Ed Elson

That seems to be a little bit of a signal of a bubble, the idea that it's not that you find the product or the company beautiful, but everyone else does.

And if everyone else does, then maybe I should too.

And I think the thing that people are probably getting worried about when it comes to these IPOs, I mean, you don't have to buy SpaceX if you don't want to, if you think the fundamentals aren't in shape.

And so, you know, I'm not going to buy it.

But they're changing the rules for the index funds, specifically the NASDAQ, so that SpaceX automatically does go into these passive index funds.

So what they're going to do is they're calling it fast entry rules for these mega cap companies, essentially rewriting the rules of passive investing so that you can invest immediately in SpaceX, in Anthropic, in OpenAI.

And that gets to a point where now we actually don't have a choice.

Whether I think it's a good company or not,

if I own the NASDAQ, and even the S&P is considering rewriting their profitability rules in order to include SpaceX, you have to own it anyway.

That seems to be a concern.

And it goes back again to this idea where we talk about the markets seem to be, the rules of the game seem to be rigged.

We seem to be kind of shifting the rules around what Trump wants or around what Elon wants.

He's the one who pushed for this with the NASDAQ.

Are you concerned about that at all from a

I think you're being hard.

But I did.

Yeah.

All right.

This episode was produced by Prof G Media and Vox Media.

Thank you for joining us live in New York.