Why Bitcoin Wins No Matter What Happens To Inflation

TITLE: Why Bitcoin WINS No Matter What Happens to Inflation CHANNEL: Anthony Pompliano DATE: 2026-04-25 URL: https://youtu.be/OisxT95bkk8 ---TRANSCRIPT--- Here’s the one thing I will say about innovation. When you want to invest in innovation, in a deflationary world, you’re trying to find what Jeff Bezos said during the last 15 years, which is when Bitcoin was created, and what did Jeff Bezos say? Your margin is my opportunity. There’s no more margin now in code based stuff. It is in a free fall. That is why software stocks are getting up. So where Bitcoin benefits is, it doesn’t get hurt by that.

What’s going on, guys? Today we got a great conversation with Jordi Visser. In this conversation, we talk about the decoupling between Bitcoin and software stocks. We talk about inflation versus deflation and what his expectation is. And then we get into the five different thematic baskets that he’s been paying attention to, why they’re up so much and what exactly is happening in each one of them. And then, of course, we talk about the scarcity trade and why Jordi is sifting through all of the different markets trying to find things that are full of shortages or scarcity, and how he’s thinking about investing his portfolio right now. Here’s my latest conversation with Jordi Visser.

All right, Jordi, it looks like software stocks have taken a beating into the end of the week, and Bitcoin has stayed pretty strong here. So help me understand, are software and Bitcoin decoupling, and is that a good sign for Bitcoin, or is that more of a bad sign for software stocks?

Yeah, I think I think the reaction to, well first of all, IBM reported, Service Now reported, and the market did not like either of the commentary in there. The earnings are still fine, but the overhang or the reality that I think probably started with just Silicon Valley recognizing that as the agentic world came, we have no terminal value on these companies, has set back in. So I’ve posted about this a few times over the course of the last month when we originally had the correlation break. It was a day where Oracle broke out, software names were bouncing. But yesterday, I or not yesterday, Wednesday I posted in X and I said that if you look at what’s performed so far this month within the IGV, which is the software ETF, almost all of the top 10 names were related to crypto. So let’s separate Bitcoin for a second. What is happening is the miners were kind of the ones that led way before Bitcoin, and I mentioned them last week, I think here, but definitely on my weekly where I just said we’ve reached a point of compute shortage and if you can scramble and get anything related to AI, that’s where you want to go. We have bottlenecks throughout the world now. It was only memory four months ago, but now it’s spread to CPUs and because of Iran, it’s spreading to chemicals and other places. You’re going to have bottlenecks the rest of this year. So software still has the issue of AI progress, but then the Bitcoin miners recently have started to benefit from the reality that we don’t have enough compute. So the question is, where does Bitcoin sit? Well, first of all, with the miners getting a bid, well that’s obviously good for Bitcoin if for no other reason with the ecosystem. But I think an important dynamic is shifting, and you and I have differed on inflation. There is really no doubt in my mind that inflation is going higher. Now, I want to separate this again because I think we talked about this last week, and so people hear this. I do not think the housing market is going to get better. I do not think wages are going to get better. I do not think the things that traditionally are correlated with inflation are going to get better. But there’s no way to refute what came out in the PMI numbers this Thursday. Service and manufacturing PMIs are moving higher, and most of them are at the highest levels since 2022. So you are getting back into a world where inflation has peaked on the survey side for all of these things, which has a very high correlation as a leading indicator. And this is the thing I want to say to people. I don’t care what the true flation number is today. I care about what it’s going to be like in three months. And maybe their number will stay low. Headline CPI is the one that I have confidence in will be above 4% as we keep getting this data. And the reason is because the manufacturing bottlenecks are real, and they are big. And I heard this today in listening to a podcast with Craig Fuller. And everyone should listen to this podcast because I like hearing people that talk about the economy and what’s happening. This is a very unique economy. If I wanted to figure out where inflation was over the last 17 years, we were in a bear market in commodities for 17 years, except for COVID. So the reason I kind of took a shot at people fitting things to historical data is today’s world is not the same as it was from 2010 to 2015. We are in a commodity bull market. We have shortages across the globe. And what Craig Fuller talked about was freight is out of control, all because of AI, all because of the one big beautiful build, all because of lower energy costs here and higher energy costs around the globe. So natural gas is low, that’ll keep help inflation a little bit down. Oil’s higher, gas is higher, diesel’s higher, that’ll push it up. But the reality is memory prices, CPUs, semiconductors, that stuff, there’s no, there’s no end in sight. And the reason I bring this up for Bitcoin for people, at some point, Bitcoin is either in the abundant bucket, or it’s in the PI, PMI sensitive bucket. It’s PMI sensitive. Its returns are there. The only thing missing, which I still think will happen, is year over year CPI will get above 4%. 3-month bills will stay below 4%, and we’ll have negative real yields. And I think that’s what’s happening is software is in a deflationary problem. So your world, Bitcoin’s now moving into the inflationary world, my world, which is more related to commodities and scarcity.

