What’s the Right Investment Strategy for 2026?

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0:01:24 what’s up this is your favorite dj next up top tracks that aren’t holiday songs but totally should
0:01:30 be we love a holiday vibe but what you really need to hear is all full-size fragrances and body
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0:01:51 today’s number 12 that’s how many points the average credit score decreases after a state legalizes
0:01:58 online sports gambling yet true story my credit score is like my sex life i didn’t used to have one and now
0:02:06 it’s just bad what do you think ed pretty good it’s okay it’s okay actually you know what uh my credit
0:02:12 score it’s it’s a lot like um my sex life and or my dating life in new york and that is every time i pull
0:02:15 out my credit card uh she and it go down on me
0:02:21 that’s so wrong on so many levels
0:02:38 what do you think of that number 12 points your credit score goes down by 12 points on average
0:02:44 if your state legalizes sports betting i thought that was a fascinating number yeah um
0:02:55 have you ever had a credit card rejected on a date i have that’s a good move by the way i didn’t get
0:03:01 laid that night just i know that’s a shocker but i was especially i was especially like usually i
0:03:05 wouldn’t have sex but after having my credit card declined she immediately went and had sex with someone
0:03:12 else i just thought of that actually i think i have had that i had it with with drinks at a club
0:03:18 with a bunch of guys i was like i got it i got it i put it put the card down credit card has declined
0:03:23 my friend has to come in and step in for me it’s brutal that used to happen to me so much
0:03:29 that i still can’t use credit cards without getting nervous every time i swipe my card i expect it to come
0:03:35 back not approved or rejected or something i still i like to carry cash makes me feel like a mobster i like cash
0:03:43 well we got a lot to get into here um so may i move us along i want to know a little bit more about the real ed
0:03:49 going into the holidays what’s going on ed how are you i’m doing well i’m doing well i’ve got uh christmas
0:03:56 parties this weekend um you’re such a complex interesting person i’m glad i asked
0:04:02 fuck this claire what’s going on with you not much scott i was really hoping we could get away with
0:04:08 moving on wow you guys aren’t even being nice to me anymore see this is this is let me just give
0:04:15 everyone a 411 what happened ed has not had his review in bonus conversation yet so he’s laughing and
0:04:21 being nice to me claire’s like fuck you old man let’s get on she had a review yesterday so she’s
0:04:27 done the money has already been wired she’s out she’s probably already accepted a job running like
0:04:33 salesforce podcast america or something i’ve collected the bag it’s time to go let’s move it on
0:04:39 all right you guys win let’s move let’s move into the episode okay let’s do it
0:04:52 over the last few months we’ve had an incredible lineup of guests from professors and journalists
0:04:59 to investment strategists and analysts and economists all with their own take on what 2026 might look
0:05:05 like and we’re going to just play a quick collage of some of our favorite moments if i came to you
0:05:13 and i offered you a robot that could do your job for you does that make you better off yeah it’s not
0:05:20 hard right well that robot more or less exists and it’s called ai now let’s take the same scenario
0:05:29 i invent a robot but i sell the robot to your boss you’re out of a job brother penniless nothing to do
0:05:35 by the side of the road the point here is these two scenarios have the same technology
0:05:43 a robot that can do your job one of them is a land of plenty and beauty where we’re called to our
0:05:50 higher callings and the other is one of misery for many of us what we have here is not a robot problem
0:05:56 or an ai problem but an ownership problem so i’m more convinced that there’ll be a destruction of value
0:06:04 the markets but probably more akin to something like 1999 than 1929 what i think i don’t know about
0:06:10 today is i think it’s harder to fully understand where all the leverage is today than we used to know
0:06:16 you know after 2008 so much of the the loan market in this country moved to private credit we don’t really
0:06:22 know all the disclosures about that some of that’s connected into the insurance industry now so there’s a
0:06:27 lot of sort of questions that i have and i also think this ai boom which is sort of the euphoria i
0:06:34 mean it’s how much of that whole boom is being powered by leverage so not to say that you look at
0:06:38 you know meta and google and all the big tech companies are obviously throwing a lot of their
0:06:43 own cash at this problem but also they’re taking on some debt but they’re also now partnering with all
0:06:47 sorts of private credit funds and doing all sorts of other things there’s all sorts of other
0:06:53 component parts of this ecosystem that are being powered by leverage to the extent that there’s going
0:06:59 to be a correction there’s no place to hide in stocks i i can’t see a way because if the mag 10 go
0:07:05 down by 40 it’s not like the industrials are going to hold their value while this happens the panic that
0:07:10 that’s going to create is going to ripple through stocks you’re an investor primarily investment stocks
0:07:16 and bonds my advice is even though historically you might never have invested in non-financial asset
0:07:22 categories this might be a time where you think about you know kind of at least moving a portion of
0:07:29 your portfolio a bigger chunk than ever into cash or something close to cash or maybe even collectibles
0:07:35 things that i’ve never owned collectibles but you know for the first time in my investing history i’m
0:07:41 saying maybe i should hold something that is not going to be effective inflation goes to 10 percent
0:07:49 there’s a market economic crisis that is potentially catastrophic it would be kind of shocking if you
0:07:57 didn’t have some kind of profit-taking correction in 2026 at some point on the order of 10 to 15 percent
0:08:04 it would be i’d be i’d be really surprised not to see that i actually think michael and i are pretty
0:08:08 aligned in the sense that i think there is going to be a drawdown next year he says you wouldn’t be
0:08:15 surprised but to me it doesn’t mean that’s the end of of the actual bull market and in fact i think
0:08:20 stocks fully recover those were some of the highlights that we’ve heard uh and it is clear that there is no
0:08:26 single consensus there’s similar themes happening uh ai is obviously very important that was the most
0:08:32 important thing in 2025 but then questions of is there a bubble uh is there not a bubble how large is the
0:08:39 what is the impact going to be on the markets a lot of different takes from very reputable respectable
0:08:46 people um with very interesting answers but the question that we have yet to answer is what do we
0:08:52 do with all of this what should we actually be doing with our portfolios heading into 2026 so
0:08:58 that’s what we’re going to get into today scott let’s just start with your reflections on the collage
0:09:03 and then perhaps your answer to that question the thing that kind of summarizes what someone said
0:09:07 and i can’t remember if it was a guess i’ve never seen a bull market that more people hate
0:09:12 and that is people just aren’t feeling very good about this market they look at it and think okay
0:09:17 we’re just sort of it’s almost like when you’re waiting for someone to break up with you you just
0:09:22 kind of wish they’d get over it like you’re too wed to the relationship and you’re just sort of waiting
0:09:27 for the next shoe to drop kind of describes basically my entire love life 18 to 38 you’re just
