Joe, the question that I think needs to be answered, and I want to get your thoughts on this, is that is NVIDIA valuable because of their technology or does the CEO equate into the valuation?

He wouldn't probably remember.

I thought I think he would.

I met Jetson Wong years ago.

um many times well several times uh when we had things that called comdex and the consumer ilanic show in vegas um he was just a gaming he was a chip maker for the gaming business you know like uh uh you know esports the the whatever the hot game was they made the chips and that's he grew that and leveraged that into chips for what we're seeing today and they were faster stronger better uh he was he tended to be a tad on the promotional side but he learned later how to do that a little bit better a little bit more sophisticated it was a boomer bus stock for a long time nvidia because it was really If sales of Electronic Arts or some of the other games went down and their stock went down, he's brought it out and built a tremendous business.

He became one of the faces of the AI infrastructure and, you know, with the black jacket and the whole thing.

He spoke well.

Which I think is pretty reasonable.

Joe, the question that I think needs to be answered, and I want to get your thoughts on this, is that is NVIDIA valuable because of their technology or does the CEO equate into the valuation?

He wouldn't probably remember.

I think he would.

I met Jetson Wong years ago.

Many times, well, several times when we had things called Comdex and the Consumer Atlantic Show in Vegas.

He was just a gaming.

He was a chip maker for the gaming business, you know, like, you know, eSports, the games.

Which I think is

I

think they would have had more patience had we not had this war, which then caused oil to go up.

and also caused interest rates in diesel and everything.

And that has an immediate impact.

And we're not a country that's patriotic.

Well, first of all, we weren't.

really uh asked to they we weren't asked to support the war it just kind of happened right and i think had they done a better job explaining so i for one and that's just my own personal opinion i was very concerned about the the challenge that was given to us in the mid-east um Certain things happen, the blocking of the straights and whatever.

And,

I

think they would have had more patience had we not had this war, which then caused oil to go up.

and also caused interest rates in diesel and everything.

And that has an immediate impact.

And we're not a country that's patriotic.

Well, first of all, we weren't.

really uh asked to they we weren't asked to support the war it just kind of happened right and i think had they done a better job explaining so i for one and that's just my own personal opinion i was very concerned about the the challenge that was given to us in the mid-east um Certain things happen, the blocking of the straights and whatever.

And, you

Is this a sector that we should probably start paying more attention to and maybe especially if we want to get off of that AI?

I'm going to say this again, and this time I'm going to say it loudly and clearly.

Okay.

In the next year to 18 months, I think more money will be made in this space, which, by the way, is a cousin to AI, all right, and because of AI.

But I think, compare what I like in this space, I think more return will be made there than that will be made in the AI infrastructure.

Now, having said that, one of the reasons I believe that is the AI infrastructure.

So today we talk, I have been pounding the drum on companies like Lilly, Merck, because they're big names, they're liquid.

they have.

I'm still trying

to follow...

I didn't know if nilly willy was like willy nilly or any of those.

I'm not sure.

I think I like your term clutching pearls.

I think people are clutching their pearls now.

Yeah.

Can he legally do this from a publicly traded? I'm not aware.

What are your thoughts? Are you ready to be 10x bullish at this point?

Well, it sure feels like you should.

But my experience, and I suspect Reese's experience, is whenever that looks like that's what's going to happen, is where you have to double down, triple down, and make sure that you're correct.

I was at a conference yesterday, and I think everybody was sort of bulled up.

I think the opinion is that post-election, like you said, or one of the things that we've said probably four or five times on this call is that after the election, all of this using data centers and anti-data center stuff will dissipate.

And I do agree with that.

They're just using it as leverage for the election.

it works on Alzheimer's, supposedly.

[laughs]

But, um, it seems to me that I would buy the SOXX or one of the ETFs, uh, uh, was it SMH? I would buy them on the open.

Because at some point, and it goes both ways, sometimes it gets ridiculous to the upside sometimes.

Now, this was not a fundamental call.

This was, you know, uh, sitting at the poker table with a gut feeling.

But I do think that we're nearer to the end of this stupid downward cycle than we are to the top, because I agree with Reece fundamentally that while trees don't grow to the sky, they don't go underneath the ground either.

Okay? And I think that, uh, if those who have a long-term view, and if you really look to the fundamentals of this, uh, I think that you could do well.

Right.

Wouldn't you agree?

No. Um, I'm not sure that the oil... that we've seen peak oil.

I hope so.

I, I certainly, I certainly hope so.

But it all goes back to the point you made several weeks ago and the point that Reece keeps bringing up, that as long as we have at least a situation that looks like there's a war or some type of Middle East tension, I don't think you could see oil come down dramatically.

And then you did mention refineries.

The refineries are moving... are, are, are refining full out.

... he's long those names.

Wouldn't you agree?

No, I'm not sure that the oil that we've seen peak oil.

I hope so.

I certainly I certainly hope so.

But it all goes back to the point you made several weeks ago and the point that Reese keeps bringing up that as long as we have at least.

a situation that looks like there's a war or some type of Middle East tension, I don't think you could see oil come down dramatically.

And then you just mentioned refineries.

You know,

Yes, you may

... uh, my biggest bugaboo- And you hinted to it, is interest rates.

And I'm very concerned of how we're going to keep those somewhat in check.

Um, and then I'm concerned about the recent moves.

I sent you guys a thing.

There was a guy by the name of John Roach from 22V Research, uh, that, and historically, when you have these type of moves in a 10-year treasury that quickly, that's, that's a time to be very cautious.

And history shows that financial calamities occur when you have rapid rise, especially in the 10-year.

So-

But with that, though, do you think that once that $5,000, what kind of stimulus is that going to have for the overall economy?

Well, I think if they were able to get it, I think it'd be great.

But I think it's I think it's silly.

I don't think it's happening.

I don't think I think Reese's aptly pointed out that there's a ton of Republicans that aren't for it.

I don't think you'll have the votes.

And to be honest with you.

And David Sachs is, you know, his ex-advisor, but does a lot of influences, is a fantastic influence on him.

Wouldn't you agree?

No. Um, I'm not sure that the oil, that we've seen peak oil.

I hope so.

I, I certainly, I certainly hope so.

But it all goes back to the point you made several weeks ago and the point that Reese keeps bringing up, that as long as we have at least a situation that looks like there's a war or some type of Middle East tension, I don't think you could see oil come down dramatically.

And then you did mention refineries.

The refineries are moving, are, are, are refining full out.

... he's long those names.

I'll tell a

bit of the story.

It's a good story, and it's good to tell good stories because we could spend a lot more time telling bad stories.

Things like that.

Um...

Last year at the yearling sale in Timonium, it just kind of goes in.

I sold a horse that was sired by – vinnie rosso which by the way is vitruvian man sire okay when i booked to vinnie rosa i was happy it was a curling it was owned by ripolli and i was able to get to that horse and i thought that was a good breed yeah that was a good match i thought it was a good thing and and i was able to get a pretty good deal and um But what happens is, so I've done really well in horse racing.

Like I said, easy money for

I'll tell a

bit of the story.

It's a good story, and it's good to tell good stories because we could spend a lot more time telling bad stories.

Things like that.

Um...

Last year at the yearling sale in Timonium, it just kind of goes in.

I sold a horse that was sired by – vinnie rosso which by the way is vitruvian man sire okay when i booked to vinnie rosa i was happy it was a curling it was owned by ripolli and i was able to get to that horse and i thought that was a good breed yeah that was a good match i thought it was a good thing and and i was able to get a pretty good deal and um But what happens is, so I've done really well in horse racing.

Like I said, easy money for