One of the things that’s interesting is you and I have talked in the past about Bitcoin being valuable both in an inflationary world and a deflationary world. And in the inflationary world, I think that’s the one people are used to and saying, okay, if there is global liquidity increasing, this thing is very sensitive to that, and so it should be able to kind of sniff that out and go in an increase in price. Deflation, we’ve talked about this like abundance and this scarcity and kind of the value proposition from that standpoint. Are those the same buyers of Bitcoin, or is there, like, if you take 100% of people who are in the investment community, some of them are allocating capital in an inflationary environment, but they’ll actually go to cash if we move to a different regime. Or is it no, it doesn’t matter kind of who you are, you’re going to end up at Bitcoin regardless of the regime? Right, I always think about this idea of like an asset being different things to different people. And so how do you think about Bitcoin’s buyer in an inflationary versus deflationary world?

You know, this is a great question, um, and I want to kind of use Jeff Booth for this, because I think he does the best job of saying that there is always deflationary pressures in a credit based fiat system. Innovation is deflationary. We both agree on that.

Yes. Oooh!

If people are not getting jobs as easily, if they can’t move up the corporate ladder, if there’s affordability issues, well that’s the deflationary pressures that usually lead to more government stimulus. Well we have government stimulus happening. So when I say negative real rates, that may be some kind of economic wonk to people and they’re not really thinking about it. That is these two forces at the exact same time. To have negative real rates, you have deflationary pressures which are keeping short-term rates low, and you have inflationary pressures which are keeping CPI high. Now in the US we don’t have this, but in Brazil, they have what’s called a basic basket. The basic basket that people need to survive on. Well, I think the basic basket for young educated people in the US, where’s my housing? Can I get an apartment in a city I want to live in? Nope, not good. Where are food prices? Okay, well we have commodity inflation right now. Fertilizer prices are going up. Food inflation’s not coming down, that’s going to be an issue. Can you get a job anywhere you want? Yeah, you can get a job, not anywhere you want. You might have to take a job not in the education based on the education you have because of the disruption happening out of nowhere in the labor force. And so you might not be able to do this job, you might have to go do a different job even though you have an education in this job. I think we’ve taken the basic things of, let’s say an advanced society, and made it very challenging. And that to me is the deflationary pressures on the one side that Bitcoin, it usually brings the anger out of people. This is when people would want Bitcoin. On the other side, when the government needs to have excess spending, and regardless of what’s happening on the fiscal side, we have a fiscal impulse right now. Tax refunds very high. Tax receipts very low. Bonus depreciation for companies, which is another form of stimulus, is having a huge impact. Craig Fuller talks about this. I think all of these kind of half deflation half inflationary pressures are creating an issue. Here’s the one thing I will say about innovation. When you want to invest in innovation, in a deflationary world, you’re trying to find what Jeff Bezos said during the last 15 years, which is when Bitcoin was created, and what did Jeff Bezos say? Your margin is my opportunity. There’s no more margin now in code based stuff. It is in a free fall. That is why software stocks are getting up. So where Bitcoin benefits is, it doesn’t get hurt by that. So it’s got the one side now, the inflationary side, which it will benefit from. And on the other side where it benefits from deflation is from the opportunity costs that an individual investor has. I need growth assets. And this is the Ric Edelman argument. How do I invest for the next 40 years, ‘cause I’m gonna live longer? What growth assets can I have, cause those are the ones that I can be in. The growth assets are not working. Hyper-scalers, and all of the things related to software, I think this is where Bitcoin separates itself in the second half of the year because of that dynamic playing out both inflation and deflation at the same time.