0:09:36 waiting for the end and this market we’re just waiting for like i almost feel as if people would
0:09:42 be somewhat relieved if it just went down 20 and some air got let out in a weird way and the other thing
0:09:49 that strikes me about this whole thing is the term that the market continues to climb a wall of worry
0:09:53 we don’t i don’t like this market things are overvalued oh the s&p is up again it’s just
0:09:58 everything can there’s a little bit of a dip and then it just keeps going up
0:10:09 um so i it just it strikes me how anxious people are how they are cautiously pessimistic is another
0:10:16 another great term um in terms of well i’ll get your reactions and i’ll tell you how i’m responding
0:10:21 and it might not be the right thing but how i am actually shifting capital around yeah my reaction is
0:10:27 very similar this the wall of worry i think is the is the best way to put it i think tom lee really nails
0:10:33 it when he says yes we are experiencing returns right now the stock market is going up but if you
0:10:40 talk to anyone about it people don’t feel good people are mostly speaking with bearish sentiment
0:10:45 and we’re seeing that in the news too and we looked at some of the new sentiment recently and we are seeing
0:10:51 a lot of bearish sentiment in the news so i think the wall of worry is is a great point i don’t think
0:10:58 there are aspects to this market that that people aren’t aware of that could surprise us i mean this
0:11:04 ai bubble thing we all know what’s going on here we all know the circular deals we all pretty much know
0:11:09 what’s happening with the leverage though to andrea sorkin’s point there’s a lot of private credit in
0:11:15 there that perhaps might be distorting things but overall most of us kind of know what the risks are
0:11:25 which i think should ultimately lessen our concerns heading into 2026 and i will just present to you
0:11:32 my sort of macro thoughts on the bear case for 2026 and then the bull case and then we can get into what
0:11:38 you’re doing about it and how we should how we should be thinking about it so the bear case
0:11:46 what would it what would it look like and why would a a significant drawdown in 2026 actually happen for
0:11:55 me i’ve got three major themes so the first one is that ai is a bubble so we’ve talked about this a lot
0:12:01 on the show we’ve we’ve seen the ai capex which came out to 350 billion dollars this year that’s up from
0:12:10 200 billion in 2024 we’re seeing huge amounts of borrowing amazon google microsoft meta oracle which of course
0:12:15 had its bad earnings last week they have raised together more than a hundred billion dollars in debt this year
0:12:21 it’s more than three times the average of the previous nine years plus we’ve been seeing the circular deals
0:12:28 where nvidia invests in open ai and then open ai takes the money and buys compute from nvidia which of course is very
0:12:32 concerning so we’ve talked about that i think people understand that and i think there is still
0:12:39 a chance that there could be some sort of triggering event i think that it would happen most likely with
0:12:44 open ai that would cause some some drawdowns in the market that might be painful so that’s the first thing
0:12:51 the second thing is valuations just look expensive so you’ve got the s&p trading at 31 times earnings
0:12:59 right now which isn’t dot com levels but it’s like just before the dot com levels it’s like 1999 levels
0:13:06 and that is expensive and to ashworth’s point it’s a little uncomfortable to invest into a market when
0:13:11 valuations appear to be that expensive on a price to earnings basis that’s number two and then the third
0:13:19 reason is that maybe we’re just due for a correction and that is we’ve had a really good three years
0:13:33 we had 24 return in 2023 23 return in 2024 we are on track for a 17 return in 2025 so that’s three
0:13:42 three big years in a row which would make you think okay this is not very usual that you get this level
0:13:49 of of return so consistently across multiple years so maybe we are just due those are the bear case
0:13:56 components there and that’s three of them now i’m going to just tell you my anti bear case and the reason
0:14:01 i’m not saying bull case i’m not that bullish but i think these are three good reasons why actually
0:14:09 we won’t see a bear market and a significant drawdown over the year the first is interest rates and that
0:14:14 is rates are coming down rates are now at their lowest level in three years we we’re going to have
0:14:20 one more cut in 2026 that is according to the fed but this is also powell’s fed the reality is trump’s
0:14:24 going to get a new fed chair in there in may and that new fed chair might just be a sycophant
0:14:29 and we’ll just continue to cut rates and if you have a lower interest rate environment that should
0:14:35 lift earnings across the board and so the idea of investing or sorry not investing or shorting
0:14:39 or selling when we’re entering a low interest rate environment to me doesn’t make a lot of sense
0:14:44 the second is deficit spending we’ve got the big beautiful bill which is going to add roughly
0:14:50 480 billion dollars in fiscal support we’re going to pump money into the economy it’s going to
0:14:56 accelerate gdp growth and yes it’s extremely irresponsible over the long term because the
0:15:01 amount of money we’re going to borrow but if we’re just looking at 2026 that’s free money coming in
0:15:07 there that’s going to definitely prop up the market and then the third reason is ai might be a bubble
0:15:14 but as of now it’s not a particularly dangerous bubble and that is there are a few ai companies that
0:15:20 are behaving dangerously i would say open ai core weave oracle maybe palantir but the big tech
0:15:26 companies that really really matter microsoft google meta amazon they’re not they actually have a ton of
0:15:31 cash on the balance sheet they already have these incredible businesses that work with or without ai
0:15:36 and the reality is they’re just making a large bet and they have the money to make that bet and maybe it
0:15:43 doesn’t work out or maybe it does work out but the reality is whether or not ai works microsoft’s going to be
0:15:49 fine google’s going to be fine meta’s going to be fine amazon is going to be fine so that is the reason
0:15:56 why i would not land in bearish territory i’m i it’s i’m not fully bullish but i’m i think we’re going to
0:16:05 have sort of stagnant uh sort of subdued returns next year i don’t think it’ll look like 23 24 25
0:16:12 but i don’t think that we’re going to see an overall negative market by the end of 2026 is my
0:16:18 view yeah i thought that was really thoughtful i think most of it comes down to one of two things
0:16:24 uh an exogenous fact that we can’t yet even anticipate no one was anticipating except for
0:16:31 some really thoughtful ci analysts 9 11 um uh bill gates and a few other people saw covet but none of
0:16:36 us i don’t think we’re expecting that the weird thing is about these natural disasters is in some
0:16:42 ways they’re less damaging to the market because the markets have traditionally ripped back so
0:16:49 aggressively after um an exogenous event whether it’s covet or 9 11 that now people see these things
0:16:53 they want to see the moment there’s a dip at all everyone’s like bye so the recovery time is getting
0:17:01 shorter and shorter the narrative i i just think we’re just decyclicality just probability evaluations
0:17:09 everything you talk about mean for me that the likelihood of some sort of drawdown is just greater
0:17:17 than it isn’t um and i think it kind of mostly all centers around ai i think the market is being
0:17:23 driven by the unrealistic expectations built into the valuations of companies now representing 40 percent
0:17:31 of the market and so it feels like one false move you know even just good results not great results much
