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

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18:57Nate O'Brien:For most people, and definitely myself, the hardest part of staying on top of your diet is time. Between work, going to the gym, and everything else you have going on in your life, the expectation that you're going to cook all meals yourself is just not realistic. That's exactly why today's sponsor, CookUnity, has become such an incredible and easy part of my routine. It's the first meal delivery service that connects you directly with award-winning chefs sending fresh, ready-to-eat meals right to your door.

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20:21Nate O'Brien:Once again, that is 50 % off your first order at cookunity.com using code ICH50. There's also a link down below in the description. you can just click it right there. Thank you so much to Cook Unity for sponsoring this episode. Another thing that I did a while ago on ChatGPT was I asked to write a joke in the style of a few different comedians. Now, obviously, this is like what you just explained, but like a very basic level. And it is phenomenal. Like you could ask for the exact same joke delivered in Tim Dillon style or Theo Vaughn style or Chris D 'Elia style or Andrew Schultz style. And it totally accurately does the exact same joke in their styles, which I thought was phenomenal.

20:56Nate O'Brien:I should have asked how it was able to determine the tone. On the topic of ChatGPT, if someone has a limited budget, which subscription services should they pay for and at what level?

21:08Jack Sleat:It really depends on your use case. I think for most people, it actually doesn't matter that much. Whether you use Gemini or whether you use ChatGPT, we're talking about like the$20 level. For most people, that's completely fine. For anyone that's actually doing any sort of deep research, business analysis, that's actually starting businesses, running a business, even if it's a small one, you should probably pay up for like a$200 a month style subscription.

21:44Nate O'Brien:And which one? How do you know which one to purchase?

21:46Jack Sleat:Well, again, it really depends on your use case. And right now, today, everything has changed in the last two weeks. So I guess I just answered the question as if we were doing this show two weeks ago. But the reality is today, now that we live in a world of agentic AI, not every AI company has put out their full agentic AI stack. So today, Anthropic has put out something that they call a co-work, right? And Anthropic co-work essentially gives you the ability not just to run a prompt, but to actually have numerous agents. It's like having a multitude of employees and you simply tell it what you want to do.

22:32Jack Sleat:And it will have five, six, seven agents. One will be running a marketing department. One will be running a tech stack for you. And it will piece together all the things that it needs to piece together in order to accomplish any task or any goal that you have. And it will work 24 hours a day, right? So it's not just like putting in a prompt and waiting for an answer and then copy and pasting and doing it the way we've been doing it through ChatGPT the last couple of years. Now, there is another way to do this, which I think most people are adopting the last couple of weeks. And you've probably heard of OpenClaw.

23:10Jack Sleat:It's gone through a few different naming changes. But this is essentially the same thing, except it's open source. It's not run by a big model. And because it's open source, it's completely free. So everyone's going out right now and buying Mac minis, and they're basically running OpenClaw. And you don't have to be a technologist to do this. Anyone in the world can do this really easily. You just simply tell it, hey, I want to start this business. How do I do this? What do I need to do? And you set up OpenClaw with its own email account. You set it up with its own social media accounts. You set it up with its own credit card, if you want, with its own limits.

23:53Jack Sleat:It's its own person and it runs on a Mac mini. And the reason why you want to run it on a Mac mini is because it's new and because it's open source. So the safety standards aren't really there yet. So it becomes an employee. And in fact, it can become an employee that's managing five or six or seven or eight employees because it will create other agents inside of itself to do an infinite number of things. So it will actually run a business for you from A to Z on its own. And that's what's been happening the last two weeks.

24:23Chris Camillo:How is that possible? To me, that just doesn't seem feasible that you could tell it this idea, like, I want to make this app that does this, do it, that it'll actually go and like make the app and put it on the app store and charge your card for it. And like, how? Wow.

24:38Jack Sleat:Graham, it's doing all of it. I know this is why I haven't slept in two weeks. I mean, this is why I initially missed the first, you know, when we were supposed to be doing this show a couple of days ago and I just didn't even realize because my life is this crazy. I can't keep up with the technology the last couple of weeks. So, you know what I do as an investor, I essentially spend four hours a day dissecting thousands and thousands of comments on videos to try to surface change in the world, right? Cultural shifts, consumer behavioral shifts. And then I try to connect the dots of that change to investable opportunities in the stock market.

25:17Jack Sleat:And that's what a social art trader does. That's what I've been doing for 18 years. there are a lot of people that follow me obviously and there are at least six people that I know of in the last week that have set up open claw boxes and said I want you to replicate everything that Chris Camilla does and a few of these people have actually put the results and and have shown it working on x and it works 24 hours a day doing everything that I do so it actually goes into TikTok and it starts watching videos. It runs through comments. It knows what words to look for. It knows to look for words like sold out everywhere, obsessed.

26:01Jack Sleat:So it understands my methodology and it knows what to search for on TikTok. And then it scans comments and it evaluates what's trending in real time. And then it extrapolates what might be a good investment to make. This was done in 48 hours. They basically replicated 18 years of my work in 48 hours on a Mac mini, just voice prompting, Hey, can you replicate what Chris Camillo does? It researched me. And then it started, it started a company and it started doing this in real time. And so I'm just one very niche individual with a niche, um, business, right? It can do this for any business in the world.

26:44Jack Sleat:In fact, this is the most exciting piece of this in that I'm calling it the great reset. I'm so excited for it because there's so much negativity around AI right now. Everything that you just talked about with so much of the benefit of AI getting concentrated to one class of people, it doesn't have to be that way. This is the first time in my lifetime where the future is not necessarily owned by those with the most credentials or the most money or the best education. It's owned by anyone, anyone in the world that's willing to adopt quickly and create. So, you know, Gen Z has been complaining for a very long time and they have a valid complaint that they don't have the opportunity that boomers had, right?

27:43Jack Sleat:And we could all agree that to an extent, the pathway for them isn't as clear. They could spend a lot of money on education and still end up with no job in debt and no clear pathway to success and financial freedom in their life. Well, right now, anyone in the world that is willing to adopt and create can do what I just told you. Because for the past 20 years, if you wanted to start a business, you would have to raise money. You would have to build a team. You would usually have to understand technology or have to communicate what you are trying to build through a technologist. And it would take a lot of time.

28:25Jack Sleat:There's a tremendous amount of risk involved with all of that. And because of that, most of the world's problems did not mandate starting a business to fix them. Because even if you had the solution to a problem, the cost of actually implementing that solution was way too high for that particular problem. So the business wasn't viable. Now, every single solution to every single problem in the world is theoretically viable. So there are millions, tens of millions of nuanced problems throughout every industry, every sector, even in people's personal lives. Every single one of those problems is solvable with AI for the most part.

29:09Jack Sleat:And all you have to do is surface the problem and have the wherewithal to go out and adopt and spend two or three days of your life learning how to use these tools. And you do not have to be a technologist.

29:27Chris Camillo:How do you start learning about these? What's the first step?

29:30Jack Sleat:First step, you go on TikTok, you go on the search bar, you type in the word AI, and you filter down for videos that have come out in the last week. And you just watch 40 of them. That's it. Then you go on to X, and you essentially do the same exact thing. and there are numerous people, hundreds and hundreds of people that are excited to show you how to use this tool and get ramped up in 24 hours as a complete newbie that has no technological background. Okay. You do not need to know how to do anything. I'll give you a very specific example. Okay. Um, you can pick any business in HVAC business, a sprinkler business.

30:15Jack Sleat:There are millions of these businesses. Almost none of them are willing to embrace AI right now. You can simply go to one of them and say, hey, I'm an AI guy. Give me one area where you're leaking money, one area where your business is leaving money on the table, and I'm going to fix that for you for free. and they might say, hey, we are slow to react to phone calls that come in late at night. Sometimes we don't respond to them at all, or by the time we respond to them, they've then contacted one of our competitors. In 24 hours, you can set up an AI agent that will answer those calls, send out immediate automated text responses, then get that person signed up and get them a quote bid in next to real time.

31:12Jack Sleat:You can have it integrate with every single service that that business uses currently. It could input into their CRM. It could email all the people within the business that need to know about that, including the business owner. you can set that all up within days for that business at essentially very close to no cost. You just fixed a huge problem for them. You might increase that company's revenue by 5 % to 15 % in two or three days. Immediately, you become invaluable and you just probably picked up a client that will pay you$2 ,000 or$3 ,000 to be their AI guy to fix all their other problems.

31:50Jack Sleat:You can replicate that across 10 or 20 other businesses and probably make half a million a year. There are people right now doing this. They just started in the last week. Historically, like during the dot-com boom, the gold rush was trying to pick the right company to work for. I was part of that. If you pick the right company, you get your stock options. And two or three years later, you're a millionaire, even if you're 22 years old. And I had so many friends that were that age that became millionaires overnight because they picked the right company. You pick up with nothing. This is a very different gold rush for this generation.

32:27Jack Sleat:It's not about who they pick to work for. They have to do it on their own, but the opportunity is near infinite. The difference is the window is very small. So you have to do it right now, like this year, not like in six months, not in nine months, but like today. So over the course of the last week, I've probably gotten 15 calls from people on my network that told me they were about to quit their job. Some of them were 23, 24. Some of them were in their mid thirties. Some of them were in their forties because they got a box, they got a Mac mini, they got this set up and they said, Chris, I can literally start any business in the world and have it running in 48 hours.

33:12Jack Sleat:I've never seen anything like this. Every hour matters. I cannot give up hours. I must quit my job. So if you're young and you've been complaining because, you know, the world was jaded against you and you did not have any opportunity. You just got it.

