... talk to me about how we should be thinking here.

I think in the short run he's right, in that, uh, to ramp up the production of memory chips, for example, uh, the, the, the manufacturers have to be able to put in the CapEx, and that takes two to three years, uh, to get that additional capacity online and to be able to, to meet where demand is.

And then when you think about where will demand be in three years, well, they might already be a step behind.

So I think that, um, he's right.

There's short-term scarcity and, and a lot of, uh, bottlenecks in different parts of the AI stack, uh, which is growing, uh, you know, exponentially.

Um, I think though, I mean, when I think about this I l- I look at past CapEx cycles.

And you can go back to railroads, you can go back to, you know, fiber optic lines, the dotcom bubble.

What do you think are the best ways to get exposure? I know you mentioned ETFs previously in our conversation, but how are you looking at the options out there?

... talk to me about how we should be thinking here.

I think in the short run he's right, in that, uh, to ramp up the production of memory chips, for example, uh, the, the, the manufacturers have to be able to put in the CapEx, and that takes two to three years, uh, to get that additional capacity online and to be able to, to meet where demand is.

And then when you think about where will demand be in three years, well, they might already be a step behind.

So I think that, um, he's right.

There's short-term scarcity and, and a lot of, uh, bottlenecks in different parts of the AI stack, uh, which is growing, uh, you know, exponentially.

Um, I think though, I mean, when I think about this, I, I look at past CapEx cycles.

And you can go back to railroads, you can go back to, you know, fiber optic lines, the dot com bubble.

What do you think are the best ways to get exposure? I know you mentioned ETFs previously in our conversation, but how are you looking at the options out there?

And one, I guess, have things gone according to how you thought they would? And then beyond that, how did that influence how you're thinking about things going forward?

Yeah, absolutely.

So I think that the place to start would be back in 2005, I was a high schooler and I stumbled into Austrian economics and sound money.

And what I really liked about that was that they had an explanation for the business cycle that actually made sense to me versus some of the alternative explanations that I heard in school.

And that drove me to really being a silver and gold type, you know, focused, you know, intellectually, right? But at the same time, I was really interested in free and open source software.

So I was installing Linux on computers and listening to Richard Stallman lectures on the philosophy of users controlling their own code.

And I didn't think that those two paths would really cross until my last year of grad school.

And we can just start sort of start high level and then we'll dig into some details.