0:17:39 less a study comes out showing that um you know 80 of startups are using open weight chinese models and
0:17:45 some big companies with big contracts are canceling them with anthropic and open ai and moving to these
0:17:51 chinese open weight i just think there’s a variety of things that could say okay this business is going
0:17:57 to grow 60 percent not 200 percent a year meaning their stock should be down 70 percent so and if they
0:18:02 go down and if you look at every company in the magnificent 10 they’ve had drawdowns of 60 to 90
0:18:08 percent at some point and it just feels like we’re due and the problem is that the markets are much more
0:18:15 fragile now if these companies lose half their value the markets the s&p loses um 20 percent whereas
0:18:23 when these companies lost more than half their value in 2000 the whole the market lost or it had a five
0:18:28 percent impact these companies are just now if nvidia sneezes the entire global economy is going to get
0:18:36 walking pneumonia because our we become kind of anti i don’t say no i was gonna say fragile anti-fragile is
0:18:45 robust we’re anti-robust we’re fragile and i’m genuinely believe that there’s no way we can have
0:18:53 i mean to a certain extent ed again the markets these indices are such damaging metrics because
0:18:58 they give the illusion of prosperity and that everything is healthy and i would argue that if
0:19:04 we wake up in a year and open ai and nvidia and the magnificent 10 are much higher than they are now
0:19:13 that that will connote a certain amount of chaos in labor markets and a real societal pain because the
0:19:20 only way i think these companies move higher is if they show that companies are are massively increasing
0:19:26 their earnings by buying the site licenses by finding efficiencies which is latin for layoffs
0:19:32 you know we’re at we’re at a fork in the road right now and that is built into these expectations of
0:19:37 these stock prices is the notion they’re going to increase revenues amongst their client base by five
0:19:42 trillion or find efficiencies of five trillion or some combination of the two i don’t see an incremental
0:19:47 revenues from these i don’t see pepsi making more money from these things i see them making greater
0:19:54 earnings because they can outsource or get rid of 70 or 80 of their compliance customer service and legal
0:20:03 costs and brand management and great so pepsi co stock will go up fantastic they will lose you know
0:20:09 they could potentially lay off 10 of their workforce every year for the next four to six years which
0:20:12 create will create huge tumult in society
0:20:15 in the labor markets so
0:20:18 i mean answer the question i think that’s an interesting question
0:20:21 if you had to go to sleep for a year would you rather wake up
0:20:25 and find out these stocks had doubled or they’d been down 40 or 50 percent
0:20:27 and i’m not sure i’d pick the former
0:20:29 yeah i think i agree yeah
0:20:35 if nvidia is at eight trillion dollars and it’s bigger than the german and the japanese stock market
0:20:35 combined
0:20:42 have we found some new way of making a ton of money off of ai that i don’t see i think the two ways you
0:20:51 make money are probably um autonomous and robotics but even those involve a massive destruction and labor
0:21:01 so if we woke up and said the stocks have doubled that would mean that literally
0:21:08 the middle class got massively kicked in the nuts over and over over the course of the next 12 months
0:21:13 so again we we obsess over the markets and i get it and we get this notion that
0:21:17 and like who knows what trump’s going to try and do if the s&p keeps going up
0:21:23 so i i i agree with your assessment but your assessment kind of distills down to the following
0:21:25 like the rest of us you don’t know
0:21:31 i don’t know but my my my prediction if i if i’m making a prediction here on what will the market do
0:21:36 is that returns will be meh it’ll be just a meh year across the board
0:21:41 so i i don’t know but i i’m saying i think that that’s what it’s going to be
0:21:48 because i think you have these two gigantic forces facing up against each other which is that
0:21:55 in a lot of ways we are due for a correction and a lot of the ai expectations are simply expectations
0:22:01 and we are going to see like okay show us the revenue show us the business show the real impact
0:22:06 on the bottom line show us how this has completely transformed your business as you were pricing it
0:22:12 earlier and i don’t think we’re really going to see that or if we do see it i think it’s going to
0:22:16 kind of disappoint us i’m going to realize actually it was going to take a lot a lot longer than we
0:22:22 thought but you also have at the same time this other large force which is you’ve got trump in here
0:22:27 who really wants the market to go up and he has a lot of power to make that happen either whether
0:22:31 that’s through the fed chair and through influencing these interest rates and i do think we’re going to
0:22:36 come down more than just one more cut i think we’re going to have more because i do think he’s
0:22:42 going to influence what happens here with these fed decisions as well as the big beautiful bill and
0:22:48 unbelievable deficit spending so those two powers are confronting each other and it’s going to come
0:22:56 to a head this year and so that leaves me thinking they’re both formidable forces i guess is my point
0:23:03 and i think that that would lead us into a place where you know maybe you do see a drawdown but then
0:23:09 you kind of come back up and ultimately you end the year sort of low low single digit growth
0:23:16 we’ll be right back after the break and if you’re enjoying the show send it to a friend and please
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0:25:42 we’re back with prof g markets i find i can’t trust my emotions and that is i have a bias
0:25:47 a huge bias against trump uh president trump i think is a stain on the american experience so i
0:25:52 naturally look for a connection or rationale for why the market is going to collapse under his watch
0:25:59 when he was elected in 2016 i thought this guy is a village idiot and i should i and i literally sold
0:26:03 all my stocks i’m like there’s just no way this guy should be in charge of the or have any influence
0:26:10 over the u.s economy i still can’t believe you did that oh trust me i’ve done much stupider things
0:26:15 have you ever been out with me drinking that that’s like that’s literally that’s a bronze medal of the
0:26:21 gold medal of stupid decisions i’ve made throughout my life had anyways so i sold everything
0:26:28 incur huge tax liability because my stocks had run up and then bought back in six months later at a
0:26:35 higher price when i realized i was acting like some dumb you know dumb jerk so i probably destroyed
0:26:39 granted i’ve never had you know i was diversified by that point i had most of my money in
0:26:45 l2 or most of my net worth in l2 and real estate at that point or or a lot of it but i probably lost 10
0:26:55 of my net worth in uh 40 or 25 of my stock market value by acting out of emotion also what i find is
0:27:02 that when people hate a market like this it usually goes up and that is again this notion of climbing a
0:27:07 wall of worry and that it’s when you’re expecting it’s it’s really interesting that the stuff you’re
0:27:11 expecting to take the market down or the disasters you’re expecting usually don’t happen because people
0:27:18 start preparing for them it’s the shit you’re not expecting that gets you right because naturally
0:27:23 when you start worrying about something you start preparing for it or hedging against it it’s the
0:27:30 things you’re just not thinking about that sneak up and grab you if i had to pick one person just to
0:27:35 listen to said okay you can only pick one and to run my portfolio it hands down would be professor