33:28Nate O'Brien:So one word answer, should every single person at the end of this podcast, not right now, but at the end of this podcast, buy a Mac mini and download OpenClaw?

33:38Jack Sleat:No.

33:39Nate O'Brien:Okay. So not everybody.

33:41Jack Sleat:For anyone that is willing to adopt and create.

33:48Nate O'Brien:yes you should do that tomorrow would you say the highest leverage ai for the average person out there not for a very specific person but the average person would be open claw would be number one and then maybe just a basic gemini or chat bt or something like that i wouldn't think of it

34:04Jack Sleat:like that first of all they're all changing every week so whatever we decide on today is going to be different in three or four weeks they're all evolving their models they all do things slightly differently. If you want to have an entire company operating 24 hours a day, then you have to have agentic AI. You have to have agents.

34:26Nate O'Brien:So if you look at the monitor that is being used for this open claw agent AI thing, it's literally just like windows that are scrolling and then clicking buttons and then creating a Gmail account.

34:37Jack Sleat:You could think of it like that. Exactly. Yes. Simultaneously. You'll wake up in the morning and you could see everything that it's done for you over the course of the night and you can communicate back and forth with it it will even help you decide what the best business is for you to start right so based on things that are happening in your city based on your interest based on your expertise based on your relationships on your contacts it will help you figure out what would be the best business

35:07Nate O'Brien:for it to start for you and the difference between open claw and something like chachipiti is that Now, ChatGPT doesn't really have a true memory. That is correct. But OpenClaw sort of actually can compound exorbitant amounts of data and synthesize the data and then act on the data.

35:25Jack Sleat:So what OpenClaw can do is it can document and then store, right? The same way that you guys do. It will have documents. It has files. It creates things and then it saves them in files. So now you have that. It's not just living as part of an index that an AI has to tap into. It literally creates regular files on a regular computer just like you do. It works just like a human does. If it needs to make phone calls, it will make phone calls for you. It will create a voice and it will make the phone calls if you give it the ability to do so and if you allow it to do so. There are people out there that have amazing ideas, but they don't have the resources, the money, the network, the team, the technical know-how.

36:12Jack Sleat:None of that matters anymore. We are going through a great reset where if you have an idea in your head and you are willing to adopt and you want to create, you can do it right now for the first time ever in history this week. like people are there are people that understand this because every phone call i take the people are borderline in tears when they speak to me they're like chris have you seen do you understand what's happening right now do you understand what i just built last night i cannot believe it like this is every conversation i have with someone that's building on agentic ai right now there are actually no words to describe how mind melting the capabilities are because you no longer have to like go through all these systems and all these blockages that you used to in the past.

37:04Jack Sleat:I've been an entrepreneur my entire life. I've wanted to do a billion things. I did like a very small number of them because of all the friction involved with going from an idea to a product. There's virtually no friction anymore. I know it's hard to believe, but there's like virtually no friction with so many of at least these digital ideas. You know what? This does remind me, I have this feeling that I've had the last two weeks and I haven't felt it since the early days of COVID. February 2020 is the last time my body felt like this, where it was like a very small number of people know about something and like the entirety of the rest of the world is just going on with their life.

37:52Jack Sleat:And you're like, why isn't every single human on earth talking about this right now? I really was excited to dive into the Epstein stuff when it finally came out and it's came out the last two weeks. I have not spent one minute of my day reading Epstein stuff, watching the videos. Like I see the headlines and I'm like, I don't even care about it anymore. I was so waiting for this to happen. Like I wanted to go down the rabbit hole of seeing like all the truth and who's involved and I don't even care. And I think once you know what's happening, you just, you're oblivious to everything else happening in the world.

38:32Jack Sleat:I haven't watched TV in two weeks. I haven't like, I haven't done anything other than this. and I think all the people that are in this world that are either building with AI agents right now or have friends that are building that they're watching or who are hyperactive in this community on X are like they can't think about anything else because they're like dude this is like the biggest thing that's ever happened in our life and we don't even know where it's going next like we don't even know like you saw what happened to the SaaS companies like that's because a handful of people on institutional wall street are in these are in this world and are seeing this and they're like holy crap this is happening like okay we we can make a case that a lot of these sas companies have massive amounts of security and massive amounts of learning over 20 years and they're not going to be just displaced but wow are they going to be disrupted the next five years because you can, there's so many options now.

39:38Jack Sleat:You can have your agents basically replicate most of that stuff on the fly. And it might not work for a big company that has to, you know, be aware of the code base and has to make sure it's maintainable and has to make sure that the security is tight and, you know, has 50 ,000 things that they figured out with Salesforce over the past 20 years, that they're not going to go through all that just with a agentic AI app that does 80 % of it or 90 % of it. They're just not going to do it. They're not going to take that risk. But if there are parts of their company that they could not have on that CRM anymore, or new companies that they're spinning out, there aren't as like, it's going to meaningfully impact these companies.

40:27Chris Camillo:Now really quick, here's what I noticed. February always seems like the right time to slow down. The weather is colder, everything seems a bit quieter, and it's a good time to take care of yourself and also the people that you care about the most.

40:40Nate O'Brien:That's why I am so excited about our sponsor, Cozy Earth, because their entire goal is to make everyday life feel noticeably better.

40:46Chris Camillo:Their bamboo pajama set, made from viscose for bamboo, is incredibly soft, it's very lightweight, and it feels just incredibly cozy. What I like most about it is that you don't get overheated, it drapes really well, and it's the type of pajamas that you actually look forward to getting into at the end of the day.

41:02Nate O'Brien:And the extra weight blanket is exactly what you want this time of year. It's plush, has a comforting weight to it, and instantly makes your couch or bed feel so much more inviting.

41:10Chris Camillo:What really makes Cozy Earth stand out is the quality. Everything feels very intentional, and it's really made to last. Like, it's something that improves your day-to-day quality of life dramatically.

41:21Nate O'Brien:And it's completely risk-free to try because all of their products come with a 100-night sleep trial so you can really live it and just feel the difference. Plus, on top of that, there is a 10-year warranty, so it just goes to show you how much they stand behind their product.

41:34Chris Camillo:So this February, I hope you take the time to take care of yourself and the people that you love the most. Cozy Earth really does make everyday moments that much more comfortable, and I'm going off script here because I just gotta say it. Their bedsheets are the most comfortable bedsheets I have ever experienced in my entire life, even better than like high-end hotels or places that I've visited. The bedsheets that we have at home from Cozy Earth are like 10 times better. I genuinely look forward to waking up every single morning and just being surrounded by Cozy Earth bedsheets. It sounds weird, but you have to try it and experience it for yourself to be able to see what I'm talking about.

42:08Chris Camillo:And just trust me, it's worth it. You could check them out at CozyEarth.com and use the code ICH for up to 20 % off. And if you get a survey after purchasing, let them know that you heard about it here.

42:19Nate O'Brien:So celebrate everyday love with comfort that makes the little moments count. Because you have your finger on the pulse and you know exactly what's going on, I'm curious how has this expressed itself in terms of your own investing style for this year? Because I remember also you were at 70 million, now you're at 80 million, so you've probably cleared$10 million relatively recently with your investing. And I imagine a good amount of that is bloom and then there's some other stuff. I'm curious, how is it materialized in terms of your portfolio?

42:47Jack Sleat:My account's volatile. I've lost a lot of money in the last two weeks. It has not been a good last couple of weeks. And I've had to go deeper into margin to double down on what I believe are very high conviction bets that I'm making right now. And this is no secret. I'm very open with my large trades bloom has been one of them for a long time uh amazon is my new biggest trade

43:16Nate O'Brien:i know you literally just said on your podcast you're like i just bought another medium-sized house of amazon right now after buying three medium-sized houses yesterday i've gotten like

43:26Chris Camillo:three more since then yeah so what do you see in amazon that other people don't because i bought in this morning 196 he was proud of himself because i think three dollars a share after It went up$4, which is$2.01. You made$40. $1.96.

43:42Jack Sleat:A friend of mine brought me to the Dallas Open tennis match. His niece was there. She was 11 years old, and she had saved up$500. And she was thinking about investing for the first time. So obviously they asked me, you know, talk to her. What should she do? She was thinking she would take$50 of the$500 to invest. I looked at her straight in the eyes. I said, if I were you.

44:08Nate O'Brien:Weekly calls in Amazon. 500 and they get margin for another 500. 50 bucks out of the money.

44:14Jack Sleat:Well, her dad was right next to her and he heard all this. And I said, if I were you, I would take the whole$500 and I would tell your dad to borrow$500 a margin. That way you can invest$1 ,000 with your$500 and put all of it into Amazon on Monday.

44:36Nate O'Brien:spring is here and there's a whole new way to chai at starbucks that's made perfect for you choose your sweetness dial it up or keep things light add a touch of pistachio a hint of strawberry or vanilla or make it a spring classic with lavender because this season there's endless

44:54Jack Sleat:ways to chai at starbucks and her eyes got so wide i was like i think if you do that there is a better than 50 50 chance you will make four times your money in the next two or three years maybe even better so that 500 can turn into two thousand dollars or more so if you're right

45:21Nate O'Brien:then you'll get like a oh that's awesome thanks so much and if you're wrong it's like daddy where

45:26Chris Camillo:did my money well yeah and dad's like sorry well no hold on hold on hold on i told her

45:31Jack Sleat:I said, there is a very small chance that this could go bad. Let's call it one or 2%, and you might lose all of your money, but you're young, you'll make it back. So if I'm telling you there's better than a 50-50 chance that you can make four times your money, or there's only a one or 2 % chance, in my opinion, that you might lose all of your money or most of it, does that sound like a good bet to you? And she said, yes. And I really, what I wanted her to do was start thinking in probabilities. And I wanted her to start thinking about expected outcomes, because that's something that investors do not do, because our brains do not really allow us to analyze risk properly, because we generally are also risk adverse.

