Carson Block

there will be new jobs created and there will be people, you know, I think a small number of people who are at the forefront of understanding how to use these technologies and, you know, they'll be okay.

But, um, you know, for the rest of us, I, you know, I, I just don't think that's going to be the case.

So I don't think Jevons paradox.

I mean, look, I've, I've kind of made a career out of laughing at it's different this time.

Um, cause it never has been, but

I think it's different this time.

Well, I mean, right now, I think you keep doing what you've been doing, right?

I mean, so, I mean, one of the best trades has just been to be long the index, you know, the S&P 500.

But you have to be very vigilant and look at what's happening to unemployment, look at what's happening to flows.

And at some point, the only place to, you know, to hang out is cash.

I mean...

Maybe gold.

You know, I don't have a view in dollar terms whether that goes up or down.

You know, I think it's, you know, it's going to hold its value relative to, you know, other assets much, you know, much better.

But but, you know, I think the you know, I

to me that's you know that's really what you you just need to be vigilant you need to expect that this is coming and you know right now you could argue that we're seeing signal i mean you've had a number of companies announce layoffs and you know some of it's due to ai investment but others are saying efficiencies from ai you know but i don't know how much signal versus noise there is right now in these layoff announcements

But, you know, at some point, I mean, if this keeps up, like, you know, 50 million Elvis fans can't be wrong.

Right.

So that's, you know, that's something to pay attention to.

I mean, if you keep seeing layoffs and you keep hearing it's because we're automating and becoming more efficient, you know, at some point it's going to be meaningful.