0:27:40 de motoren i find he has just an ability to take his heart outside of his body when he’s making
0:27:45 decisions and just make purely unemotional decisions and i’ve always just found him just
0:27:53 almost like a little bit sociopathic’s a negative term but he just seems totally unfazed by whether
0:27:57 met is good or bad for the world he just looks at the numbers and i remember him telling me oh no it’s a
0:28:02 great buy right now yeah yeah maybe kids are cutting themselves but it’s an amazing buy right now
0:28:08 he’s and so i would trust aswath and aswath quite frankly freaked me the fuck out when he basically
0:28:15 started saying i have never it was crazy i’ve known aswath for 23 years i’ve never heard him say
0:28:22 i can’t think of what to buy right now when he says baseball cards and collectibles baseball cards
0:28:27 yeah but you’re going deep in the barrel uh by the way i’ll come back to how that’s impacted my
0:28:33 own personal investing but i thought oh my god after i got off the after i listened to him i don’t make any
0:28:36 financial decisions now no matter what’s happened without talking to a bunch of people and giving my
0:28:43 my time myself time to regulate after that i thought i immediately need to like sell half my stocks
0:28:50 maybe more and develop a bit of a cash hoard and then i started remembering i have never been able
0:28:57 to time the markets i have never i’ve been investing in stocks since i was 13 i’ve made more money in
0:29:01 stocks than i’ve made buying and selling businesses and i’ve made a lot of money buying and selling
0:29:07 businesses but i’ve made the majority the 60 70 percent of my net worth has come from granted i
0:29:13 needed the capital to invest that i got from selling businesses but as a percentage of my if you look at
0:29:19 my total net worth and all the money i’ve spent two-thirds of it has come from capital made uh in the
0:29:26 markets from capital i got from selling businesses and i have never once been able to say oh i’m
0:29:32 selling now and then a year later the market’s down and i go back in and and buy stuff on the cheap i’ve
0:29:37 never been able to figure that out and it seems so simple when you hear it’s like oh yeah in theory it
0:29:42 makes just a ton of sense and you don’t know because when shit starts going down you think it’s going to
0:29:47 continue to go down and then it rips back up or it goes down you think it’s a great buying opportunity
0:29:52 and then it goes down another 20 it sounds easy in theory i remember uh by the way i just got invited
0:29:57 back to davos so i don’t know if i told you that ed 20 fucking 25 years later they invite me back
0:30:03 anyways but i remember being in line going through security and i saw this guy with curly hair and i’m
0:30:07 like i recognize this guy and he introduced himself to me and he’s like michael dell i’m like oh hey
0:30:14 michael i’m sky galloway we’re both entrepreneurs similar similar weight class um look what happened to his
0:30:20 career look what happened to mine anyway and we start talking and i think bush was president this
0:30:27 is how long ago this was i think it was clinton was just leaving office i was there in 99 and he was
0:30:31 really excited about george bush i’m like no i’m i think the market’s overvalued i’m gonna say when he
0:30:35 goes like he’s like oh you’re trying to time the markets he’s like my experience is that’s really hard
0:30:39 and i remember thinking oh he’s michael there’s a reason he’s michael dell
0:30:46 like he’s right it’s really hard i have never been able to time the market so in general
0:30:51 and this lends to okay i don’t like to give a financial advice even though i do is that true
0:30:56 um but i think it’s more important to say what are you doing with your actual fucking money what are
0:31:03 you doing that is what you really believe right yeah and what i’m doing is i’ve decided all right
0:31:09 of all people that ended up saying something really interesting about the markets tony robbins
0:31:14 said something that always stuck with me he did an analysis of investing he was doing this book like
0:31:21 the 20 best ideas and if you look at bull markets generally speaking there are 12 days of enormous
0:31:27 upside and if you miss any of those days you underperform the market and the only way you don’t
0:31:34 miss those days is to always be in the market and so one of my tenets that i still hold on to is i am
0:31:41 always in the market now i take leverage up and down i have felt sort of insecure about the markets for
0:31:45 the last four years so i have paid down and this is a story of privilege i’ve paid down all my mortgages
0:31:50 i don’t have any i have a small amount of debt on my real estate but almost none because that gives me
0:31:56 firepower and also what i’ve done is i’ve been diversifying like crazy for the last two or three
0:32:02 years mostly because i’m traumatized by having lost all of my wealth not once but twice and so i’ve been
0:32:09 diversifying what i am also doing is the following i am making some moves i have a home in london and
0:32:13 i’m thinking of most like we’re thinking okay we’re moving back to the us
0:32:19 should i either should we either sell it or rent it out and i wish i had never sold a house i wish
0:32:25 i’d still held all of them but i’m thinking okay i would like to have some cash i’m really long real
0:32:31 estate i have 40 maybe 50 percent of my net worth in real estate maybe more like 60 percent because i
0:32:36 get to i like it i like the fact psychologically i don’t i don’t have to check my stocks every day if
0:32:42 it goes down i don’t know about it there’s a consumption effect i buy really nice homes i enjoy
0:32:48 visiting them i’m hoping my boys will come visit me i just enjoy it i like to fix up homes i’m good at it
0:32:54 so but i am so long real estate now that i think okay you talk a big game about diversification
0:33:00 maybe take some capital off the table and also interestingly enough when everyone’s saying that
0:33:04 real estate prices are going to crash in the city that means that means you should probably go long
0:33:09 everyone’s been predicting a crash in london because of non-dom i have found at least people i’m talking
0:33:14 to luxury sales are kind of quietly quite robust right now and i don’t the data says something
0:33:18 different but the people i talk to here are getting their number for their homes because a lot of people
0:33:24 are seem to be moving here which shocks me but anyways same in new york luxury sales are way up right
0:33:29 now despite mom donnie was supposedly going to scare every billionaire millionaire out of new york
0:33:35 luxury sales have had their most robust month in a long time since he was elected but i’m thinking
0:33:44 about getting out and i’m doing a couple things one and this is a total story of privilege i get access
0:33:50 to certain investments where if i go on the board i get additional equity as an advisor so i’m trying to
0:33:56 if you will do more of those and take money out of the market and invest in small companies where i get
0:34:03 equity plus so i invest alongside a vc and it’s like paying negative carried interest i agree that’s
0:34:08 not helpful to people because they don’t have access to those deals what i’ve also done i went and bought
0:34:13 for the first time a very expensive piece of art because of what demotorin said
0:34:20 and i’ve never done that before i don’t know anything about art but after speaking to demotorin
0:34:25 um i thought maybe i should put some money just for fun into a piece of art in case you know
0:34:30 unfortunately i can’t shove it up my ass and head to my bunker in new zealand but if shit gets real
0:34:35 and the zombie apocalypse happens it’s going to be me in a kitchen knife in front of this piece of art
0:34:42 uh trying to fend off the zombies but more than anything what i’m doing is um i’m about to make