What is the thought process in terms of Bitcoin price action? Like when you say breaking out, that could be Bitcoin doesn’t move and stocks fall, but it also could mean Bitcoin goes up a lot and stocks stay constant or go down. Like, how do you think of the relationship with these two? And how big maybe is that separation?

No matter what my views have been this year, one thing has stayed constant. We will have earnings growth and we will have nominal GDP. End of story. We might not have real GDP to the level people are used to, but if nominal GDP is 7 and inflation is 5, then you get 2% real GDP and everyone goes, ‘Ooh, it’s not.’ Nominal GDP drives revenues. Nominal GDP drives earnings. Plain and simple. If companies are able to control their expenses via AI, through labor, then that’s where profit margins are sitting up at high levels. So I think what will end up happening is you want to be long the stuff tied to the bottlenecks in the physical hardware world going forward. So this is where I’ve talked about semiconductors and commodities and servers and anything physical. The software stuff, I think, will be in trouble and will remain in trouble. It has done such a big fall already that I’m not sure how much lower it can go overall, but I think it’ll underperform. But when you look at stocks relative to nominal GDP, that’s where I’ve said if I had to guess, I think 10 years from now, public companies are not going to be the ones benefiting from AI. It’s going to be private startup companies that actually never go public. There’s going to be a change in the capital structure, the financial guardrails of the world are shifting, and they’re shifting towards crypto. That combination of AI disrupting public companies, because public companies just can’t adopt AI, because having a lot of people is very difficult, and I think they’re all learning that. And I gotta be honest, one of the stories that will happen before the end of the year, I think a lot of these big companies are not going to see the benefit come through the way they think because it is just so hard. And I’m sure you’ve got your own experiences. How do we integrate this in a way, the costs are going higher, the speed of it is going so fast, and startup businesses don’t have that friction of people inside the business, culture inside the business, legacy systems inside the business. It is a very difficult thing. And I just gotta tell you, it’s like telling a 60-year-old, you know, athlete, hey, why don’t you go play football again. They might be in great shape, but they’re not in great football shape. I don’t think companies are in great AI shape.

You have these five thematic buckets or baskets that you’ve been writing about to the 22V platform, to the subscribers. I want to go through each one of them and if you can kind of just help us understand because they, I think the common theme is they are potential solutions or they are potential names where there is massive scarcity. And so you’re really just taking the same idea and applying it to these different verticals, it seems. Um, maybe we can go backwards and start with chemical, cause I don’t think we’ve talked a lot about chemical companies or the chemical theme. Explain this one a little bit.