46:30Jack Sleat:So we can't make rational decisions about probabilities and outcomes. But like that was, she's 11. But by the way, part of this is that she was 11. If she was 70, I would not have said that to her. And I told her, I was like, you will make that$500 back in the worst of all worst case scenarios. In fact, I will admit something. Before we left, I said, hey, I really want you to do this. If you lose all the money, I will pay you back all of it myself. And the dad was like, now that's a deal you should take. And I said, but in the 1 % chance that you lose all your money, I might be in really bad shape too.

47:13Jack Sleat:So as long as I have the$500 to give you, I will personally give you that$500 back.

47:18Nate O'Brien:Why do you continue to take these potentially life-altering bets when one can argue that you've already made it? If you already have all of this money saved up and yet you're digging your heels in more and more and taking on more margin and more margin, the quality of your life will not vary if you are right, but it absolutely will if you're wrong.

47:38Jack Sleat:but two reasons one part of it's the game i've been in this game a long time it's fun

47:44Nate O'Brien:i want to see what i can do yeah he is but he's like a smarter togi yeah togi is the person we're having on next who is maximum like degenerate gambler but you're an educated yeah no i'm not

47:54Jack Sleat:about that um part of it is it me i i have a mission and an objective of what i'm trying to accomplish with my investment account, right? You guys know this. I have a foundation. I'm passionate about my foundation for kids, for animal welfare and elder care. I want to build it into a billion-dollar foundation. There's no way that I'm going to have a billion-dollar foundation unless I take big risk around high conviction thesis that I have.

48:28Nate O'Brien:And are you doing this in that account as well?

48:30Jack Sleat:Uh, I'm not allowed to, unfortunately. So, uh, once the money gets in my foundation, I have to be relatively conservative. I can't even borrow on margin. So what I do is I, I, I ball in my regular account and then I give money to my foundation. So I grow it as aggressively as I can in my regular account and I have in my private businesses. And then I donate it to the foundation and then it has to grow relatively conservatively, which is so annoying by the way. But if I was able to invest in the foundation account like I do in my normal account, I would have Forexed it over the past four years since I started it, three, four years.

49:10Nate O'Brien:So you probably have maybe like, say,$70 million in your charity account, and then you have like 10 or so personally.

49:15Jack Sleat:I don't talk about exact numbers. Yeah. But I'll just say, and when you say 80 million, just to be very clear, the$20 ,000 that I initially invested has generated roughly$80 million of returns over the past 17, 18 years. So then you have to take taxes. Then you have to take life expenses. And as I've discussed with you guys before, I take the bulk of my money out every year that I make, and I invest in private companies. I'm invested now in almost 170 early stage companies over the past 17 years, which is the biggest investment mistake I ever made because I don't generate outsized returns on those private companies.

49:57Jack Sleat:So I no longer do that. I no longer invest in early stage companies because my returns are generating north of 70 % annualized over the past 17, 18 years. and why would I take money out of a public portfolio that's generating 70 plus percent annualized returns and put them into private companies that's generating returns between 10 and 15 percent portfolio average. It took me a long time to realize the mistake I was making and to stop doing that. I don't regret doing it because I met so many amazing people over the past 17 years, hundreds of founders, interesting people, had a lot of fun along the way and it really expanded my network and my horizon in terms of the things I'm involved with.

50:40Jack Sleat:But if I was smart and about the money side of it, I would have done nothing but social arbitrate on my phone.

50:47Nate O'Brien:And you argue that most people should have an allocation in their portfolio for what you call risk assets. If you were to define what percentage people should have in risk assets and what exactly is a risk asset, that'd be great. Also, Graham, what percentage of your portfolio is quote unquote risk assets? do you include a Bitcoin ETF in that? Probably. How would you define a risk asset?

51:13Jack Sleat:I call it the big money account. Everyone has this, I'm going to get rich slowly attitude, which is awesome. I think it's a great attitude to have. Compound your money over time. It's relatively low risk and high likelihood that you will get rich over time if you just follow those simple rules, but almost no one has an account that they can invest more aggressively like wealthy people do day to day, right? You have to have what the Russians say, no champagne without risk. If you're not willing to take real risk, you're simply never going to get rich quick. So there's no reason not to have that account.

51:54Jack Sleat:Uh, the account should be different for everyone. It depends on your goals in life.

51:59Nate O'Brien:Is it like a fully separate account you would recommend?

52:02Jack Sleat:It really doesn't matter. It all depends on your ability to be regimented. Yeah, compartmentalize. Compartmentalize. For me, it's not separate. I think for a lot of people, maybe it should be separate. And it depends on how important it is to you. I don't think it's money that you should put in from your own wallet, though. I think it's money that you should find from making trade-offs in your life, right? So if you think about every dollar is$100, all of a sudden you start finding money all over the place. You're clipping coupons, you're washing your own car instead of taking it to the car wash.

52:36Jack Sleat:You're just making trade-offs in your life to save a dollar here,$20 there. Every time you make a trade-off, make your coffee at home, take the money you save and put it in your big money account. That's the money you take big risks with. If that's the money that you make investments that might go to zero or might do something spectacular, you need to have that account because the rich just keep getting richer and richer because they all have that account. Every wealthy person has that. People that are not wealthy don't think they're allowed to have that. And that's just a terrible mindset. You have to have that account.

53:16Chris Camillo:What percentage do you think is worthwhile? while.

53:19Jack Sleat:It's not, it's not, if you're making trade-offs, it just organically grows from zero. So it's how many trade-offs are you willing to make in your life when you start thinking about every dollar is a hundred dollars. Are you willing to skip the coffee at Starbucks for$300? Cause that$3 coffee is$300 if you invest it aggressively and you get a little bit lucky. So would you not go to Starbucks for just$300 a day? Probably for$3, maybe not. So you see See, when you start thinking of every dollar like 100, it changes the entire game and you're finding money everywhere. So it starts to get really exciting because you're starting with five bucks and that account gets to grow really large.

54:00And it's because you're now thinking like a wealthy person thinks you're investing in startups.

54:06Jack Sleat:You know, you're investing in options. You're investing in, I don't know, I'm not a crypto guy. You know that. But if you want to do crypto, fine. But you're investing with leverage.

54:16Nate O'Brien:so for me i maybe have 10 or so percent of my portfolio that's in quote unquote risk assets and by that it's mostly just like robin hood stock and bitcoin basically is what my 10 is which might be less than 10 i'm seven to eight seven to eight percent yeah but that's really just a bitcoin etf yeah that's it's mostly just bitcoin realistically and a couple other single stock picks.

54:40Chris Camillo:I mean, that is a small percentage.

54:45Jack Sleat:It's different for everyone, guys. It's not about what percentage of your capital is there. It's about how you think about that capital. And if all the capital that ended up in the big money account was capital that was other people's money and that you won through a trade-off in your life, then you're not worried about losing it. If it's money you pulled from your kid's college savings, and we should talk about college in a minute. But if it's money that you're pulling from a retirement account, you're going to feel really guilty buying stock options with it. And it's not responsible.

55:15Chris Camillo:What jobs are going to be completely annihilated from this? I was talking to a buddy who was thinking about becoming a lawyer. And my first thought was, well, that's going to be replaced in five years. Why go to school for that?

55:27Jack Sleat:Yeah. There is a reckoning coming. We kind of have this transformational period. And it is a little scary to think about, but we really shouldn't be that scared about it. There are jobs that are where there's a lot of automation or doing the same thing over and over again, or it's simple intelligence that will just get cut. However, if you're working in an industry, if you're trying to figure out what industry is going to be safer, industries where there's a moat. So there could be a data moat, a distribution moat, a regulatory moat like healthcare or finance, where AI is not going to be permitted to just come in and rapidly take over the entire industry.

56:24Jack Sleat:There are also moats when it comes to brand. Um, there are moats as it relates to people's relationships. There are trust moats. So you have to ask yourself, is this profession or is this company or is this career path? Is there a viable moat that will help protect it from AI moving too quickly to displace everybody within this sector? So just think about all the things I talked about, like regulatory distribution, data, reputation, trust, relationships, brand. Those are all really meaningful moats. And you should be thinking about how you leverage those moats for yourself. Because I think if you have a brand, if you have great relationships, if you're in an area where people trust you, AI is not going to displace you easily.

57:26Jack Sleat:So it's not all scary. And by the way, there are new jobs that will come out of this AI revolution. There are new industry sectors that will pop up out of it. We're already seeing it, right? Like it's not just like everybody pulling from the same pie. The pie is going to get bigger and bigger and bigger over time, right? So Industry will get bigger. Opportunity will get bigger. I just told you there are millions of companies that all need an AI guy right now. The same way millions of companies all needed a social media person back in the day. They all needed a search marketing person back in the day.

58:03Jack Sleat:The difference is that with agentic AI, every single person could be that person. All you have to do is spend a few days watching some videos and learning and you're in. You're done.

58:16Chris Camillo:What about the movie industry? I saw one on X recently where this person did this entire AI like three minute trailer. And it looked incredible. It was like this lady in New York and all of a sudden this like bomb comes and hits and she gets in a cyber truck and drives around. And they're saying this was a$200 million movie that was created in a day for minimal cost.

58:38Jack Sleat:another moat is taste obviously and i saw that same clip i thought it was pretty horrible

58:47Chris Camillo:but i thought visually that was impressive what it was visually watch the movie

58:54Nate O'Brien:uh just just objectively if you didn't think it was ai so don't even think it was ai just like

58:59Chris Camillo:would you watch it no but that was because the cyber truck had engine sounds and it just to me that took me out of it.