0:34:49 substantial investments in section which is the company that upskills the enterprise for ai it’s
0:34:56 part of the adoption layer as we call it that i started in 2018 or 2019 i’m about to make a
0:35:02 multi-million dollar investment there because uh the valuation will be pretty good and i the the company
0:35:08 is booming you know after going sideways for a good six seven years all of a sudden it’s exploding
0:35:14 which i’m really happy about and didn’t expect i’m also about to make what should be a substantial
0:35:20 investment in this company prop g and that is this was a company that i thought will be fun good
0:35:25 influence make some good money work with people i really like kind of getting the team back together
0:35:30 again to do another company but i mostly thought this would be a lifestyle business and now and because
0:35:34 of the good work of you and some other people and i’m not just blowing smoke it all of a sudden is
0:35:38 and the market’s coming to us podcasting’s booming i’m like oh you know my greed glands are going
0:35:43 again i’m like wow we might actually get an exit here or real enterprise value and you brought this
0:35:50 up on the editorial call i’m investing where i’ve made the most money outside of markets and that is
0:35:58 i’m investing i hate to say it myself because that sounds egotistical but i have influence control
0:36:05 and good valuations in the companies i control um uh so i’m investing there and i’m slowly but surely
0:36:11 winding down some of my public markets exposure i’m going to sell my apple stock i’ve sold 60 of it i’m
0:36:17 going to sell the rest it’s trading at a p of i think 33 or 35 and it’s growing single digits amazing
0:36:26 company by the way thank you tim cook i bought it in 2010 and it’s paid for a lot um i’m going to hold
0:36:33 on to amazon because that’s my big tech stock pick of 2026 but i am i’m not selling a bunch and going
0:36:42 into cash what i’m doing is i’m diversifying i’m trying to create a basket of wealth such that if the
0:36:50 whole market goes to shit i’m down 30 percent not 120 percent where i have been before uh that’s how and i
0:36:56 don’t know if it’s the right strategy i wish i had a little assworth on your shoulder yeah it’s so funny
0:37:00 i have access to the i have access literally like you to the brightest people in finance in the world
0:37:06 and i still wake up like i don’t know what the fuck to do um i work with goldman sachs asset management i
0:37:11 have the brightest tax people in the world we have access and literally i walk around most time going
0:37:18 buy sell no i should buy i should sell i i so my point is if if you’re out there and you’re not sure what
0:37:23 to do welcome to the club buy low-cost index funds and make sure you’re diversified what are you doing
0:37:32 ed i that was great i i loved hearing everything you’re doing so um by the way one thing that kind
0:37:37 of occurred to me your point about selling and that it’s never you’ve never successfully just sold at
0:37:43 the top and then waited and then got back in this is one of the great things about value investing is
0:37:47 if you are investing over the long term if you’re following the buffett strategy the benjamin graham
0:37:53 strategy you never really have to sell you don’t even have to consider that because you’re
0:37:59 continually buying for the purpose of holding for the long term for 10 20 30 40 years if you’re selling
0:38:03 it’s a very very rare event so that’s just one of the benefits of value investing you don’t have to
0:38:09 even ask yourself that question okay as for what i’m thinking about for 2026 so the way i think about it
0:38:17 this is the year of de-risking and it sounds like it’s the same for you but i think that it’s pretty
0:38:24 much the case for everyone and that is by virtue of this incredible run-up that we have seen over the
0:38:31 the past three years particularly in tech almost exclusively in tech almost everyone’s portfolio
0:38:37 is completely imbalanced right now and that is if you were a good investor if you invest in the s&p
0:38:45 every year if you were dollar cost averaging in as we recommend you are now overexposed to big tech
0:38:51 and that is because as we’ve said before the top 10 stocks in the s&p now make up 40 percent of the
0:39:00 entire index since 2023 those 10 stocks have delivered 65 percent of the total returns in the
0:39:06 in the s&p in the market you look at microsoft apple amazon google and nvidia which together have
0:39:12 contributed to half of the returns and this is a combination of things because the stocks went way up
0:39:19 in price but also they have extremely high weighting in the s&p the s&p gives more weight to those bigger
0:39:24 companies which has actually been a great thing for all of us in the past few years because it’s those
0:39:32 companies that have outperformed so what to do now given everything we’ve just said i think it’s time we
0:39:39 take our win we’ve had a really good run and it’s time to de-risk and diversify because i can tell you
0:39:45 with almost 90 certainty i would say you’re not diversified enough right now just by virtue of
0:39:51 what’s happened in the s&p so how to do that things i’m thinking about first very easy pick which i would
0:39:58 definitely which i’m doing definitely recommend buy the equal weight s&p 500 and it’s very simple instead
0:40:04 of the regular s&p which naturally over concentrates into big tech that’s what has happened equal weight
0:40:10 we’ll just invest you evenly across all of the companies in the s&p so it’s not indexed correct
0:40:16 so the the 490 stocks that we keep on saying are being left out well this way you give them a little
0:40:23 bit more light in the sun so that’s the first thing second thing let’s start diversifying into
0:40:30 non-tech sectors so uh a couple of sectors that i’m looking at that have underperformed relative to
0:40:36 the market consumer staples also health care and i think you could take a look at many other sectors
0:40:41 and figure out which works for you but those are a couple of sectors which just have not really
0:40:46 tracked with the market thus far and i think are due uh for a bit more momentum and then the other
0:40:51 thing we’ve talked about this before as well but non-us equities we’ve talked about it a lot but you
0:40:56 should be looking at china and india and if you want to keep things simple just emerging markets
0:41:04 and we called this at the beginning of the year after liberation day and we nailed it it was a great
0:41:11 year for emerging markets but i i don’t see any reason why that won’t continue especially if we are
0:41:17 in a lower interest rate environment which historically is pretty good for emerging market stocks so those are
0:41:24 the main things that i’m thinking about i think it’s also worth looking at small caps um maybe the russell
0:41:29 1000 versus the 2000 i like that idea too and then what are they trading at they’re trading at crazy
0:41:37 the russell 2000 is at a record high right now and it’s up 16 year to date yes but i i would just bear
0:41:42 in mind that we it we had a huge downturn coming out of covid fair point so if you actually look at the
0:41:48 past four years we’re only up five percent on the russell 2000 because there’s this gigantic trough
0:41:55 it’s at a p of 38 up from its 10-year average of 16 i mean i just hear a demoner in my ear these are
0:42:01 companies that are smaller and have in many cases they don’t actually have earnings because they’re a lot
0:42:06 smaller which is why we’re seeing that disparity but i also think that that’s that’s a fair that’s what
0:42:12 your saying is all true i don’t have like a hundred percent conviction in small caps but i think that if
0:42:18 if you don’t have that exposure already you should certainly be considering it purely for the sake of
0:42:26 diversification final thing i would say and you inspired this is just investing in yourself i mean