So chemicals are very PMI sensitive, but they’re also very semiconductor sensitive, and also optical fibers. So in there is optical fibers. So one of the things, all of these themes I’ve written about really from November of last year into the early part of this year, and this was a transition point. These are all agentic names. So when you get back to pre-training and you think about getting AI up to this point, what was the major winner? It was Nvidia. Um, so people can hear these amazing stats. The S&P 500 now, they’ve got different levels of, you hear sectors, but then there’s industry groups. Level two industry groups, the largest weighting in the S&P 500 is now semiconductors. It’s now 17%. The S&P’s about $60 trillion, which means you’re talking about $10 trillion. Of the $10 trillion of semiconductors, seven and a half of the ten are three companies: Nvidia, Broadcom, and Micron. Those were really the three major benef- they benefited the most in the early part. Now Broadcom and Nvidia were the main beneficiaries from the data center build out and the GPUs, and everyone heard that. But beginning in November when Opus 4.5 came out, we started to shift towards AI agents. Micron really started to benefit because of memory. I was talking about memory all year last year is we’re not going to have enough because agents are coming. Once that agent world kicked, everything shifted to inference. So Jensen Huang announced a partnership, almost a takeover of Groq, because his business is focused on the data center GPUs, but he realizes, well now there’s going to be a lot of agents. And this is the action world. This is not the thinking world. The action world takes a lot more East-West traffic. So chemicals are necessary because of the Corning tubing. So Corning has fiber, okay, they need tubing. Well chemical companies benefit from that. Bonding all the semiconductors together. So when it was just GPUs, not as important. But now you’re packaging the GPUs with memory and with all of these other components. That’s why when I talk about Marvell, Marvell is another one. You saw Texas Instruments last night. What happened to Intel? Well those that’s GPU, ones power semi. All of the semiconductors are benefiting. And that’s because of the agentic side. So in that first chemical basket, or not the first one, but chemicals, PMI sensitive, does really, really well with this. And right now US chemical companies are benefiting cause the chemicals here are made with natural gas and a lot of the ones overseas are with oil, and natural gas is very low right now in the US. So US chemical companies, so it’s the beginning of a bull market in chemicals.

I wonder how much like Coke industries is benefiting from this, but it’s private. And, you know, they got a big chemical business and some of these players that you would never think are AI-centric companies, but because they are the inputs, obviously it’s probably pretty good for them.

And the reason I want people to go listen to the Craig Fuller podcast, he specifically says in there that chemical shipments are through the roof. So people have to understand that chemicals are used in almost everything, but this massive industrial build-out, and this is just the beginning, cause chemicals are going to be used in the auto upgrade. And just so people hear this, cause I’ve started to talk to more and more institutional investors. We may never sell more cars than we did this year. Meaning, we did 16 million. Okay, maybe next year we’ll do 16. We’ve been around 16 million, we got close to 16 million in the 70s. So then people go, well, we’re never going to sell more. So why would this be important? And it’s like, okay, here’s what’s going to happen. And this is big for Qualcomm. Leading edge thing for people here. Qualcomm’s not ready yet, but it’s getting close. If we do 16 million next year, a good portion of that 16 million, let’s assume 1 million this year, were AI components. Meaning you could speak to the car, the car could do things. Hey, move the wiper. Do this. So Alexa, within inside the car, that takes a lot more chips. Takes a lot more chemicals for that. Well, next year maybe we do 4 million. So instead of 0% growth rate of autos, we’re actually doing three, 400% of smart cars.

Exactly.

And that’s what’s going to start happening every year. And so what people need to think about with Semis is Jensen Huang saying it’s going to be an $85 trillion recycling. Eventually what happens is if we have 100 million cars owned in this in this country, which is less than there is, but if we have 100 million, by the time we get five years out, maybe 80 of them are AI. Because no one’s gonna want the older models. So that process is a lot more dollars that goes into semiconductor. This is endless, the upgrade cycle, and this is happening fast. So that’s where chemicals fit in.

Let’s talk about Whole Rack as a theme.

So this really gets into a combination of the GPUs to the rack of things that go into a data center now. And this includes servers, it includes memory, it includes CPUs, it includes all of that stuff. So if Morgan Stanley wants to have some of their AI come from the cloud, so one of the providers, but then they go, you know what, we need to also because of privacy issues, we need to house this stuff here. Well they need to go back to the old world of servers. And so all of the Dell, the Hewlett Packard, all of those names have just broken out. Those are all part of the whole rack. So it’s that it’s it’s literally not just semis, it’s everything that people would need for the whole rack to actually be able to do AI inside their own device.

You have these um, controversy with CAR, Contracted Annual Run Rate.

No.

