David Weisburd

Not financial advice.

These are very sophisticated instruments that you want to hire a professional for.

In terms of this, it's Q1, 2026.

What asset classes today are overvalued and which asset classes are undervalued in your opinion?

And you look at a lot of these asset classes and first principles, from the outside, it seems to me that fixed income and private credit

are in ways related or serve similar purposes.

To what extent is that true?

And to what extent are they truly different asset classes?

What's one key philosophy you've changed over the last 12 months?

How do you continue to evolve your investment philosophy and stay cutting edge in your approach to investing?

Benjamin Graham, who is Warren Buffett's mentor, said that the stock market in the short term is a voting machine and the long term is a weighing machine.

Have you found that to be true?

And when is that not true?

You mentioned AI, and a lot of people look at the AI stocks, which we could talk at length at.

But one of the things that's perplexing to me is internally in my business, we're using AI all the time.

We're getting economies of scale on every employee.

We're using it from anything from CRM to production to hiring to everything.

And for some reason, that AI efficiency...

both today, but also just the increasing speed of AI efficiency doesn't seem to be priced into the stock market.

Is that naive outlook or like, what are your thoughts on this?