It is a fairly safe prediction that in a decade, solar and wind are going to be less expensive than they are now. Every year, technologies march around battery technology, around the dynamics of trying to get more energy from a rotating windmill or a hydroelectric capability. So every year, it gets cheaper and better. And there's occasionally a blip up, but for the most part, the investment, especially by the Chinese in renewables, which has been much more dramatic than us, they are very good at scale in figuring out a way to drive the cost down.

51:37Their strategy is the same as Walmart or Netflix or Amazon, and that is push your cost down, pass on those price decreases to the end consumer, consolidate the market. They're about market share at a lower price. That's their economy strategy is the same strategy as Amazon, Costco, Walmart. Our strategy in the U.S. has been to elevate perceived value through IP protection and branding and innovation. We have different, you know, we go at different sides. And some people would argue that China is moving up the food chain and now getting an innovation around automation, robotics, et cetera. But this is a really good bet on renewables for any other reason.

52:16you just i i am 98 confident renewables are going to be less expensive in 10 years than they are now i have no fucking idea where oil is going to be and so it just seems okay let's how do we make smart and competence aspirational and cool again as opposed to offending people and going back to the 50s, including the way we treat immigrants and non-whites and women, somehow that's cool and masculine and macho. So I do think there needs to be a rebranding of, and to a certain extent, we stuck our chin out as progressives. We said, okay, let's end every email by declaring our pronouns and have land acknowledgements every time we open a fucking conference.

53:03It's so fascinating how much damage that actually did to America, just because of how much it pissed people off. And just as you say that, almost, I mean, we shouldn't apply too much blame to pronoun sign-offs, but in a funny way, the most extreme wokeness has come back to bite us to the point where we're now, the other side has gotten so insane that they are now deciding that they need to cut clean energy projects. Because if you're building renewable, it just brings up thoughts in your head of land acknowledgements and pronouns at the end of emails. I mean, it's just so striking how much that struck a chord in Americans and how much it has actually put America behind to the point where we're not producing enough energy to build the frontier technology, which is AI.

54:01Like, we're literally falling behind in the AI race because, and you've got to connect these dots here, because we're not producing enough renewable energy, and the reason we're not producing enough renewable energy is because we've decided that it's too woke. Like, it's crazy how these things connect to each other. The basic cycle of politics in America for the last, I don't know how long, it's been definitely the last decade or last 20 years, is that Democrats are well-intentioned and in an effort, a noble effort to repair the injustices of the past. And also Democrats have been in obsession with grabbing social virtue, even if it means ignoring programs that actually impact the material and psychological wellbeing of Americans.

54:43They go crazy and take shit way too hard. Oh, a 6 '4 transgender woman shows up to an NCAA swim meet. Well, let's all applaud and look at each other and pretend that it's inspirational. A bike race where there's cash awards, a transgender woman crosses the finish line five minutes before the rest of the pack. Five minutes in a bike race? In a bike race? And we all applaud. Anyway, I'm a little triggered. I don't know how we got here. Should we get back to AI and maybe the housing crisis? We're a little all over the place today. I can't focus. I'm like a 17-year-old right now. But here's the ending point that I will end us on.

55:27Average price per megawatt hour of electricity in China,$88. Average price in America,$188. There is a huge disparity here, and we are falling behind. And we can say that it's because of wokeness or anti-wokeness. I really do think that's a big piece of it. Or anything else. But the point being, we're clearly falling behind. So clearly we need to do something about it. So gutting our renewable energy programs, probably not a very good idea. And it's certainly not going to be very persuasive to do it all in the name of anti-wokeness. We'll be right back. And for even more markets content, sign up for our newsletter at profgmarkets.com slash subscribe.

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58:01So I end up seeing pictures that I kind of forgot about. So yeah, it's a nice reminder of good moments in my life. Big fan of the Aura frame. That's nice. For a limited time, you can visit AuraFrames.com and get$45 off Aura's best-selling Carver Matte Frames, named number one by Wirecutter, by using promo code PROPG at checkout. That's A-U-R-A, frames.com, promo code PROPG. This exclusive Black Friday Cyber Monday deal is the best of the year. So order now before it ends. And you can support the show by mentioning us at checkout.

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59:24We're back with Prof G Markets. The US housing crisis is somehow getting even worse. New data revealed that the median first-time home buyer is now 40 years old, which is the oldest on record. And first-time buyers accounted for just 21 % of purchases last year, which is roughly half the historical average. Meanwhile, the administration is pitching a 50-year mortgage as the potential answer to this problem. They claim it will make ownership more affordable for younger buyers. God, so much bad news in this episode today, I've got to tell you. Scott, how is the housing crisis getting even worse?