Okay, so the point you’re bringing is um, companies, and this is not necessarily a nefarious thing, they’re clear about it. But they will say, okay, I did 100 dollars of revenue in the month of March, if I times that by 12, that means I am doing twelve hundred dollars of annual run rate. Now if you’re in a subscription business, and you can prove churn and stuff, that’s kind of where it emanated from, but now people are just taking like the monthly revenue, and it could be really spikey or lumpy, and they just annualize it. Okay. So I think that’s like, investors are smart, they they understand some of the perils of that. But now there’s this new Contracted Annual Run Rate. And my understanding of how these deals work is let’s say that I am a model company or I’m an AI company, and I come to you as the customer and I say, you know what, you want this thing that I have. It’s really important to me that we sign a multi-year deal. So let’s sign a three year deal. The contract in the third year is going to be three million dollars. But, let’s make sure you like it. So in the first year, I’ll give it to you for 100k. And then in the second year it’ll be a million, and then in the third year it’ll be 3 million. You also can cancel after 12 months. And so you’re contractually obligated to give me 100k in the first year, and you can leave after 12 months. But my Contracted Annual Run Rate is 3 million because in the third year you’re gonna pay me 3 million. And we’re signing a 3 million dollar year contract is the way it’s positioned. And so I go out and I say, well I was doing 10 million, now I’m doing 13 million in Contracted Annual Run Rate. Unsophisticated investors may not realize that I really only got 100k or they could get out after a year. And so I I think people have to be very cautious when they see some of these headline numbers. And it is pervasive now not just in AI companies. I mean this has becoming a how do you market, you know, how good your company’s doing. But there’s a lot of this type of stuff going on. And I think that’s where people are getting caught up of like, how did a company go from, you know, zero to some crazy number, it’s like well, is it like real revenue or is it, you know, fugazi, you know, type math?

And the key thing out of what you’re saying, and what people need to understand, and this is why the ROIC is gonna remain a risk no matter what, so the reason I was taking a shot at the annualized run rate is just a fact, which is if they run out of compute, guess what guys, it’s not gonna go higher. Um, you’ve run into a point where exponential change has an impact on the, on the way people think of things. I was just on a call and someone said, so at what level will you care about SaaS companies? And I literally said, in fact I’ll use something here, books are a waste of time. Spending time on software to try and figure out where valuation is, is a waste of time. This stuff is moving so fast that when there’s no terminal value, how do you value something? So you’re asking me where I see value in the future, when I don’t know if they’re going to exist in the future. So do the reverse with the contracted annualized revenue, you’re doing the same thing. It’s just a different version of it, which is, okay, I’m only going to pay you 100,000 now because I don’t know if your technology is going to work. And I don’t know if I’m gonna be able to change my business to do it. And I don’t know if this will be the best technology in a year. That’s all because of exponential change. It’s different than software.

How long have we been doing this podcast show every week? A year now? A little more than a year?

A little more than a year.

I don’t have the smartest brain, which is why it took me this long to come to this conclusion. But I just realized what your entire worldview, you’re a scarcity trader. Like that’s pretty much what you are looking for. You are looking for shortages and scarcity. Whether it is power, whether it is chemicals, whether it is, you know, optical, whatever, whether it’s Bitcoin. Like you essentially are searching through all of these markets, looking for areas where there are shortages or scarcity, and then you’re deploying capital into that. Is that fair?

You left one part out. So as I mentioned, told you I wasn’t that smart. I was trained by a handicapper. Everything to me, regardless of whether it’s scarcity or abundance, has to do with one important thing. Where’s the money being bet right now? Which has to do with sentiment. So the odds on the tote board are based on the way people are betting. So one of the great things about talking to institutional clients, mutual funds, hedge funds, the sharpest people that are investing tens to hundreds of billions of dollars, is if they tell me why Marvell, and I just wrote a piece on it, and I go, well because of silicon photonics and they’re one of the, and they go, is that gonna start kicking in now? When I start hearing, I’m looking at the tote board going, oh, the odds on this are much higher than I thought. So you’re right that I think you’re looking for places where, like competition could be scarce. So you know, when you got monopolies, you don’t have much competition, so it’s hard to break into their model. It’s all about scarcity. Capitalism at the end of the day in economics is all based on something having to do with scarcity. The reason I say abundance is a problem is because if you get to a world where everything is free, there is no capitalism.

Mhm.