59:05Jack Sleat:It's inevitable that video AI is going to take over everything and all of our cinema, right? That will happen. It's almost a guarantee that will happen in time. We soon will theoretically have user generated content for every single product in the world. And that user generated content might eventually be customized just for you, Graham, or just for you. Where we can go with this, who knows? I think it's really important for us not to try to think about where we're going to be in seven or eight or nine years because there's too much happening right now, right this second. In fact, getting back to your question about why Amazon, this AI efficiency wave, I think might be the last big generational investing opportunity within the AI sector.

1:00:00Jack Sleat:So you have to think about what companies will be able to operate That meaningfully less employee count and meaningfully less cost without sacrificing output. In fact, what companies could actually decrease their cost meaningfully while meaningfully increasing their output? And I cannot think of another company in the world that will benefit from the AI efficiency wave more than Amazon will. And that's why I'm taking this big bet on Amazon, because that is just a tailwind that will continue to give year after year after year. And I know everyone is so concerned about the$200 billion that Amazon just committed to CapEx.

1:00:45Jack Sleat:It's part of the$650 billion that big tech in the U.S. committed to CapEx just this year. I don't think it's too much. I think it's too little. In fact, I think that's just the down payment on what's to come in terms of CapEx spend. And I think if there's a concern, it's that we're spending too little, not too much on CapEx right now. Why is China such a big threat to the United States? Because China has the ability to move independently from the companies that operate in China. When China decides that they want that this is important, they can put the full resources of the country behind it. And that's exactly what they're doing with artificial intelligence.

1:01:32Jack Sleat:It's what they're doing with robotics right now. They have a national mandate to lead the world in artificial intelligence and robotics and automation. And they don't have to convince companies. They don't have to convince investors. They could just move on it. also one might say that they have a lower ethical threshold for how they get there. So there are a lot of rumors circulating about Chinese models that are essentially just stealing our state-of-the-art models and building on top of them at a much lower cost, right? The same way that China has been doing that with a lot of our technology over the past few decades.

1:02:16Jack Sleat:So there There are some advantages there if you're willing to play dirty, which they are.

1:02:21Nate O'Brien:What disadvantages do you think China has? Do you think they have access to the same level of talent that we have in the United States?

1:02:29Jack Sleat:I think they're getting there, yeah. In fact, the one disadvantage that China has had historically is they really haven't had that entrepreneurial spirit, that cowboy spirit that we've had here in the U.S., but I'm seeing that change. And because I'm so deep in the robotics space, I've seen some things the last two years that have really impressed me. And I've had a lot of my friends travel throughout China and visit a lot of these small robotics labs. And it's tiny little companies. It's tiny little backroom, young people experimenting. implementing, they've caught the entrepreneurial bug in China, probably the same way that they've caught so many things from the West, right?

1:03:17Jack Sleat:They wear our clothes now. They like our trends. So it shouldn't really be a surprise that they were inspired by our entrepreneurial spirit and have adopted that too.

1:03:31Nate O'Brien:So in recognizing the fact that Amazon could be the company to benefit the most from AI adoption, decrease their costs, more output, more profit. You have invested, I'm guessing a lot into the company. It's probably now your biggest holding, would you say?

1:03:49Jack Sleat:Yes.

1:03:49Nate O'Brien:Amazon is number one, your biggest holding. And you don't have an expected time horizon on any of this? Or how do you determine on the daily that I need to go in deeper? What is the logic?

1:04:01Chris Camillo:And what's the price target that you're hoping for and that you're looking to buy in at?

1:04:05Jack Sleat:I never look at price. I never have price targets. What I care about is information asymmetry, and that's all I care about. I look at how institutional investors and retail investors look at Amazon. I see what they're worried about, and then I try to poke holes in their thesis or validate my thesis versus theirs. theirs. And I do this every day when I have a big trade. So anything that could remotely touch Amazon in any way, I'm assessing on a day-to-day basis, trying to get to the ground truth. So I understand where their concerns are with CapEx. I'm not concerned. In fact, I think Amazon is spending too little on CapEx right now.

1:04:53Jack Sleat:I'm probably the only person in the world that thinks They're spending too little on CapEx. I think they are not fully appreciating the tailwinds that are coming of the efficiency wave for AI. That's the thing I was just speaking about, where Amazon will be the biggest beneficiary in the world for their retail business. They spent 15 years building a moat, a logistics and distribution moat globally that takes an incredible amount of money and an incredible amount of time and resources to build out. and it's really expensive. And historically, Amazon's margins on products are really thin because of how much money they've had to spend to get products delivered to you in, well, now, like two hours.

1:05:34Jack Sleat:It will take a long time for AI and robotics and automation to play out across the entire chain of Amazon's facilities globally, but it's inevitable, it's coming, and it's not easily replicated by anyone else on earth. The amount of CapEx budget that you need, the amount of resources you need, the amount of experience that you need, the local knowledge that Amazon has in every city around the world. This took 20 plus years to develop. I love this so much because normally for me to find a company where there's this much information asymmetry, I have to go far beyond the mega caps. But the fact that I found so much, what I believe to be information asymmetry with a mega cap that's highly liquid is amazing.

1:06:23Nate O'Brien:And how could you be wrong?

1:06:24Jack Sleat:I think there's a real risk on the retail business, them getting displaced by another front end artificial intelligence. So if the entire world moves to open AI, ChatGPT, we have over a billion people using ChatGPT every day. if chat gpt decides to show you product links that are outside of amazon that's a problem for amazon because instead of going to amazon if you use your agent to buy everything and to assess what is the best i don't know what what is the best popcorn to buy your agent will decide that and then buy it for you and it will buy it for you from someone other than amazon if it thinks it can get it a little cheaper or if it can make more money doing that.

1:07:14Jack Sleat:So you've heard about the rumors going around where Amazon's maybe going to invest as much as$50 billion in open AI. I think that's a big part of the reason why they're doing that. They get a chunk of open AI, but I think there will also be a side letter agreement in that deal, basically giving Amazon preference over product queries that come off of chat GPT. That's just my thesis, but Amazon is not dumb. I'm not the only one seeing that threat. Amazon obviously knows the threat is there. And I think that's why they're probably willing to invest so much money in open AI.

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1:10:26Nate O'Brien:what are your other main holdings aside from amazon and i'm curious what happened with bloom energy okay what do you mean what happened with them well you put a million bucks in that one day when the market was dumping and then i think you bought much more oh yeah bloom went down

1:10:46Jack Sleat:yeah i have a lot more than that in bloom energy uh bloom energy is is a thesis that revolves around speed to compute. So there is a race to get compute online because the demand for compute globally is insatiable. And most people like myself feel like we are going to be short compute for years and years and years. And that's why big tech is spending$650 billion this year to build out more compute. However, compute is bottlenecked by energy. And what's happening right now is a lot of cities and counties are saying, hey, if you data centers are going to suck up all this energy, you can't do that and also screw the people that live here and the small businesses by having their energy rates go up by 2x.

1:11:40Jack Sleat:So there's this new kind of legislation that's popping up in cities called you got to bring your own energy, right? Like if you want to build a data center here, fine, but figure out your own energy. You're not tapping into our grid. You're not going to like increase our energy cost, uh, for our residents. Bloom Energy is one of the only companies in the world, uh, that has a method to essentially, bring almost an infinite amount of energy to these data centers. We won't get into all the technology, but they are now working with hyperscalers, and they are a resource for energy that will allow a data center to get ramped up quicker.

1:12:29Jack Sleat:So even though it costs a little bit more money today to put an energy cell from Bloom, an energy box from Bloom, which are energy cells. It essentially takes things like natural gas, but instead of burning the natural gas, there is a chemical process that turns that natural gas into energy for the data center. And it's just a fascinating technology they've been working on for 20 years. So Bloom is the theoretical fix to this big energy problem. Now the other theoretical fix is nuclear. And you've seen all these nuclear companies, you've seen small modular nuclear reactor companies, I think, you know, at crazy valuations, right?

1:13:15Jack Sleat:Because that's the other fix. But that fix is still a few years away from being deployed where Bloom is deployable like right now today. And that's why Bloom is up, I don't know, six, 700 % over the course of the last year. Now, that said, Bloom is not a technology company. They are a technology company, but they're not perceived as a technology company historically by Wall Street. So they have energy analysts covering them who do not believe in artificial intelligence for the most part. the technology analysts don't really understand bloom because they're not covering bloom so it's this weird company that was an energy company but actually they're a technology company and should be covered like a technology company so it's really volatile the stock trades all over the place because nobody really fully understands it so uh one of my very close friends spent i would say five months, uh, re deeply researching bloom, uh, wrote one of the most comprehensive reports on bloom energy.

1:14:20Jack Sleat:And fortunately he just happened to be a close friend of mine. And I spent a lot of time with him and got to learn a lot about bloom. And that's why I made a big bet on bloom this last year.

1:14:29Nate O'Brien:Can we just link that down below?

1:14:30Jack Sleat:Yeah. Uh, yeah. Jian Xu Dong. And I think I've retweeted his report. I think it sits on LinkedIn.

1:14:37Nate O'Brien:Okay. Yeah. We'll just link it down below if you guys want to read it there. What would you say are the other most mispriced assets right now?

1:14:43Jack Sleat:I think all the AI stocks are potentially mispriced because there's a lot of confusion and a lot of doubt and a lot of concern about the unknowns around AI. I continue to think that this super cycle is going to be bigger than anything we ever experienced in our lifetime. and that NVIDIA, Amazon, Oracle, Meta, Google, I think all of them are going to benefit way more than we're anticipating, but there are risks. Each of those companies has risks. Like Oracle and Microsoft have concentration risk related to OpenAI. If OpenAI doesn't raise$100 billion and have a successful IPO, then they simply won't have the capital to spend on compute and data centers that are in the earnings projections for Oracle and Microsoft.