1:00:05And is this 50-year mortgage idea going to fix it? So first off, I do think, I think the 50-year mortgage is a bad idea. It ends up, it lowers your payment marginally, but then you just build equity at a slower pace. I think one of the advantages of a home as an investment, if you account for maintenance and taxes and upkeep, homes have not performed other asset classes. But it does perform – it is a great way to build wealth because people have a tendency, if they're a little short at the end of the month or they have a choice between taking vacation and putting another$400 or$1 ,000 in their Vanguard ETF, they might choose to take a vacation or spend the money.

1:00:46Whereas if it's about, you know, tightening your belt and not getting kicked out of your house, you'll do that. So it's sort of a forced mechanism of forced savings. In addition, it does create bonds and momentum towards relationships. There's just something very psychologically rewarding around building something with somebody. and you start practicing building something on a life with someone by getting a house, spending the weekends going to Home Depot, to see immigrants have their heads stamped on by people, masked agents. That's what I like about Home Depot. Back into politics. He couldn't resist.

1:01:27You need to get off this pivot tour. I blame pivot. It is. It's all pivot's fault. That's right. And by the way, it hurts our revenues. Advertisers hate politics. Anyways, back to housing. It's psychologically accretive. It's a great way of forced savings. It helps young people find partners or create momentum towards long-lasting relationships. So it's a huge issue, both sociologically and economically. And we're just headed in the wrong direction. And what I hate about this is we act as if these problems are unfixable. Instead of spending all this money on all this stupid shit ranging from tax cuts to ICE to taking the military's budget from$870 billion to a trillion, with a substantial amount of money but a fraction of those expenditures, we could provide incentives to the private development community and also pass federal legislation around YIMBY laws, whether it's getting rid of height requirements, getting rid of dump shit.

1:02:25Like you don't have to have a parking space for every three units, getting rid of making it easier to sue if you don't approve of certain permits. Because my generation, the bottom is my generation is just so fucking selfish. And that is we figured out a way to increase our net worth by creating a rejectionist exclusionary culture where we make it harder to get into college and harder to get new housing permits to prove such as the value of the assets I already own go up in value. And if we unleash the private sector and developers and created, found unincorporated lands near city centers or in areas a little bit cheaper, manufactured homes, cost 50 % as much, unleash, give tax subsidies to developers and regulatory coverage and EMB laws, such that.

1:03:14It shouldn't be drill, baby, drill. It should be build, baby, build. And just say, in 10 years, we're going to build 8 million incremental homes, which is going to substantially. And then weigh in with a full faith and credit, have something similar to FHA or VH or Veterans Affairs loans give people. I would be ageist, under the age of 40, have a goal. If you make the average household income of$72 ,000 and you're under the age of 40, you qualify for a 2 % or 3%, whatever the money is the government can borrow at, and low down payments, and we're going to unleash the private sector of developers to make just a massive influx of affordable housing.

1:03:53I mean, Singapore, we can't do this because we don't have the money. Singapore gives homes away. They say, if you work for the government or you have a certain qualification, we'll give you a home because it's a great way to build wealth and a great way for you to feel good about Singapore. Well, they build those homes. I mean, they built a ton of housing. I mean, it's still, I just, I don't want people to think that like, oh, you can just make the, I mean, you got to build the thing in the first place. Yeah. So the bottom line is the incumbents like to pretend, they use words like globalization and network effects.

1:04:25No, these problems have common sense solutions. It's just the incumbents want to spend all of our additional capital on tax cuts. And it's like, no, you're right. This shit's going to cost money. All right. That's the bad news. The good news is we know how to fix this shit. We fucked it up. We can unfuck it. And the most basic thing to fix America right now is pretty straightforward. Put more money in the pockets of young people. They're 24 % less wealthy than they were 40 years ago. I am 72 % wealthier. That's the problem. That's the basis for dissatisfaction, anxiety, a lack of household formation, self-harm, people feeling bad about America, people going to the extreme right and listening to these fucking weirdo gropers or gropers or whatever the hell they're called, these little fascists, or going to the way fucking left and saying, Oh, socialism and communism.

1:05:23Now, trust me on this. Capitalism's brought more people out of poverty than, and it's the least bad system of its kind. You want to solve all this shit? You want to create more? You want to mend the social fabric? Simple. Take money out of the pockets of wealthy senior people who keep voting themselves more fucking money and transfer it into the pockets of people under the age of 40. Full stop. That's doors one, two, and three. And on housing, just build more. And it's funny because everyone seems to understand this now. Like, you mentioned all of those housing policies that are supposed to promote supply, which are now happening.

