Dave Chilton

If you had to say to them, look, here's the one or two or three things I really want you to focus on going forward.

What are you looking at?

It's interesting though, like you're so right about the all-in-one ETFs.

You get a couple and they're putting 7,000 a year each into their TFSA and they're buying one or two all-in-one ETFs.

Let's say they're predominantly using heavy equity exposure because they're young and they have 30 and 40 and 50 years ahead.

They've got the geographical diversification.

The rebalancing is taken care of for them.

The fees are very low.

Obviously, the portfolio has tremendous diversification.

These are wonderful products.

Now, they're still going to be volatile.

They'll still be extended downturns.

But over the 20 and 30 and 40 years, holy smokes, I wish these were around when I was a young guy.

The exponential returns we really struggle with for sure.

It's why I think a lot of us miss some of the tech opportunities.

Because we really didn't understand what happens when you have exponential technologies plus the network effect.

Right.

And how all this can couple in ways that are beyond powerful.

I mean, yes, the Mag7 have tremendously high valuations and have led to big market concentration, but they're also wonderful businesses.

incredible models where you have a very low cost of goods sold, a zero marginal cost in some cases, and they compound.