1:15:35Jack Sleat:Amazon is fairly concentrated into Anthropic, right? Anthropic builds their models on top of Amazon's Tranium chip. And if something bad happens to Anthropic, that could be a big negative for Amazon. Now, by the way, there's rumors out this week that, you know, we're about to see DeepSeek 4 come out, right? And it's going to be 20 times more efficient than the U.S. models. And you'll be able to do the same thing with a lot less compute. The same way we had the deep seek scares, remember, like a year ago, we're having those same scares. That could be something that completely wrecks the market in the AI trade.

1:16:18Jack Sleat:However, I believe that long term, the cheaper compute gets, we're just going to come up with more things to do with it. So if you make compute 10 times cheaper, we will come up with 100x the ways to utilize that compute. If we figure out how to make compute so cheap that Hollywood can make an amazing movie that you cannot decipher from a real film and they could literally make the whole movie on a computer without having any of the actors have to take four months off of their life, I think that will happen. And then if the compute gets so cheap that that could be done by anyone, I think it will be done by anyone.

1:17:00Jack Sleat:And then if we get to a point where every single human gets their own version of that movie with their own favorite actors and maybe they're in the movie, I think we will go there. I don't know how far we're going to go with what we can create in our minds of what would be an enriching, amazing life to have on this earth. But I have absolute confidence that every time we figure out how to make this cheaper and better, that we are going to come up with a new use case for it that's even cooler, that's going to need more of it. That's my overall thesis on AI and why I'm going all in on these stocks.

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1:18:43Jack Sleat:Exclusions and additional charges may apply. For licenses, see homedepot.com slash license numbers. I think probably the biggest thing that I'm concerned about and worried about right now is the existential risk that AI poses to the economy, to humanity, to the world. I think there is a real chance that we blow ourselves up. I hate saying that. There are almost an infinite number of ways that that can happen, of course. I think the one that I want to say the Anthropic CEO recently brought up, which is on my mind and a lot of people's minds, are the next virus that's AI designed. The artificial intelligence is getting recursive over the last few weeks.

1:19:36Jack Sleat:So OpenAI basically came out with their model called Codex. And in the log of how that model was formed, they admitted that the AI is now writing itself and improving itself. So that's the thing that we've all been worried about the last few years. That is the big existential risk. Once the AI starts writing itself, it starts to accelerate how good it is and what it's capable of doing. So now we're actually, you know, over the course of the last year, AI was mostly the same. And then we get a little model bump, right guys? But it was mostly the same over the past year. What we're seeing over the course of the last few weeks is acceleration.

1:20:19Jack Sleat:And we do not know where that acceleration is going to take us because now we have agents that are in there making the code better, right? We have agents that are figuring out how to make the next AI. And when that starts happening, we really do not have a sense for how quickly this moves. So obviously when it's accelerating and moving quickly, that could result in a lot of really amazing things like our ability to have personalized feature length films that are indistinguishable from what Hollywood has been producing. But it also has the ability to give bad actors, uh, uh, the know-how to create a virus in their bedroom and to tell them exactly how to deploy that to destroy the world.

1:21:07Jack Sleat:Okay. So like as scary as that sounds, that's real guys. And like, I am not someone that was really that worried about it up until two weeks ago.

1:21:17Nate O'Brien:So how would you express that as a question?

1:21:21Jack Sleat:Does AI move too quickly to the point where we can't contain it and control the negative consequences of it falling into the hands of bad actors? And if the answer to that is, yes, it's moving that quickly and we're not able to contain it, we're not able to work together as companies and as countries, if we're not able to collaborate with other labs, with China, to say, hey, I know we're competing against each other, but this is more important. So the same way that we did with nuclear arms, we all wanted to have the best and the most nukes. At some point, we all figured out that, hey guys, if we continue to go down this road, we're done.

1:22:09Jack Sleat:We're all cooked because someone that we don't want to have nukes is going to get the nukes. So we have to come together and realize that our collective power, we have to ensure that no one else gets these nukes and we're going to have to also kind of tone it down ourselves here in terms of what we do with the nukes that we have. So that was actually pretty miraculous. That's amazing. And we need to do the same thing again. Will we? Can we? Or is this moving so fast that we don't even have the time and the right people and the right people in politics right now to actually sense what's happening and to put proper measures in place to have those conversations?

1:22:51Chris Camillo:How many people already do this, though? What makes AI so unique in that it could accelerate this to that degree?

1:22:57Jack Sleat:No. I mean, AI is bringing the cost of all intelligence down to close to zero. It's fully democratizing all intelligence.

1:23:06Chris Camillo:But if someone wants to destroy humanity, they won't have the ability today, but they might in a year from now? Yes.

1:23:14Jack Sleat:Yeah. I think the ability to destroy humanity will get meaningfully easier with artificial intelligence and agentic AI. I just told you how a person with no technological know-how can create a business that would take dozens and dozens of employees and maybe hundreds of thousands of dollars and months to years of time. how your random friend from high school with no technical know-how can do that in 48 hours for $600 in their bedroom. So that's a good thing. But that person can also do something evil with $600 in their bedroom now because they have a whole army of super intelligent agents that can work with them and figure out how to put all the pieces of this master plan together, right?

1:24:06Jack Sleat:And how to actually enact it and do it.

1:24:09Nate O'Brien:And so what conclusion does your brain go to when you start asking yourself these questions?

1:24:14Jack Sleat:I don't let myself go there. I tell myself that I am not one of those people that can actually enact change. I hope there are people that will actually take those steps who are working at the big labs, who are working in government. that's not me so I'm not

1:24:34Chris Camillo:going to like why don't you give a message to the people watching because chances are there might be somebody in the group who can make a change and listening to you might be the push they need just to get it over that edge I hope someone

1:24:48Jack Sleat:can leverage this technology and this intelligence to help figure out how regular people can actually enact change with the head of these labs and with government, right? Like, you don't have to go at it alone. Let the AI help you figure out what we should be doing collectively. Everybody has their one political cause that they'll go to a rally for, they'll contribute money to. It's astonishing to me that more people aren't making this their cause because this is the thing that could just take us all down really quickly. And then nothing else actually matters. All your other causes don't really matter.

1:25:35Jack Sleat:So I think a big part of it is people don't yet fully appreciate how real it is and what's happened in the last two weeks.

1:25:43Nate O'Brien:And that's purely because of the AI agents.

1:25:46Jack Sleat:That's correct.

1:25:46Nate O'Brien:It's just that.

1:25:47Jack Sleat:That's correct.

1:25:48Nate O'Brien:So I was seeing it explode online, unlike anything I've seen in a long time, the use of, it was originally like Claude Code, right? Or Claude Bot is what they would say. And then it turned into OpenClaw, right?

1:26:02Jack Sleat:Well, and by the way, also Codex by OpenAI, again, being outwardly coming out and saying, hey, we're using the AI is now writing itself and now improving itself. That's a big piece of it as well. So there are a couple of things going on here. There's agentic AI, but there's also the fact that these labs have figured out how to leverage the AI itself to improve itself.

1:26:29Nate O'Brien:But it's not your job to predict the future in terms of how will this all play out? Will humanity end up destroying itself or will we end up being able to come to agreements with competitors and thrive because of it? It's your job to be able to see in a snapshot present tense right now for what it is and then find asymmetrical information, stuff that you can see for what the reality is in other people. They don't see it that way, and you can make money off that difference.

1:26:55Jack Sleat:That's exactly correct. I'm more focused on properly assessing the ground truth that is the present as opposed to trying to predict the future. And there's so much happening in the present. It's changing every day, and the amount of misinformation and noise has never been bigger, which means that the opportunity for someone who's able to properly assess what's real and what's not real is huge.

1:27:21Chris Camillo:So do you think kids these days should go to college to learn or should they just spend six hours a day learning AI?

1:27:28Jack Sleat:It's funny because I've always been pretty hard on my kids when it comes to them doing well at school and not missing class. one of my kids, uh, recently they turned 16 recently and they drive themselves to school and they slept in. And I was so astonished at first. I was like, I cannot believe like, how does that even happen? Like if I would have done that when I was a kid, I thought of what my parents would have done to me. And like, but there was part of me in the back of my head that was like, does it even matter anymore? I'm just like, I'm looking at my kid going, why are you even in school right now?

1:28:09Jack Sleat:I know that seems crazy and I can't really say that to them, but I'm like, does any of this really matter at all right now? Like, what are you even doing? Like the world is moving so quickly. I can't even imagine the stuff that you're learning how slowly it, and by the I mean, it's gotten to a point where every single kid in America is using AI for every single assignment and every single test. I don't think people realize it's like close to 100 % of every high school and college student is using AI for close to everything that they do. How do you prevent that?

1:28:48Chris Camillo:Because let's just say, because I'm thinking if I get like a math page, I'm just taking a photo of it, uploading it to Gemini and saying, do these problems, show me the math, show me how you did this. And it's just like, I just copy it.

1:29:01Nate O'Brien:Like, how do you prevent against that? And is that even, are test scores decreasing because the kids aren't learning? Like, I'm sure that's a pretty easy study to find.