So in this theory of abundance, it gets in. But there’s still an exchange of services, they’re just free. And this is where if you listen to Elon Musk, he eventually gets to, I don’t know what money means in the future. I’m kind of in that situation too, where if I look 20 years out, if I believe people are going to live a lot longer than the current lifespan, like much longer than the current lifespan, and I don’t know what jobs are going to exist because humanoids will be here, and Elon’s phrase that I like to run with which is, oh there’ll be jobs. It’s just a question of whether you want to work.

Yeah.

And if that’s the world we live in, then what does fiat money mean? What does the S&P 500 mean? What does that… and if that’s only 20 years ahead because of how fast we’re going. So you have to think, if every year is like 10 years of innovation, so take Joseph Schumpeter’s destruction. That means in 20 years, you’re talking about two centuries worth of innovation. If I believe in 20 years that that world of abundance is here, then the only thing that I want to have as kind of a thought is, well, I think Bitcoin in the crypto world, the exchange of velocity of services through this value thing, is the way people… I should be. So if I think that’s a 30% chance of happening, and in my net worth, if I have 5% in Bitcoin or 1% in Bitcoin, that’s the wrong number. The right number is 30%, it’s 20%. And this is my pitch to wealth managers out there and RIAs is going, it’s a probability on if this fiat system’s going to be the way you think it is, and you should have a certain percentage in there.

So we do a very good job of avoiding any of the political nonsense that goes on in the world. But what scares me about what you’re saying is that Elon Musk and Momdani agree. Hasan Piker and Elon agree. Basically it is this breaking down of a high trust relationship between humans and capital in a world where you kind of get into undiscovered territory of like a free-for-all. And people have very different views. I mean, I don’t think Elon and Momdani agree in terms of, like, explicit policies, etc. But it’s actually everyone sitting around saying, hey, this future world we’re headed towards, I got a different idea of what we can do to prepare for, solve for, help people, etc. But the more people that agree on that world being where we’re headed, the more likely it is we head to that world. And that I think is a little nerve wracking, right?

Okay, so two things. One, you’ve pretty much described the Fourth Turning. Correct. I read I read the book. It wasn’t a waste of time. So, but I the reason, you know, I I’ve talked about my grandmother both with you and when I’ve sat down with with Natalie Brunell. Um, arguably the most important kind of person in the way that I think about markets, other than my father. And the reason is because she was born in 1920 during the Great Depression. So if everyone goes back and says, are my kids… so that’s the fourth you know, I’ve got my grandmother, my mother, myself, and my kids. Great, they’re the four turnings, there the four generations. The difference between my kids and my grandmother. My grandmother was born in the Great Depression, to her any debt was bad. She lived in a trailer home, a mobile home I should say, not a trailer. She lived in a mobile home in Florida when she died, or not when she died, but when she had to eventually move to assisted living. Um, if I think about the way she thought about money, she had enough food, money, if she had a canned good in this… my kids don’t have that attitude. So, Momdani has existed for 80 years. It’s just that the voters decided now is the time for him to be elected.

You saw what happened in Manhattan in the East Village?

What?

Uh, the stat is 70% of people in the East Village voted for him. Right, because and for those that don’t know, New York City, it’s basically a lot of young people. That’s kind of like Williamsburg light. Yeah, yeah, yeah. It’s uh, it’s basically a lot of young people, they first moved to New York City, it’s a little bit cheaper to live there, um, a lot of fun bars, you know, all the whole thing. Um, but now they want to move uh, I think it’s one of the mental institutes to that neighborhood, and they’re like right, they’re like suing him and they’re signing petitions and like all this stuff. And of course the people on the internet are like, hey, like, you kind of get the policies that you vote for type thing. Um, but I do think, I mean this is the whole game, right, is like every generation’s got to go through and kind of relearn these things and um, maybe it is good that they learn rather than from a book from experience. It’s just a little bumpy, you know, it’s a bumpy landing when uh when they’re doing it.

