Whether I win at the track or not, I do not look at the board and that's the same I approach stocks that way
You
I did not like Bitcoin when it was a $600 you imagine when I went to 18,000 how I felt about myself
So I'm not gonna be one to say oh Bitcoin was an obvious thing. It's it the smartest people in the world. It's Michael
I know we're doing work on and recommending I have to respect that
Yeah, he got obviously crazy when my son comes home, you know the junior in high school. He comes home and says dad
I just opened up an account and I got where how who what because we're all buying back
I'm like we're done you know, and so those are the things is shoeshine the cab driver things like that
But my son I'm like, okay. So yes, I have a lot of smart friends that are doing it
But now my son who's a smart kid is now
I was it was close and that was actually right here the top
assembler would not I'm not the one to dance on anybody's grave as it relates to crypto because I think there is something there and
I think it's it's neat what's being built. So but I don't know the legend all the blockchain companies but JP Morgan, yeah
19:07 states there's nothing in this world
Which will so violently distort a man's judgment more than the sight of his neighbor getting rich, right?
And I delivered a speech in South Africa a couple years back and somebody in the front row stood up and said mr. McDonald
It's the brother-in-law getting rich, right? We're in today's market, but besides crypto
Are you seeing those signs of where people are chasing the other investor and making those bad decisions? I?
Mean well crypto was one certainly
at the time where there was just kind of a
Fad, so to speak it's here to stay but it was a fad in terms of where it went
Try to think of the other
You know the there there is so much
Leverage in the system when I say leverage central banks have poured so much money
And I think people have that are this generation you and I can say the next generation on what's at this point?
That's it's come to Wall Street and is money management only knows one thing and that was quantitative easing
So if you were in high school in 2008, and now you're working on Wall Street, right?
You're 28
29 years old you feel like the Fed has your back
So I wouldn't say it's anyone I would say it's the it's the thought that the government that that it's a thought that global
QE will always be there for you and central banks. Will there be there to bail you out?
so I think it's a moral issue of
facing the pain for making a mistake more than it is anything into one particular asset if that answers your question, so
My favorite my favorite analogy is and I love the horses
And you can study them just like you can the balance sheet is when you go to the track
the worst thing you can do when you walk into the track before you buy a program is look at the odds look at the
Top for it and see what the odds are
So there's eight horses on the board and once forty to one and ones even money or two to one
What is your brain gonna do your brains gonna open that program and immediately think I'm not even looking at the forty to one horse
The seven horse because there's not a chance he can win
You go where everybody is going to your point? And that's my rule one of whether I win at the track or not
I do not look at the board and that's the same
I approach stocks that way just because the stocks down or stocks up, you know people
People self fulfill this this is a great company because the stocks up or it's a horrible company because the stocks down
Do the work I don't and back to your passive question
That's what's being lost right now is the ability to the good old days of hey, I like this company
I'm gonna go do work on it. My kids asked me they want to buy stocks ago. Okay, go find a company
Tell me what it is
I'll help you gather the research on and give me your thesis on why you think this is a good company or not
Like I want that to come back and that's the root of how our country how the stock market was establishing
That's the good part of the market. So fashion homework old-fashioned homework, and so no one's doing the homework
I shouldn't say nobody the global masters is not doing the homework. They're chasing trends. There's a there's a there's a feeling of
Protection that the government always has your back and global markets
And is there a plunge Protection Team Larry you would know better than I that I would certainly feels
I'm not a conspiracist per se some people think I am but certainly feels that way sometimes someone's buying futures out there
There is dinosaur protect. So again, I think people have been sucked in a little bit here and I think it's gonna be rocky road
You