1:29:09Jack Sleat:I actually, so because I use AI all day, every day, um, like a maniac, I actually think the AI is making me smarter because I'm spending less time. Like I won't spend, you know, hours just arguing with myself over like the wording and a three page brief going back and forth with the AI to kind of cultivate a paper, um, to understand. certain elements of it and to enhance it is such a better use of my time. I'm learning so much by having the AI do 95 % of the work because you don't trust the AI completely, right? And you still need to make sure that you're bringing your own taste and your own kind of like, you want to bring your own tone to whatever you're writing or turning in and you still want to have some element of yourself in that i think i think these kids are probably learning way more using the ai than if they were doing it the old way even though the ai is doing almost everything for them because it's just so quick and they're not wasting how much time did we waste just on stupid stuff when it came to school like it seems ridiculous quite honestly um the ai and by the way At some point, the AI is just going to teach the kids, personalize, customize.

1:30:38Chris Camillo:That's what I think. Yeah, it's... I think what it's going to get at some point in the future is like a neural link that basically you pay a subscription to and you could download whatever information you want. So if you want to be fluent in Japanese, you pay a subscription, 99 bucks a month, you download fluently Japanese, and all of a sudden you just understand it. And then maybe as soon as you stop paying, the ability goes away, but it's able to like download information and assimilate in your brain in such a way that you could just know everything. Do you watch a lot of sci-fi when you were a kid?

1:31:06Chris Camillo:No, not necessarily.

1:31:08Jack Sleat:Every time we talk about a progression, you make a quantum leap with it. Every single time. And everything you're saying is true, but I think far down the road.

1:31:20Chris Camillo:But yeah, you're right. No, what sparked that was watching Pluribus and having a collective knowledge and me thinking, well, we have a collective knowledge already online. Everything is already there. It's just not in our heads. But what if all of us learned and can progress equally because what you learn, I pick up instantly. And then what I learned, Jack picks up instantly. And then we could all share that knowledge globally. I mean, think of the things that like we could cure cancers. We could fix so many things. Every problem that society has, we would understand it from that person's point of view.

1:31:55Jack Sleat:But Graham, the AI is already doing that because it already has access to everything that we have ever expressed that has come out of all of our collective brains. So that's what I was trying to explain earlier when it recreated this entire business venture and podcast that I had around this totally new person, the complexity involved in that and the number of discrete elements that it brought into it. It brought in like 60 different things that I can't even imagine. It would have taken me a year just to find all these different elements that it thought might be relevant for this exercise that I wanted it to go through.

1:32:36Jack Sleat:It was using the collective brain power of an infinite number of people and past content in order to kind of contextualize and to sculpt something brand new for me. it's already doing that we already have pluribus it's just not fully connected inside of our brain yet like but it's already here kind of and if not like very quickly yes it's here the smartest people i speak to and i have access to some really interesting people um in that world and they have all told me that you know if we remove at the fda process which takes forever they really believe we're going to cure like every single disease within 10 years like they're like just live 10 years like we don't know exactly how this is going to work with you know studies and delays and stuff but we will have the tech to cure every disease in 10 years they really believe that

1:33:39Chris Camillo:like these are people that are the scans i've seen that they could detect certain cancers and illnesses way before a doctor might even know what's going on because you don't even have symptoms. Do you think AI should be able to replace humans in the courts or in policy decisions? Yes. And how long do you think that'll be before someone goes to court and their AI argues against the government's AI?

1:34:06Jack Sleat:It's going to call out all of the information gaps. So anywhere where there's an information gap, because maybe someone, a juror isn't able to mentally process something, or maybe an attorney forgot to say something or they said it in a way that didn't resonate with the juror. The AI is not going to miss that. So it's going to catch all the information gaps. It's going to catch all the biases. It's going to solve all of those problems and be so much better than any human would be. And I think that's going to benefit everyone. It's going to benefit for a real estate transaction. It's going to benefit both the buyer and the seller because they're going to know that the negotiation was negotiated with perfect information.

1:34:54Jack Sleat:I think in a court situation, this is one of those regulated industries. I think there will always be a human over it. I don't say always, but for a very long time. But I think the human, okay, at the tennis match I went to on Friday, this is wild. It was the first time I'd ever been to a sporting event. The line judge didn't call anything. The AI did. I don't watch tennis so I had no idea people that watch tennis probably yeah we've been doing that for years but the AI called every shot and if it was close it would show it on video as an instant replay for everyone to see to make sure that we know that the AI was right okay and there was still a line judge there I don't know what they were doing because even the voice that would come out was an AI voice it was awesome

1:35:45Chris Camillo:Judge union is what it's coming from. Yeah, right. You have to employ one person.

1:35:49Jack Sleat:And I've been saying this because my kids have been doing youth sports forever. And the big thing with youth sports, if you guys ever have kids, you're going to find out. People take it way too seriously. And there is horrible arguments between parents. There's yelling. There's curtain. I mean, it's wild. I'm like, gosh, why can't we just? And by the way, the talent that you get to be a ref for fifth grade football, okay? Maybe not the best talent in the world, right?

1:36:24Nate O'Brien:You might be one of the yellers is what I'm seeing. I can see that. You ref. No, I, no. I was like paying you.

1:36:30Jack Sleat:No, that's my wife, not me. I am totally even keeled when it comes to stuff. But I was like, man, why can't we have AI for this? This would just solve. So this would make our community stronger.

1:36:42Nate O'Brien:I think it's genuinely the unions is what I've heard because I asked myself the same exact question. On TV, they have the strike zone in baseball. And even if the ball shows it's in the strike zone, the commentators can say, oh, wow. Yeah, he missed that strike. The umpire called that a ball, but that was a strike. It's like, well, if it was a strike, then call it one. Yeah.

1:37:02Jack Sleat:So listen, I think there's an emotional element, there's discretion, there's nuance, where you need a human to make the ultimate decision. Okay. But I think the human will be able to make a much better decision with the assistance of AI. Let the AI basically make the decision for you and then you can overrule it. But I think wouldn't everyone benefit if you're on a jury? Wouldn't you like to have an AI basically create the perfect assessment of the case?

1:37:35Chris Camillo:Yeah, it depends if you're guilty or not.

1:37:37Jack Sleat:Okay. But like, all right, fine. I think it's inevitable. I think with government, does anyone believe that our government officials are making the best decisions for the best reasons? Okay, like, can we all agree that government would be massively enhanced?

1:37:56Nate O'Brien:Oh, 100%. Spending efficiency. But the government, we all agree except the government.

1:38:01Jack Sleat:True, true.

1:38:03Chris Camillo:They would argue that they employ a lot of people who rely on that income.

1:38:10Jack Sleat:Well, I hate that argument. I hate that argument because I don't care if we got to take that income and just reroute it to the same people to have them do something else that's actually benefiting humanity. Let's just tax it, take it, redistribute it, have them work as a health - Community service. Community service, have them help the elderly, have them be advocates for the sick. There are animal welfare. There are a billion things that humans can be doing that will actually benefit humanity. Let's not have them do something just to do something that an AI can do better. Let's put them doing something else and not take their income away.

1:38:59Jack Sleat:Let's leverage the AI to figure out how we make the transition, this AI transition, which is going to be super difficult. I bet the AI can help us figure it out. How do we get these people that are about to be displaced in a better place? How do we get them through the transition into better jobs? It's not going to be easy. The best thing is for the first time ever, we have like a massive intelligence to help us figure this out. We don't have to do it alone.

1:39:29Nate O'Brien:So because I think a lot of people are tuning into this episode, we're going to title it something that has to do with the market and AI. what stock would you say is maximum risk but maximum opportunistic

1:39:43Jack Sleat:i think that google is such a fascinating company because they have 80 roughly 85 percent of their revenue is tied into a legacy search business that is at risk of getting completely displaced by AI queries, whether they're Google AI queries from Gemini or coming from OpenAI or from any number of other places, the bulk of their revenue is at risk. However, Google is making moves that are maybe more ambitious than any other frontier lab in the world towards super intelligence and to solving some of the world's biggest problems. And I think Google actually has a pretty good degree of trust globally because of the legacy value of what they've done over the past few decades that they could be the company to solve all the world's biggest problems and be trusted to actually put those solutions in place.

1:41:03Jack Sleat:So when I think about Google, there's a tremendous amount of short-term risk there, but in the long term, they are probably positioned better than anyone else to hit a grand slam. And I hope they do because everything that they're working on is generally for good, right? um it's a fascinating company tesla even more so is so committed to the ultra long game specifically what their play in robotics um that the concept of owning the full stack on an infinite labor machine that can rebuild the earth and essentially create new industries from the ground up is probably the biggest theoretical win that any company could have.

1:42:02Jack Sleat:Um, and Tesla, because they still kind of operate under Elon, uh, like an early stage company if, and I'm going to say if, because I haven't seen the goods yet, Optimus 3 should be shown in the next six months. If they crack the code on generalized robotics, Tesla could be the biggest winner, but they have to show the goods. They have to actually execute on that. I think Elon is willing to move quicker and do more ambitious things than any CEO on earth. Uh, so again, if generalized robotics materializes, like I think it will over the next five to 10 years, I think Tesla might be in the pole position to benefit more than any other company on earth because you're creating an infinite labor machine and we can't even wrap our head around what that means for the future of industry.

1:43:02Nate O'Brien:Who do you think is the best founder?

1:43:05Jack Sleat:I think that, oh boy, to date.

1:43:13Nate O'Brien:Alive now. God, that's, I think Jensen.

1:43:18Jack Sleat:I think Jensen, no one would have done what he did. the risk that he took on, the projects that he took on 12, 13 years ago that brought us to the compute that we have today, um, is just absolutely astonishing that he did that. He put that entire company at risk time and time again, and not one person thought that it was a good idea. Like I speak to people that knew Jensen back then and they're like, he was freaking crazy. Like we all thought he was nuts. Like, because he was talking about doing things that clearly wouldn't pay off for like a decade plus. And who would have thought the chip sets that they're on right now?