You know, you know what the best part of what you said? So yeah, we don’t get into politics here. There’s a reason why I don’t get into politics. Because I I’m not only an independent, but I I love great leaders. That’s what I love. I’m and I’m not saying that no president has been a great leader, but when people are trying to get votes, and they’re doing things based on what will get them elected, there’s a conflict that I think in the modern day has just become kind of an issue, especially when you bring social media in, because these are one-line things. When I listened to Jensen Huang speak with Druckenmiller, I bought the stock, Nvidia, the next day. Um, and the reason was because I actually loved the way that he handled himself. I loved that Druckenmiller pushed him. Every interview he’s ever on, he’s just very nice, and affable, and everything. It’s a nice conversation. We love you. You’re the, you know, had the best company in the world. And Druckenmiller kept pushing back. And it got into China versus the US and all this stuff, and I thought he did a great job. So I think one of the reasons that you and I don’t talk about politics, even off the air. It’s just, it’s not something of my makeup. I don’t watch CNBC. I don’t watch Fox News. I don’t watch news. And the reason is because I wanna just go through and figure out what I wanna believe in based on what goes on. I am very agnostic, I’m in the middle on everything. I make decisions and I’m a gambler at heart in terms of my my risk reward. But I don’t get into the thing. I just believe the Daily Stoic, and you and I have talked about it, but for people who have never bought the book, this is a shout out to Ryan Holiday. Uh, I I think Matt has the book too. Yeah, he’s showing it to me right now. Um, this is a plug for that book. All of the things that you’re talking about and all the emotions people have, the voting they do. Reading a book where a passage in a given day is about something someone wrote about 2,000 years ago, and it was the same as what’s going on in the East Village today, that’s really cool to know that the human brain is doing the same anxiety, the same fears, the same I could have a better life if they did this. Marcus Aurelius was going through that with the Roman Empire a long time ago, so…

I don’t want to say who said this because it’ll taint the way people view this, but there’s a person who is uh very well known who um, gave an interview one time, and they asked him, uh, you know, how do you deal with stress? And he basically was like, it doesn’t matter. And they’re like, what do you mean? He’s like, you can be doing the single most important thing in your life, and you know, focused on it and stressed and this and that whatever. And then all of a sudden, there’s an earthquake in India and 400,000 people die. And it doesn’t matter. And so, again, very like kind of pessimistic view almost to to a degree, but what Marcus Aurelius, right? I mean it’s a very similar trend all throughout uh history. And I think people are going to ask a lot of these questions because the whole AI thing and like what do we do with our time, you know, what what is the role of a human, what is the meaning of life, all this like crazy stuff that I don’t know. We’re gonna find out.

Uh, we’ve I I I don’t know if I’ve mentioned this here, but um, I think 9/11, the aftermath of 9/11 for me, because I was so impacted by it because the best man at my wedding died in 9/11 and my best friend growing up. So this was a major event for me where I questioned life. I left Morgan Stanley, made the decision to leave Morgan Stanley no no more than a month after, um, because I didn’t want to spend my life firing. I didn’t want to be in a job that didn’t bring me joy. I wanted to focus my attention on a very Buddhist philosophy of does it bring me joy? Do they bring me joy? Whatever it is, it needs to bring me joy. I made a very conscious decision in my life that I didn’t want to be in a stressful situation with people forcing me what to do. Now at that point, I didn’t think I’d ever work for anyone again. I set up my own business. I ended up in another business. I told them I didn’t want to manage people and eventually I was managing people again. So it always tends to happen, not this time people, it’s not going on. But the reason I bring it up is those events in in in life, hey, they go on. That one had a huge impact on exactly what you were saying to me. When I ever get worried about anything, there’s two things I think about. I did the eulogy for my friend, or one of the people that did a eulogy for him. And I did the eulogy for my grandmother. So someone who died at 98, and someone who died in their 30s who had a long life to live. And in both cases, the same message came out, which is you don’t know how long your life is gonna be. You don’t know if it’s gonna be 98, you don’t know if it’s gonna be 33. You have no idea how long it’s gonna be. You get one chance. And if you ever start to stress about things, just be grateful, because these people went through the Great Depression and died in the towers having to make a decision on what to do. It’s just there… it’s like I said. I agree.

All right. Where uh, where do you want to have people to go? YouTube?

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