0:42:31 asworth told us there’s no place to hide and then we had this whole episode where we’re asking the
0:42:36 question what are you supposed to do with your money if there’s nowhere to put it if there is no place
0:42:40 to hide and he talked about collectibles i personally just can’t get on board with that
0:42:48 um it just goes against everything that i believe in i think a better strategy is what you’re doing
0:42:53 and that is if you don’t know what to invest in you might as well invest in yourself and i think there
0:42:59 are so many different ways to do that as you say you’re investing in your company that you have control
0:43:05 over that you own that you can steer the trajectory of but i think also if you’re just a regular person
0:43:10 maybe it means investing in some coursework or some certification or some education
0:43:15 like maybe you were thinking about taking a finance course an online course but you’re like i don’t
0:43:20 know if i should be shelling that out right now well if you have cash you’re not you’re not sure where
0:43:26 it goes that’s a great this is a great time to consider that i also think you could even think about
0:43:33 your health in this way like maybe you were thinking about a gym membership and but you’re like i don’t
0:43:40 know like i’m kind of worried about savings well if we’re in a subdued market then actually now would
0:43:46 be probably a good time to consider getting the gym membership you can always cancel but that’s an
0:43:52 example of an investment investment in yourself which it makes more sense when you look around
0:43:59 and you see that there is a market in which the returns are probably not going to be stellar so
0:44:04 i really like that point i’m not sure exactly what i’m going to do to invest in myself but i’m going to
0:44:10 really think about it and consider ways that i could take some money and figure out how to upgrade
0:44:14 myself i love that you’ve convinced me i’m finally that’s it i’m going to get the scrotum lift
0:44:26 we just had our first spit take from ed elson yeah invest in yourself join a membership go to
0:44:35 business school nope staple the twins back a little bit and bring them up bring bring them up
0:44:37 high and proud
0:44:57 we’ll be right back and for even more markets content sign up for our newsletter at profumarkets.com
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0:46:31 we’re back with prof g markets a couple of weeks ago it looked like netflix had effectively won
0:46:35 the bidding war for warner brothers discovery but last week paramount blew the process open with a
0:46:43 108 billion dollar hostile bid asking warner brothers shareholders directly to choose its offer instead
0:46:49 and now it looks like investors think the fight isn’t over warner stock surged around four percent last
0:46:55 week and then again later in the week as paramount courted investors in new york so
0:47:05 scott last time we talked about this we said netflix wins that’s it done and dusted now paramount’s back
0:47:11 and now on top of that wall street seems to believe that this is only just beginning the bidding war is
0:47:18 going to escalate hence why we see that the stock is moving upward was moving upward throughout the week
0:47:26 um let’s just get your reactions to what’s happened in the past few days well one don’t listen to me i’m i
0:47:33 the ellisons are going to walk away with it i thought then oh netflix is one oh no look this is
0:47:40 this is an interesting case study and why acquisitions almost never work two-thirds of the time they end up
0:47:44 being not accretive to shareholders which means if you could go back in time you wouldn’t do the
0:47:51 acquisition uh people still continue to do them for a few reasons uh one a good acquisition can be
0:47:57 a tectonic shift i think the best acquirer in history is probably zuckerberg yeah true he bought
0:48:04 um instagram for a billion it’s it’s probably worth somewhere between 200 and 500 billion on its own
0:48:11 at least uh by the way a month later marissa mayer bought um tumblr for the same amount of money and it
0:48:16 got sold for 1.1 billion and it got sold seven years later for three million dollars and at the
0:48:22 time they were both seen as comparable and he was pillory for the boy king spending a billion dollars
0:48:26 for a company with 19 employees and then he went on to spend 19 billion dollars for whatsapp which i
0:48:35 think is going to be worth a lot more so the the draw or the thought of making a big changing you know
0:48:42 kind of groundbreaking acquisition is really seductive uh it also can make sense in terms of a roll-up
0:48:45 strategy so i was on the board of a yellow pages company it was pretty simple we’d wait till we got
0:48:49 a call from every yellow pages company in the world who said we want out we’re dying we’re like okay we’ll
0:48:54 buy you we can cut costs faster than your business is declining which makes it accretive to shareholders
0:48:58 if you bought a blockbuster in 1999 you could buy them for two times cash flow and they went out of
0:49:03 business but they didn’t go out of business for 13 years so you made three to five extra money so there
0:49:10 are roll-up strategies when you’re trying to acquire growth assets occasionally you connect and hit a
0:49:15 grand slam but most of the time you strike out and a lot of the time you get bean in the face so these
0:49:21 things one they underestimate the complexity of the integration and cultures they overestimate the
0:49:26 synergies but the thing that’s going to make this acquisition out uh looking back and think this
0:49:30 probably was a bad idea yes and just to clarify for both bad idea for both net you’re talking about
0:49:36 both companies right now whoever gets it i think the only possible winner here from a shareholder
0:49:41 standpoint might be netflix because they might make the argument that with whatever it is a 400 billion
0:49:51 dollar a 25 dilution wasn’t game-changing and we have wrapped up and put a bow on streaming and my
0:49:56 co-host at pivot would say she had a really good argument that scott it’s not about streaming it’s
0:49:59 about the market for eyeballs and youtube is a bigger competitor and she doesn’t believe it
0:50:03 should be blocking an antitrust totally disagree yeah i think it probably should be blocked because
0:50:08 i think original content creation based on a subscription model is its own unique market
0:50:15 and that basically disney disney hulu paramount plus are all basically apple tv are all basically
0:50:22 fucked they’re all going to be the seven dwarves and uh and and netflix slash hbo would be an
0:50:28 unassailable snow white so to speak but sorry i interrupted you you were going to say what we
0:50:33 will look back at this being a bad deal for a reason it’ll be a bad deal for shareholders i think for
0:50:39 almost in any scenario because they’re simply put it’s not that these are great assets it’s not that
0:50:45 there aren’t synergies to be to be garnered but the only way it makes economic sense is if it’s a
0:50:51 non-economic deal for consumers and labor and that is it consolidates a market and my fear around netflix
0:50:59 and i love ted sarandos i love netflix my fear is that consolidating taking walmart and the lvmh of
0:51:05 streaming will effectively create so much pricing power that are a leak advantage from labor and consumers to
0:51:10 the shareholders of netflix and there’s always a tension but i think the fdc and the doj should they do
0:51:14 their job and not have a president way shut the fuck up the president should have no view on this
0:51:21 i’m going to be involved why so you cannot pay the subcontractors and take the company bankrupt
0:51:29 anyway this is this is what should happen highest bidder wins this is a dual this is not a dual class