1:44:07Jack Sleat:Uh, I would say you'd have to give it to Jensen, but you'd also have to give a nod to a guy who is technically no longer CEO, but Demis Hassabis at Google DeepMind. So he was founder and CEO of DeepMind, which was acquired by Google. But Demis Hassabis is probably the guy that you would have to attribute most of the breakthroughs that we have today beyond the chip itself that we have to attribute Jensen and his team to, right? So I'd say Jensen and Demis Hassabis would be the two guys that come to mind. Now, Elon's right up there, obviously. And I also think Vlad at Robinhood. It's a financial firm, so it's not as sexy in terms of its obvious you know, interaction with all people if you're not an active investor.

1:45:08But I think

1:45:09Jack Sleat:Flaude should be up there as well.

1:45:10Chris Camillo:Speaking of that, what are your thoughts on the prediction market trend?

1:45:14Jack Sleat:Yeah, I love prediction markets for one thing and one thing only in that it forces people to think about probability and outcomes. And I think thinking about probabilities and outcomes is the core attribute that you have to have to be a great investor. So the issue with prediction markets is it drives a tremendous amount of dopamine and it makes you think that you're investing when you're not. So prediction markets operate out of a fixed pie. So there's a winner and a loser. So every time somebody wins, somebody loses. There's no net gain in a prediction market. The world of investing is a constantly bigger pie every day, right?

1:46:11Jack Sleat:The entire global capital market and industry is getting larger every single year. And if you're an investor, you're trying to get a bigger piece of a growing pie. So if you're going to play in one of those two games, which game do you want to play in? You want to play in a game where you're trying to get a bigger piece of a pie that's getting bigger every year, as opposed to a pie that's always the same size, where there's always an equal winner and loser, and then someone taking shaving a little bit, right?

1:46:45Chris Camillo:Do you think a lot of younger investors, you're going to start in replacing investing with prediction markets and that's going to be their exchange. Yes, absolutely. They will.

1:46:54Jack Sleat:Absolutely. And what's the risk of that? Um, not all by the way. Uh, I was a gambling addict when I was younger. Shouldn't surprise you guys. Right. So I would drive my car from Dallas to Shreveport, uh, and sit in poker rooms till 7 a.m. Uh, when I moved to LA, I was in my early twenties. I would occasionally, I'd, I'd be out at night partying with my friends 2 a.m. Everyone would go home. Uh, I would drive down by LAX. There was a casino down there, uh, off of Century Boulevard, I think. And I would play poker with a bunch of 60 year olds and I hated cigarette smoke. And man, And that was the smokiest room ever.

1:47:48Jack Sleat:Again, until 6, 7 in the morning. So I was an out-of-the-money options addict in college. I would skip class. I would trade out-of-the-money options on a payphone in the basement of the business school. I would go broke every few weeks. I'd make more money, go broke, make more money, go broke. So I know what it's like to chase that dopamine. I get it. It's a young man's game. and it's part of the journey for most. Now, for most, some people will never break out of it, but I have absolute confidence that most people will. Why? Our brains change. Our lifestyles change. We mature. We get a family.

1:48:34This happens to every, most every person.

1:48:38Jack Sleat:And we have more investment education now than ever before. So you start to see people around you and you see the guys that are just gambling with their money and what's happening to them in their lives and their bank accounts. And then you see your friends that are investing on Robin Hood in actual stocks and equities. You see the AI revolution happening right in front of you. You see new cycles about billion dollar companies and trillion dollar companies. It's not like you're not exposed to all this every single day. And especially when you get out of the fraternity house and you start working at a company and you're around professional people, it's an evolution of life.

1:49:17Jack Sleat:And most people will break out of it. Now, does it mean they're not going to play around in prediction markets for the rest of their life? No, of course. I still do it. I do it for fun, right? I don't know what percent. I mean, it's such a nominal amount of my money when I do it. I'm really just doing it for fun. The same way when I go to Vegas, I'll hit up the worst odds card game like Caribbean Stud or something, where I think every time I play a hand, they're getting 7 % of my money or something like that, 7 % of my money.

1:49:49Chris Camillo:But I do it because it's fun. Now, what's interesting is that I read a study that allegedly found that on CallShe, users lost an average of 27 cents for every dollar that they put on the platform versus sports betting, where they lost an average of, I believe it was 11 cents. And so they argued that these prediction markets were actually worse for your finances than straight up gambling. And that when you put gambling on an app that you primarily invest, it really blurs the line between what is gambling, what is prediction markets, what is investing. And because they make it so easy, it's like, well, you know, I could just do this coin flip over here may as well and then i have more money to invest i don't buy it i i

1:50:35Jack Sleat:you lose money enough gambling on this and that eventually your mind assesses the pattern subconsciously it just does you're not going to lose your money over and over and over again

1:50:52Chris Camillo:and just keep doing it for 50 years double down though that's that's why you need to like and you

1:50:57Jack Sleat:And then you more, I've been there, Graham. I was a gambler, a problem gambler when I was young. Most problem gamblers when they're young grow out of it. Some don't. Like I said, it's, this is not black and white, but your, your brain does start to assess patterns. And if the patterns are losing, losing, losing, you try different things. That's the entirety of the human species and how human evolution happens, right? The weak go away, the strong survive. Even within our lifetimes, we're learning and we're getting smarter every day. And I just don't buy the whole thing where prediction markets just existing are going to lead to the collapse of society.

1:51:51Jack Sleat:I am more excited than I've ever been about the next generation becoming prudent investors because of these apps, because they're learning about probabilities, they're learning about outcomes, and they're also investing in stocks. I don't care that they're on the same app. It doesn't bother me one bit. There will always be anomalies. There will be exceptions to the rule. There's always people with gambling problems. That's never going to change. But as a general rule, I don't think it's a huge issue.

1:52:22Nate O'Brien:So if we're just to entertain the viewer and pull out some crazy lofty predictions, what would you say, just a one simple answer, is a company that you think will likely go bankrupt?

1:52:39Chris Camillo:When you want your spring break to feel like

1:52:43Nate O'Brien:and your kids pool day to feel like and your hotel bed to feel like and room service to feel like because at Hilton hospitality feels like your cabana's ready. Would you like fresh towels? It matters where you stay. Book now at Hilton.com. Hilton, for this day.

1:53:32Chris Camillo:$75 sponsored job credit at indeed.com slash podcast. Terms and conditions apply.

1:53:39Jack Sleat:I think eventually Duolingo goes bankrupt.

1:53:44Nate O'Brien:And do you think that's just because people can spin up other apps that are going to be similar pretty simply with OpenClaw or that, you know, I think the brain thing will be put in?

1:53:56Chris Camillo:I think you could just talk to Gemini at this point. Teach me Spanish. And it just walks you through. You just have conversation with like you have your own tutor.

1:54:04Jack Sleat:I think your agents are going to know more about you than a third party service will ever know about you. So it will know exactly how to teach you Spanish based on what you did that morning. So it will actually teach you Spanish based on some of the tasks that you need to complete that day. that you are probably not going to want to share with Duolingo. Okay. So it's going to have better access to you, better information about you. It's going to be better position to teach you language and to teach you math and all the other stuff than some legacy company, uh, that doesn't have access to your day and everything else that it's doing with you.

1:54:57Jack Sleat:Does that, does that kind of make sense. So I don't think Duolingo is going bankrupt anytime soon, but I feel like the writing is on the wall that it will get eaten by the AI that's closer to you.

1:55:09Chris Camillo:What's going to happen to budgeting apps when pretty soon you could just plug in your finances and your bank accounts, your investment accounts to like Gemini or ChatGPT, and that'll give you everything you need to know to optimize every single expense.

1:55:24Jack Sleat:So you're saying what's happening to the apps now that are just plugins? Correct. They'd probably go away.

1:55:30Chris Camillo:And what happens at that point when all of a sudden ChatGBT is able to get access to your banking information and is able to say, hey, we could offer you these loans. We could offer you these products and services. It just seems like a huge untapped industry that will completely disrupt a lot of companies.

1:55:47Jack Sleat:It's massive. Guys, in the early 2000s, every single ad was a pop-up ad that wasn't even for the gender it was shown to. Okay. That's how bad advertising was in the early 2000s on the internet. You were mostly seeing ads for women as a guy, or you were mostly seeing ads for a 70 year old or someone that has this weird thing. Like that's what it used to be. And look at where we are today. Like, and we all complain about it, but let's be honest, like the ads are pretty good. They're really good. They're really good, right? I'm not even upset by them anymore. Yeah. Do you, I mean, the amount of friction in our life is actually insane.

1:56:32Jack Sleat:The amount of time that I spend every day with enormous amounts of friction doing all the stuff you're talking about, my agent should just have it all down. It should have access to everything. It should just know that everybody should know everything. Everything should be customized to me. And I shouldn't even have to think about it.

1:56:50Chris Camillo:What's crazy is that I did taxes recently for the index, which is that group that you met up with, with the link down below in the description. I was able to do the entire year of taxes in five minutes. And all I did, I uploaded every single statement, every single credit card statement, every single bank statement, and it categorized every expense. And when it had a question, it asked me how to categorize a certain thing. And it broke everything down in five minutes. And then I went through to double check a few like random things to make sure it was correct. And it was correct. I've never seen it actually get numbers correct before to this degree.

1:57:27Chris Camillo:Ever. In five minutes, the whole thing was done.

1:57:30Jack Sleat:I spend a solid week of my life every year doing taxes. Yes. Sam. And by the way, preparing taxes for my CPA. A whole week of my life.

1:57:39Chris Camillo:Sam, that's what I do.

