Anthony Pompliano

And then last but not least, I also think that there's a very real entire situation

where people are basically looking at the market and they're saying to themselves, well, if I can't make money at it and get rich quick, then maybe I'm gonna go put my money somewhere else.

Don't forget things like prediction markets have come into the world and you see lots of capital being diverted there.

You see lots of sports betting, capital being diverted there.

There is simply more competition.

It reminds me of this entire idea

that this guy at Lightshed told me at one point that I thought was really interesting.

He said to me, somebody who owns a podcast, they are competing with Netflix, who's competing with Spotify, who's competing with YouTube.

We're in an attention economy and it doesn't actually matter if you consider yourself in the same industry or not.

When somebody opens their phone and they simply say, what am I gonna do?

Well, everyone's competing with everyone.

Do they watch the YouTube video?

Do they listen to the Spotify song?

Do they listen to the podcast?

Or do they do something else?

All of those things are in competition for people's time.

And time is finite.

Time is scarce.

And so as people were trying to figure out what to do with their time, the companies that were winning that attention war, they're the ones who accrued value.

I believe the exact same principle exists in financial markets.