0:51:33 shareholder company whoever shows up with the biggest check gets preliminary approval for the deal they then
0:51:42 have 12 18 24 months to close it goes under doj and ftc review where very smart economists and consumer
0:51:49 behavior experts come in and say is this a distinct market or is the market all streaming and all video
0:51:56 and tiktok and whatever else you do and we should let it go through and then it should go under a
0:52:02 cifius review or a national defense security review where if it’s paramount and jared kushner is part of the
0:52:08 deal and raising money out of the gulf does that present a security concern when the gulf states
0:52:15 have influencer control over cnn so we have very smart people who are supposed to make these decisions
0:52:21 not a guy who’s nodding off in cabinet meetings and knows nothing but how to put companies out of
0:52:30 business or podcasters we can pontificate on this but we should decide but my sense is i have a view on
0:52:36 who would be the right owners or the wrong owners but my i mean for cara really doesn’t want the
0:52:43 ellisons to own it and i’m like you know what david zaslov david ellison pick your poison i mean
0:52:49 i don’t i don’t we don’t get to decide who we like or don’t like i like ted sarandos that has
0:52:55 nothing to do with it the question is who shows up with the biggest check and who can who can convince
0:53:01 regulators that this will not be bad for competition and increased prices and and seed advantage from
0:53:09 labor and from consumers to such an extent that it’s only the shareholders of of netflix that win
0:53:14 here but when i have been on boards and we’ve acquired companies they almost never work because
0:53:20 and finally the thing that has entered the room here that will make this likely a non-accretive
0:53:24 acquisition for almost any of these players unless it’s what i call a monopolistic acquisition
0:53:31 see above netflix is the thing that’s entered the room here is testosterone i can guarantee you
0:53:38 that all of the bidders had a maximum number that they told their bankers 90 days ago okay if we can get
0:53:45 it for up to if we really stretched uh larry and david have said okay to the bankers if we really
0:53:52 stretch we offered 19 we could maybe go to 22 or 24 every one of these players has had a maximum number
0:53:59 they have all blown by their maximum number because this is what bankers are great at they get you to
0:54:05 climb a wall of valuation when i was selling my company to gardner the illusion of a third and a fourth
0:54:11 bidder okay can you do this can you do this do this and then finally when they walk away okay if you
0:54:17 just come up 10 it’s yours and we can move on and their greed glands get going and all that if david if
0:54:25 if paramount gets this then david ellison is on the cover of every magazine like the winner the king the new
0:54:32 king of hollywood what the fuck does he care about shareholders he’s a 34 year old looking to like
0:54:41 get out of the shadow of his father and and you know take take i don’t know sydney sweeney to the oscars
0:54:46 he doesn’t give a shit if this is a low roi for shareholders his father’s much more shareholder driven
0:54:53 but even his dad might be talked into we’re so close dad if we just come up a little bit we win
0:54:57 and that’s why his dad ends up calling trump saying you can’t let this happen that’s right
0:55:03 the fact that the ellisons are even saying that this will pass regulatory muster because we have our
0:55:10 thumb up the ass of the president is an acknowledgement of the kleptocracy and kakistocracy we now have in
0:55:17 america highest bidder that clears regulatory review both for defense and antitrust that’s how this should go
0:55:22 down and unfortunately it’s not but what’s happening i’ll give you an example i met a woman named ruth
0:55:30 perrett who’s the cfo at google total adult in the room she showed up to google if she was in charge if
0:55:33 she was the ceo of any of these companies that company would have already said we’re out thanks
0:55:39 very much enjoy playing in traffic and there’s something about men and testosterone and it’s okay
0:55:43 if you distinguish between the sexes as long as you’re critical of men so i’ll do that
0:55:50 and that is these guys have now got their fly down and they’re all sword fighting with their dicks and
0:55:56 they all want this thing distinct to the fact that probably gonna overpay for it because they all
0:56:02 want to be the winner and ruth perrett the cfo of google when she showed up to google and larry and
0:56:08 sergey were spending hundreds of millions if not billions on like curing death she’s like okay it’s time
0:56:15 to pretend we’re grown-ups and they were fiduciary for shareholders stop all the stupid shit you are
0:56:21 spending way too much money on your pet projects and pretending that shareholder money that you are
0:56:26 not a fiduciary for shareholders and she imposed real financial discipline that was probably probably
0:56:33 the most accretive thing that happened at google in the last 10 years was the cfo who came in and said
0:56:39 all right let’s pretend we’re adults and this might be fun and everybody larry and sergey want to pretend
0:56:43 it’s a good idea because you’re you’re the largest shareholders here it’s not it’s fucking stupid stop it
0:56:49 it’s not good for shareholders and she cleaned out a bunch of these projects these guys have now lost
0:56:56 all sense in my view but maybe the exception of netflix because if they can get this thing by ted flying
0:57:01 to washington i underestimated how machiavellian ted is or how shrewd he is he went and met met with trump
0:57:09 realizing if i don’t kiss this guy’s ass i mean this has now become all of these guys trying to trying
0:57:16 to curry favor with trump to make sure they get regulatory review which is again see above you know
0:57:24 oligarchy cacostocracy but this is they have lost it at this point it is now hormones have taken over
0:57:32 competitive gene is taken over and they are all all they are doing is making one of uh crowning this
0:57:37 will be a bad acquisition maybe with the exception of netflix if they can impose true monopoly power which
0:57:42 they might be able to do which will be bad for consumers in hollywood and the creative community
0:57:50 um but this will be a bad deal at this price for almost any other acquire it just won’t pencil out
0:57:56 basically this whole process is going to create the wealthiest man who destroyed the most shareholder
0:58:03 value and that is david zaslav david is going to walk away he is a beast i completely underestimated him
0:58:10 all the things i thought he was going to screw up he’s completely proven us wrong like that absolutely
0:58:15 crushed it he’s going to make a billion dollars for dramatically underperforming the s&p for five years
0:58:21 by turning this thing into it into a dick measuring contest that is what he did and and i thought he
0:58:27 wouldn’t be able to do it and he absolutely did the the testosterone is pumping it’s now he’s turned
0:58:32 it into a bidding war and i i remember thinking he’s trying to make this happen it’s not going to happen
0:58:37 they don’t want it they don’t want it enough he did make it happen i just wanted to make a a little
0:58:43 amendment to something you said earlier about you know i think you correctly point out the question is like
0:58:50 who shows up with the biggest check and that is true and in this case paramount has showed up with
0:58:57 the biggest check they’ve offered 30 a share netflix offered 2775 so they have the biggest check but the
0:59:02 question you think like oh so paramount has to get it the other question that is part of the calculation
0:59:10 just in terms of fiduciary responsibility is which one is more likely to go through so there are various
0:59:15 concerns with both with netflix it’s really an antitrust issue with paramount it’s also kind of