1:57:41Jack Sleat:one week of the 52 weeks is spent just aggregating stuff for how is that even possible like what a

1:57:54Chris Camillo:waste of a life i take a weekend i take a full weekend and i lock myself on the room and i'm like all right i'm gonna go through this this and this and i write down everything and i make sure it's all categorized properly and i double check things and sometimes even between jack and i i'm sending Jack numbers and Jack's like, well, I did it on my end and we came up with like a few hundred dollar discrepancy and we have to find which one of us is correct and incorrect.

1:58:18Jack Sleat:We are going to, we are all going to have so much more time to do real stuff once a gentic AI takes off and we're just not bothered by admin work. I mean, and if you look at the admin work we're doing just as people, I mean, the admin work that exists inside of companies globally, it's just so ridiculous. Like I said, I always come back to a good place. If we don't blow ourselves up, we are going to be in such a good place as long as we could manage through the transition. It's going to be hard. If AI will just help us through the transition, I am so optimistic. I am, you know, I don't listen to Elon when he talks about all this crazy stuff because his timelines are off by a factor of 10, but I am a huge believer in the age of abundance.

1:59:14Jack Sleat:I think the age of abundance is actually going to happen. And I think it's not going to be an overnight thing, but I think it's all about people that all get to live like we live for the most part. I don't think it's this thing where everybody's going to be infinitely wealthy, like Elon says, but I think there is a point where most of the people in the world get to live like we live at the top of the first world. And how could we not be excited about that? That's kind of insane. I think we are going to cure almost all the diseases we have today. I think we're going to get to spend more time with people we love and get to do things that we like.

1:59:55Jack Sleat:I think there'll be more stuff like people spending, you know, 16 and a half million dollars on a Pokemon card in 15 years. I think that's going to become norm because we're going to get to lean into our passions. Oh, by the way, if you look at history, anytime there's been like a technological jump, even before we called it technology, there's always been like an equal amount of thirst for the opposite. So I think all the stuff that's offline is going to come back.

2:00:23Chris Camillo:So you think like hard physical assets.

2:00:26Jack Sleat:It's not even about assets. It's how you spend your time. So I think people are going to like thirst for all the cool stuff that AI brings to the world and how it makes our lives easier and better and all the instantaneous intelligence, democratizing intelligence. You want to create a business, you can create a business. Anybody can, right? You want to create a movie or a TV show that's in your head, you can just create it. That's awesome. But then I think there will be an equal amount of desire to do things that are interpersonal, that are totally disconnected from technology. technology. And like I said, if you look at history, there's usually that even split when something like this happens.

2:01:10Jack Sleat:And I think that's going to be really cool because it will awaken us and we'll start appreciating the nostalgic interpersonal stuff that I think we've already gone. The last transition we've been going through since social media has kind of sucked, let's be honest. We all agree it's too much. We need to get away from it. And I think it's time and I'm starting to see signs of that. I'm starting to see, like, you know, uh, you know, I own collect a con it's the largest Pokemon trade show in the world. And it is booming. I mean, we have like 15, 20 ,000 people coming to every show and there's no phones out.

2:01:51Jack Sleat:People are playing card games. Now it's a niche of people, right? Um, but I'm kind of like, I'm kind of seeing it all over. There's a thirst for it. People want to do stuff. At my restaurants, I've never seen this before. The last few months, I'm starting to see groups of people playing cards and games at my restaurant and my bars. Groups of women will come. I saw people playing dominoes and there's people playing Marjan. This all started happening in the last few months. And it's super weird. And I don't, I'm still trying to wrap my head around it. We're very early, but I think that will be the next, like a next big, like super trend that we see.

2:02:39Jack Sleat:Cause there's going to be resistance with the AI stuff. There's going to, our brains can only tolerate so much change at once.

2:02:46Chris Camillo:So what should people be investing in if it's not AI? Like what other, like the Pokemon card that sold for 16 million, are there other things like that collectibles that you think are going to be doing?

2:02:57Jack Sleat:Yeah, I mean, I would just say look for things where you have moats that AI cannot penetrate. You know, AI is never going to fully be able to penetrate things where there has to be physicality. Now, one day, will we have robots? Yes, I'm a big robot advocate. But the world where we have billions of robots is not happening in the next few years. So if there has to be physicality, relationships are super important. Any type of job or industry or company where trust is super important, where there's regulations, where there's a high degree of nuanced taste involved, I think those will be relatively protected.

2:03:45Jack Sleat:so you just have to look for things that ai can't just displace and i think those things get bigger

2:03:52Nate O'Brien:not smaller over time if you had a billion dollars and you just could hail mary that into any stock this stock could have huge risk huge loss uh what would it be short term short term so not long term can i split it between two stocks or no yeah i'm gonna split it to my favorite two stocks

2:04:14Jack Sleat:bloom and amazon and that's short term even short term i cannot pinpoint when the market will fully start to appreciate and properly balance I think the positives versus the theoretical negatives on a company like Amazon and Bloom. But I think every month that we go, the market is more likely to see it.

2:04:41Nate O'Brien:What is one stock everyone should own at least a little of?

2:04:45Jack Sleat:You have to own Amazon. I mean, you absolutely have to own Amazon.

2:04:51Nate O'Brien:The next question was, what stock obviously has the most long-term potential in terms of information asymmetry? And that would be Amazon. The information asymmetry is so obvious that it wouldn't be difficult to find.

2:05:10Jack Sleat:uh there is a company in japan called ricotta and they make the 3d imaging machines that are able to assess if there is anything not working or broken or misaligned in a computer chip or a memory chip and the way that AI is progressing right now, you could think about the way chips were made. Historically, they were very flat, right? And it was very easy to kind of visually see if the circuitry was correct in that chip. Well, now chips are getting very dense. If you look at the next generation and generation after that NVIDIA platforms, everything is becoming stacked now. So data centers are about to become way more dense.

2:06:07Jack Sleat:the servers, the chipsets, everything is now like, it's going from a one-story house to like a tower. A lot of sophistication, a lot of circuitry, a lot of stuff going on for a simple person. Like we won't get too into the minutiae of it all. It's extraordinarily expensive. And if you go ahead and put these chips, whether it's a memory chip, whether it's a GPU, inside of a stack, inside of a data center, and then find out it's not working, it takes that offline and is extraordinarily costly. So the value in being able to assess that all of the pieces of the compute that ultimately go into the data centers are working before they actually get implemented and deployed is becoming exceptionally important because the cost of having it go down later is really bad.

2:07:05Jack Sleat:Also, you want to be able to quickly assess what was wrong because if you manufactured a whole lot of these that have the same issue, you want to be able to stop that run and fix the issue. So this is like an unknown company in Japan. I am in the process of trying to buy shares in it. The problem is to buy shares in a foreign company like that. Sometimes they have ADRs. This one has an ADR, but it's not traded with any real liquidity. So I can't really put a lot of money into it. I have to open up a Schwab Global account, which I do have. Interactive Brokers will allow you to do this as well. But even Schwab Global told me this last week that they didn't have the ticker set up to trade because no one in America has ever traded that ticker.

2:07:55Jack Sleat:No. Oh, yeah. First person in America. So I had to request that Schwab add the ticker to Global. It has to get approved and then added. So they're going to call me. They say they are more likely than not going to do it, but they're going to call me once it's added and I will hopefully be the first person to purchase this. They're going to buy.

2:08:20Chris Camillo:They're going to front one you on this one. They're going to buy it first. Be like, oh, Chris is buying. All right, let's just buy a little too.

2:08:24Jack Sleat:I'm going to dump the entirety of my global account into this company, which is a relatively small company that I think has asymmetric upside downside because their core business is fine. It is what it is. But this AI business is totally new and just totally value add to their revenue.

2:08:49Chris Camillo:Can you not approach this company directly and just say, hey, I want to invest in you? What could we work out?

2:08:56Jack Sleat:I don't even like traveling to another state. I'm not going to Japan. No, I mean, they're a publicly traded company, right? So if you want to buy, you just buy them on the Japanese exchange. So just so you know how it works, it's interesting. Most people don't understand that you can do this. You can buy almost any company in the world through something like Schwab Global, but you have to open a global account. Then you have to transfer money into the global account. Then you have to buy the local currency first. And that's where you really get hit with commissions because it costs like half of 1 % to 1 % depending on the currency to the currency trade.

2:09:35Jack Sleat:It's like it's 1986 with commissions. Then when you get the local currency, you could trade the stock and then you got to transfer it back into the US currency eventually. Right. So I look for things like this all the time. I have people on my team that are looking for stuff like this. It's getting harder and harder to find like true information asymmetry that's totally unknown in the AI space because all Wall Street is looking for it. But this is what I mean, you asked for it. so that's it I mean if you want to know that's it that's fascinating

2:10:08Nate O'Brien:I appreciate it and it's impressive how much research you've done that's quite phenomenal

2:10:11Jack Sleat:well I have a partner he has done the bulk of the research in fact I'll get his permission to link it I think he has a 70 page report that's constructed it'll be linked down below as well

2:10:22Nate O'Brien:if we get the permission yes but Chris thank you so much for coming on the Ice Coffee Hour podcast and of course thank you for being flexible with the timing and everything I mean we asked this relatively last minute so we appreciate that. Thank you so much to all of the viewers watching that have made it this far. We are so appreciative of you, of course.

2:10:40Chris Camillo:Also, big thank you to our members who support the channel. Big shout out to you. Really appreciate that. And of course,

2:10:46Nate O'Brien:big thank you to Caleb Hammer because we are using his studio and it's very generous of him. So, appreciate it. Thank you so much, Chris. Until next time. See ya.

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