1:06:04And of course, there's the abundance thing that's become a big deal. But what is interesting is like, we're also seeing these stupid financial engineering proposals that I thought we all agreed were not going to work. But the 50-year mortgage is a perfect example. It's like, oh, how do we fix the home ownership problem? Let's just increase the amount of time that the loan is extended over from 30 years to 50 years because that's going to decrease your monthly payments. Yes, it'll decrease your monthly payments, but it means more months. So you're actually going to be paying more. So that's not going to fix the problem.

1:06:41And then there's the other financial engineering thing that has come up in the New York City mayoral election, which is like, oh, just freeze the rent. Like, we can just fix it by just freezing it, and then you don't have to pay more. And again, and we've been over this, but that doesn't work because it disincentivizes construction, sends rents up everywhere else, and it does nothing to address the underlying problem of supply. So I'm just so sick of us having this argument, like, how do we fix the housing? It's like, build more houses. That's all you need to do. It's a supply problem. It's easy to figure out.

1:07:16We can all agree, supply problem. And by the way, I do think we're making more progress on this. I mean, a lot of the ballot measures in New York City, it was fast-tracked affordable housing construction, you know, simplify the review process for housing projects, the Road Act, the Road to Housing Act, which again, it's going to streamline the permitting process. It's also got this interesting grant program where it actually rewards local governments who figure out ways to increase housing supply. So basically, the government's being like, do whatever you need to do to increase the housing and we'll just pay you money.

1:07:49That's a great idea. And that's passed in the Senate, going to move on to the House. So there are ways to do it, but the answer is not financial engineering. It's not saying, oh, figure out a new financing process through 50-year mortgages. Oh, just have more rent controls. Freeze the rent in these locations. It's just like, get more supply into the system. And you can do that through reducing regulatory burden. And you can also use technology to do it. You mentioned some of those technological innovations. But we do just need to industrialize construction. And yeah, Ezra Klein's right. it's about abundance.

1:08:30It's about increasing the supply. He's a tall drink of lemonade. He's gotten through a glow up, hasn't he? They're like, let's put some facial hair on that man. He really has. Everyone loves him. I'm getting a little sick of him, I gotta tell you. I like Ezra. I'm just seeing him everywhere. I like him too. He's getting a little too successful for me. I think he's, I'm pretty, I'm not sure. I think he's like trying to position himself or run for president. I feel like he could. Everyone loves him. I just see him everywhere. and then I get jealous because his podcast bigger than ours. Yeah, we're making more money though.

1:09:06He works for the times and they won't let him do host readovers because they're so fucking virtuous. Now sell Z-Biotics, bitches. Let's make some Benjis. Let's splash the cash. Let's fling the bling, my brother. A hundred percent. That's why we're winning. I think that's all we got for today, Scott. God, that was around the world. How are you feeling? Jesus. that was let's take a look at the week that felt like my first marriage i'm like wait what just happened what just happened god it was interesting and there were some high moments but where the am i how did i get here the week ahead we will get a temperature check on the american consumer from Home Depot, Target, Walmart, and Lowe's.

1:09:54They are all reporting earnings. Klarna will report for the first time since going public. And of course, all eyes will be on NVIDIA as it reports Wednesday night. Scott, any predictions? So back to me. I'm back in San Francisco. Here we go. Here we fucking go. I literally can't stand it here and I'm trying to figure out why because it is a beautiful city. It's the most beautiful city in the nation, I think. And I think it's because I just fucking hated it here. I was like, I was married and we used to have to do shit, like go to Napa and do wine tastings. And like, oh God, there's no late night drinking spots here.

1:10:37It's true. There's no way to policy, no clubs. People would invite you like sailing or mountain biking in Mount Tam. And I'm like, oh God, I got to pretend to like this shit. awful city closes at 10 p.m. I'm waiting for you to turn this into a prediction you got to figure it out somehow okay my prediction I can't help it it's going to be a political one there's going to be some fucking crazy shit out of the White House in the next seven days with all the Epstein files coming out all these emails that you referenced at the beginning they have to pull out a nuclear weapon of distraction and they're either going to start bombing like they're either They're going to go into Venezuela and start, you know, military action against Venezuela.

1:11:19Some crazy shit is going to come out of the White House in the next seven days because they need to detonate literally a nuclear device to distract from these Epstein emails, which are starting to dribble out. Okay. Here are the credits. This episode was produced by Claire Miller and engineered by Benjamin Spencer. Our associate producer is Alison Weiss. Mia Silveria is our research leader. Research associates are Isabella Kinsel. Dan Chalon and Chris O'Donoghue. Drew Burrows is our technical director. And Catherine Dillon is our executive producer. Thank you for listening to Prof G Markets from Prof G Media.

1:11:51Tune in tomorrow for a fresh take on markets.

1:11:59Lifetimes

1:12:05You have me In kind reunion

1:12:15As the world turns And the dark flies In love, love, love

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