0:59:20 an antitrust issue but less because parent is smaller but also as you say a national security issue
0:59:26 because jared kushner is out collecting funds from all these sovereign wealth funds in the gulf and do
0:59:32 we want uh the gulf states having an ownership in in in our largest media companies so that’s the
0:59:39 that’s the calculation that if they’re doing this fairly will go into the review and it could be that
0:59:45 they say we’ve decided the paramount deal is less likely to go through and that is where the trump
0:59:51 relationship starts to to play a role if they do believe that there is a higher likelihood because
0:59:57 trump likes ted sarandos more or trump likes david ellison more then that will be part of their calculation too
1:00:05 one wrinkle that should be acknowledged also jonathan canter pointed out maybe we’re overestimating
1:00:11 trump’s power because trump could say no but then the courts could say yes i mean the courts could just
1:00:16 strike down his opinion i always get kind of like well how how much faith do we really have
1:00:21 in our court system to sort of hold the president to account but there are all of these
1:00:28 all of these questions happening in here and and it does it is a really interesting question of fiduciary
1:00:34 responsibility what is the fiduciary responsibility and what is the best decision because it’s not just
1:00:41 the money it’s also the likelihood of the deal happening this will take two years and in i think six
1:00:48 months the republicans are going to lose the gavel in the house and i think in 18 months there’s going to
1:00:53 be open all of a sudden the republicans are going to see the writing on the wall and go this guy’s a
1:01:00 lame duck and he’s nodding off in every meeting and i i’m going to speak out again this thing is going
1:01:06 to become so politicized and the political force of the last 10 years donald trump is going to be
1:01:11 massively neutered i think his power is only his power and influence is only going down
1:01:21 but you’re going to see it’s going to be fascinating to watch but i don’t i don’t i mean keep in mind ed
1:01:30 this is a stock that 15 months ago 18 months ago was trading at eight bucks it’s now at 29
1:01:36 i gotta tell you i’m such a david zasloff fan at this point i’ve completely turned around on it
1:01:42 i think he’s an absolute legend i think he’s like the worst and the best at the same time i’m just in
1:01:48 awe of how he’s run this auction he’s the adam newman of media i’m going to figure out a way to
1:01:52 lose other people’s money and make a shit ton of money if he just surfed and smoked a lot of pot he
1:01:57 and adam should hang out he’s turned it into that trophy asset that you were talking about in the
1:02:03 previous segment that all rich people want and crave because there’s scarcity and they want to be there
1:02:07 they want to be involved he’s somehow done that and people thought it was just this crummy little
1:02:13 media company literally 12 18 months ago yeah but he’s done more than that he’s cherry-picked a
1:02:18 board of people who are willing to give him ridiculous compensation for adding very little shareholder value
1:02:24 but he he did he did come up with the shareholder value he’s done it and he’s done in about a couple
1:02:28 of months i’m sorry what was it acquired when he did the merger what what was the stock price at
1:02:36 that’s a great question let’s find out oh it’s okay hold on when they announced the deal
1:02:44 warner brothers shares were at 2775 so basically the company’s a little the guy’s going to make a
1:02:51 billion dollars for adding no shareholder value when the smp’s up 50 percent i take it back
1:02:57 yeah no no no he’s the most overpaid investment banker in history that’s basically what he’s done
1:03:03 here and he’s created a bidding war and he’s found he’s found friends and family to stock the board
1:03:08 and say okay tell you what you don’t add any value you vastly underperformed the market and we’ll give
1:03:15 you a billion dollars that’s what he there’s a skill to finding total sycophants and just basically
1:03:19 saying in every board meeting your job is just to swallow hard
1:03:29 i’m torn i’m torn i i think i respect him i think there’s there’s photos of him with all the
1:03:35 all the hollywood stars on sitting courtside at these basketball games i don’t know let me think
1:03:39 i’m producing a show for netflix and i just said netflix shouldn’t get this from monopoly behavior
1:03:44 and the other bidder was hbo and i’ve just said david zasloff has found a board members of people
1:03:49 who swallow hard what do you think my future in hollywood is looking like right now council culture
1:03:54 is dead you’re good no i’m not worried about being cancelled i’m worried about a bunch of old dudes
1:03:59 saying we don’t need this fucking dick around we don’t need this guy around heckling from the cheap
1:04:05 seats fair enough oh god it’s lucky i own a big piece of art we’re gonna need to find out what that
1:04:09 piece of art is are you gonna are you gonna tell us it’s a brazilian artist i don’t like to talk
1:04:15 about my art i have it’s my second piece of art my other piece of art is a picture of auto frank
1:04:20 sitting in the standing in the attic where he and his family hid until they were betrayed by
1:04:25 people and were shipped off to concentration camps i just thought i’d change the mood here for a moment
1:04:31 and no joke no joke i look at this photo every day and it makes me feel grateful that’s a good
1:04:36 piece of art i’m gonna change the mood dramatically here i think everyone should find something in
1:04:42 their life and a piece of art a picture and it can be sad like this one is or it can be inspiring
1:04:49 but i think everyone should try and identify an object in their life or something and or note or
1:04:55 something and it that makes them feel good about themselves good about their situation grateful and
1:04:59 look at that thing every day i look at that photo every day it’s first thing i do every morning as i
1:05:02 i walk down the stairs and i stare at that photo for a good five or ten seconds yeah i have a friend
1:05:06 photo of you in my office does the same thing for me and you realize
1:05:15 i will survive i can get through this i can get through this i can get through this all right
1:05:20 let’s take a look at the week ahead thanks for mocking my moment ed
1:05:28 okay all right we’ll see the employment report for november and partial october data will be
1:05:31 included in there as well we’ll also see inflation data from the consumer price index for november
1:05:38 and nike fedex and general mills are all reporting earnings scott any predictions uh my prediction is
1:05:45 that the best performing assets or investments are going to be in weird investments that most people
1:05:50 don’t have access to but in venezuelan assets i think that there’s going to be a regime change
1:05:57 and an oil rich and culturally rich venezuela is going to boom over the next three to five years and
1:06:03 people who take enormous risks and find a way to invest in venezuela are going to come out
1:06:05 uh with just extraordinary returns
1:06:11 all right this episode was produced by claire miller and engineered by benjamin spencer our
1:06:14 associate producers alison weiss mia silveria is our research lead our research associates
1:06:20 are isabella kinsel dan shalon and kristen o’donohue drew burrows is our technical director and
1:06:24 katherine dylan is our executive producer thank you for listening to prof g markets from prof g media
1:06:28 tune in tomorrow for a fresh take on the markets
1:06:47 you have me in kind reunion
1:06:56 tune in tomorrow for a fresh take on the market
1:07:00 you have me in kind of a fresh take on the market
1:07:02 you have me in kind of a fresh take on the market
1:07:04 you have me in kind of a fresh take on the market